Alizz Islamic Bank (SAOG), Oman’s Most Innovative Islamic Bank 2013 by Global Banking and Finance Review, recently held its fourth Fatwa & Shari’a Supervisory Board (FSSB) meeting to discuss financing products being designed to meet the growing needs of the bank’s corporate customers. The Board reviewed the contractors and developers agreements (Istisna’a) for real estate projects, as well as Investment Agency for liquidity management (Wakala).
The meeting was chaired by Sheikh Dr. Mohammed Abdul Rahim Sultan Al Olama and attended by Sheikh Dr. Osama Mohammed Saad Bahar and Sheikh Nasser bin Yousef bin Nasser Al Azri, in addition to Mr. Sufyan Maysara Yassin, Head of Shari’a Audit and Compliance at Alizz Islamic Bank.
“Islamic banking is becoming increasingly popular in real estate, infrastructure and development projects which are all booming sectors in Oman. Therefore, our Istisna’ and contracting agreements will prove to be valuable tools for financial services that complement our existing successful business propositions,” said Jamal Darwiche, Acting CEO of Alizz Islamic Bank. “By mainstreaming Shari’a compliant corporate products and services as well as strengthening economic linkages, we are supporting growth and value of Islamic finance,” he added.
The FSSB is an independent supervisory committee, comprised of respected scholars with knowledge and expertise in Islamic jurisprudence, that reviews and approves all Alizz Islamic Bank’s products and services prior to launching to the public. The Board meets regularly to ensure the bank’s compliance with Islamic Shari’a tenets across all levels of the organisation thereby promoting transparency and stakeholder confidence.
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