What is the role of your Sharia Supervisory Committee
Al Rayan Bank follows Islamic finance principles laid down in Sharia, Islamic law. To ensure the rules are followed as closely as possible, Al Rayan Bank has a Sharia Compliance Officer (SCO) and a separate independent body called the Sharia Supervisory Committee (SSC). The SSC is comprised of Islamic scholars and experts in the interpretation of Islamic law and its application within modern day Islamic financial institutions.
The SCO is also trained to the highest standards, set down by The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). It is recognised as the highest Sharia compliance standard in the Islamic finance industry. The combined works of the SCO and the SSC ensure that both the Al Rayan Bank's products and its activities comply with Islamic rules at all times.