The Shari’a Supervisory Board (SSB) of Alizz Islamic Bank held its fourth meeting for the year 2023 at the bank’s headquarters in the Central Business District of Ruwi, in the presence of the Chairman of the Shari’a Supervisory Board, Sheikh Dr. Essam Al Enezi and the other members of the SBB as well as Mr. Ali bin Saif Al Mani, the bank’s CEO, members of the executive management team and the Internal Shari’a Auditors. The meeting was also attended by scholars from the “Empowering the Second line of Sharia Supervisory Board Members” program, where they participated alongside members of the Sharia Supervisory Board for practical experience and direct vocational training.
During the meeting, the CEO of Alizz Islamic Bank presented a presentation about the local economic performance and the bank’s performance during the third quarter of this year and the desired expectations during the coming period. Moreover, the meeting discussed the Sharia Audit Report for the third quarter of the year and the Shari’a Compliance and Risks Report, as well as a number of issues of interest. The meeting also discussed some of the requests to reschedule corporate finance and issued the appropriate decisions in this respect.
It is worth noting that the Sharia Supervisory Board, through the reports submitted to it, monitors the Shari’a performance of the bank, which enables the board to evaluate the extent of compliance with Shari’a directives and decisions. It also provides its recommendations and advice to create value-added products for the Islamic banking industry and providing financing solutions to meet the high customer demand in the marker. The Shari’a Compliance and Audit Department plays a very important role in monitoring the correct application of the Shari’a Supervisory Board’s instructions by overseeing the mechanisms used to create products and develop product related documents, while examining the executed transactions and applying control and auditing tools.