Fatwa and Oversight Board

Tasks of the Fatwa and Sharia Supervisory Board

Review the company articles of association and bylaws, and request corrections to comply with the provisions of the Islamic Sharia.

Review and approve contract and operations forms for all company transactions with shareholders, investors, etc. and participate in amending and developing the mentioned forms when necessary; and the contracts that the company plans to enter -which does not have pre-made forms- to ensure such contracts, agreements, and transactions does not include any Sharia violations.

State the Sharia ruling that the Board sees in the company's transactions referred by the Board of Directors, CEO, or Sharia Supervision Department.

Provide suitable Sharia consultation to the Board of Directors in any subject related to company operations. Verify the Sharia compliance of company transactions and contracts, through periodic reports submitted to Sharia Supervision Department regarding the work process and verify the proper implementation of fatwas and decisions issued by the board, and in the event of a defect, the board corrects and modifies the transactions concluded to restore it to its legitimacy.

Represent the company in Sharia fields, such as conferences and seminars, and participate in Islamic banking meetings to present Sharia perspective when needed in the discussed subjects, if possible.

Confirm the commitment of the executive management of the company to present all transactions to the Fatwa and Sharia Supervision Board, through the Sharia Supervision Department.

The board submits an annual report to the Board of Directors to be presented at a meeting of the board in which the annual budget of the company is reviewed. The report shows a summary of the cases presented, and opinions given in the executed company transactions according to applicable regulations and instructions. This report should be read with the report of the Company's auditors at the ordinary general assembly meetings.

Supervise the gathering of fatwas issued by the board, and approving what is published from it as a legal reference and an official document that the company must adhere to and not violate anything from it, except what is reverted or amended by the board.