Sharia Group

The Sharia monitor

The Sharia monitor

Technically he is the guard of someone or some people, so monitoring is watching and guarding , Conventionally he is the monitor appointed by the bank after being approved by the Sharia board.

Technically he is the guard of someone or some people, so monitoring is watching and guarding 
Conventionally he is the monitor appointed by the bank after being approved by the Sharia board. 

He is the link between the bank's different administrations and the Sharia board. He is also in charge of the Sharia board secretariat along with the board's chairman. 

The board has the right to designate as many monitors as the implementation of the tasks entails.

The tasks of the Sharia monitor:

  • Responding to the depositors, dealers, employees and stockholders queries.
  • Sharia auditing for all the Islamic products that the bank offers, assuring their correspondence with Sharia and clarifying any disagreement.
  • Reviewing the projects, conditions and rules of the new products documents before being presented to the Sharia board
  • Submitting reports to the Sharia board and the bank's administration
  • Presenting monthly reports to the Sharia board
  • Participating in the training programs of the bank
  • Documenting all decisions and fatwas of the Sharia board

The Islamic law panel

The Islamic law panel

The bylaw of the board was approved since the launching of the bank to assure that the bank follows Sharia in its banking activities.

The hierarchy and the bylaw of the board was approved by the general assembly as an independent administration that work in harmony with the other administrations of the bank to achieve its strategy to be the pioneer in Islamic banking through carrying out the plans and policies that reflect the bank's commitment to offering high quality Islamic banking services. 

Rules and regulations of the board:

  • All administrations of the bank must abide by the decisions of the Sharia board 
  • All executive managements at all levels must abide by the decisions of the Sharia board 
  • All the services of the bank are first approved by the Sharia board and then offered to customers 
  • Any procedure that is in disagreement with any of the board's decisions is not allowed 
  • Anyone disagrees with any of the board's decisions, disobeys any legal procedure, or offers a service without the approval of the board will be punished. 
  • The board monitors, follows-up and executes the bank's transactions and activities to ensure that they are in line to Sharia through the Sharia department or any designated body. 
  • The Sharia Board develops contracts and forms with the precepts of Sharia, applicable to all corporate transactions and deals at both local and international levels 
  • the board creates an awareness among the public with regard to the Islamic banking and investing business 
  • To ensure the proper implementation of the Sharia board decisions, the board issues manuals and guidelines for the bank activities.

Sharia board aims:

Supporting the bank's plans and policies to ensure its agreement with Sharia. 

Sharia board tasks:

  • Reviewing the bank's dealings and activities and publishing what is needed accordingly .
  • Controlling all the decisions based on these dealings and activities in the bank's local and international business. 
  • Developing forms and contracts in the light of Sharia .
  • Creating an awareness among the bank's personnel and the public regarding Islamic economy .
  • Developing all means needed to carry out these tasks.

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