It is a technical and administrative body that supports the Sharia Board in achieving its goals set out in its regulations, and contributes to achieving the Sharia’s strategy by supporting the plans and policies necessary to achieve the bank’s commitment to implement its transactions in accordance with the provisions of Islamic Sharia.
The Sharia Compliance Department is technically related to the Sharia Board and administratively is considered within the bank’s divisions. Sharia compliance department is sub-divided to the following:
It works on preparing topics for the Sharia Board and the Preparatory Committee. It prepares the necessary research and studies for the same, and communicates with the departments in relation to Sharia Judgment. It participate in developing Sharai-compliant products and services, and contribute to spreading awareness of Islamic banking.
It works on verifying the bank’s compliance with Sharia Committee decisions through the implementation of field control visits to periodically audit all the bank’s business to ensure that the bank adheres to the Sharia’s decisions and controls.
It works on arranging and coordinating the meetings of the Sharia Board. It also follows up and implements projects that contribute to spreading awareness of Islamic banking inside and outside the bank.
