The Company shall always conduct its business in accordance with the Islamic Sharia rules.
In compliance with licensing requirements of the Central Bank of Bahrain (CBB), the Bank’s Articles and Memorandum of Association and the general practice of the Company, at all times, has a Sharia Supervisory Board (SSB) elected by the shareholders at General Meetings based on recommendations of the Board of Directors (through the Remuneration & Nomination Committee).
The SSB actively participates in developing and overseeing the company’s products and business activities. It is responsible for certifying every product to ensure strict adherence to the principles of Sharia.
The SSB has full access to the Board, management personnel of the company including access to the Company’s Sharia Compliance Officer who is proactively involved in: (a) reviewing and advising on the Sharia compliance of all products and investment projects, (b) auditing the operations of the company from Sharia point of view, and (c) producing reports to the SSB in order to ensure that the company’s activities are under a strict and direct oversight of Sharia guidelines. Furthermore, the Sharia Compliance Officer monitors on a day to day basis in ensuring that all areas of the company adhere to SSB’s recommendations, advices and opinions. The current Sharia Board members for Ithmaar Holding are: