Shariah Governance
Shariah Governance
GIB follows a robust Shariah governance mechanism to ensure that all the 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 product and transaction approvals. SCB also coordinates with GIB's various departments, committees and taskforces on Shariah issues, 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 Audit function in place which, in liaison with the SCB unit, audits the Shariah-compliant 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 specifically for the matters related to 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