Shariah group follows up on all bank's transactions to their implementation by the Shariah provisions, fatwas issued and decisions approved by the Shariah Committee.
It is also considered one of the most important links between the Shariah Committee and the executive management in the bank, and it has the same rights as the Shariah Committee in mater of obtaining data, clarifications, and information and viewing all regulations and instructions which is necessary to perform its work.
The group's scope of tasks includes all of the bank's banking operations, including the process of developing banking products that are compatible with the provisions and principles of Shariah in accordance with the fatwas issued and decisions approved by the Shariah Committee, starting from the stage of structuring the product until the stage of presenting it to customers.
Shariah Group Tasks
- Reviewing all the bank’s operations and transactions, including products, services, contracts, agreements, forms, documents, documents, advertisements, brochures, flyers, brochures, advertisements, and the like, and any materials included on the bank’s websites directed to customers, and submitting what is needed for the committee’s decision to the committee for consideration and approval
- Mnitoring the implementation of the Shariah Committee’s decisions in all bank’s work
- Verifying compliance with the Shariah requirements approved by the Shariah Committee to dispose non Shariah transactions, and supervising their disbursement
- Submitting periodic reports to the committee that include the extent of compliance with the provisions and principles of Islamic Shariah according to the fatwas issued and decisions approved by the Shariah Committee in the transactions that take place during the fiscal year, approving plans to address the observations and following up on their implementation with the concerned departments
- Regularly evaluating the bank’s activities and Islamic banking transactions to ensure their compliance with the fatwas issued and decisions approved by the committee Report the non shariah compliant cases to shariah committee to make the decision, then inform the concerned department about the committee’s decision and recommendations
- Conducting studies related to banking industry to support the urgent need for finance products and structures compatible with the shariah principles
- Cooperating with various regulatory bodies to achieve the bank’s interests and objectives
Shariah Committee Secretary
- Preparing the meetings of the Shariah Committee and the Advisory Committee, meeting agendas, reports, materials, and documents necessary for presentation to the members of the Committee
- Attending Shariah Committee meetings
- Documenting the decisions, recommendations, and fatwas reached by the Shariah Committee by preparing minutes of those meetings
- Informing the relevant departments of fatwas, recommendations, and decisions after their approval by the committee"
Shariah Audit Division
- Develop an audit plan and targets to ensure that the bank’s departments adhere to the Shariah Committee’s decisions and submit them to the Board’s Audit Committee after the Shariah Committee is approved to obtain approval
- Conducting the internal Shariah audit process and field visits in areas of relative importance at least once a year based on the bank’s risk profiling
- Issuing quarterly Shariah audit reports.
- Review all products that the bank implement for the first time to demonstrate its compliance with the rules of Islamic law, and establish the basic principles for drafting its contracts and documents
- Proposing practical alternatives to address legal problems related to implemented products
