Alizz Islamic Bank holds its first Sharia Supervisory Board meeting

Muscat: The Sharia Supervisory Board of Aizz Islamic Bank held its first meeting for the year 2022 at the bank’s headquarters in the Central Business District of Ruwi.
The meeting was attended by Sheikh Dr Ibrahim Al-Sawafi, the newest member of the Sharia Supervisory Board.

During the meeting, the CEO of Alizz Islamic Bank, Sulaiman bin Hamad Al-Harthi presented and discussed the bank’s performance during the first quarter of this year and the most important developments in Alizz Islamic Bank, highlighting that the performance was in line with the strategic plan despite the challenges witnessed in the opening months of the year. This is due to the tireless efforts made in terms of business realignment, cost optimisation, financial discipline and asset quality improvement.

The Sharia Supervisory Board also discussed in its meeting the audit reports, Sharia compliance and Sharia risks for the first quarter of this year, in addition to discussing and approving a number of new products and taking the appropriate decisions regarding them.

The meeting also saw the discussion of a number of requests to reschedule financings related to companies and individuals and to determine its rationale to facilitate the owners and take appropriate measures and decisions for them to ensure the enforcement of these decisions.

Commenting on the occasion, Issa bin Salem Al-Riyami, Head of the Sharia Compliance and Audit Department at Alizzz Islamic Bank, said, “Islamic banks do not compromise on Sharia principles, even though it is an institution that seeks to achieve the desired profit for shareholders and depositors, because Islamic banking is a system of trade through which the sale is carried out. Purchasing goods and services and investing capital by taking risks to obtain legitimate profits. It is based on the principles of Islamic Sharia that permits trade and prohibits usury.”

Al Riyami added, “This meeting is held regularly to obtain the Sharia Supervisory Board’s opinion about the bank's commitment to its decisions and to ensure the avoidance of any violations to the Shari’a principles. I would like to thank the Sharia Supervisory Board for all their efforts aiming to ensure that the transactions at Alizz Islamic Bank are not conflicting with the various Islamic principles, enhancing the value of our products and the transparency of our transactions and performance.”