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Islamic Banking
Shariah Committee
The Shariah Committee of SNB holds the distinction of being the first Shariah committee in the banking sector, established in 1996. It functions as an independent entity responsible for approving bank products and services in accordance with Shariah principles. Over the years, the committee has issued more than 1600 Resolutions. Additionally, it upholds the legitimacy of Shariah compliance through oversight by the Shariah Audit Department.
Committee Members
The Sharia Committee of SNB consists of five prominent scholars in the fields of Islamic Shariah and Islamic economics, namely:
Shariah Committee
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Shariah Committee Objectives
Resolution Issuance: The committee issues resolutions on Shariah matters concerning the structures and mechanisms of Islamic banking financing and investment products. This includes their functions, executive procedures, as well as all agreements, contracts, and related documents.
Supervision and Compliance: Supervising the conformity of Islamic banking activities in the bank with the provisions and principles of Sharia, through Sharia compliance reports and Sharia audit observations, so that the Sharia committee can identify the issues that require attention, propose corrective measures when necessary, and issue its decision on the compliance of the Islamic bank.
Product Development: Contributing to the development of Islamic financial products and services within the bank. It also presents proposals and Shariah-compliant solutions to enhance the bank's performance in line with Shariah standards.
Compliance Decision: The committee provides an assessment of the bank's overall Shariah compliance to the board of directors. Additionally, it offers recommendations for appropriate measures to address any shortcomings if necessary.
Promotion of Islamic Banking: The committee actively participates in promoting Islamic banking and contributes to its ongoing development.
Shariah Division
The Sharia Division considered the technical and administrative supportive component of the Shariah Committee in achieving its objectives, and one of the most vital engines of development in SNB. The Group carries out tasks that support the plans and objectives of the bank towards expansion and growth in the Shariah services and products to its customers, and reviews and audits the Islamic Banking products.
Shariah Division Departments
Shariah Advisory and Research
Providing consultations related to Sharia matters, preparing Sharia research, coordinating between the management and the Sharia committee, distributing Sharia decisions to relevant departments within the bank, and performing the secretarial duties of the Sharia committee.
Shariah Audit
Reviewing the bank's various activities and financial operations to ensure its compliance with the decisions and directives of the Shariah Committee, and to report the results and observations to the Shariah Committee.
Shariah Support and Development
Organizing the relationship between the bank's departments and the Shariah management, and developing Islamic banking products and services by providing technical support in the stages of designing products that comply with Shariah standards, starting from the idea and concept to post-approval and implementation.
Compliance and Shariah Governance
Protecting the bank from the risk of non-compliance with Shariah principles by enhancing Shariah governance controls, regularly reviewing regulatory systems and procedures, assessing the risks of non-compliance with the Shariah committee's standards, and establishing policies to enhance the effectiveness of internal auditing in the areas of compliance and Shariah governance in accordance with the standards and Shariah resolutions issued by the Shariah committee.
Shariah Group Publications
The Saudi National Bank has made several contributions to the Islamic banking industry, including spreading and deepening Islamic banking concepts to promote and expand this industry. This is done to fill a gap in the library of Islamic economics and Islamic banking industry.
Symposium on the Future of Islamic Banking
SNB has adopted the establishment an annual symposium on the future of Islamic banking since 2008, organizing it annually to discuss the developments of the Islamic banking industry, and to find Shariah solutions to the obstacles it faces in the presence of a group of senior jurists specialized in the jurisprudence of financial transactions and banking experts, which is a testament to the bank's commitment to grow and build a prosperous future in the Islamic banking industry.
Previous Symposium researches and proposals to be added