Duties and Responsibilities of the Committee

Duties and Responsibilities of the Committee:

The Committee shall carry out the following duties and responsibilities in accordance with the Committee’s authorities stipulated in the Authority Matrix approved by the Board and other applicable rules and regulations:

1- Examining the Bank’s transactions, contracts, agreements, documents and forms and then issuing necessary resolutions and instructions.

2- Participating, with other departments of the Bank, in product innovation and development in light of Sharia’h provisions.

3- Monitoring the Bank compliance with Sharia’h provisions and ensuring the proper implementation of the Committee’s resolutions.

4- Approving Sharia’h compliance standards in light of which internal Sharia’h audit operates.

5- Reviewing Sharia’h-compliance reports and issuing relevant directives and resolutions.

6- Developing Sharia’h mechanisms for the disposal of funds earned or acquired in violation of Sharia’h principles and supervising disbursement of the same.

7- Reviewing the Bank’s annual financial statements from Sharia’h perspective.

8- Issuing an annual report on the Bank’s performance from a Sharia’h compliance perspective, circulating it to the Board and shareholders, and providing responses to shareholders’ questions related thereto. 

9- Evaluating the technical performance of the Committee’s Secretariat.

10- Ensuring that Sharia’h policies and procedures prepared by the Bank are in line with Sharia’h terms and principles.

11- Informing the Board if the Bank engages in activities violating Sharia’h provisions and principles and recommending appropriate remedial measures.

12- Providing Sharia’h advice to related parties, such as the Legal Advisor, External Auditors, or Advisory Bodies regarding Sharia’h issues related to the Bank’s transactions.

13- Notifying SAMA of cases where anti-Sharia’h activities are not addressed effectively or adequately or no corrective measures have been taken by the Bank regarding such cases.