The Shariah Supervisory Board is primarily responsible for ensuring the bank's operations are in conformity with Islamic Shariah rules.
The Board operates as an independent body and comprises a number of specialized scholars in the banking and trade fields. The committee also ensures the following:
Offers advice and instructions ensuring all the bank's activities are in conformity with the Islamic Shariah rules.
Reviews the external auditors' reports in line with the Islamic Shariah rules and presents a report to the General Assembly regarding the conformity of the bank's operations with the Islamic Shariah rules.
Determines that the contracts, transactions and deals executed by the bank are in conformity with Islamic Shariah rules.
Reviews the bank's financial statements to determine the proper distribution of profits between the bank and the depositors in line with the Islamic Shariah rules.
Approves the bank's marketing material and ensures the offered products and services are in a clear and fair manner in accordance with Islamic Shariah rules.
Ensures that all non-Shariah compliant sources of income are used towards good deeds.
Ensures the Zakat calculation was done in conformity with the Islamic Shariah rules.
Issues the ruling directives, principles and fatwa with regards to the bank's activities and functions.