Designation : Shari’ah Board Member
Education: Any graduate
Experience: 15 to 30 Yrs experience
Age : Maximum 50 Yrs
1 The Shari’ah Board member is expected to understand that in the course of discharging the duties and responsibilities as a Shari’ah Board member, and responsible and accountable for all Shari’ah decisions, opinions and views provided by them.
- The Shari’ah Board member ensures that the products of the Bank comply with Shari’ah principles, and ensure Shari’ah compliance in the following:
- The terms and conditions contained in the forms, contracts, agreements or other legal documentations used in executing the transactions; and
- The product manual, marketing advertisements, sales illustrations and brochures used to describe the product.
- The Shari’ah Board member is expected to endorse/approve Shari’ah policies and manuals prepared by the Bank and to ensure that the contents do not contain any elements which are not in line with Shari’ah injunctions.
- The Shari’ah Board member is expected to advise the Islamic Banking department and Management in respect of Shari’ah matters in order for the Bank to comply with Shari’ah principles at all times.
- The Shari’ah Board member Ensures that Profit payable to the investors and depositors by the bank under Islamic banking are within the scope of Islamic banking and are Shari’ah Compliant and that the procedure adopted for this purpose by the bank remains compliant to the Shari’ah best practices and to the rules and regulations issued by DAB or any other relevant regulatory authority set up for this purpose by the government.
- Offering instructions/fatwas to the Bank in the light of Sharia regarding Treatment of Penalties on Shari’ah compliant investment products.
- Providing instructions and post review of all the charity activities undertaken by the Bank.
- Providing instruction to the bank on treatment of profit and Loss under Islamic Banking.
9.To assess the operation of IBW from Shari’ah point of view and report to BOS in case of any anomaly in terms of Shari’ah.