Muscat, February 2016 – Al Yusr Islamic Banking, the Shari’a Compliant window of Oman Arab Bank, recently conducted its ninth Shari’a Supervisory Board meeting at its corporate office in Al Ghubra. During the meeting, the Board approved the Shari’a Audit and Shari’a Compliance Review Plan for the year 2016 and signed-off on the introduction of new products and services, including Currency Swap, Islamic Profit Rate Swap, and Islamic Hedging. Al Yusr’s Core Banking system and product manual were also assessed to ensure complete alignment with the principles of Shari’a.
The meeting was led by Dr. Essam Al-Enezi, Chairman of Al Yusr Shari’a Supervisory Board, and attended by Board Members Dr. Ahmad Subhi, Dr. Abdulaziz Al-Qassar and Ahmad Ayyadi as well as Al Yusr General Manager, Abdul Qader Al-Balushi. Abul Qader, commended the meeting, saying that the Board’s approval of new products and services will further support Al Yusr’s pioneering efforts to provide Shari’a compliant solutions for people throughout Oman. He also expressed his gratitude to the Board for guiding Al Yusr’s operations and ensuring its ability to meet customers’ constantly evolving banking needs.
Additionally, the Shari’a department updated the Board on the effective compliance of the Al Yusr’s retail departments and branches. Meanwhile, Dr. Muhammad Iman Sasra Mihajat, Head of Shari’a Audit and Compliance, also met with the Board to discuss the department’s plans to deliver a series of workshops across Oman to raise awareness on the concepts and principles of Islamic banking.