Shari’ah compliance is the cornerstone of Bank Alkhair’s operations. A three-scholar Shari’ah Supervisory Board has been established to provide Islamic advice and guidance to ensure that all Bank Alkhair activities comply with Shari’ah law. The members of the Shari’ah Supervisory Board are prominent Islamic scholars who are well versed in international financial markets and have a proven track record in the implementation of Shari’ah rules and principles in Islamic banks, as well as in product development and structuring Islamic-finance techniques.
The Shari’ah Supervisory Board is proactively involved in all product development and investment decisions relating to transactions and all underlying contractual documentation are only finalised after obtaining the approval of the Shari’ah Assurance Department under the direct oversight of the Shari’ah Supervisory Board. The Shari’ah Supervisory Board sets out the Islamic opinions (Fatwas) which are required for approval of the structures of each financial transaction, service or investment product.
Bank Alkhair’s Shari’ah Assurance division works closely with the Shari’ah Supervisory Board in the development and pre-screening of every business proposition. The Shari’ah Assurance division also plays a key role in ensuring that the Fatwas of the Shari’ah Supervisory Board are consistently applied.