Role of Shari’a Board
DIBPL strives to bring to its customers, ‘The better way to bank’. To ensure that every transaction complies with Islamic Law, we have in place a ‘Shari’a Board’, comprising of scholars of the highest repute, with vast experience in the field of Islamic Jurisprudence, economics and banking.
The ‘Shari’a Board’ ranks above the Board of Directors and is empowered to issue ‘Fatwas’ on any matter proposed before it by the different business units of the Bank. This framework has made DIBPL an organization that practices Islamic finance in true letter and spirit.
Important Duties of the Shari’a Board:
- Oversee the Development of all Banking & Financing Projects
- Issue Shari’a Pronouncements – Source of Expert Knowledge Islamic Principles
- Analyse Unprecedented Situation Not Covered by Shari’a Pronouncements
- Analyse Contracts and Agreements Concerning Bank’s Transactions
- Supervise Shari’a Training Programs for Bank’s Stuff
- Prepare Annual Report on the Bank’s Balance Sheet with respect to Shari’a Compliance
- Ensure Immediate Correction of Breaches (If Any) in Compliance to Shari’a