Based on the final approval of the Central Bank of Iraq in its letter No. 3/9/29500 on 12/20/2018 and based on paragraph (1-4) of the Sharia Supervisory Board regulations issued by the Central Bank of Iraq in its letter No. 3/9/217 on 5/30/ 2018 and in implementation of the Islamic Banking Law No. 43 of 2015 in Iraq

The Sharia Board of the Kurdistan International Islamic Bank was established, which included a group of Islamic jurisprudence scholars specialized in the jurisprudence of transactions, and they are:

 

1- Mr. Muhammad Khalil Mustafa

2- Mr. Suleiman Daoud Mouloud

3- Mr. Idris Mohsen Aziz

 

The most important tasks and responsibilities of the Sharia Board in the bank are summarized:

 

1- Directing, monitoring and supervising the activities of the bank to ensure its compliance with the provisions and principles of Islamic law, while being bound by the Sharia standards of the Accounting and Auditing Organization for Islamic Financial Institutions, and the decisions of the Commission are binding on the bank and are enforceable.

2- Providing guidance to the bank’s employees and spreading awareness of the principles and provisions of Islamic Sharia.

3- Proposing the necessary legal training courses for the bank’s employees, in coordination with the Studies and Development Department.

4- Express an opinion on the bank’s commitment to the provisions and principles of Islamic Sharia.

 

The board holds monthly and periodic meetings for the purpose of discussing and monitoring compliance with the provisions of Islamic law in all banking services and transactions that the bank provides to its customers and its public.

The Sharia Board in the bank issued Fatwa No. 1 on ... related to the issue of financing medium and small projects and stating its legal opinion regarding the financing transactions carried out by the bank. Click on the link below to view the fatwa issued by the Sharia Board.

 

Ftwa Arabi.pdf

Ftwa Kurdi.pdf