Alizz Islamic Sharia Supervisory Board review products and services

Muscat: The Sharia Supervisory Board (SSB) of Alizz Islamic Bank recently held its third meeting for the year.

The meeting was led by Sheikh Dr Essam Khalaf Al-Enezi, Chairman of the Sharia Supervisory Board. Members of the Board including Sheikh Dr Ahmed Subhi Ahmed Ayadiand Sheikh Nasser bin Yousef Al Azri and the internal Sharia auditor Issa Al-Riyami were present. The meeting was also attended by Sulaiman Al Harthi, CEO of Alizz Islamic Bank and a number of senior executive management members.

The meeting discussed matters related to the services and products provided by the bank to various clients. Sulaiman Al Harthi gave a presentation on the bank’s ongoing activities during the second quarter of this year, and Muhammad Nadeem Aslam - DGM - Chief of Wholesale Business & Key Initiatives gave a visual presentation through which he showcased the performance of the wholesale banking portfolio.

The Sharia Supervisory Board reviewed the Sharia audit report submitted to them and discussed the observations and took the appropriate decisions. They also reviewed the Sharia audit and compliance report, which included periodic reviews of transactions, training and awareness activities for Sharia management.

The Sharia Supervisory Board also reviewed several new products that will be launch during the second half of the year.
Alizz Islamic Bank continues to focus heavily on improving its services and products through coordination and continuous meetings between the Sharia Supervisory Board and various departments to provide services and products, present and propose possible Sharia solutions to the challenges arising from financial transactions in accordance with Sharia principles and provisions. It aims to find sound Sharia alternatives to violating transactions and correcting them and advising the management concerned with identified challenges.

The Sharia Supervisory Board at Alizz Islamic Bank reviews and studies all Islamic banking products and services launched by the bank. The board includes in its membership scholars who are distinguished by deep knowledge of Islamic Sharia and the jurisprudence of transactions, as well as to spread reassurance among shareholders and depositors whose trust is undoubtedly one of the most important success factors for the bank.

Commenting on the meeting, Issa Al-Riyami, Head of Sharia Audit and Compliance Department at Alizz Islamic Bank said, “The growth of the Islamic banking industry is fueled by the high demand for Sharia-compliant products. This demand is not only among customers and financial experts in the Middle East and Islamic countries but also from investors and clients all over the world making it a global financial industry.”

Al Riyami added: "In addition to its vast geographical expansion, Islamic banking is witnessing a significant expansion across all sectors of various financial activities, including personal banking, Islamic Takaful insurance and investments in the financial markets. The continuous growth in the Islamic banking industry is attributed to several factors, including the increase in demand for Islamic banking products, and the growth of attractiveness of Sharia-compliant financial services to investors who wish to adhere to “ethical” investment and banking practices. The Omani Islamic banking industry is expected to continue its steady growth over the coming years, as reports and opinions of banking experts indicate that the Sultanate will witness a growth in Sukuk as institutions in the Sultanate and the region aspire to raise funds in a manner consistent with the provisions of Islamic Sharia.”