The IIBR is advised by the Islamic Benchmark Committee ('Committee'), which meets at least once annually for an Annual Review and under extraordinary circumstances, can meet as called, to remove or include contributors.

The Committee members are appointed by a quorum (quorate defined as at least 2 representative banks, Thomson Reuters, AAOIFI and the Chairperson or the Vice Chairperson (where the Chairperson is unable to attend)). New members may be nominated by any of the existing members, Thomson Reuters or by the applicant itself.

The Committee is charged with a number of advisory functions, all of which are covered under the Terms of Reference  ( 708KB). Importantly, the Committee is also responsible for applying the Governance Procedures ( 414KB) to select, admit and exclude contributor banks.

The current members of the Islamic Benchmark Committee are:

Independent members

• Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)
• Association of Islamic Banking Institutions Malaysia
• Bahrain Association of Banks
• Hawkamah Institute for Corporate Governance
• Islamic Development Bank
• Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC)
• Thomson Reuters

Representative bank members

• Abu Dhabi Islamic Bank
• Ahli United Bank
• Al Baraka Bank
• Al Hilal Bank
• Alinma Bank
• Al Salam Bank
• Bahrain Islamic Bank
• Bank Muamalat Malaysia Berhad
• Barwa Bank
• CIMB Islamic Bank
• Dubai Islamic Bank
• Ithmaar Bank
• Kuwait Finance House
• Masraf Al Rayan
• National Commercial Bank (Al Ahli)
• Noor Islamic Bank
• Qatar Islamic Bank
• RHB Islamic Bank
• Sharjah Islamic Bank

The Shariah Committee is responsible for certifying the Shariah compliance of all aspects of the IIBR methodology.

The official Shariah opinion in English ( 364KB) and Arabic ( 400KB) is available for viewing.

The Shariah Committee is comprised of independent Shariah scholars, 2 of whom must be on the AAOIFI Shariah Board. The current board composition is as follows:

• Shaykh Yusuf Talal Delorenzo (Chairman)
• Shaykh Muddasir Siddiqui
• Dr. Mohammed Daud Bakar
• Dr. Mohammed Abdul Rahim Sultan Al Olama

The Shariah Committee is regulated by its own Terms of Reference  ( 280KB) and operates independently of the Islamic Benchmark Committee.