The Role of the Shari'ah Supervision Board

• Supervise the Shari'ah compliance of all the transactions in the Bank. The Shari'ah auditors ensure that all the transactions are carried out in strict compliance to Islamic principles of banking. This framework along with our culture of strict adherence to rules will make Gulf African Bank the pioneering organization to practice Islamic banking in true letter and spirit.
• Supervise and approve the development of Shari'ah compliant investment and financing products.
• Supervise and approve the development of Shari'ah compliant procedures.
• Analyse, advise and direct the bank on new situations reported by different departments, branches or customers to ensure Shari'ah compliance before the Bank implements new products or procedure.
• Certify Shari'ah compliance of Bank's product documents, contracts and agreements.
• Recommend on administrative decisions, issues and matters that require the Board's approval.
• Supervise Shari'ah training programmes for the Bank's staff.
• Prepare an annual report on the Bank's Shari'ah compliance.

For its part, Gulf African Bank has established strong checks and balances to ensure that no form of investment or business activity is undertaken that has not been approved in advance by our Shari'ah Boards. Management is required to continuously report and certify to the Shari'ah Board that business activities conform to Shari'ah.