Al Yusr holds second Sharia’a supervisory board meeting for 2017

Muscat – Al Yusr, the Islamic banking window of Oman Arab Bank (OAB), recently held its second Sharia’a supervisory board meeting for the year 2017.

The meeting was attended by Dr Essam al Enezi, chairman of the Al Yusr Sharia’a supervisory board, Dr Ahmad Ayyadi, Dr Abdulaziz al Qassar and Dr Khalifah al Ghammari, general manager of Al Yusr Islamic Banking, a press release said.

The meeting reviewed the most important activities and work related to the Sharia’a supervisory board achieved during the second quarter of the current year. The board reviewed reports issued by the internal Sharia’a supervisory department of the Islamic window, including the Sharia’a auditing and compliance reports as well as the most important banking jurisprudential issues faced by the Islamic banking window during the same pe- riod.

Dr Ghammari, said, “This meeting is the second for Al Yusr this year as part of our regular meetings held by the Sharia’a supervisory board and are held in response to the regulatory and legislative requirements of the Central Bank of Oman. The meeting reviewed and discussed the most important activities and works achieved during the second quarter of 2017 in order to ensure the effective functioning of Al Yusr in accordance with the requirements stipulated in the regulatory framework for Islamic banking services.”

He added, “The Sharia’a supervisory board assists Al Yusr in providing the best Sharia’a compliant products and services. I would like to thank all the board members for their continued support in providing quality services and products that are in line with the principles of Islamic banking.”

The members of the board expressed their appreciation for the efforts of Al Yusr and its employees in creating Sharia’a compliant banking products that meet the needs of all customers, individuals and institutions. The board also praised the remarkable growth in efficiency of the internal Sharia’a department and the quality of services offered.

Established in 2013, Al Yusr Islamic banking window provides services via seven branches; two in the Muscat governorate (Athaiba and Wattaya), and others in Salalah, Nizwa, Falaj alQabail, Ibra and Al Buraimi. Al Yusr customers also have access to 148 OAB ATMs located across the sultanate. The Islamic banking window provides its retail and corporate customers as well as investors a wide range of Sharia’a compliant products and services.