Shariah Department is a full-time administrative panel, which has a number of responsibilities to support the work of the board, through parallel tasks to ensure company's adherence in its business and its products to the decisions of Shariah Board, and adopts developmental works to serve Shariah side of the company in general
Shariah Department consists of two parts:
- Secretariat of Shariah Board.
- Shariah Control Department.
The main message of the Shariah Department is: creating distinct Islamic investments, forming a proper awareness about Islamic economics.
Secretariat of Shariah Board:
Through a team of Shariah advisers, the secretariat undertakes the responsibility of checking and verifying the transactions, products and contracts of the company and submitting them to Shariah Board; after preparing the necessary briefings and supportive research, through which advises are given to Shariah Board regarding the emerging issues, thus the board takes the appropriate decision in this regard. The secretariat is also undertaking a number of works and responsibilities, clarifying them as follows:
Receiving all the works, forms, and contracts the company receives, which requires the company's seeking Shariah guidance, and then studying them and preparing the necessary explanatory and researches notes thereof
Receiving all questions, queries and correspondence addressing the company; to be presented to the commission
Coordination of board meetings, fixing their dates, sending invitations to the members of the board, the preparation of meetings' agendas, and preparing all documents and schedules thereof, circulating them to all members
Preparation of meetings' minutes and following up as necessary till approved by the board
Preparing Shariah performance reports of the departments of the company
Participating in creating and developing forms, contracts and products
Preparation for scientific meetings and seminars in Shariah-related in respect of company's works
Keeping company's products and documents (minutes, resolutions, research, etc.) as related to the works of the board, rendering it easy to refer to them
Communicating with the relevant Shariah authorities in financial and other institutions; Shariah authorities, jurisprudential academies, and scientific institutions
Receiving all questions and inquiries from the clients, providing them Shariah advice
Shariah Supervisory Board:
A supervisory panel consistent of a team, whose essential mission is to ensure company's functioning in accordance with Shariah policies developed by the company in resolution No. (1), depending on the policies of Shariah Supervisory Board, issued by Shariah Board in its resolution No. (2), including departments' adherence to decisions and directives of the board, and observing them strictly.
Its work can be summed up as follows:
Visiting the department of the company, reviewing the reports issued on the transactions and works of the company, and ensuring that the workflow adopts a proper shariah manner
Collecting supervisory notes, sorting and sending them to the relevant departments for corrections, and following up with them
Ensuring the company is adopting the designated shariah policy, and its application of whatever Shariah Board issues
Preparing periodic supervisory reports, indicating the conclusions to reviewing the products and services offered by the company