Shariah Committee & Shariah Compliant Banking Division
Shariah Committee
Established in 2012, the Shariah Committee of Gulf International Bank (GIB) is a committee formed under the Board of Directors. In cooperation with the Audit Committee, it is responsible for ensuring the application of Shariah principles and provisions in Islamic services and products, while also overseeing the adoption of all relevant Shariah standards.
Members of the Shariah Committee
Sheikh Dr. Adnan bin Jamaan Alzahrani
Sheikh Dr. Alzahrani holds a PhD in the jurisprudence of e-commerce from Umm Al-Qura University. He studied Shariah law extensively and served as Head of Shariah Control and as a Shariah advisor to several companies and banks. His work includes providing fatwas and consultations for organisations such as Bank AlJazira, SABB, Alinma Bank, Savola Company, Ewaan Real Estate Company, and Al-Kabli Holding Company. He possesses specialised expertise in budget analysis, accounting, inheritance distribution, and auditing both alternative banking programmes and conventional non-Islamic programmes at Bank AlJazira. Additionally, he has conducted extensive research and authored numerous publications in his field of specialisation, and appeared on various television channels.
Sheikh Prof. Dr. Abdulrahman bin Nafi Alsulami
Sheikh Prof. Dr. Alsulami is a professor of jurisprudence and judicial studies and supervises the postgraduate judicial studies programmes in the Department of Shariah at King Abdulaziz University in Jeddah. He has contributed to drafting regulations and legislation and has served as both chairman and member of various financial and insurance committees. He has also led several arbitration bodies. His teaching portfolio includes subjects such as financial judiciary and the jurisprudence of financial transactions. He has supervised and reviewed numerous doctoral theses on Islamic finance, jurisprudence, and judicial affairs, and he authored several books and research papers in his field.
- Sheikh Dr. Maher bin Mohammed Al-Qurashi
Sheikh Dr. Al-Qurashi is a professor of judicial studies and regulations at Umm Al-Qura University and serves as chairman of the Legal Committee for Drafting the Executive Regulations of the Mining Investment Law at the Ministry of Industry. He is also a member of the Supreme Committee for Law and Judicial Programmes at the University of Jeddah. His academic expertise spans contemporary financial transactions jurisprudence, jurisprudential rules, ownership terms, Shariah objectives, criminal procedures, evidentiary methods, Shariah pleadings, investigation, public prosecution, labour law, and social insurance. Sheikh Dr. Al-Qurashi also teaches courses in the Department of Regulations at the College of Judicial Studies and Regulations, Umm Al-Qura University, and at the Accounting Department of the College of Business Administration. He has authored the book Fiqh Al Nawazil: An Applied Fundamental Study and co-authored Identity of the Judicial Studies Specialisation in the Kingdom of Saudi Arabia: An Applied Study on a Proposed Course for the Bachelor’s Level and a Shariah Diploma to Qualify Law Graduates for Judicial Work with Sheikh Dr. Abdulrahman Alsulami.
Objectives of the Shariah Committee
. Review and issue decisions regarding Shariah-compliant products and operations, including the structure of products, their implementation mechanisms, and related contracts before offering them to customers.
. Assess the compliance and internal Shariah auditing functions to ensure adherence to Shariah principles, as part of the Shariah Committee’s reporting duties to the Board of Directors.
. Ensure that the bank’s Shariah policies and procedures are aligned with Shariah principles and provisions.
. Support the bank’s initiatives to promote Islamic banking and aid in the bank's internal development of these services.
- GIB Shariah Compliant Group
The Shariah Compliant Group is a key support division within the bank, serving as a central component in the bank’s development and Shariah transformation. It acts as the liaison between the Shariah Committee and the bank while also promoting awareness of Islamic banking through courses for bank employees.
Shariah Compliant Group Departments
1. Shariah Compliance
This department is responsible for safeguarding the bank from exposure to non-compliance risks and ensuring the objectives of Shariah governance are met within the bank, enhancing Shariah compliance across all operations.
2. Shariah Research
This department focuses on conducting research related to Shariah products and banking issues.
3. Shariah Secretariat
This department prepares Shariah decisions for the Shariah Committee, organises, and presents the agenda for its meetings.
4. Shariah Products & Transactions
This department is tasked with developing Shariah-compliant products and reviewing all Shariah transactions carried out by the bank to provide technical support from a Shariah perspective.
5. Shariah Supervision Department
This department reviews all Shariah-compliant activities and ensures that the Shariah Committee’s directives are implemented within the bank.
Shariah Committee’s resolutions regarding Shariah products
Retail Banking
Real estate finance - Murabaha
Wholesale Banking
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