Seera conducts its activities in compliance with the Shari’a principles. The Shari’a Board – an independent body of specialised jurists in Islamic commercial jurisprudence – is entrusted with the duty of directing, reviewing and supervising the activities of the Bank in order to ensure that the Bank is in compliance with Shari’a rules and principles. The Fatwas and rulings of the Shari’a Supervisory Board are binding on the Bank.
The Shari’a Board is responsible for:
- Forming and expressing an opinion on the extent to which the Bank’s activities are in compliance with the Shari’a
- Review of contracts, policies and processes, products and Bank’s memorandum and articles of association to ensure they are in line with the Shari’a principles
- Monitor and review Shari’a Compliance Department’s performance
- Seera has appointed a Head of Shari’a Compliance who provides guidance to the bank on a day-to-day basis. The Head of Shari’a Compliance is responsible for carrying out the internal Shari’a review that is an integral part of the governance of the Bank and operates under the policies established by the Bank.