Shari’a Compliance Mechanism in AUB Islamic Banking Window:
The IBW has developed a comprehensive system to ensure Shari’a compliance at all levels.
- It has acquired the services of a qualified and experienced Shari’a Advisor to supervise all the activities of IBW.
- To ensure full Shari’a compliance, the approval of the Shari’a Advisor is obtained for all transactions.
- All the products of the IBW have been approved by the Shari’a Advisor.
- To ensure that all the instructions and fatawa of the Shari’a Advisor have been complied with, and the transactions have been executed in a Shari’a compliant manner, the IBW shall conduct, under the supervision of the Shari’a Advisor, Shari’a audit of its transactions regularly. Should the Shari’a Audit find any Shari’a issues in the process or any Shari’a repugnant transaction, it will segregate the income of that particular transaction and transfer it to the Charity Fund. The amounts in the Charity Fund shall be distributed amongst the poor and needy through the Charity Fund Committee, in line with the approved policy of the Charity Fund, and the Bank and its employees shall not benefit from it in any manner.
- Through Shari’a training, the requirements of Islamic banking transactions, the processes and execution details are explained to the staff to enable them to implement the transactions in a fully Shari’a compliant way.
The Afghan United Bank’s Shareholders and the Management are confident that the people of Afghanistan, will embrace Islamic banking whole-heartedly; and extend all out support to the Bank in its mission to make Islamic banking the banking of choice for not only the bankers, corporate entities and organizations but also for the traders and the common citizen. Let us, together, strive for excellence, the Islamic way.
