Habib Bank AG Zurich’s Shari’ah compliant products and services are certified as per the following:

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This section of the CEA page provides links to the application forms and other such documents in a downloadable PDF format. These forms are available product-wise and classified into Account Maintenance, General Banking, Trade Finance, Financing & Advances, Wealth Management and Electronic Banking.

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Useful Financial Information & Articles section keeps consumers up-to-date on topics related to financial literacy and safer banking practices. The topics covered under CEA should enhance public’s level of knowledge related to financial activities which will in turn escalate level of utility and level of trust among consumers over financial products and services.

Habib Bank AG Zurich encourages its customers to be well-informed consumers. Below listed topics offer information that will help you in managing and protecting your funds in a better manner.

Islamic Banking is a banking system that functions in accordance with the rules and principles of Islamic Shariah. In a practical sense, Islamic Banking offers Shariah-compliant banking and financial products and services as an alternative to the offerings of the conventional banking system. Islamic Banking transactions are based on or backed by tangible assets and real services.

Islamic Banking is a fast-growing phenomenon in the global financial markets. There has always been a demand for financial products and services that conform to the rules and principles of Shariah (Islamic Law). Based on this demand, a number of banks around the world have started offering Shariah-compliant products and services.

Shariah is the set of revealed principles represented in the Quran and Sunnah (the traditions of Prophet Mohammed (PBUH)) that govern all aspects of life for Muslims. Shariah encompasses all elements of the Islamic faith, including beliefs, worship, economic and business activities, and social practices.

Islamic Banking is different from conventional banking in the sense that Islamic Banks do not deal in Shariah-prohibited elements and activities. Thus, Islamic Banks avoid activities that involve interest (riba), gambling (maysir), and excessive ambiguity (gharar). Unlike conventional banks, Islamic Banks operate on the principles of trade (buy and sell) transactions, leasing, partnerships, and agency. In Islamic Banking, wealth can be generated only through Shariah-compliant trade, investment, and other activities.

‘Sirat’ is Habib Bank AG Zurich’s Global Islamic Banking brand. Sirat offers Shariah-compliant banking products and services through a global network of dedicated Islamic Banking branches and windows. All Sirat products and services are approved by an independent Internal Shariah Supervision Committee (ISSC).

One key difference between Islamic and conventional banking systems lies in the contracts and mechanisms of their products and services. Islamic Banking relies on various contractual structures to operate in, rather than simply engaging in lending and borrowing with its customers. The frequently used modes of contract in Islamic Banking include sale, lease, agency, and profit-and-loss sharing structures. The table below summarizes the differences between Islamic and conventional banking systems:
One key difference between Islamic and conventional banking systems lies in the contracts and mechanisms of their products and services. Islamic Banking relies on various contractual structures to operate in, rather than simply engaging in lending and borrowing with its customers. The frequently used modes of contract in Islamic Banking include sale, lease, agency, and profit-and-loss sharing structures. The table below summarizes the differences between Islamic and conventional banking systems:

Yes, you can contact our Shariah Department anytime by sending an email to: sirat.ae@habibbank.com. Based on your inquiry, we will respond to you as soon as possible.

Yes, ‘Sirat’ is an integral part of Habib Bank AG Zurich, but its funds and operations are segregated to comply with regulatory and Shariah requirements. Being under the same roof does not imply that the Bank’s Islamic banking and conventional banking operate under the same principles. At Habib Bank AG Zurich, Shariah-compliant funds and accounts are completely segregated from the conventional side.

Habib Bank AG Zurich Sirat’s operations are carried out under the supervision of the Internal Shariah Supervision Committee (ISSC). The ISSC comprises prominent Shariah scholars well-versed in Islamic Shariah and Fiqh-al-Muamalaat (jurisprudence of transactions). The ISSC serves as an independent advisor to the Bank for its Islamic Banking offerings. Habib Bank AG Zurich Sirat also has an Internal Shariah Control Department and an Internal Shariah Audit Department to monitor and ensure that all transactions and activities performed under Sirat comply with Islamic Shariah principles.

Below are the names and brief profiles of the Internal Shariah Supervision Committee (ISSC) members of Habib Bank AG Zurich UAE:

Professor Jassim Ali Salem Nasser AlShamsi

Jassem Al Shamsi is a national of the United Arab Emirates. He served as Dean of the College of Shariah and Law at UAE University. He also advises several important financial institutions.

Mufti Talha Salim

Mufti Talha Salim is a national of Pakistan. He holds a Degree of Specialization in Islamic Jurisprudence/Islamic Finance, and has experience advising various Islamic banks and financial institutions.

Dr. Mohammed Ahmed Al-Hashimi

Dr Mohammed Al-Hashimi is a national of the United Arab Emirates and holds a PhD in Contemporary Islamic Jurisprudence. He is a lecturer at the Department of Shariah and Islamic Studies at Emirates University. Dr Al-Hashimi serves on different academic committees of the University and Internal Shariah Supervision Committees of banks.

In a loan contract, any excess charged over and above the principal amount is Riba. Similarly, applying charges against deferment of an outstanding debt payment without any due consideration constitutes Riba. Therefore, rent on a lease and profit on a sale, although fixed and pre-decided, do not constitute Riba (interest).