hero-image

Shariah Group

About Us

Shariah Group in Al Rajhi Capital represents the most important pillar on which the Company relies in its work. The Group includes a number of components that work harmoniously with the other groups and departments to achieve the company strategy, which aims to cement it's position in pioneering the Islamic Banking field, through the implementation of the necessary plans and policies, so as to reach the products that reflect the company's commitment in dealing with the provisions of Islamic Shariah.

Objectives

uEA77-sharia-statementblu50x50
Statement of Shariah provisions in all company transactions​​​
uEA78-sharia-aplicationblu50x50
Ensuring the company's application of Shariah provisions in all its dealings
uEA79-sharia-adviceblu50x50
Advice and guidance for the company to achieve the purposes of Islam

Shariah Guidelines for Trading and Investment in Stocks

Shariah Group Tasks

uEA80-sharia-claryfing
1

Clarifying Shariah provisions in all company's financial and investment transactions

uEA81-sharia-verifying
2

Verifying company's commitment to the decisions of the board, ensuring their implementation properly

uEA82shariaorientationbrn34x34
3

Providing advice and guidance to the company to maintain Shariah orientation in all its transactions

uEA83shariaproblemsbrn34x34
4

Receiving feedback and problems relating to the Shariah aspects inside and outside the company

uEA84-sharia-controllers
5

Appointment/removal of Shariah controllers in the company

uEA85-sharia-adoption
6

Adoption of the policies and standards of Shariah Supervisory Board

uEA86-sharia-reviewing
7

Reviewing the supervisory reports and issuing the necessary actions thereof

shariapreparing
8

Preparing the annual statement about the Shariah performance and the results reached by the board

uEA88-sharia-developing
9

Developing Shariah policies to which the company adheres in its dealing

More About Shariah Group

Since its inception, Al Rajhi Capital has committed itself to applying the pure Shariah provisions and purposes in all its dealings, through establishing a Shariah Board that depends in its composition on the group of partners, who ratify its regulations. The Board is separate from all other departments in the Company, and its supervision and approval tasks are essential to all the Company's dealings and transactions. Such commitment is the most important quality standard that Al Rajhi is keen to adopt in the products and services it provides to its clients, in accordance with the following:

Shariah Board decisions are binding on all the Company's divisions and departments.

Applying the decisions of the Shariah Board is the responsibility of the executive departments at their various levels.

Products or services are provided only after the approval of Shariah Board.

Strictly avoiding any actions contrary to the decisions of the board.

Violating any of the decisions issued by Shariah Board in any form, violating an outstanding Shariah action, or providing a product or service without the approval of the board; all are deemed violative actions that call for a penalty.

Shariah Board supervises the activities carried out by the company in terms of Shariah, following up the implementation of its decisions through Shariah Supervision Department, which is associated to and appointed by Shariah Board.

Working on developing the forms and contracts in accordance with Shariah rules and achieving its purposes, in all company domestic and international transactions.

Spreading Islamic awareness in investment banking by appropriate means.

Constant interest in Shariah training to the employees of the Company, and educating the staff working in Islamic financial transactions with the appropriate means.

Working to ensure the proper application of Shariah decisions and facilitate controlling them through the issuance of appropriate evidence, notably the "Shariah Guideline" and the "Shariah Controls Guidelines" for the activities of the company.

Hence, all company employees should adhere to this policy and observe its content in their respective field of specialization. May Allah help us all to what he loves and accepts, rendering us all collaborators in righteousness and piety.

Shariah Board consists of a number of members with competence and extensive knowledge in the Shariah field; they are:

Sheikh: Dr. Saleh Bin Mansour Al Garbou' (Chairman)

- Chairman of the Shariah Board at Al Rajhi Company for Cooperative Insurance (Takaful)

- A lawyer and a certified arbitrator in the Arbitration Centre for the States of the Cooperation Council for GCC States - Bahrain

Sheikh: Dr. Soliman bin Abdullah Al Luhaidan (Members)

- Former Appeal Judge in the Supreme Judicial Council

Sheikh: Dr. Saad Bin Turki Al Khathlan (Member)

- Former Member of the Council of Senior Scholars

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

Keep up with the latest updates from Al Rajhi Capital

About Us Go to top