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Sharia Controls Project
Project Concept
Writing the Sharia Controls for each bank product to be adhered to by Bank Albilad and eventually by other banking and financial institutions.
Each control is sorted out into two elements:
- First: Specifications of the product and its identification from an economic
perspective.
- Second: Sharia Controls of the product.
Beneficiaries of the Project
- Economists that innovate and develop financial products.
- Product Development Department in particular.
- Sharia scholars involved in banking dealing verdicts.
- Consultation institutions (e.g. legal offices).
Project Objectives
- Provide an opportunity for economists to initiate and innovate formulas, contracts and banking products wthin the Sharia established Controls
- Increase Sharia awareness of the Bank's employees in modern jurisprudence language.
- Formulate Sharia and banking concept for scholars about new banking products.
Project Phases
- Collecting information about each product through jurisprudence assemblies resolutions, Sharia Standards of the Accounting Board in Bahrain, resolutions and recommendations of Sharia Boards of the Islamic Financial Institutions such as Nadwat Al Baraka, and Kuwait Finance House, Al-Rajhi, etc.
- Sorting the references and classifying them according to the information collected.
- Delivering the product related information to a scholar to collect the relevant Sharia Controls.
- Reviewing and approving such Controls through the Bank's Sharia Board.
- Publishing such Controls through the Bank’s website and in print.
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