A Shariah Supervisory Board (SSB) is a panel of qualified Islamic scholars appointed by an Islamic financial institution to oversee and certify that all its products, services, and operations comply with Shariah (Islamic law).
Every Islamic bank, Takaful company, and Islamic fund must have an SSB. The board reviews new products before launch, audits existing operations, and issues fatwas (religious rulings) on whether specific transactions are permissible. Without SSB approval, no product can be marketed as "Shariah compliant."
SSB members are typically experts in both Islamic jurisprudence and modern finance. Top scholars sit on multiple boards globally and command significant fees. Organizations like AAOIFI and IFSB provide standards for SSB governance and independence.