In its third meeting of 2023 Alizz Islamic Bank Shari'a supervisory board presents the Sharia-Compliance report

Muscat: The Shari’a Supervisory Board of Alizz Islamic Bank held its third meeting for the current year with a full quorum under the chairmanship of His Eminence Sheikh Dr. Essam Al-Enezi, Chairman of the Shari’a Supervisory Board, and in the presence of the members of the Board, His Eminence Sheikh Dr. Ahmed Subhi Ayadi and His Eminence Sheikh Dr. Ibrahim bin Nasser Al-Sawafi, and the sheikhs from the Tamkeen Program for empowering the second level of Shari’a Supervisory Boards members attended the meeting, where they participated alongside the members of the Sharia Supervisory Board as part of their practical training.

The meeting was attended by Alizz Islamic Bank's GM Mr. Ali bin Saif Al Mani & senior executive management. The GM gave a visual presentation on the Bank's Q2 performance this year and the expectations for the bank moving forward.

The Shari’a Compliance and Audit Department also presented a report on Shari’a compliance and the risks of Sharia non-compliance, in which the indicators of periodic review and assessment of potential risks were mentioned. The Shari’a audit report for the second quarter of the current year was presented, which reflected the Shari’a review of executed transactions. The Shari’a Board provided appropriate solutions for procedural processes. It also discussed a number of issues raised and new products, and the Shari’a Board issued its decisions regarding them, in addition to considering a number of restructuring requests for corporate financing and issuing the appropriate decisions for them.

Issa bin Salim Al Riyami, Head of the Shari’a Audit and Compliance Department, said: “The Shari’a Supervisory Board plays an indispensable role in terms of providing Shari’a-compliant solutions to the bank’s customers, especially in terms of meeting the needs of corporate customers, where there is a requirement for more advanced products. The department actively participated in the development of various products that were launched during the past year, as well as the products that are scheduled to be launched in 2023. All of this was done under the supervision and guidance of the Sharia Supervisory Board.

Al Riyami added “Additionally, the Shari’a Supervisory Board of Alizz Islamic Bank performs various roles that to achieve the ultimate goal of ensuring compliance with Islamic Shari’a in all areas of dealing with customers, products and services. The Bank's transactions have been carried out in accordance with the principles and rules of Islamic Shari’a, and it provides the necessary reports on its findings and takes the necessary steps to support the Bank's products and services so that they are compatible with the principles and rules of Islamic Shari’a.”