Sharia scholar resigns from UAE fund manager

DepatureAn Islamic finance scholar has stepped down from his role as a sharia advisor to UAE-based alternative investment manager Pegasus Agriculture. Mufti Ismail Desai, chief executive of South Africa-based Global Islamic Financial Services Firm, resigned from the sharia board of Pegasus on March 10 following allegations of financial misconduct levelled against the firm. The Official Shariah Certification issued to Pegasus has also been revoked and terminated. “Pegasus Agriculture failed a periodic sharia audit and refused to grant access to the financial documents, process and records of clients who signed up for the Shariah Investment Product of the company,” stated Desai. He also advised any clients currently holding sharia-compliant assets with Pegasus to “demand an immediate explanation from the management and transfer or sell off assets since we cannot maintain the sharia compliance of the company’s products anymore”. ©2019 funds global mena

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