Muzn’s Shari’a Supervisory Board Affirms Bank’s Full Adherence To Islamic Principles



Muzn Islamic Banking concluded its first Shari’a Supervisory Board (SSB) meeting for the year on the 20th of March 2018. The SSB reviewed the Bank’s operations to ensure alignment with Islamic principles, and upon the assessment of the Shari’a Audit Report, the board confirmed that Muzn’s procedures, products and services are compliant with Shari’a requirements.

Dr. Muhammad Imran, Head of Muzn Islamic Banking, said: “As the first Islamic Banking window in Oman, Muzn Islamic Banking has always excelled in setting the benchmark for innovative Shari’a compliant products and services. The accreditation of our governance by the SSB reaffirms our position as the top Islamic Bank in the Sultanate that is committed to offering a full suite of competitive Shari’a compliant financial solutions that not only meet their needs but also align with their values.”

The Shari’a Supervisory Board is comprised of international and local leading Islamic scholars who meet regularly to evaluate Muzn’s products, structures, policies and legal agreements and ensure their compliance with Islamic regulations. Members of the SSB are: Sheikh Dr. Muhammad bin Ali Elgari, Sheikh Datuk. Dr. Muhammad Daud Bakar, Sheikh Saleh Nasser Al Kharusi, H.H. Sayyed Dr. Adham Al Said and Dr. Khalid Said Al Amri.

Established in 2013, Muzn is the Islamic Banking window of the National Bank of Oman, and is the first Islamic Banking window in the Sultanate. Muzn bases its operations, products, and services on the banking and trading principles of Islam: “Qardh”, “Mudarabah”, “Ijarah”, “Murabaha” “Wakala” etc. Its network footprint includes six strategically located branches as well as market-leading internet and mobile banking platforms. Muzn retail customers can avail a full range of products and services including savings, current accounts, home and auto finance, in addition to a number of Wakala investment products. Corporate customers can benefit from Musharakah financing, term finance, trade finance, treasury services, and working capital finance.

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