Sharia Supervisory Board of Alizz Islamic Bank continues its advisory efforts

Muscat: The Sharia Supervisory Board of Alizz Islamic Bank continues its endeavours 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 Sharia. The Sharia Supervisory Board has already held several meetings recently with a full legal quorum.

The Sharia Audit and Compliance Department has played various important roles in achieving its objectives, such as enhancing Sharia compliance in all operations and services provided to the valued customers of the bank. The Sharia Supervisory Board reviews the bank's product documents, processes and procedures to ensure that all the bank's transactions have been carried out following the principles and guidelines of Islamic Sharia.

The Sharia Supervisory Board reviewed the periodic reports submitted by the Sharia Compliance Unit and the Sharia 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 Sharia.

The Sharia Supervisory Board and the Sharia Audit and Compliance Department continue to provide training courses and specialised 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 Sharia, and the processes and functionality of Islamic financial transactions.

Moreover, the Sharia Audit and Compliance Department contributed to providing Sharia-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 Sharia Audit Unit continues its work by visiting various branches and departments of the bank for Sharia auditing and getting hands-on with the practical challenges that are faced.

Within the framework of the joint work between the Sharia Supervisory Board and the Sharia Audit and Compliance Department, Sheikh Issa Al-Riyami, Head of the Sharia Audit and Compliance Department at Alizz Islamic Bank said, “Compliance with the provisions of Islamic Sharia 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 Sharia. To achieve this, the bank has selected a group of prominent Sharia 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 Sharia 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 Sharia Supervisory Board and various departments to provide services and products and to provide and propose possible Sharia solutions to the challenges arising in accordance with Sharia 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.”