Alizz Sharia Supervisory Board holds 4th meeting

MUSCAT: The Sharia Supervisory Board of alizz Islamic bank, the leading full-fledge Islamic finance provider in the Sultanate, held its 4th quarterly meeting for this year in alizz head office.

The meeting was chaired by Sheikh Dr Mohammed Abdul Rahim Sultan Al Olama and attended by Sheikh Dr Osama Mohammed Saad Bahar and Sheikh Nasser Al Azri, in addition to Sufyan Maysara Yassin, head of Sharia Audit and Compliance, says a press release.

During the meeting, Sharia Supervisory Board discussed several topics and presented its opinion on financing issues raised by the bank. The board discussed the processing fees for Letter of Credits, as well as the fees for alizz Sharia-compliant titanium and platinum credit cards.

The SSB reviewed Sharia audit reports for the first half of 2015, and Foreign exchange Wa’ad Agreement. Moreover, it ap- proved the syndication transaction of MISCO and other Islamic capital market transactions.

Commenting on the meeting, Sufyan said: “The Sharia Supervi- sory Board is an integral function of alizz Islamic bank considering its essential role in governing the banking operations through an array of Sharia-compliant guidelines and consultations.

“Through its regular meetings, the board continues to provide their Sharia-related opinions in transactions and recent financial and banking issues based on Islamic principles.”

alizz Islamic bank offers a comprehensive suite of Sharia compliant financing products, including current account ‘Qard Hassan’, saving account and term deposit account ‘Mudharabah’, home finance ‘Ijarah’ and ‘Forward Ijarah’, auto finance ‘Murabaha’, and personal finance ‘Service Ijarah and Goods Murabaha’.