Oman-based alizz islamic bank has held its first Sharia Supervisory Board meeting to review and approve the bank’s upcoming products for retail and corporate customers.
The meeting was chaired by Sheikh Mohammed Abdul Rahim Sultan Al Olama and attended by Sheikh Osama Mohammed Saad Bahar and Sheikh Nasser bin Yousef bin Nasser Al Azri in addition to Sufyan Maysara Yassin, head of Shariah Audit and Compliance at the bank, reported Times of Oman.
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Following the products approval by the Shariah Board, the bank is on-track to launch a variety of services as it opens its doors to customers.
Products include home and home construction financing through Ijarah, auto financing through Murabaha, term deposits investment through Wakala, in addition to Islamic credit cards, current and saving accounts.
According to the publication, the Board also discussed the policies for profit distribution between shareholders and depositors as well as treasury products, corporate project finance, working capital finance, term finance product and trade finance products.
The Shariah Board by working closely with the alizz islamic bank team is expected to meet at least four times a year to discuss and assess the bank’s offerings as well its overall performance and activities.
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