Oman’s top Islamic bank Nizwa has appointed Dr Majid Mohamed Al Kindi as the new chairman of its Shari’ah Supervisory Board (SSB), while Dr Aznan bin Hassan is the vice-chairman. Furthermore, Sheikh Ali Al Jahdami has joined the board as a new member.

 

Announcing the key appointments, Bank Nizwa said it is committed to promoting shari'ah-compliant banking throughout the sultanate. 

 

The effectiveness of an Islamic banking model is dependent on strict adherence to shari'ah standards. The Islamic bank is full of pride in its SSB, which constitutes highly trained, qualified, well-versed and internationally known shari'ah consultants, it stated.

 

The existence of such a shari’ah board also gives the necessary oversight sharia governance function as well as assurance to shareholders and depositors that all funds invested with the bank are deployed in a shari’ah-compliant manner be it in any shari’ah-compliant investment activities or financing transactions where the profit for the clients are assured to meet the highest degree of shari’ah requirements. 

 

The appointment of Dr Al Kindi comes within the framework of the bank’s commitment to implement the principles of shari’ah by strengthening its board with pioneering expertise. 

 

Dr Al Kindi holds the position of Secretary of Fatwa in the Office of the General Mufti of the Sultanate at the Ministry of Endowment and Religious Affairs. 

 

He is also a researcher on Islamic affairs in the Ministry. He has delivered several papers and studies on Shari’ah supervision in Islamic finance institutions. He also holds a PhD in jurisprudence and its principles from the International Islamic University in Malaysia and another PhD in Islamic economics and banking from Yarmouk University in Jordan.

 

Dr Hssan joined the committee in December 2020. He is an Associate Professor in shari'ah at the Institute of Islamic Banking and Finance (IIiBF), IIUM. In addition, he is also a member of the shari'ah advisory council, AAOIFI, Bahrain and the Higher Sharia Authority, Central Bank of UAE. 

 

He serves as a member of the Board of Directors of Maybank Islamic Berhad and the Chairman of the Shari'ah Advisory Board of FNB Bank, South Africa. 

 

On its new SSB member, Bank Nizwa said Sheikh Jahdami had concrete experience in the field of Islamic banking and had obtained certifications in Islamic banking accredited by the Arab Academy for Banking and Financial Sciences in Jordan and for professional Sharia audit in Islamic banks and financial institutions. 

 

He had also worked as a fatwa researcher in the Fatwa Department of the Office of the General Mufti of the Sultanate since 2007. 

 

Welcoming the appointments, CEO Khaled Al Kayed said: "The stability of the Islamic financial system is dependent on shari'ah governance. It increases stakeholders' and the general public's trust in the activities and operations of Islamic financial institutions (IFIs)."

 

"In general, the Shari'ah committee plays an important role in the Shari'ah governance of IFIs. The Shari'ah committee's role is enhanced by its delivery of objective and high-quality Shari'ah counsel and verdicts. Bank Nizwa is acclaimed for delivering superior Shari'ah-compliant financial solutions," observed Al Kayed. 

 

"Customers can be assured that its commitment to providing Islamic banking benefits always adheres to the judgments and decisions of its Shari'ah Board, as well as to the Sultanate's regulations set by the Islamic Financial Services Board (IFSB)," he added.-TradeArabia News Service