Sharia Committee

Shariah Committee in Bank Albilad

Bank Albilad Has Since Its Inception Committed to The Application of The Islamic principles in All of Its Transactions. How it Was Made Possible?

The Sharia Committee in Bank Albilad consist of several scholars specialized in jurisprudence of Islamic financial transactions and contemporary Islamic economy. The Shariah Committee started its works as a part of the Bank establishment on 2004 following the bank By lay and identity to perform its activities according to provisions and principles of Sharia.
Since then, Sharia Committee has worked on issuing its decisions independently with overseeing the implementation of these decisions through Internal Sharia Audit team in accordance with its authority that is guaranteed by SAMA regulations and the Bank’s internal policies and procedures. 

Bank Albilad Shariah Committee is responsible for the compliance with the shariah laws and its role is prominent particularly in approving all products, contracts, agreements and advertisements before implementing and launching to public. Moreover, the decisions of Sharia Committee in this regard are binding to the Bank.

What Does the Shariah Committee Do?

  • Issuing decisions regarding the Bank’s activities to ensure compliance with the provisions and principles of Sharia.
  • Contributing with related departments in serving the growth of Bank from Sharia prospective and developing Sharia-compliant products.
  • Answering inquiries regarding the Bank’s products and transactions from prospective.
  • Supervising the compliance of the Bank’s transactions with provisions and principles of Sharia through Internal Sharia Audit team and then reporting the Sharia commitment of the Bank to the General Assembly.
  • Reviewing the Bank’s financial statements from Sharia point of view.
  • Ensuring that the Bank's policies, regulations and procedures follow the provisions and principles of Sharia.
  • Enhancing Bank’s participation to raise the awareness regarding Islamic banking.

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