Alizz Islamic Bank, represented by the Shari’a Compliance & Audit Department, announced the enrollment of the fourth batch of candidates for the ‘Tamkeen programme for Empowering the Second Line of Shari’a Supervisory Board Members’.

The first-of its-kind programme which aims to enhance the knowledge and strength of potential future Shari’a Supervisory Board (SSB) Members is one of the bank’s initiatives under the Manar Alizz umbrella & the program aims to develop Omani Islamic Scholars to assume the role of members in Shari’a Supervisory Boards in Islamic financial services institutions in the future, by enhancing their knowledge on banking, economics, legal, finance & governance in addition to the leadership skill sets aligned to SSB roles.

Alizz Islamic Bank has already succesfully graduated 6 Omani Islamic scholars from the programme and continues its efforts in raising financial awareness through various initiatives, as it believe is imperative for today’s youth to have a solid understanding of basic financial concepts and skills to navigate their way to achieve a successful and sustainable future.

Speaking about the enrollement of the fourth batch Mr. Issa bin Salim Al Riyami, Head of Shari’a Compliance and Audit said, “We emphasise the importance of collectively serving our country and we are dedicated to develop the future Shari’a Supervisory Board members and equipping them with the necessary knowledge and tools to succeed. The program is the result of close cooperation with the Ministry of Endowment and Religious Affairs, represented by the Office of His Eminence the Grand Mufti of the Sultanate of Oman. This program, enhances the trainees knowledge of Islamic banking and provides them with the required skills in Shari’a review and auditing mechanisms. On the other hand, their experience expands through shadowing the esteemed scholars who are members of the Shari’a Supervisory Board.”

It is worth noting that the Sharia Supervisory Board, through the reports submitted to it, monitors the Shari’a performance of the bank, which enables the board to evaluate the extent of compliance with Shari’a directives and decisions. It also provides its recommendations and advice to create value-added products for the Islamic banking industry and providing financing solutions to meet the high customer demand in the market. The Shari’a Compliance and Audit Department plays a vital role in monitoring the correct application of the Shari’a Supervisory Board’s instructions by overseeing the mechanisms used to create products and develop product related documents, while examining the executed transactions and applying control and auditing measures.