Shari’a Board

Sheikh Dr Abdullah Bin Mohammed Almutlaq
Sheikh Dr. Abdullah Bin Mohammed Almutlaq received a PhD from Imam Mohammed Bin Saud University, KSA. He is a member of the Senior Ulema Board, KSA, and the Dar AlIfta Committee, KSA. He is a member of the shari’a boards of several banks in KSA, including Samba Financial Group, Riyadh Bank, and Bank AlJazira.

 

Sheikh Dr Mohammed Ali Elgari
Sheikh Dr. Mohammed Ali Elgari received a PhD in Economics from the University of California, United States. He was formerly a professor of Islamic economics and a director of the Center for Research in Islamic Economics at King Abdul Aziz University, Jeddah, KSA. He is an expert at the Islamic Jurisprudence Academy of the Organisation of the Islamic Conference, an expert at the Islamic Jurisprudence Academy of the Islamic World League and a member of the Shari'ah Council of the Accounting and Auditing Organisation for Islamic Financial Institutions. Sheikh Dr. Elgari is a member of several Shari'a boards of Islamic banks and Takaful companies worldwide and was awarded the Islamic Development Bank Prize in Islamic Banking and finance in 2004.

 

Dr Yousef Abdullah Alshubaily
Dr. Yousef Abdullah Alshubaily is a professor of comparative law at the Higher Judicial Institute, KSA. In the past, was member of the shari’a supervisory Boards of Al Bilad Bank, KSA, United International Bank, Bahrain, Al Mayma Financial, Dar al Arbah, KSA, the Kasb Financial Group, KSA, Siraj Advisory, Kuwait, Al Iltizam, Dubai, as well as other financial institutions in the GCC. Dr. Alshubaily also serves as a member of several important government commissions, including the Saudi Arabian Commission for Islamic Financial Transactions, KSA, and the Saudi Arabian Commission for Auditing Charitable Contributions, KSA.

 

Secretariat of the Sharia Committee:

 

Definition:

 It is a full-time technical and administrative body, that supports the Sharia Board in achieving its objectives and performance. The Secretariat is administratively appointed by the Company’s departments, while its direct technical involvement is with the Sharia Board. This body is headed by the Secretary of the Sharia Board.

This body is headed by the Secretary of the Sharia Board.

 

The secretariat of the Sharia Committee has the following three functions:

  • Studies, and research.
  • Sharia supervision.
  • Support and communication.
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Responsibilities::

 The Secretariat of the Sharia Board is responsible for studying the company's transactions and activities, preparing them for submission to the Sharia Board in order to issue the necessary requirements, drafting all the results of the Sharia Board and following up with the reporting procedure to the company. This will be documented, archived and serviced by a comprehensive service, in addition to verifying the conformity of all the work and its executive procedures with the provisions of the Islamic sharia based on the decisions issued by the Sharia Board of the company.

 

The most prominent responsibilities:

  1. Plan and prepare the subjects submitted for presentation to the Commission, and meet the requirements of such information, studies, etc.
  2. Contribute to the development of formulas, contracts and product innovation in light of the provisions of Islamic law.
  3. Provide scientific services supporting the work of the Commission by appropriate means.
  4. Prepare minutes of Commission meetings and its draft resolutions.
  5. Plan for scientific meetings in subjects related to the legitimate aspect of the company's business.
  6. Archive products, documents and records of decisions, studies and any matters related to the work of the Authority, and facilitate reference to this.
  7. Communicate with the relevant legal authorities in financial institutions and others, such as the sharia bodies, the jurisprudential councils, and the scientific centers and institutions.
  8. Communicate with the company's employees and customers, to receive their comments and inquiries regarding the legitimate side, and solve it in an appropriate manner.
  9. Participate in raising awareness of cooperative insurance in accordance with Islamic law.
  10. Carry out legal supervision of the company's transactions, and prepare Sharia performance reports.