DFR (Department of Fatwa and Research)

Definition of "DFR (Department of Fatwa and Research)"

A shari‘ah supervisory organ of some Islamic banks responsible for guidance, supervision and control of the bank operations in the light of the shari‘ah. It is different from a Shari‘ah Supervisory Board (SSB) as it is a full-time department of the bank and is represented in the top management and various committees of the bank. It reports to the top management and also to the shareholders in the annual general meeting.