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Alinma Bank Issues Three-Volume Compendium of Its Shariah Rulings

Alinma Bank Issues Three-Volume Compendium of Its Shariah Rulings

23 Jumada I 1440 H - 29 January 2019 G

Alinma Bank recently held a launch ceremony where its newly published, three-volume compendium of its Shariah Committee’s rulings was unveiled.  In attendance were Alinma Bank Managing Director and CEO, Mr. Abdulmohsen Al-Fares, Chairman of the Alinma Bank Shariah Board, Dr. Abdulrahman Al-Atram, and other sitting members of the Alinma Bank Sharia Board. Also launched at the same event was the second version of the Alinma Shariah Publications application, which provides convenient, electronic access to the same research and rulings.

 

Speaking at the event, Al-Fares said: “Alinma Bank is committed to furthering the growth of Shariah-compliant banking and fiancne, and one of the most effective ways of doing so is by adding to the knowledge base of the industry.  It is for this reason that Alinma has shared all of its Shariah rulings dating back to 2007, when its first Shariah board was officially empaneled.  We hope that our work in this regard will be of benefit to all banks and financial institutions both inside the kingdom and internationally.”

 

Also speaking at the event, Dr. Al-Atram said: “Both this three-volume set, as well as the application, provide comprehensive, yet convenient access to an important body of work that we feel is important for the industry.  We see this as a resource that will enable even further and deeper research on these topics by scholars worldwide. We are fortunate to have such a skilled committee of scholars and support staff that have made this possible, and their valuable input goes beyond research, and reaches into every aspects of the bank’s operations. Our team works hand-in-hand with other departments to help ensure the appropriate application of Shariah-principles on behald of bank partners (customers).

 

In 2018, Alinma Bank was named "Most Trusted Islamic Banking Brand” for the Kingdom of Saudi Arabia, by Global Brands magazine, which affirms Alinma’s commitment to Shariah-compliance.  The bank’s Shariah Board and its Shariah Secretariat are staffed by scholars specialized in the jurisprudence of financial transactions and economics; and all transactions and activities at Alinma Bank are certififed by them as being Shariah-compliant.

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