Shariah Committee

The statement of Shariah committee in Bank AlJazira about the full conversion into a Shariah compliant

Shariah Committee Members

Dr. Mohammed Bin Waleed Al Swaidan - Chairman

Academic Qualifications
Granting Entity	Year of obtaining the qualification	Specialty	Qualification		SN
Imam Mohammad Ibn Saud Islamic University	2002	Shariah	Bachelor		1
University of Portsmouth - UK	2011	MBA	Master		2
University of Portsmouth - UK	2017	Finance & Economic	PhD		3
Practical Experiences
Formerly Senior Shariah Advisor at Alinma Bank’s Shariah Group
Member of the Shariah Committee at Al-Nefaie Investment Group
Formerly Asset Structuring Consultant at Gatehouse Bank in London
Major Literatures
Actual cost in Islamic banks: reasons and controls				1
Number of papers published in scientific journals				2

Dr. Raja Bin Menahi Al Marzoqi - Member

Academic Qualifications
Granting Entity		Year of obtaining the qualification	Specialty	Qualification		SN
King Saud University		1990	Economic	Bachelor		1
University of Michigan		1995	Economic	Master		2
Oklahoma State University		2000	Economic	PhD		3
Practical Experiences
Associate Professor of Economics, Prince Saud Al Faisal Institute for Diplomatic Studies
Chief Economic Adviser, Ministry of Economy & Planning
Economic Expert, International Monetary Fund
Major Memberships
Membership Type	Entity Name				SN
Member	Saudi Economic Association				1
Member	Saudi Financial Association				2
Member	American Economic Association				3
Major Literatures
Islamic Macroeconomics: An Efficient and Full Employment Government Business Model					1
The role of Islamic finance in economic development					2
Estimating the productive efficiency of the branches of an Islamic bank in Riyadh					3
Numbers of economic research and working papers presented to IMF and economic forums					4

Dr. Mohammed Bin Khalid Al Nashwan - Member

Academic Qualifications
Granting Entity	Year of obtaining the qualification	Specialty	Qualification		SN
Imam Mohammad Ibn Saud Islamic University	2013	Shariah	Bachelor		1
Imam Mohammad Ibn Saud Islamic University	2015	Comparative Jurisprudence	Master		2
Imam Mohammad Ibn Saud Islamic University	2021	Comparative Jurisprudence	PhD		3
Practical Experiences
Assistant Professor at the High Judiciary Institute in Imam Mohammad Ibn Saud Islamic University
Shariah and Legal advisor
Major Literatures
Waqf Investment Funds				1
Editing the doctrine of Imam Abu Hanifa in the rule of the waqf				2
Jurisprudential correction of Imam Ibn Taymiyyah: The chapter on waqf as a model				3

Sheikh/ Lahem Bin Hamad Al-Nasser - Member

Academic Qualifications
Granting Entity	Year of obtaining the qualification	Specialty	Qualification	SN
Imam Mohammad Ibn Saud Islamic University	1991	Shariah	Bachelor	1
Practical Experiences
Deputy Head of Shariah Group, Bank Aljazira
Head of Shariah Audit, Bank Aljazira
Vice President and Head of the Shariah Group at Jadwa Investment Company
Major Memberships
The Central Bank’s Islamic Banking Committee, representing Bank Aljazira
Shariah Committee, Tadawul Company

The role of Shariah Committee

Ensuring that all activities and businesses of the bank are in compliance with the principles of Islamic law in accordance with the judgment of the Shariah Committee.

Shariah Committee responsibilities

Approving the products.
Approving the documents, records, contracts, and correspondence.
Review contract formulas, documents, and existing applications in the bank to consider the extent of compliance with Islamic law.
Review all products that the bank implement for the first time to demonstrate its compliance with the rules of Islamic law, and establish the basic principles for drafting its contracts and documents.
Periodic audit by Shariah Compliance Division in Shariah Group for Islamic Bank transactions to verify the correctness of the application and ensure that it is in compliance with the rules of Islamic law and fatwas issued by the Committee.
Submit a comprehensive annual report to the general assembly shows the extent of compliance to the principles of the Islamic law through the transactions were reviewed.
Ensure that the earnings realized from sources or ways that contradict with the principles of Islamic law are purified and expended in the public good, according to the reports prepared by the Shariah Compliance Division in Shariah Group.

Bank AlJazira, A Saudi Joint Stock Company, Fully paid capital SAR 8,200,000,000, Commercial Registration No: 4030010523, Head office: Jeddah – Saudi Arabia, P.O. Box 6277
Jeddah 21442 Telephone: +966 12 609 8888 – Fax +966 12 609 8881, National Address: Bank AlJazira – King Abdulaziz Branch Rd – Ash Shati District Building No. 7724
Zip code 23513, Additional No. 3551, unit No.1 Website: www.baj.com.sa, Bank AlJazira is under the supervision of Saudi Central Bank