United Company for Financial Services (Tas'heel Finance) specializes in providing Shariah compliant financing solutions. We have appointed Shari'a Review Board as a Shari'ah advisor to assist in the development and supervision of our Shariah compliant products.
Sharia Board
DR. Salah Fahaf Shalhoob
Forensic researcher with a doctorate degree from the University of Edinburgh (UK) and a master's degree from the University of Imam (Saudi Arabia). He has led a wide range of partnerships in the US, Europe and GCC with a focus on banking and investment products, real estate acquisitions, Islamic insurance management, listed securities and private equity fund. His product-based experience extends to sukuk, mortgage, leasing, SME financing, and asset management transactions, and is an assistant professor at the College of Islamic and Arabic Studies for Applied Studies at King Fahd University of Petroleum and Minerals, and has written several papers.
Sh. Mohammed Ahmad
Sheikh Mohammed has more than 10 years of experience as a Shari'ah Advisor and Academic in various Islamic Finance Departments. Shaikh Mohammed works extensively with leading international and local financial institutions across the GCC. His work ranges from redesigning the traditional regulatory structures of Sukuk to funds in the banking, insurance and private sectors. He received his master's degree (international) in jurisprudence and the fundamentals of jurisprudence from Ihsan Al-Ulum Association and obtained a bachelor's degree in Islamic sciences from Dar Al Uloom University.
Definition of Murabaha
Murabahah is selling a commodity as per the purchasing price with a defined and agreed profit mark-up. This mark-up may be a percentage of the selling price or a lump sum. This transaction may be concluded either without a prior promise to buy, in which case it is called an ordinary Murabahaha or with a prior promise to buy submitted by a person interested in acquiring goods through the Institution, in which case it is called a “banking Murabahah” i.e. Murabahah to the purchase ordered. This transaction is one of the trust-based contracts that depend on transparency as to the actual purchasing price or cost price in addition to common expenses.*
Definition of APR – Annual Percentage Rate
Annual Percentage Rate or APR: the discount rate at which the present value of all payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower*.
Definition of Tawarruq
Monetization refers to the process of purchasing a commodity for a deferred price determined through Musawamah (Bargaining) or Murabahah (Mark-up Sale), and selling it to a third party for a spot price so as to obtain cash.*
