Fatwa and Shariah Supervisory

The Shariah Supervisory Board is primarily responsible for monitoring the company’s operations compliance with the Islamic Shariah principles and review the processes and products presented. It acts as an independent body of specialist jurists in Fiqh-Al-Muamalat. The Board is responsible for the following:

  • Review the company articles of association and bylaws, and request corrections to comply with the provisions of the Islamic Sharia and approve contract and operations forms for all company transactions with shareholders, investors, etc. and participate in amending and developing the mentioned forms when necessary; to ensure such contracts, agreements, and transactions does not include any Sharia violations.
  • Verify the Sharia compliance of company transactions and contracts, through periodic reports submitted to Sharia Supervision Department regarding the work process and verify the proper implementation of fatwas and decisions issued by the board, and in the event of a defect, the board corrects and modifies the transactions concluded to restore it to its legitimacy.
  • Confirm the commitment of the executive management of the company to present all transactions to the Fatwa and Sharia Supervision Board, through the Sharia Supervision Department.
  • The board submits an annual report to the Board of Directors to be presented at a meeting of the board in which the annual budget of the company is reviewed. The report shows a summary of the cases presented, and opinions given in the executed company transactions according to applicable regulations and instructions. This report should be read with the report of the Company's auditors at the ordinary general assembly meetings.

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