Warba Bank’s sharia board is­sues fat­was sec­ond edi­tion

EN­HANC­ING TRANS­PARENCY ON IS­LAMIC BANK­ING

Kuwait Times - - BUSINESS -

KUWAIT: In or­der to en­sure trans­parency in deal­ing with its cus­tomers, es­pe­cially with re­gard to the Is­lamic sharia opin­ions (fat­was), the bases of its bank­ing op­er­a­tions as a lead­ing bank­ing in­sti­tu­tion com­mit­ted to the teach­ings of Is­lam, Warba Bank is­sued the Fat­was sec­ond edi­tion of its sharia Su­per­vi­sory Board. The new edi­tion in­cludes fat­was is­sued by the bank’s sharia su­per­vi­sory board from 2011 to 2016, on which all the Bank’s bank­ing op­er­a­tions are based. Through this sec­ond edi­tion, Warba Bank aims to fa­mil­iar­ize the pub­lic, in gen­eral, and its cus­tomers, in par­tic­u­lar, with the Is­lamic prin­ci­ples on which all its bank­ing op­er­a­tions are built, based on the lat­est Is­lamic sharia opin­ions en­vis­aged by the Bank’s sharia su­per­vi­sory board.

Those Fat­was are com­plied, adopted and im­ple­mented by all the con­cerned de­part­ments at the Bank all of which pro­vide close co­op­er­a­tion in this re­gard. In this con­text, the Chair­man of Warba Bank’s sharia su­per­vi­sory board Dr Issa Zaki, af­firmed that the is­suance of the new edi­tion re­in­forces the Bank’s piv­otal role in spread­ing knowl­edge about Is­lamic fi­nan­cial trans­ac­tions in Kuwaiti com­mu­nity and cus­tomers, es­pe­cially as Warba Bank is an Is­lamic bank­ing in­sti­tu­tion com­mit­ted to spread­ing Is­lamic bank­ing aware­ness in line with the Is­lamic sharia. As for the process of com­pil­ing and ar­rang­ing Fat­was in one vol­ume, Dr Zaki ex­plained that Warba Bank’s sharia Con­trol Unit has been keen on col­lect­ing Fat­was from the min­utes of the meet­ings of the sharia su­per­vi­sory board, and clas­si­fy­ing them by sub­ject so as to make it eas­ier for the read­ers to find the Fat­was they need. The new edi­tion is a use­ful and in­for­ma­tive ref­er­ence for read­ers. It serves as a use­ful con­tri­bu­tion to pro­vid­ing guid­ance in terms of the busi­ness of Is­lamic fi­nan­cial in­sti­tu­tions.

It is worth men­tion­ing that since its es­tab­lish­ment, Warba Bank has been keen on pro­mot­ing Is­lamic bank­ing cul­ture and ed­u­cat­ing Kuwaiti com­mu­nity on the Bank’s sharia-com­pli­ant busi­ness and op­er­a­tions thus Warba Bank has strong foot­print as a trusted in­sti­tu­tion in the Is­lamic bank­ing in­dus­try.

Warba Bank was es­tab­lished by virtue of an Amiri De­cree. On April 5, 2010, it was of­fi­cially reg­is­tered in the Is­lamic bank­ing reg­is­ter of the Cen­tral Bank of Kuwait.

In this July 13, 2017 file photo, a crane trans­port­ing ve­hi­cles op­er­ates on a con­tainer ship at the Port of Oak­land, in Oak­land, Cal­i­for­nia.—AP

Dr Issa Zaki

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