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EXPERTISE IN ISLAMIC BANKING

The Saudi National Bank’s world class Shariah compliant products are meticulously developed under the supervision of the Bank’s Shariah Supervisory Board. SNB is committed to maintaining high standards of Shariah-compliance for Islamic products and services offered to its Customers. 

To ensure better transparency with our customers and raise awareness about Shariah Compliant banking, the Shariah Board regularly meets with SNB customers and staff in the different regions of the Kingdom answering their questions and providing  clarifications on SNB’ products and services.

The SNB Shariah Board consists of four​ world renowned prominent Shariah Scholars with extensive knowledge and experience in the field of Shariah and applied aspects of modern Islamic Banking and Finance.​


SHARIAH GROUP​

​SNB Shariah Group is an internal center of excellence comprising of experts in the field of Shariah and Islamic banking. Its role includes researching on Shariah matters especially relating to Islamic business, providing Shariah advisory, developing innovative Islamic products & services and ensuring required internal  control for adequate Shariah compliance of SNB’ Islamic business.

In a nutshell, the Shariah Group provides services in the following areas:

  • Manages SNB’s relationship with the Shariah Board and communicates the Shariah Board opinions and guidelines to various business units of SNB.  

  • Provides support to various SNB businesses to develop Shariah compliant products and services as needed by our Customers 

  • Supports executive management for development of Islamic banking across the group

  • Ensures Shariah Control and Audit of all the Shariah compliant products and services offered to our Customers

  • Stays current with developments in Islamic banking industry to maintain the Bank’s leading position and;

  • Coordinates with training and various business units in raising awareness about Islamic products​

His Exc​​ellency Prof. Dr. Saad Bin Nasser Al-Shathri

(Chairman)

His Excellency holds a PhD from the College of Shariah at Imam Muhammad Bin Saud Islamic University. His Excellency has publications on jurisprudence and its fundamentals, contributions to several conferences and seminars, research and books, he is as well a member of a number of scientific committees.

 

Dr. Mohamed Ali Elgari

(Vice President)

Professor at the Department of Islamic Economics, College of Administration and Economics, King Abdulaziz University, a member of the Board of Trustees and the Shariah Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), an expert in the Islamic Fiqh Academy of the Organization of the Islamic Conference, a member of Shariah committees in financial institutions, and holds a PhD in Economics from the University of California in the United States, and has contributed to several conferences, seminars, research, and publications on contemporary financial transactions.

 

His Excellency Dr. Yousef Bin Mohammed Al-Ghufis

(Committee Member)

Member of the Council of Senior Scholars, former member of the Standing Committee for Issuing Fatwas, and professor in a number of colleges of Saudi universities, including the Higher Institute of the Judiciary, the College of Shariah, the College of Fundamentals of Religion at Imam University, and the College of Law at King Saud University in Higher and Bachelor's studies, he has previously participated in consultation at the Ministry of Justice and others. He has experiences in studying banking rulings, participated in many scientific conferences and seminars, arbitration, legal, and human rights consultations, and has a number of books on jurisprudence and its fundamentals, holds a bachelor's, Master's and PhD degrees from the College of Shariah and Fundamentals of Religion at Imam Muhammad Bin Saud Islamic University.

 

Dr. Nizam Bin Mohammed Yaqoubi

(Committee Member)

Member of the Board of Trustees and the Shariah Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), His Eminence holds a PhD in Shariah and Islamic Studies from the University of Wales in the United Kingdom; a member of a number of Shariah committees in financial institutions, and has contributed to several conferences, seminars, research and publications on contemporary financial transactions.

