The evaluation reflects the systems and practices put in place at the institution to ensure a high degree of adherence to shari'ah principles. The bank operates a comprehensive training programme with specific reference to shari'ah related training and its organisational culture reflects the institution's commitment to shari'ah, for instance.
The rating committee has also taken note of the enabling environment fostered by the enhanced regulatory framework, including extended guidance for shari'ah governance. The bank's shari'ah infrastructure is guided by the Shari'a Supervisory Board (SSB), which comprises four members. In addition to the high qualifications held by SSB members, the bank's internal staff designated for shari'ah matters is also well-qualified in the area of jurisprudence.
The IIRA believes that the bank is compliant with new regulatory requirements vis-à-vis shari'ah-related practices and oversight. Over the years, the bank has maintained contribution to charitable purposes and demonstrated initiative towards social responsibility, the IIRA notes.
*SQ stands for Shari'ah Quality.