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Establishment

Establishment

Establishment:
The Shariah board of Alinma Bank was formed pursuant to resolution No. 3/43, dated 12/01/1428 (corresponding to 31/01/2007), which was issued by the Founding Committee of the bank. The resolution included the appointment of the board members as well as the designation of an administrative body to support the board in performing its tasks.

The board includes several members who specialize in Shariah-compliant financial transactions, Islamic jurisprudence and economics. The formation of the board was approved by the General Assembly of the bank and it is independent from all other executive departments in the bank. All transactions executed in the bank are subject to approval and control by the Shariah board; and its resolutions are binding upon all departments and employees of the bank.

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