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Shariah Board
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AIBL News

27 Aug, 2014
executive development program on “leadership skills in bank for senior executives”

25 Aug, 2014
al-arafah islami bank limited gives laptop to muallem humayon kabir

24 Aug, 2014
al-arafah islami bank limited opens its 117th branch at kushtia

23 Aug, 2014
board meeting of al-arafah islami bank ltd. held

21 Aug, 2014
executive committee meeting of al-arafah islami bank ltd. held

20 Aug, 2014
al-arafah islami bank limited inaugurates ‘tree plantation campaign 2014’

14 Aug, 2014
al-arafah islami bank limited opens its 116th branch at kazir haat

12 Aug, 2014
aibl will provide 5 thousand sim cards free to the pilgrims this year

11 Aug, 2014
“induction course on banking” starts at al-arafah islami bank limited

09 Aug, 2014
“business development conference” of al-arafah islami bank limited held

07 Aug, 2014
executive committee meeting of al-arafah islami bank ltd. held

27 Jul, 2014
khalid rahim new independent director and chairman of board audit committee of al-arafah islami bank ltd.

07 Jul, 2014
al-arafah islami bank ltd. signs agreement with dhaka wasa

03 Jul, 2014
al-arafah islami bank limited organized discussion meeting on “holy ramadan & al-quran”

28 Jun, 2014
al-arafah islami bank limited provides scholarship to the poor and meritorious students

27 Jun, 2014
‘school banking conference 2014’ held in al-arafah islami bank limited

22 Jun, 2014
al-arafah islami bank limited opens 114th branch at kadamtali, chittagong

08 Jun, 2014
training on “foundation course on banking” completed in al-arafah islami bank limited

03 Jun, 2014
al-arafah islami bank limited opens its 113th branch at shiber haat, sandwip

06 May, 2014
al-arafah islami bank limited opens its 112th branch at faridpur

30 Apr, 2014
al-arafah islami bank limited opens its 111th branch at gouripur, comilla

28 Apr, 2014
al-arafah islami bank limited received ‘icmab best corporate award 2013’

19 Apr, 2014
training course on “capacity development in banking operation” held in al-arafah islami bank limited

16 Apr, 2014
al-arafah islami bank limited donates to ahsania mission cancer & general hospital

07 Apr, 2014
alhajj abdus samad re-elected as chairman and alhajj abdul malek mollah re-elected as vice chairman of executive committee of al-arafah islami bank ltd.

07 Apr, 2014
alhajj abdus samad re-elected as chairman and alhajj abdul malek mollah re-elected as vice chairman of executive committee of al-arafah islami bank ltd.

03 Apr, 2014
mr. s m shameem iqbal re-elected as the vice chairman of al-arafah islami bank ltd.

30 Mar, 2014
al-arafah islami bank ltd. approved 13.5% bonus dividend

30 Mar, 2014
mr. badiur rahman will continue as the chairman of al-arafah islami bank ltd. for 7th time

04 Mar, 2014
al-arafah islami bank limited gives donation to the family of martyred army officer killed in bdr carnage at pilkhana

27 Feb, 2014
al-arafah islami bank ltd. recommended 13.5% stock dividend for 2013

06 Feb, 2014
al-arafah islami bank limited inaugurates ‘school banking campaign 2014’

08 Jan, 2014
al-arafah islami bank limited initiates blanket distribution program for the poor

08 Jan, 2014
al-arafah islami bank limited initiates blanket distribution program for the poor

04 Dec, 2013
condolence message

26 Nov, 2013
executive development program on “management principles & corporate governance” held in al-arafah islami bank limited