 

Dr. Khalid Bin Mohammed Al-Sayari

(Committee Member)

Associate Professor at the Department of Jurisprudence at the Saudi Electronic University, a member of the Shariah Standards Committee, the Committee for the Review and Drafting of Shariah Standards Documents at the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a member of a number of Shariah committees in financial institutions, and his contributions to several conferences, seminars, research and publications on contemporary financial transactions.​


  • First Bank in the world to transform from traditional to Islamic banking 

  • First Investment Fund under Murabaha in the world

  • First Bank to develop the Islamic shares’ investment standards adopted by all world banks

  • First Bank to introduce Islamic credit card

  • First Bank to introduce Islamic mutual investment funds 

  • First Bank to develop Sukuk structure to finance infrastructure projects (Medina Airport)

  • First Bank to introduce an alternative Islamic product for deferred deposit accounts

  • First Bank to introduce Shariah-compliant Takaful​

SHEIKH ABDULLAH BIN SULAIMAN AL MANEEA

(CHAIRMAN)​

Sheikh Abdullah is a member of the Council of Senior Scholars and is an advisor to the Royal Court in the Kingdom of Saudi Arabia. He is also a member of the  Shariah Committee for preparing the judicial code for the Kingdom. He is a member of the Islamic Fiqh Academy of the Organization of Islamic Conference (“OIC”) and Fiqh Academy of the Muslim World League(MWL). He has also been a member of the Supreme Judiciary Committee of the Kingdom since its inception in the year 1391H and was formerly Deputy President of the Makkah Al-Mukarramah Courts and a former Judge of the Court of Cassation in Makkah Al Mukarramah.


SHEIKH DR ABDULLA BIN MOHAMMED AL MUTLAQ

(MEMBER)​

Sheikh Dr Abdulla Bin Mohammed Al Mutlaq is a member of the Senior Scholars Board and the Dar Al-Ifta Committee, both in Saudi Arabia.  He is also an advisor in the Royal Court of Saudi Arabia and a former Dean of the Comparative Fiqh Department at Imam Muhammad Ibn Saud Islamic University in Riyadh. 

Sheikh Dr Al Mutlaq is a member of Shariah boards of several Islamic banks and financial institutions. ​


DR MOHAMMED ALI ELGARI

(MEMBER)​

Dr. Elgari was a former professor of Islamic Economics at King Abdulaziz University, Jeddah, Saudi Arabia and a former Director of the Center for Research in Islamic Economics, in the same university. He is a member of numerous Shariah committees of several banks and financial institutions. He is a well-known expert in the field at the Islamic Jurisprudence Academy of the OIC, the Islamic World League and a Member of Shariah Supervisory Board.

He is also a member of editorial board of several academic publications in the field of Islamic Finance and Jurisprudence, Journal of the Jurisprudence Academy, Journal of Islamic Economic Studies published by Islamic Development Bank, Journal of Islamic Economics published by International Association of Islamic Economists (IAIE), London, and the advisory board of Harvard Series in Islamic Law, Harvard Law School. 

Dr. Mohamed Ali Elgari holds a Ph. D. in economics from the University of California and is a recipient of Islamic Development Bank’s International Prize in Islamic Banking and Finance for the year 2004. He has authored several books and articles on Islamic finance in Arabic and English and is a frequent speaker at Islamic Banking and Finance conferences around the world.

SHEIKH DR. ABDULLAH BIN ABDULAZIZ AL MUSLEH

(MEMBER)​

Sheikh Al Musleh is well known Shariah Scholar. He is the Director General of the Panel of Scientific Miracles in the Quran and Sunnah. He established a branch of Al Imam Muhammad bin Saud Islamic University in Abha and was its rector from the year 1396H until 1415H. He has also served as the Dean of the Faculty of Shariah and Principles of Religion at the Imam Muhammad bin Saud Islamic University. 

Sheikh Al Musleh is a member of many Shariah supervisory committees of banks in the Kingdom and is a frequent speaker on TV Islamic program. He is also an author of several books in Islamic finance and Fiqh.​


HIS EXC​​ELLENCY PROF. DR. SAAD BIN NASSER AL-SHATHRI

(CHAIRMAN)

Advisor at the Royal Court, member of the Council of Senior Scholars, Professor of Private Law at the College of Law and Political Science at King Saud University, member of the Permanent Committee for Scholarly Research and Ifta, His Excellency holds a PhD from the College of Shariah at Imam Muhammad Bin Saud Islamic University. His Excellency has publications on jurisprudence and its fundamentals, contributions to several conferences and seminars, research and books, he is as well a member of a number of scientific committees.