The Shariah Committee 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 Committee members as well as the designation of an administrative body to support the Committee in performing its tasks.
Role of the Committee members:
The Committee is an independent body formed by the Board of Directors to exercise the authorities conferred upon it by the Board in conformity with applicable rules and regulations, including:
1. Demonstrating Sharia’h provisions regarding all transactions executed by the Bank.
2. Verifying that all the Bank transactions are Sharia’h –compliant.
3. Participating in discussion and review of issues that promote the Bank’s performance in relation to Sharia’h -compliance as well as maintaining the Islamic identity of the Bank in terms of policies, procedures and standards.
4. Enhancing the Bank’s contribution in introducing and developing Islamic banking.