Sharia Audit & Compliance

Shari’a Audit and Compliance Department main function is to build up Shari’a compliance controls in all areas of the Bank. The Shari’a Audit and Compliance Department Comprises of Shari’a Audit Unit, Shari’a Compliance Unit and Shari’a Risk Control Unit. The Department provides Shari’a guidance and direction in day to day matters to the Bank’s management as per the resolutions of the SSB and escalates new issues to the SSB to seek their guidance and directives.

Sharia Audit and Compliance Department facilitates in ensuring compliance with Shari’a guidelines (as manifested by Fatawa issued by the SSB) and Islamic banking stipulations of the Central Bank of Oman on a day to day basis in all its products, business activities, operations and transactions. For this purposes it reviews all the contracts, agreements, policies, procedures, products, process flows, transactions, reports (profit distribution calculation) and etc. and raises issues to SSB for directives. To attain higher level of Sharia Compliance, it conducts Shari’a audit of executed contracts on quarterly basis (as per audit plan and checklists approved by SSB) and produces Shari’a audit reports by examining the extent of compliance with Shari’a principles, Fatawa, guidelines and directives issued by the Bank’s SSB.

Head Shari’a Audit and Compliance Department

Azhar Hamid is currently Head of Shari’a Audit and Compliance Department and Secretary to Shari’a Supervisory Board of Ahli Bank Oman. He has experience of Sharia structuring and coordination spanning over ten years. His experience focuses on Sharia Audit and Compliance, product development (Retail Liabilities and Asset, Corporate, SME, Treasury, Wealth Management and Sukuk products), Sharia Risk Control, documentation of Islamic banking and conducting training sessions on Islamic banking and finance.

  • Prior to current assignment, Azhar has worked as Deputy Head of Sharia Department at Doha Islamic Bank, Manager Sharia Audit and Training at Dubai Islamic Bank and Lecturer Islamic Banking at International Islamic University Islamabad.
  • Azhar holds MSc. Economics (a three years degree program) and MPhil Economics degrees (a three years degree program), with specialization in Islamic Banking and Finance, from International Islamic University Islamabad and did several courses on Sharia compliance and Audit such as AAOIFI’s CSAA training course, course on Sharia Auditing offered by Dar ul-Mashwara Qatar, Durham University UK Islamic Banking Course and etc. He is a researcher of Islamic banking and finance writes regularly on the topics Sharia governance, Sharia risk, Shari’a Auditing. His recent book on “Foundations of Shari’a Governance of Islamic Banks ” puliched by John Wiley, UK (www.wiley.com/buy/9781118460771) is greatly accepted and appreciated by industry and academics.