Bank Nizwa’s Shari’ah Supervisory Board Assesses Extension To Islamic Finance Offerings

Bank Nizwa recently held its 11^th Shari’ah Supervisory Board meeting to discuss proposals for additional Shari’ah compliant financing solutions to meet the growing needs of the Bank’s individual and corporate customers.

The Shari’ah Supervisory Board comprises of prominent Shari’ah scholars specialising in Islamic jurisprudence and financial transactions including Sheikh Dr. Mohammad Taqi Usmani as Chairman and Sheikh Dr. Abdul Sattar Abou Ghuddah as Deputy Chairman, as well as Board members, Sheikh Dr. Mohammad Bin Rashed Al-Gharbi, Assistant Professor at Sultan Qaboos University and Sheikh Ibrahim Bin Nasser Al-Sawwafi, Fatwa Trustee at the Ministry of Endowment and Religious Affairs.

“We are continually looking to launch new products and services that can offer our customers the benefits of Islamic finance and work hand in hand with the Shari’ah Supervisory Board to ensure each offering complies with Shari’ah tenets and meets the need of our growing customer base. With a host of exceptionally adept scholars on the Board, the regular meetings allow the Bank to assess the performance of current products and services while also identifying the best approach for launching new propositions and raising awareness of how Islamic finance can encourage customers to lead financially-secure lifestyles,” said Dr. Jamil El Jaroudi, CEO of Bank Nizwa.

Comprised of Shari’ah scholars with extensive knowledge and expertise in Islamic jurisprudence, the Board meets regularly to provide a unified opinion and validation over the Bank’s compliance to Islamic banking principles in all operational and financial aspects ensuring the highest levels of transparency and customer confidence. The Board’s decisions are guided by the Islamic Banking Regulatory framework issued by the Central Bank of Oman, as well as the Shari’ah standards issued by the Auditing and Accounting Organization for Islamic Financial Institutions in Oman.

originally published on www.cpifinancial.net