Shariah Group

It is one of the Bank’s groups. It follows up on all bank transactions to their implementation by the Shariah provisions, fatwas issued, and decisions approved by the Shariah Committee. It is also considered one of the most important links between the Shariah Committee and the executive management in the bank, and it has the same rights as the Shariah Committee in mater of obtaining data, clarifications, and information and viewing all regulations and instructions which is necessary to perform its work. The group's scope of tasks includes all of the bank's banking operations, including the process of developing banking products that are compatible with the provisions and principles of Shariah in accordance with the fatwas issued and decisions approved by the Shariah Committee, starting from the stage of structuring the product until the stage of presenting it to customers.


Shariah Group Tasks

The main tasks of the Shariah group:

  1. Reviewing all the bank’s operations and transactions, including products, services, contracts, agreements, forms, documents, documents, advertisements, brochures, flyers, brochures, advertisements, and the like, and any materials included on the bank’s websites directed to customers, and submitting what is needed for the committee’s decision to the committee for consideration and approval.
  2. Mnitoring the implementation of the Shariah Committee’s decisions in all bank’s work.
  3. Verifying compliance with the Shariah requirements approved by the Shariah Committee to dispose non Shariah transactions, and supervising their disbursement.
  4. Submitting periodic reports to the committee that include the extent of compliance with the provisions and principles of Islamic Shariah according to the fatwas issued and decisions approved by the Shariah Committee in the transactions that take place during the fiscal year, approving plans to address the observations and following up on their implementation with the concerned departments.
  5. Regularly evaluating the bank’s activities and Islamic banking transactions to ensure their compliance with the fatwas issued and decisions approved by the committee
  6. Report the non shariah compliant cases to shariah committee to make the decision, then inform the concerned department about the committee’s decision and recommendations.
  7. Conducting studies related to banking industry to support the urgent need for finance products and structures compatible with the shariah principles.
  8. Cooperating with various regulatory bodies to achieve the bank’s interests and objectives.
  9. Maintaining the general impression of the bank as an Islamic bank committed to shariah in all its transactions and activities.
  10. Study products, services, forms, contracts, and documents
  11. Disseminating the provisions and principles of Shariah law within the bank"


Shariah Committee Secretary

  1. Preparing the meetings of the Shariah Committee and the Advisory Committee, meeting agendas, reports, materials, and documents necessary for presentation to the members of the Committee
  2. Attending Shariah Committee meetings
  3. Documenting the decisions, recommendations, and fatwas reached by the Shariah Committee by preparing minutes of those meetings
  4. Informing the relevant departments of fatwas, recommendations, and decisions after their approval by the committee"


Shariah Audit Division

The tasks of the Shariah Audit Division include the following:

  1. Develop an audit plan and targets to ensure that the bank’s departments adhere to the Shariah Committee’s decisions and submit them to the Board’s Audit Committee after the Shariah Committee is approved to obtain approval.
  2. Conducting the internal Shariah audit process and field visits in areas of relative importance at least once a year based on the bank’s risk profiling
  3. 3Issuing quarterly Shariah audit reports
  4. Follow up on the implementation of observations correction plans with the concerned departments
  5. Ensuring the implementation of the decisions of the Shariah Committee by setting aside profits made from operations that violate the fatwas and decisions of the Shariah Committee.
  6. Submitting the results and observations of the internal Shariah audit to both the Board and the Audit Committee
  7. Proposing practical alternatives to address legal problems related to implemented products


Shariah Compliance Division

The tasks of the Shariah Compliance Division include the following:

  1. Ensure the level of the bank’s compliance with the fatwas issued and decisions approved by the committee, and the correction procedures and extending their period when needed to address cases of existing non-compliance and oversight to avoid their recurrence.
  2. The scope of Shariah compliance includes all Islamic banking operations and product programs of the bank, including procedures, policies, advertising campaigns, contracts, agreements, and banking products that are compatible with the decisions of the Shariah Committee, starting from the stage of structuring the product until the stage of presenting it to customers.
  3. Study and review current product development requests
  4. Initial clearance of product structures
  5. Develop a plan and control mechanism to ensure that errors are not repeated and ensure that all products and services, starting from the stage of structuring the product or service until the stage of presenting it to customers, comply with the decisions and fatwas of the Shariah Committee.
  6. Prepare a plan to correct errors and violations


Research and Development Division

Prepares research and studies related to Islamic finance field, issuing periodic reports and contribute to spreading awareness of Islamic banking.