Shamil leads the way in Sharia'a compliance

Also in attendance were Shaikh Nizam Yacoobi; Executive Committee Member; new Member of the Sharia'a Supervisory Board Shaikh Mohsin AI Asfoor, Mr Ismail A. AI-Awadhi the Bank's Sharia'a Supervisor and Mr Mohammed Hussain, Shamil Bank's Chief Executive.

Shamil Bank's Sharia'a Supervisory Board not only ensures that the Bank's business is compliant with Sharia'a principles, it also provides advisory services in the development of new Sharia'a compliant products. These products developed in consultation with the Sharaia'a Supervisory Board are welcomed by the customers, which helps in further strengthening the Bank's leadership position in Islamic banking industry.
As the Bank builds on its strong reputation, it is especially pleased to welcome new member of the Sharia'a Supervisory Board Shaikh Mohsin AI Asfoor who is well respected in the community having an excellent reputation and a great deal of experience in Sharia'a related matters in addition to his previous service as a Sharia'a judge.

Welcoming Shaikh Al Asfoor, Mr Mohammed Hussain said: "It is Shamil Bank's priority to ensure compliance with Sharia'a law at all times and we therefore welcome the worthy addition of Shaikh AI Asfoor to the Board who offers tremendous expertise in these matters and whose views we respect very highly."

The first meeting included a review of the bank's past activities and a discussion on future plans. The Sharia'a Supervisory Board Chairman thanked the Bank's management for the opportunity to continually monitor Shamil Bank's products and direction and for allowing them to make appropriate comments to ensure that the Sharia'a laws and principles are applied at all times.

Shamil Bank is incorporated in the Kingdom of Bahrain and has grown steadily since 1982 to become a leading Islamic institution with a paid up capital of US$ 230 million and assets under management of some US$ 2.3 billion.

The Bank provides a diverse range of products and services that cater for the financing and investment needs of individuals and institutions. It conducts its business in strict compliance with the principles of Islamic Sharia'a.