Shari'a Audit and Compliance

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Shari'a Audit and Compliance

Shari’a Audit and Compliance Department’s main function is to establish Shari’a compliance controls and to provide  assurance on Shari’a compliance in all areas of the ahli Islamic.  The department comprises of Internal Shari’a Reviewer (Head of Shari’a Audit and Compliance), Shari’a Audit Unit, Shari’a Compliance Unit and Shari’a Risk Control Unit.  It provides Shari’a guidance and direction on day to day matters to the bank’s management and all stakeholders as per the resolutions of the SSB, escalating issues to the SSB as required,  to seek its guidance and directives.

The Shari’a Audit and Compliance Department facilitates the bank in ensuring compliance with Shari’a guidelines (as manifested by Fatawa issued by the SSB) and Islamic banking requirements of the Central Bank of Oman, on a day to day basis in all its products, business activities, operations and transactions.  For this purpose, it reviews all the contracts, agreements, policies, procedures, products, process flows, transactions, reports (profit distribution calculation), etc., and raises issues to SSB for directives.  It conducts Shari’a audit of executed contracts and Shari’a governance and compliance arrangements on quarterly basis and produces Shari’a audit reports by examining the extent of compliance with Shari’a principles, Fatawa, guidelines and directives issued by the Bank’s SSB.

Head Shari’a Audit and Compliance Department

Azhar Hamid is the Head of Shari’a Audit and Compliance Department and Secretary to Shari’a Supervisory Board of Ahli Islamic.  Mr. Azhar has extensive Shari’a control and experience of governance and compliance, Shari’a auditing, Shari’a risk management and products’ structuring spanning over 16 years.  Previously, Mr. Azhar worked as Deputy Head of Shari’a Department at Doha Bank, Manager Shari’a Compliance at Dubai Islamic Bank Pakistan, Lecturer Islamic Banking and Finance and Research Associate to President of International Islamic University Islamabad (IIUI).

Mr. Azhar holds MSc. and MPhil degrees with specialization in Islamic banking and finance from IIUI.  Currently, he is pursuing PhD degree in Banking and Finance at INCEIF University, Malaysia. Mr. Azhar has accomplished several professional certificates in IBF such as Durham University Islamic Finance Certificate, AAOIFI’s CSAA, IFSB Standards Certificate, EY Islamic Banking Profit Calculation Certificate, Dar ul-Mashwara Qatar Shari’a Auditing Certificate and etc.

Mr. Azhar is a researcher of Islamic finance and writes regularly with special focus on Shari’a governance and compliance, risk management and product development of Islamic Banks.

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