The Islamic division of South Africa’s First National Bank (FNB) has hired a new sharia advisory committee.
The advisory comitte at FNB is aiming to rebrand itself post 2012 when the previous board quit, hampering investor confidence.
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As per the new structure, the committee will no longer play a role in the day-to-day running of the business. Amman Muhammad, the new chief executive of the Islamic business said: "We’re proposing to go to the market at the start of our new financial year with the name FNB Islamic Banking. It’s important for us to build our credibility in South Africa, (while) FNB acts as a conduit between us and other African countries."
Aznan Hasan, Yusus Patel and Zaid Haspatel will be a part of the committee.
Sharia committees or boards monitor banks’ products and activities to check they follow Islamic principles. FNB’s previous sharia board resigned last July after disagreements over the board’s role when new management took charge of the division, according to former board members.
Muhammad said: "In the new structure, we no longer call them a board, we’re using the term "sharia advisory committee" and we now clearly define what the role of the committee is."
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