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TMCNet:  Alizz islamic holds Fatwa and Shari'ah board meeting [CPI Financial]

[December 04, 2013]

Alizz islamic holds Fatwa and Shari'ah board meeting [CPI Financial]

(CPI Financial Via Acquire Media NewsEdge) Alizz Islamic bank (SAOG), one of the first dedicated Islamic Banks in Oman, recently held its third Fatwa and Shari'ah Supervisory Board (FSSB) meeting for the first time at the bank's Head Office in Alizz Tower located in the Central Business District (CBD). The Board reviewed recommendations and agreements that aim to further develop the full range of Shari'ah compliant banking solutions on offer.

The meeting was chaired by Sheikh Dr. Mohammed Abdul Rahim Sultan Al Olama and attended by Sheikh Dr. Osama Mohammed Saad Bahar and Sheikh Nasser bin Yousef bin Nasser Al Azri, in addition to Mr. Sufyan Maysara Yassin, Head of Shari'ah Audit and Compliance at alizz islamic bank.

Jamal Darwiche, Acting CEO of alizz islamic bank said, "The recent successful launch of our operations has provided both the management and board with a solid foundation to evaluate current products' performance and identify methods to meet all our customers Shari'ah compliant banking needs. The Board's in-depth discussions focused on enhancing and customising services and reviewed the bank's corporate banking policies and procedures pertaining to our products and offerings." He added, "Since alizz islamic bank was established, the FSSB, Board of Directors and Management team have been steadfast in their cooperation to further instill confidence in our promising future." The meetings are held periodically to continue providing Shari'ah related opinions regarding the products introduced by the bank and to issue fatwas on the questions and transactions submitted by customers. In addition, FSSB will present an annual report in front of the General Assembly reviewing transactions and operations and their compliance with fatwas and decisions.

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