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The Sharia’a supervisory board of Alizz Islamic Bank continues its advisory efforts

The Shari’a Supervisory Board reviews the bank's product documents, processes and procedures

TAS News Service

info@thearabianstories.com

Tuesday, June 22, 2021

MUSCAT : The Shari’a Supervisory Board of Alizz Islamic Bank continues its endeavors to research and study the bank’s innovative products and services. It  also reviews the monthly reports, policies, investment proposals, and Sharia audit reports, and provides appropriate directives in accordance with the provisions of Islamic Shari’a. The Shari’a Supervisory Board has already held a number of meetings recently with a full legal quorum.

The Shari’a Audit and Compliance Department has played various important roles in achieving its objectives, such as enhancing Shari’a compliance in all operations and services provided to the valued customers of the bank. The Shari’a Supervisory Board reviews the bank’s product documents, processes and procedures to ensure that all the bank’s transactions have been carried out in accordance with the principles and guidelines of Islamic Shari’a. The Shari’a Supervisory Board reviewed the periodic reports submitted by the Shari’a Compliance Unit and the Shari’a Audit Unit and directed appropriately in each subject to take the necessary steps to further enhance the Bank’s services and products to comply with the principles of Shari’a.

The Shari’a Supervisory Board and the Shari’a Audit and Compliance Department continue to provide training courses and specialized workshops for the executive management and branch employees on customer service, sales and credit management in the aspects of the basics, principles, rules and guidelines of Islamic Shari’a, and the processes and functionality of Islamic financial transactions.

Moreover, the Shari’a Audit and Compliance Department contributed to providing Shari’a-compliant solutions to the bank’s customers, especially in terms of corporate clients’ needs, where more sophisticated products were needed. In addition, the department participated in the development of various products launched during the past year, as well as the products that are scheduled to be launched during the year 2021. On the other hand, the Shari’a Audit Unit continues its work by visiting various branches and departments of the Bank for Shari’a auditing and getting hands on with the practical challenges that are faced. 

Within the framework of the joint work between the Shari’a Supervisory Board and the Shari’a Audit and Compliance Department, Sheikh Issa Al-Riyami, Head of the Shari’a Audit and Compliance Department at Alizz Islamic Bank said, “Compliance with the provisions of Islamic Shari’a is the cornerstone of Islamic banking, and it is the real capital of Islamic financial services, and it is the responsibility of our team to ensure that the bank’s products and services are in compliance with the provisions of Islamic Shari’a. To achieve this, the Bank has selected a group of prominent Shari’a scholars who specializes in the jurisprudence of Islamic transactions and has a long experience in financial advisory and enjoys a reliable reputation and forms the Shari’a Supervisory Board.

Al Riyami added, “In 2020, the Bank remained highly focused on improving its services and products through coordination and continuous meetings between the Shari’a Supervisory Board and various departments to provide services and products and to provide and propose possible Shari’a solutions to the challenges arising in accordance with Shari’a principles and provisions and finding sound Islamic alternatives to the violating transactions, taking the necessary steps to correct them, and providing advice to the concerned department of the identified challenges.”

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