Alizz Islamic Bank appoints new Sharia Supervisory Board

Muscat: Alizz Islamic Bank recently announced the appointment of a new Sharia Supervisory Board. Sheikh Dr Essam Khalaf Al Anzi was appointed Chairman of the Sharia Supervisory Board. Sheikh Dr Ahmed Subhi Ahmed Ayadi and Sheikh Nasser bin Yousef Al Azri were appointed as members.

The Sharia supervisory board of Alizz Islamic Bank reviews all Islamic banking agreements, documents, products and services launched by the bank. The board includes members who are knowledgeable about Sharia law and transaction jurisprudence in particular. They work in accordance with the Central Bank of Oman and with the higher Sharia Supervisory Authority to provide the bank customers with peace of mind by offering products and services that are approved by fatwas and resolutions.

The Sharia Supervisory Board also helps reassure shareholders and depositors whose trust is undoubtedly one of the most important factors for the bank's success. It is also through the contribution of their knowledge and experience play a key role in the success of Islamic banking in the Sultanate.

Regarding the appointment of the new Shari’a body, Sulaiman Al Harthi, CEO of Alizz Islamic Bank, stated, “The appointment of the new Sharia Supervisory Board is in line with the vision of the Bank’s Board of Directors to conduct a comprehensive review of the business model of Alizz Islamic Bank to improve the banking services provided to the bank’s valued customers. The Sharia Supervisory Board is one of the important pillars of the bank, as the decisions and judgments that are taken form a major role in all the commercial operations that the bank undertakes, and we are proud that the new body that has been appointed includes a group of prominent scholars who have extensive legal, economics, banking and financing knowledge; in addition to their specialisation in Islamic Sharia Studies.

Al Harthi added, “The regulatory frameworks issued by the Central Bank of Oman related to the governance of Islamic banks have stipulated controls for nominating, selecting and appointing members of Sharia supervisory bodies and on the work entrusted to them to ensure continuous compliance with the principles of Islamic Sharia, including products, services, processes and daily transactions alongside the guidelines issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). Alizz Islamic Bank remains at the forefront of digital adoption utilising the latest technologies and methodologies to ensure that all products and services comply with international standards and with Islamic Sharia.

"The Sharia Supervisory Board, through its contribution of knowledge and extensive experience, has played a major role in supporting the success of Islamic banking in the Sultanate. We wish the new Sharia Supervisory Board every success. Islamic banking is witnessing significant growth across all sectors of financial activities, including personal banking, takaful and investments in Islamic capital markets. The Omani Islamic banking industry, including Islamic windows, is expected to continue to grow steadily over the coming years.”