Shari’a governance is the distinguishing feature of Muzn Islamic Banking. The main objective of Shari’a governance framework is to ensure Shari’a compliance at all times, at all levels, and that is to enable Muzn to be acknowledged as Shari’a compliant in all aspects.
The key elements of Shari’a governance framework of Muzn are as follows:
- Shari’a Supervisory Board (SSB)
- Shari’a Audit & Compliance
Responsibility of the SSB
Muzn’s SSB is the highest authority within the Bank for all Shari’a related matters. It ensures, through a comprehensive Shari’a compliance framework that the Board’s decisions are strictly followed.
The SSB reviews product papers, structures, policies and legal agreements, etc. It provides Shari’a decision on the matters / issues relating to all banking matters, including an opinion on the overall Shari’a compliance of the Bank. It also ensures that the allocation of profits and charging of losses relating to the investment accounts maintained by the Muzn Islamic Banking conforms to decisions taken by Shari’a Supervisory Board.
Shari'a Audit & Compliance Mechanism
Main function of Shari’a Audit & Compliance Department is to build up Shari’a compliance controls in all areas of the Bank. It works independently and reports to the SSB. It provides Shari’a guidance and direction in day-to-day matters to the Bank’s management as per the resolutions of the SSB and escalates new issues to the SSB to seek their guidance and directives.
It also reviews all the contracts, agreements, policies, procedures, products, process flows, transactions, reports (profit distribution calculation), and raises issues to SSB for directives. To attain higher level of Shari’a Compliance, it conducts Shari’a audit of all executed contracts on quarterly basis (as per audit plan and checklists approved by SSB) and produces Shari’a audit reports by examining the extent of compliance with Shari’a principles, Fatawa, guidelines and directives issued by the Bank’s SSB.
Head of Shari’a Audit & Compliance Department
Amjad Bangash is currently Head of Shari’a Audit & Compliance Department of Muzn Islamic Banking. He has extensive experience of Shari’a structuring and coordination for several years. His experience focuses on Shari’a Review, Islamic banking product development (retail, corporate, wealth management and Sukuk products), Review of Legal Agreements, and conducting Islamic Banking training sessions.
Amjad holds a Master’s Degree in Islamic Banking & Finance, Islamic Finance Qualification from CISI UK, JAIBP from IBP, and Diploma in Islamic Commercial Jurisprudence. He is currently pursuing PhD in Shari’a & Judiciary and attained many courses in Islamic Banking
