The newly reconstituted Shariah Supervisory Board of Nagad Islamic, the Shariah-compliant digital financial service of Nagad, held its first meeting on 15 October to review the overall operational policy of the service and map out plans for new Islamic financial products.
The board was restructured on 1 October to oversee operations and ensure Shariah-compliant, interest-free transactions for customers. This was the ninth meeting held since the service’s inception, said a press release on Monday.
Gazi Mohammad Sanaullah is serving as chairman of the board. Board members Lukman Hasan and Abu Talib Mohammad Monawer attended the meeting.
The board expressed satisfaction that Nagad Islamic’s existing deposit and transaction models are being executed in accordance with Shariah.
Customers can convert their regular Nagad account into an Islamic account through the ‘My Nagad’ option in the app under ‘Account Type’. Through a Nagad Islamic account, customers can pay Zakat, Sadaqah, and travel and other expenses for Hajj and Umrah, as well as Islamic life insurance premiums. The app also features daily Mas’ala, Hadith, prayer timings and a Zakat calculator, the press release added.
