Shari’a governance is the most important feature of ahli Islamic, as it distinguishes us from the conventional counterpart. Shari’a governance is defined as a system whereby the bank adheres and abides by the Shari’a principles in all its activities. The main objective of the Shari’a governance framework is to ensure Shari’a compliance is achieved at all times and at all levels, which enables the Bank to be acknowledged as being fully Shari’a compliant in all aspects.
The key elements of Shari’a governance framework of the Bank are as follows:
Besides the above specific functions, the following are also considered as part of for Shari’a governance:
The main responsibility of the SSB is to form and express an opinion on the extent of compliance of the bank with the Shari’a, based on a review of its activities. Briefly the duties of the SSB include:
The SSB is empowered, as and when necessary, to delegate some of its duties to Head Shari’a Audit and Compliance.