Sharia Board

By the grace of Allah, Bank Albilad has since its inception committed itself to the application of the Islamic Sharia in all of its transactions. To be able to achieve such noble objective, the Bank has established an independent Sharia Board. All businesses of the Bank are submitted to this Board for verification of compliance with the rules of the Islamic Sharia. This policy is particularly prominent in the following aspects:

The Bank does not implement any product, contract, or agreement unless it has been submitted to, and gained approval of the Sharia Board.
Decisions of the Sharia Board are binding.
The Sharia Board contributes to the development of products that comply with the Sharia rules and observe the Islamic economy intents and objectives.
The Sharia Board contributes to disseminating awareness of the Islamic banking concepts within the Bank.

The Board consists of six (6) members specializing in the modern financial transactions. They are:

Shaikh Abdullah bin Sulaiman bin Manea, Head of the Sharia Board ,
Prof. Dr. Abdullah bin Muhammad Al-Mutlaq, Deputy Head of the Board ,
Prof. Dr. Abdullah bin Mousa Al-Ammar, member,
Dr. Abdulaziz bin Fawzan Al-Fawzan, member,
Dr. Yusuf bin Abdullah Al-Shubaili, member, and
Dr. Muhammad bin Saud Al-Osaimi, member and secretary.

Preparatory Committee

One of the functions that emanate from the Sharia Board is the "Preparatory Committee". Consisting presently of four (4) Sharia Committee members, the Preparatory Committee performs many assignments, including the following:

Studying the subjects forwarded to the Board for initial perusal and verification for completeness prior to submitting them to the Board for final ruling.
Studying the Sharia-related inquires received from the Bank's employees and customers for appropriate guidance.
Studying initiatives for new products for appropriate guidance.

Sharia Group

Another function that emanates from the Sharia Board is the "Sharia Group". This is a dedicated unit that supports the Board in realizing its objectives and executing its assignments. The Sharia Group consists of (11) employees and three (3) departments. They are: (i) The Sharia Board Secretariat Department, (ii) Sharia Audit Department, and (iii) Research and Development Department.

Sharia Audit Department

The Sharia Audit Department ensures achieving of the Sharia Board vision and objectives through a series of tasks, including:

Conducting periodic field visits to the bank's departments and branches to ensure compliance with the Bank's Sharia policy;
Verifying that any activity, product, contract, or agreement executed by the Bank has been approved by the Sharia Board; and
Ensuring that all bank branches, departments and affiliates are committed to the implementation of the Sharia decisions in accordance with the forms, contracts, agreements and procedures approved by the Board.