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alizz islamic bank geared up to unveil financial products
Times News Service
August 20, 2013 , 9 : 43 pm GST
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(From left) Sheikh Dr Osama Mohammed Saad Bahar, Sheikh Dr Mohammed Abdul Rahim Sultan Al Olama and Sheikh Nasser bin Yousef bin Nasser Al Azri, all members of alizz islamic bank Sharia Supervisory Board. photo – Supplied
alizz islamic bank oraganised its first Sharia Supervisory Board meeting to review and approve the bank's upcoming products for retail and corporate customers.
The meeting, chaired by Sheikh Dr Mohammed Abdul Rahim Sultan Al Olama, was also attended by Sheikh Dr Osama Mohammed Saad Bahar and Sheikh Nasser bin Yousef bin Nasser Al Azri, in addition to Sufyan Maysara Yassin, head of Sharia Audit and Compliance at the bank, says a press release.
With the products approved by the Sharia Board, alizz islamic 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.
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.
On behalf of the Sharia Supervisory Board, Sheikh Dr Mohammed Abdul Rahim Sultan Al Olama praised the bank's board of directors and management team for the dedication and consistent progress they have made. "It gives us great pleasure to give final approval on alizz islamic bank's products and services. We wish the bank continued success and growth as it becomes a leader for Islamic banking in Oman," he said.
Together the Sharia scholars bring a wealth of experience in legislation, Islamic finance, research and banking. Working closely with the alizz islamic bank team, the Sharia board 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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