alizz islamic bank holds fatwa & shari’a supervisory board meeting

Press release

Published February 3rd, 2014 - 05:41 GMT

alizz islamic bank (SAOG), Oman’s Most Innovative Islamic Bank 2013 by Global Banking and Finance Review, recently held its fourth Fatwa & Shari’a Supervisory Board (FSSB) meeting to discuss financing products being designed to meet the growing needs of the bank’s corporate customers. The Board reviewed the contractors and developers agreements (Istisna’a) for real estate projects, as well as Investment Agency for liquidity management (Wakala).

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 bin Yousef bin Nasser Al Azri, in addition to Mr. Sufyan Maysara Yassin, Head of Shari’a Audit and Compliance at alizz islamic bank.

“Islamic banking is becoming increasingly popular in real estate, infrastructure and development projects which are all booming sectors in Oman. Therefore, our Istisna’ and contracting agreements will prove to be valuable tools for financial services that complement our existing successful business propositions,” said Jamal Darwiche, Acting CEO of alizz islamic bank. “By mainstreaming Shari’a compliant corporate products and services as well as strengthening economic linkages, we are supporting growth and value of Islamic finance.”

The FSSB is an independent supervisory committee, comprised of respected scholars with knowledge and expertise in Islamic jurisprudence, that reviews and approves all alizz islamic bank’s products and services prior to launching to the public. The Board meets regularly to ensure the bank’s compliance with Islamic Shari’a tenets across all levels of the organisation thereby promoting transparency and stakeholder confidence.

Background Information

alizz islamic bank

Alizz Islamic Bank (SAOG) was established in accordance to Royal Decree No. 69/2012 which amended the banking law to include Islamic banking at licensed banks through either specialized banks or independent entities at the existing commercial banks.

Founded in November 2012, Alizz Islamic Bank provides retail and corporate finance through branches, online (alizzislamic.com), and mobile devices. Alizz Islamic Bank is here to deliver exceptional and sustainable results to our stakeholders by providing superior Shari'a compliant financial solutions.