How does ARK ensure compliance with Shariah principles?

To ensure adherence to Shariah compliance, Ark has collaborated with the Shariah Committee of Sela Financial Technologies Company to design and structure a financing product that complies with Shariah in the Kingdom of Saudi Arabia. The product has been reviewed and approved by the esteemed Shariah Committee chaired by Sheikh Professor Dr. Abdullah bin Nasser Al-Salmi. Our Shariah governance framework relies on strict mechanisms where the Shariah Committee reviews and approves all product-related documents specifically, and platform documents generally, to ensure their alignment with Shariah standards. The Shariah Committee also reviews audit reports to ensure continuous compliance with Shariah guidelines across all products and services provided by the platform. The Shariah audit team regularly reviews the Tawarruq product by examining executed transactions to ensure they meet the highest Shariah standards, strengthening customers' confidence in its full compliance. The Shariah compliance team also ensures that the company's internal policies and procedures align with the Shariah Committee's guidelines and approved standards.