Alizz Islamic Bank Sharia Supervisory Board holds its second meeting

Muscat: The Sharia Supervisory Board (SSB) of Alizz Islamic Bank held its second meeting for the year 2022 at the bank’s headquarters in the Central Business District of Ruwi, in the presence of the Chairman of the Sharia Supervisory Board and the other members of the SBB as well as Sulaiman bin Hamad Al Harthi, the bank’s CEO, some directors, the internal Sharia auditors and the bank’s internal auditors.

During the meeting, the CEO of Alizz Islamic Bank presented and discussed the bank’s performance during the second quarter of this year, highlighting the key indicators of the bank’s growth and the enhanced services and products offered by the bank to its customers after obtaining SSB’s approval.

Moreover, the meeting discussed the Sharia Audit Report for the second quarter of the year and the Sharia Compliance and Risks Report, as well as several issues of interest, including the new products approved or rejected by the SSB. The meeting also discussed some of the requests to reschedule corporate finance and issued the appropriate decisions in this respect.

The meeting witnessed the introduction of a training programme to the bank staff on drafting Sharia contracts, a key component of Islamic Banking practices. The programme was delivered by Sheikh Dr Ahmed Subhi Ayadi, a member of the SSB. The head and members of the SSB also previously attended a training programme on anti-money laundering and the applicable laws.

The Sharia Compliance and Audit Department performs various key roles to achieve its overarching goal of ensuring compliance with Sharia principles in all aspects related to customer service, products and services. To that end, it regularly reviews documents relating to the bank’s products, operations and procedures to check their compliance with Sharia principles. It presents reports on its findings to the SSB and bank’s management which in turn take the required actions to offer support to ensure compliance of the bank’s products and services with Sharia principles.

The Sharia Compliance and Audit Department had other significant contributions, such as proposing Sharia-compliant solutions that meet the requirements of the corporate customers who usually benefit from more sophisticated solutions. Guided by the SSB, the department took part in the development of several products that were launched last year, as well as the products to be launched in 2022. It also performed a Sharia audit on consumer and wholesale banking services.

It is worth noting that in 2021, the Sharia Supervisory Board held 7 meetings, with a full quorum; reviewed several products and documents; and issued 162 decisions on several inquiries, in addition to reviewing monthly reports, policies, investment proposals, and Sharia audit reports. It also offered appropriate guidance following Sharia principles.