Shariah 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’ah Board:
1. Supervise all Shari’ah-related matters.
2. Develop a comprehensive Shari’ah compliance framework for all operations.
3. Review and approve procedure manuals, product programs, transactions, training programs, annual reports, contracts, agreements, and marketing materials for Shari’ah compliance.
4. Review reports of internal and external Shari’ah audits and prescribe appropriate corrective actions.
5. Provide recommendations to BOD to improve Shari’ah compliance environment to ensure timely and effective enforcement of the SB’s decisions, fatawa, observations and highlight issues/weaknesses (if any).
6. Based on the findings and reports of internal Shari’ah audit and external Shari’ah audit and Shari’ah compliance review, Shariah Board shall prepare a report on the Shari’ah compliance environment to be published in annual report of DIBPL.