Shariah Committee

Shariah Committee

Guided by a team of expert scholars, ensuring our operations are in full compliance with Shariah principles.

Shariah Committee

  • Sheikh Dr. Nedham Yaqouby Chairman of the Shariah Committee
  • Sheikh Dr. Mohamed Ali Elgari Member of the Shariah Committee
  • Sheikh Dr. Yousef Al Shubaily Member of the Shariah Committee
  • Dr. Faisal Zaheer Mughal

Duties of the Shariah Committee

Approve all and any Shariah implications to the Memorandum of Association, the Articles of Association, and the policies, regulations and models used in the Bank.

Review the structure of Islamic products, related documents, records, contracts, agreements, forms, and opinion and recommend amendments if any.

Contribute to the innovation and development of products in light of the provisions of Shariah and in accordance with best International practices.

Set framework for Islamic products, dividend / income purification and past due penalties (monitor spending of such amounts to charity).

Adopting the Shariah Supervisory Program, and considering the reports of the Shariah Supervisory, and issuing the necessary provisions (Shariah Audit).

Issuing the annual report (Shariah Audit Report) related to all Islamic activities to ensure Shariah compliance to the respective.

Review the Islamic financial statements of the Bank, where applicable, to ensure Shariah Compliance.

Powers of the Shariah Committee

The right to access all the Bank’s operations related to offering Shariah products and services, to identify other Shariah alternatives to ensure that they comply with the provisions of Shariah.

The right of communication and direct communication with the concerned parties in the Bank, in order to facilitate the functioning of the Shariah Committee, and in case of non-response, direct contact with the concerned authorities.

The Bank may not provide financial or investment services in accordance with the provisions of the Islamic Shariah, or offer Islamic products or contracts, except after submitting them to the Shariah Committee and taking their approval in the manner mentioned in these Regulations.

All directives and Fatwas issued by the Shariah Committee shall be binding and enforceable by the relevant departments of the Bank. Other Departments to provide necessary supporting to implement this.

Decisions of the Shariah Committee

The Shariah Committee shall issue its decisions or recommendations in the proceedings before it. The decision shall include a summary of the subject presented, and the final outcome of the Shariah Committee, together with evidence, reasons and supporters.

The Shariah Committee shall issue its decisions or recommendations by the majority of the members present (absolute majority). When the votes are equal, the Chairman will make the final decision. The dissenting or abstaining member or the reserving party shall have the right to prove his opinion in the minutes of the meeting and in the resolution.

Fatwas issued by other Shariah Committees shall not be binding on the Shariah Committee or its decisions.

Decisions of the Shariah Committee are binding on the Bank and its Executive Management and its staff, and are deemed to be enforceable from the date on which the Bank is notified.

Shariah Committee can pass decision through Circulations.

The most important functions of Islamic banking Department

Islamic Banking Department

To carry out the work of the secretariat of the Shariah Committee from arranging the work to present to the Shariah Committee, to participate in its meetings, to complete all the required clarifications and information and to edit the minutes of its meetings and decisions in accordance with its directives and obtain approval of the minutes of the meeting as a prelude to adoption and communicate the decisions and directions of the Shariah Committee of the concerned parties of the Bank.

Develop policies and procedures for Shariah supervision programs, training and so on.

To ensure Shariah compliance, review of Shariah Audit framework and responsible for having all the necessary approvals in place for offering Shariah products.