‎'Fatawy' and Publications of Shari'a‎

‎'Fatawy' and Publications of Shari'a‎

Shari'a Internal Audit Department is pleased in collaboration with the bank shari'a Supervisory Board that offers you collection of those scientific productions, provided by the service to those interested in the Islamic Finance industry, which consists of the following books:

History of Shari'a audit in Bahrain Islamic bank:

Shari'a audit passed through several stages since the inception of the bank in 1979 until today, and there has been many changes, can be categorized and summarized in four stages:

First stage: and can be called pre-established Department of Shari'a, which from 1979 to 1984.

  • At this stage shari'a audit work was limited to the presence of the Shari'a Supervisory Board (SSB), The work was limited to answering inquiries addressed to it by management or staff, In addition to the authorization of the contracts and audit and discuss the most important issues and issues related to Islamic banks, The number of members were five members of scholars headed by Shaikh Muhammad Abdul Latif Al Saad

  • The Chairman of SSB attends one day a week to review the bank's employees and conduct audit.

  • At this stage shari'a internal audit did not have any presence while the bank's management was doing the work of the Secretariat of the SSP (Documentation and recording all meetings).

Second stage: the first phase of establishment from 1984 to 2002.

  • in 1984 the bank established a section for Shari'a internal audit and hired an shari'a internal auditor with full-time job, his work was limited to the exercise of certain aspects of the shari'a audit in some products and transactions of the bank and arranging, documentation and recording all meetings between Bank staff and the SSB, in 2000 was hired as a director of the shari'a internal Department for a short period.

  • As issued in the same year, the first internal regulations governing the work of the SSB.

Third stage: the establishment phase II, began in 2002 to 2005.

  • Began this stage with hired a new director of the Department of Shari'a as of 2002, bringing the number of its members to two. The work organized in the department and measurement needs, develop the necessary plans for the development of shari'a auditing in the bank and documenting the work of the SSB with more professional way.

  • The SSB introduced consisting of two members, one chairman to discuss the topics required urgently to display the results of its work to the SSB for approval or amendment.

Fourth stage: the phase of development and documentation, and has started since 2005 to the current time.

  • This stage begins with hire two employees for the department bringing the number of its members to four.

  • During this stage the department has increased their work and started to become professionally oriented through auditing all of the Bank's products, prepare the necessary reports and action plans through the collection, indexing, updating contracts and decisions, the department became an integrated and independent under the name of (shari'a internal audit department).

  • As regards to the SSB has been created position of executive member of the SSB to discuss urgent issues in the absence of the possibility of the Executive Committee of the SSB that displays the results of his work on the Executive Committee or the SSB whichever closer.

  • In 2007 join a new member for the SSB.

  • In 2012 was issued a new internal regulation of the SSB.