Complex Made Simple

Bank Nizwa’s sharia supervisory board assesses opportunities to extend Islamic financing products

Bank Nizwa, Oman’s first fully-fledged Islamic Bank, recently held its 11th Sharia Supervisory Board meeting to discuss proposals for additional Sharia compliant financing solutions to meet the growing needs of the Bank’s individual and corporate customers.

The Sharia Supervisory Board comprises of prominent Sharia scholars specializing in Islamic jurisprudence and financial transactions including Sheikh Dr. Mohammad Taqi Usmani as Chairman and Sheikh Dr. Abdul Sattar Abou Ghuddah as Deputy Chairman, as well as Board members, Sheikh Dr. Mohammad Bin Rashed Al-Gharbi, Assistant Professor at Sultan Qaboos University and Sheikh Ibrahim Bin Nasser Al-Sawwafi, Fatwa Trustee at the Ministry of Endowment and Religious Affairs.

“We are continually looking to launch new products and services that can offer our customers the benefits of Islamic finance and work hand in hand with the Sharia Supervisory Board to ensure each offering complies with Sharia tenets and meets the need of our growing customer base. With a host of exceptionally adept scholars on the Board, the regular meetings allow the Bank to assess the performance of current products and services while also identifying the best approach for launching new propositions and raising awareness of how Islamic finance can encourage customers to lead financially-secure lifestyles,” said Dr. Jamil El Jaroudi, CEO of Bank Nizwa.

Comprised of Sharia scholars with extensive knowledge and expertise in Islamic jurisprudence, the Board meets regularly to provide a unified opinion and validation over the Bank’s compliance to Islamic banking principles in all operational and financial aspects ensuring the highest levels of transparency and customer confidence.

The Board’s decisions are guided by the Islamic Banking Regulatory framework issued by the Central Bank of Oman, as well as the Sharia standards issued by the Auditing and Accounting Organization for Islamic Financial Institutions in Oman.