20 Nov, 2013
in-house magazine ‘probaho’ of al-arafah islami bank limited published

11 Nov, 2013
awareness of online trading/dealing advertisement

05 Nov, 2013
al-arafah islami bank limited, dilkusha branch inaugurates ‘special service month 2013’ program

24 Oct, 2013
al-arafah islami bank ltd. opens its 110th branch at tangail

06 Oct, 2013
aibl started zonal activities

02 Oct, 2013
al-arafah islami bank ltd. opens its 109th branch at bhagyakul, munshigonj

30 Sep, 2013
al-arafah islami bank ltd. opens its 108th branch at padua bazaar, chittagong

12 Sep, 2013
al-arafah islami bank ltd. opens its 107th branch at muradpur, chittagong

08 Sep, 2013
contribute desktop computer to bangladesh supreme court bar association

28 Aug, 2013
seminar on business development of al-arafah islami bank limited, corporate and dhaka zones held

26 Aug, 2013
board meeting of al-arafah islami bank ltd. held

24 Jul, 2013
al-arafah islami bank limited organized discussion meeting on “holy ramadan & al-quran”

22 Jul, 2013
discussion meeting on ‘mahe ramjaner shikkha o tatporjo’ (teachings & importance of holy ramadan) held at aibl vip road branch

22 Jul, 2013
workshop on ‘cib online operation’ held in al-arafah islami bank ltd.

21 Jul, 2013
discussion meeting on ‘saom, iftar & jakat’ held at aibl motijheel corporate branch

18 Jul, 2013
discussion meeting on ‘ramjan o noitikota’ (holy ramadan & ethics) held at aibl gulshan branch

13 Jul, 2013
workshop on ‘readymade garments (rmg) industries financing in aibl’ held in al-arafah islami bank ltd.

07 Jul, 2013
al-arafah islami bank ltd. opens its 105th branch at vandaria, pirojpur

05 Jul, 2013
managers’ conference of al-arafah islami bank ltd. held

03 Jul, 2013
board meeting of al-arafah islami bank ltd. held

01 Jul, 2013
md. habibur rahman new managing director of al-arafah islami bank ltd.

29 Jun, 2013
al-arafah islami bank limited provides scholarship to meritorious students

27 Jun, 2013
al-arafah islami bank ltd. opens its 104th branch at fulbaria, gazipur

27 Jun, 2013
condoleance

23 Jun, 2013
al-arafah islami bank ltd. opens its 103rd branch at rampura, dhaka

19 Jun, 2013
al-arafah islami bank ltd. mirpur branch shifted to new premises

11 Jun, 2013
ict tender

22 May, 2013
aibl capital management ltd. inaugurates merchant banking operation

20 May, 2013
al-arafah islami bank ltd. opens its 101st branch at bormi bazaar, gazipur

19 May, 2013
alhajj abdus samad re-elected as chairman and alhajj abdul malek mollah re-elected as vice chairman of executive committee of al-arafah islami bank ltd.

16 May, 2013
al-arafah islami bank ltd. gives tk. 2 crore to prime minister’s relif and welfare fund for the victims of savar building collapse

14 May, 2013
mr. badiur rahman will continue as the chairman of al-arafah islami bank ltd. for 6th time

14 May, 2013
al-arafah islami bank ltd. approved 17% bonus dividend

29 Apr, 2013
al-arafah islami bank ltd. will donate tk.25,000 and a day’s salary of the employees to each of deceased families in savar tragedy

23 Apr, 2013
al-arafah islami bank ltd. donated tk. 3.0 million to bangladesh olympic association for organizing 8th bangladesh game-2013

13 Apr, 2013
al-arafah islami bank ltd. donates ‘ambulance’ to chittagong university medical center

04 Apr, 2013
al-arafah islami bank ltd. recommended 17% stock dividend for 2012

04 Apr, 2013
price sensitive information

10 Mar, 2013
al-arafah islami bank limited provides scholarship to the poor and meritorious students

07 Mar, 2013
al-arafah islami bank limited gives donation to the family of martyred army officer killed in bdr carnage at pilkhana

