Muscat: The Shari’a Supervisory Board (SSB) of Alizz Islamic Bank held its third meeting for the year 2024 at the bank’s head office in the Wilayat Bawshar, in the presence of the Chairman of the Shari’a Supervisory Board, Sheikh Dr. Essam Al Enezi and the other members of the SBB as well as Mr. Ali bin Saif Al Mani, the bank’s CEO, members of the executive management team and the Shari’a Compliance & Audit Department. The meeting was also attended by scholars from the second batch of the ‘Tamkeen’, ‘Empowering the Second line of Shari’a Supervisory Board Members’ program, where they participated alongside members of the Sharia Supervisory Board for practical experience and direct vocational training.

The meeting covered various topics including local economic performance, the bank’s performance up to date during the third quarter of this year and the way forward during the coming period. Moreover, the meeting discussed the Sharia Audit Report for the third quarter of the year and the Shari’a Compliance and Risk Reports, as well as a number of issues of interest. 

It is worth noting that the Shari’a Supervisory Board, through the reports submitted to it, monitors the Shari’a performance of the bank, which enables the board to evaluate the extent of compliance with Shari’a directives and decisions. It also provides its recommendations and advice to create value-added products for the Islamic banking industry and providing financing solutions to meet customers’ demand in the market. The Shari’a Compliance and Audit Department plays a very important role in monitoring the correct application of the Shari’a Supervisory Board’s instructions by overseeing mechanisms used to develop products and create product related documents, while examining the executed transactions and applying control and auditing tools.