Shariah Committee & Shariah Compliant Banking Division
Shariah Committee
Established in 2012, the Shariah Committee of Gulf International Bank (GIB) is a committee formed under the Board of Directors. In cooperation with the Audit Committee, it is responsible for ensuring the application of Shariah principles and provisions in Islamic services and products, while also overseeing the adoption of all relevant Shariah standards.
Members of the Shariah Committee
Sheikh Dr. Adnan bin Jamaan Alzahrani
Sheikh Dr. Alzahrani holds a PhD in the jurisprudence of e-commerce from Umm Al-Qura University. He studied Shariah law extensively and served as Head of Shariah Control and as a Shariah advisor to several companies and banks. His work includes providing fatwas and consultations for organisations such as Bank AlJazira, SABB, Alinma Bank, Savola Company, Ewaan Real Estate Company, and Al-Kabli Holding Company. He possesses specialised expertise in budget analysis, accounting, inheritance distribution, and auditing both alternative banking programmes and conventional non-Islamic programmes at Bank AlJazira. Additionally, he has conducted extensive research and authored numerous publications in his field of specialisation, and appeared on various television channels.
Dr. Faisal Mohammed Alwallan
Sheikh Dr. Alwallan holds a PhD in Fiqh from King Saud University. He has held several senior positions in legal and Shariah fields, including Chief Executive Officer of Arco Human Resource Company and Dean of the College of Law at Dar Al Uloom University. He has also served as a Committee member under the Saudi Capital Market Authority, and as a Shariah Committee member for a UAE stock fund. In addition, he held the position of Shariah Control Team Leader at Alrajhi Bank.
Ahmed Osamah Al-Qurashi
Sheikh Al-Qurashi is an experienced lawyer and legal consultant with over 20 years of experience across various legal fields. He is the Founder and Senior Partner of Ahmed Alqurashi Law Firm and serves as a certified arbitrator at the Saudi Sport Arbitration Centre. He is also a member of the Advisory Committee of the Law Department at King Khalid University. In addition, he holds the position of Chief Executive Officer of Dhyafat Albalad Alameen and serves as a Senior Shariah Consultant, Shariah Group, at Alrajhi Bank.at Alrajhi Bank.
Objectives of the Shariah Committee
. Review and issue decisions regarding Shariah-compliant products and operations, including the structure of products, their implementation mechanisms, and related contracts before offering them to customers.
. Assess the compliance and internal Shariah auditing functions to ensure adherence to Shariah principles, as part of the Shariah Committee’s reporting duties to the Board of Directors.
. Ensure that the bank’s Shariah policies and procedures are aligned with Shariah principles and provisions.
. Support the bank’s initiatives to promote Islamic banking and aid in the bank's internal development of these services.
- GIB Shariah Compliant Group
The Shariah Compliant Group is a key support division within the bank, serving as a central component in the bank’s development and Shariah transformation. It acts as the liaison between the Shariah Committee and the bank while also promoting awareness of Islamic banking through courses for bank employees.
Shariah Compliant Group Departments
1. Shariah Compliance
This department is responsible for safeguarding the bank from exposure to non-compliance risks and ensuring the objectives of Shariah governance are met within the bank, enhancing Shariah compliance across all operations.
2. Shariah Research
This department focuses on conducting research related to Shariah products and banking issues.
3. Shariah Secretariat
This department prepares Shariah decisions for the Shariah Committee, organises, and presents the agenda for its meetings.
4. Shariah Products & Transactions
This department is tasked with developing Shariah-compliant products and reviewing all Shariah transactions carried out by the bank to provide technical support from a Shariah perspective.
5. Shariah Supervision Department
This department reviews all Shariah-compliant activities and ensures that the Shariah Committee’s directives are implemented within the bank.
Shariah Committee’s resolutions regarding Shariah products
Retail Banking
Real estate finance - Murabaha
Wholesale Banking
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