Muscat: Al Yusr Islamic Banking, the Sharia-compliant window of Oman Arab Bank (OAB), recently conducted its second Sharia Supervisory Board meeting for 2016 at its new head office in Athaiba.
The meeting was chaired by Dr Essam Al Enezi, chairman of Al Yusr Sharia Supervisory Board, and attended by Board Members Dr Ahmad Ayyadi and Dr Abdulaziz Al Qassar as well as Al Yusr’s senior management, Abdul Qader Al Balushi, General Manager of Al Yusr, Said Abu Assoud, Head of Al Yusr Islamic Banking Operations, and Dr Muhammad Iman Sastra Mihajat, Head of Sharia Audit and Compliance.
During the meeting, Al -Yusr Sharia Supervisory Board (SSB) approved OAB’s support of Al Yusr’s business activities which will enable Al Yusr to further improve its performance.
As part of its commitment to introduce innovative and value added solutions for its customers, Al Yusr’s management presented the new “growth account” product structure based on the Sharia concept of Mudaraba which was then approved by the SSB saying that this will be an excellent product to enable customers to earn attractive returns on their deposits in a Sharia compliant manner.
Al Yusr SSB also agreed to develop the standalone diminishing Musharakah product for multipurpose finance in response to market requirements.
Abdul Qader Al Balushi, General Manager of Al Yusr, said that Al Yusr Islamic banking is well-known in the Sultanate for its innovative products and effective customer service. Said Abu Assoud expressed his appreciation for the SSB’s guidance and support for Al Yusr and enabling it to provide a compelling and competitive Islamic banking proposition.
Furthermore, the Sharia department updated the Sharia Board about Al Yusr’s retail, corporate and treasury departments and how there is improvement in branches in terms of understanding and implementing Shari’a principles. In addition to that, Dr Muhammad Iman Sasra Mihajat shared the plan to conduct Sharia training for Al Yusr branches.