Alizz Islamic Bank shari'a supervisory board issued 162 shari'a resolutions in 2021

Muscat: The Shari'a Supervisory Board (SSB) at Alizz Islamic Bank issued 162 Sharia resolutions in response to several inquiriesin 2021. Additionally, it reviewed monthly reports and policies, investment proposals, and Sharia auditing reports; and presented appropriate guidelines in accordance with Shari’a.

The Shari'a Audit and Compliance Department plays a positive role in offering Shari’a-compliant solutions to the bank’s customers, particularly wholesale banking customers that need more customized products. Furthermore, the management introduced several products last year, and there are other products to be announced in 2022 that all comply with Islamic shari’a underthe supervision and directions of the SSB. The Shari'a Audit and Compliance Departmentalso conducted regular Sharia auditing on retail and business banking services and treasury transactions.

To achieve its main objective of ensuring that all transactions with customers, products and services are Shari’a-compliant, the Department carried out several key roles. In this respect, the SSB reviews documents relating to the bank’s products, operations, and procedures to ensure that all transactions were conducted in accordance with the rules of Shari’a. It presented reports on its findings to the Shari'a Supervisory Board (SSB) and the management, who in turn took the necessary steps to enhance the Sharia compliance of the bank’s services and products.

In 2021, the Shari'a Audit and Compliance Department offered a training course on the rules and principles of financial transactions in Shari’a, as well as operations and documents of Islamic financial transactions. Moreover, branch staff, customer service representatives, the sales teams, and the credit management team at the bank were offered a training program.

Commenting on the accomplishments of the Shari'a Supervisory Board (SSB) at Alizz Islamic Bank, Mr. Issa bin Salem Al Riyami, Head of the Sharia Audit and Compliance Department said: “The Shari’a Supervisory Board held 7 meetings over the past year during which it reviewed the bank’s business, operations, and its compliance with the resolutions and fatwas in conducting such transactions. The existence of the Shari'a Supervisory Board contributes to giving further assurance to the shareholders and depositors, and without any doubt, confidence is one of the most important success factors for a bank.”

Al Riyami added: “The members of the Shari'aSupervisory Board are scholars with knowledge and expertise in Islamic commercial jurisprudence.  The bank offers to its customers the peace of mind that no funds pertaining to Alizz Islamic Bank are invested in non-Shari'a compliant assets or taken from any non-Shari'a compliant sources.”