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Shariah Committee

Shariah Committee

Function:
 

The Shariah Committee of Alinma Bank is a technical and administrative body devoted to supporting the Shariah board in achieving its objectives and performing its functions. Administratively, it functions as one of the bank’s groups in addition to its role in relation to the Shariah Committee. It is headed by the Chairman of the Shariah Committee and consists of the following departments:

1. Sharia Studies & Consultancy
2. Sharia Control
3. Sharia Reporting & Follow up

 Responsibilities:
 

  1. The Shariah Group performs tasks related to the comprehensive study of the bank’s transactions and activities and presents them to the Shariah Committee for feedback in this regard. The Shariah Group is also engaged in formulating the resolutions and instructions of the Committee and following up their communications with other groups and departments in the bank. In addition, the Shariah Group documents the work of the Shariah Committee and verifies that all the bank’s work and executive procedures are Shariah-compliant as per the resolutions of the Shariah Committee.
  2. The most important responsibilities of the Shariah Group are:
  3. Preparation of items to be presented before the Shariah board and collecting related and required information, studies, etc.
  4. Participation in the development of forms and contracts as well as product innovation in the light of Islamic Shariah
  5. Provision of research services that support the works of the Shariah Group
  6. Preparation of the Shariah Group’s minutes of meetings and resolutions
  7. Preparation for research sessions focused on issues related to Shariah-compliant banking and finance
  8. Archiving documents (such as minutes of meetings, resolutions and studies) related to the work of the Shariah board and facilitating retrieval and review of such documents for reference purposes
  9. Communication with related Shariah authorities in financial and other institutions such as Shariah panels, Fiqh committees and research institutions and centers
  10. Communication with bank employees and clients as well as appropriately receiving, processing and replying to their inquiries and feedback with regard to Shariah issues
  11. Participation in the spreading of awareness of Shariah-compliant banking
  12. Performance of tasks related to Shariah control and oversight of the bank’s transactions as well as preparing reports that track Shariah-compliance performance.
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