Shariah Board of AIBL
Shariah Board
Scholars of high repute with extensive experience in law, economics and banking systems and specialising in law and finance as prescribed by Islamic Shariah make up the AIBL's Fatwa & Shariah Supervision Board. The Board is appointed by the bank's Board of Directors. The Shariah Board supervises the development and creation of innovative Shariah -compliant investment and financing products and services. The Board is empowered to issue fatwas on any matter proposed to it by different business units of the bank. The Shariah auditors ensure that all the transactions are carried out in strict compliance to Islamic principles of banking. This framework along with a stringent compliance to rules has made AIBL the pioneering organization to practice Islamic finance in true letter and spirit. The name AIBL has come to signify innovation, financial dynamism, leadership and above all a complete assurance that all the transactions are free from riba (interest).
The Board's Role
The Fatwa & Shariah Supervision Board oversees the application of different aspects of Shariah in the Bank. It also ensures that all transactions are in strict compliance with the right of contradicting (fatwa) any violating procedures, if found. The Board of Directors is obligated to obey the fatwas, irrespective of whether a unanimous or a majority consensus secured the decision (clause ---- of the Bank’s Memorandum & Articles of Association).
Board meetings are held periodically or whenever the need arises. The rights of the Board are enshrined in Article Seven o the Bank's Memorandum & Articles of Association (Clauses).
Important Duties of the Shariah Board:
As an expert source on Islamic Principles ( Including Fatwas), the Board through a representative, usually the General Secretary of the Board, supervises the Shariah compliance of all the transactions in the Bank.
To devote time and effort to devising more Shariah -compliant transactional procedures, templates and banking products that enable the Bank to adapt to market trends while maintaining a high competitive edge in deposit procedures, investments, and banking services. At the same time, the Board gives its opinion on proposed new templates, and banking transactions.
Analysing unprecedented situations that are not covered by fatwa, in the Bank's transactional procedures or those reported by different departments, branches and even the customers. This is to ensure Shariah compliance before the Bank develops any new products or implements any new procedure.
Analysing contracts and agreements concerning the Bank's transactions, as submitted by the Chairman of the Board of Directors or any department/branch within the bank or requested by the Board itself so that Shariah compliance can be evaluated and maintained.
Ensuring Shariah compliance in the implementation of all banking transactions and correcting any breaches.
Analysing administrative decisions, issues and matters that require the Board's approval.
Supervising Shariah training programmes for the Bank's staff.
Preparing an annual report in the Bank's balance sheet with respect to its Shariah compliance.
The Fatwa & Shariah Supervision Board submits a complete annual report for the Board of Director, summarizing all the issues referred to the Board, as well as its opinion on the Bank's transactional procedures.
AIBL's Library
The AIBL's library houses a vast collection of more than 4,000 books on Islamic Fiqh, law, economy, banking and Shariah , The library was primarily established with the aim of serving the Fatwa & Shariah Supervision Board's research team and the AIBL staff. The facility is also accessible to the bank’s customers, researchers and students of higher education.
Shariah Supervisors
The Clause ---- of the Bank's Memorandum & Articles of Association requires the Board of Directors to appoint a Shariah Supervisor, responsible for monitoring all the Bank's transactional procedures and assuring Shariah compliance.
Also the General Secretary of the Fatwa & Shariah Supervision Board, the Shariah Supervisor handles queries about the Bank's administration from staff members, shareholders, depositors and customers, liaises with the Shariah auditors and provides them with guidance. He submits reports and suggestions to the Fatwa & Shariah Supervision Board and to the Chairman of the Board of Directors. The position also calls for participation in the Bank's training programmes.
Shariah Auditing
The supervisory function forms a part of the Shariah Supervision procedures, its main task being to check Shariah compliance under the guidance of the Shariah Supervisor.
The auditors continuously review the Bank's transactional procedures to ensure adherence to the framework created by the Fatwa & Shariah Supervision Board. The Shariah auditors submit periodic reports to the Shariah Supervisor so as to monitor and maintain Shariah compliance.
Members of AIBL's Fatwa & Shariah
Supervision Board are:
Mufti Abdur Rahman
Chairman
Mufti Ruhul Amin
Member
Moulana Abdul Basit Barkatpuri
Member
Mufti Muinul Islam
Member
Alhaz A Z M Shamsul Alam
Member
Md. Abdur Rahim Khan
Secretary
Badiur Rahman
Member (By Holding of Position)
 
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