Sharia Supervisory Board assesses Alizz Islamic Bank's Sharia-compliant performance

Muscat: In the third meeting of this year, Alizz Islamic Bank's Sharia Supervisory Board (SSB) discussed a variety of items including new products about which resolutions were passed and also considered several requests for the restructuring of corporate finances and appropriate resolutions were passed.

The meeting was attended by Alizz Islamic Bank's CEO Sulaiman Al Harthy, senior executive management, the internal Sharia auditor, the Sharia compliance officer and the Sharia audit officer. The CEO gave a visual presentation on the bank's third quarter (Q3) performance this year. The meeting was also attended by the SSB chairman and members.

In addition, the meeting discussed the Q3 Sharia audit report and the Sharia compliance and Sharia risk report and appropriate resolutions were passed. Alizz Islamic Bank's SSB also endeavours to propose innovative products and banking solutions that permanently meet customer needs and develop strategic plans that achieve the Islamic banking sector's growth and development in the Sultanate of Oman.

"There is a growing demand for Alizz Islamic Bank's products as we innovate products which gain customer satisfaction by offering flexible finance options of various types. As for the Islamic banking sector, data indicates that the total assets of the Islamic banks and windows altogether grew to about OMR6.2 billion, which accounts for 15.9 per cent of the total assets of the banking sector in the Sultanate of Oman by the end of June 2022, a 9.6 per cent increase compared to the same period in the past year. As for the total finance granted by the financial institutions, it grew to about OMR 5.1 billion, an 11.2 per cent increase. The Islamic banks and windows' deposits grew to OMR 4.7 billion, a 12.8 per cent increase by the end of June 2022," said Issa bin Salem Al Riyami, the Head of Alizz Islamic Bank's Shari’a Audit & Compliance Department.

Alizz Islamic Bank's Shari’a Audit & Compliance Department plays various roles in direct contact with society including the ratification of the products and services provided by Alizz Islamic Bank, the authentication of their full compliance with the provisions and principles of the Islamic Sharia law, the launch of the initiatives which serve the various age groups, the development of awareness of the Islamic banking concepts and the conduct of various initiatives and seminars in the various governorates and wilayats of Oman.

Compliance with Islamic Sharia law is the cornerstone of Islamic banking and the real capital of Islamic finance. Therefore, the Bank selected a group of prominent Islamic scholars who are specialised in the jurisprudence of Islamic transactions, have long experience in financial consultancy, and have a good reputation for serving on the SSB.