GIB

Shariah Governance

Shariah Governance

GIB follows a robust Shariah governance mechanism to ensure that its Shariah compliant products and services are duly accredited and in line with Shariah principles. It provides a range of customised solutions for wholesale banking, retail banking, treasury and investment banking customers.

The Shariah governance process at GIB is managed by the Shariah Compliant Banking unit (SCB). Providing cross-functional support for all Shariah banking activities, SCB ensures the implementation of a comprehensive Shariah Governance Framework, including the formulation and management of Shariah Supervisory Boards and liaising with them for products and transactions approvals. SCB also coordinates with GIB's various departments, committees and taskforces on Shariah matters, and provides support during Shariah audits.

SCB offers assistance to asset booking units, liability units and investment banking on Shariah-compliant structuring and documentation, and on Shariah-compliant transaction bookings. It also obtains Shariah pronouncements (fatwas) on transaction structures, term sheets and documentation, and provides marketing support for Shariah-compliant transactions. Additionally, SCB contributes to the development, enhancement and modification of Shariah-compliant products, coordinating with stakeholders for feedback and obtaining management approvals and Shariah fatwas. There is also an internal Shariah review function in place which audits the Shariah-compliant products and transactions and submits periodic reports to the Shariah Supervisory Boards.

Shariah Supervisory Boards

For the purpose of effective Shariah governance and supervision, GIB has two Shariah Boards; one for global matters and the other for matters related to GIB in the Kingdom of Saudi Arabia. The names of the Shariah Board members are provided below:

Global Shariah Supervisory Board

  • Dr. Mohamed Ali Elgari
  • Chairman
  • Sheikh Nedham Yaquby
  • Executive Member
  • Sheikh Dr. Osama Bahar 
  • Member

KSA Shariah Supervisory Board

  • Sheikh Dr. Adnan bin Jamaan Al Zahrani
  • Chairman
  • Sheikh Dr. Abdulrahman bin Nafie Al Salmi
  • Executive Member
  • Sheikh Dr. Maher bin Mohammed Al Qurashi
  • Member
Gulf International Bank B.S.C. Licensed by the Central Bank of Bahrain as a local Conventional Wholesale Bank and as a Conventional Retail Bank (branch) C.R. 4660