Members of the AIB Consolidated Fatwa and Shari’a Supervisory Board

The Arab Islamic Bank established the Consolidated Fatwa and Shari’a Supervisory Board, which contains three members who hold a PhD in Islamic Sharia jurisprudence and have expertise working with Islamic financial organizations, as follows:

The Work Mechanism of the Consolidated Fatwa and Shari’a Supervisory Board

• The Fatwa Board shall meet upon the chairman's call, a resolution of the bank's board of directors, or at the request of a majority of its members.
• The chairman of the Fatwa Board has the authority to hold extraordinary meetings whe#000000n necessary.
• The Fatwa Board has complete and unconditional access to all records, transactions, and information, including bank personnel and consultants.

Duties and Powers of the Consolidated Fatwa and Shari’a Supervisory Board:

• Supervising the bank's business and activities to ensure conformity with Islamic transaction jurisprudence, as well as reviewing operations to ensure they are free of any legal impediments.
• Establishing and expressing an opinion on the bank's commitment to Islamic financial transaction jurisprudence; providing periodic Shari'a supervisory reports to the Board of Directors, as well as semi-annual and annual Shari'a supervisory reports to the general assembly; and publishing its report, provided that it contains any activities that violate Islamic Sharia.
• Verifying the existence of a sound internal control system that ensures the application of Islamic financial transaction jurisprudence as approved by the bank's Fatwa Board, and carrying out the annual Shari'a supervision program, which includes monitoring all of the bank's activities in accordance with a specific annual plan.
• Approving contracts, agreements, policies, products, transactions, and financial statements required for the Bank's business and activities
• Examining and guiding the resident Shari'a Controller's reports and comments on the performance of the executive management's daily work and its compatibility with Shari'a requirements.
• Providing all bank employees with guidance, counseling, training, education and awareness about Shari’a provisions and relevant fatwas.
• Adopting a profit-distributing policy and charging losses to investment accounts
• Determining the disbursement aspects and authorizing the illicit gains Fund’s disbursement operations