​​​​​​​​​Muzn Shari’a Governance Framework

Shari’a governance is the distinguishing feature of Muzn Islamic Banking.  The main objective of Shari’a governance framework is to ensure Shari’a compliance at all the times, at all the levels and that is to enable Muzn to be acknowledged as Shari’a compliant in all aspects.
The key elements of Shari’a governance framework of Muzn are as follows:

1. Shari’a Supervisory Board (SSB)
2. Shari’a Audit & Compliance

​​​​​​​​Responsibility of the SSB

Muzn’s SSB is the highest authority within the Bank for all Shari’a related matters. It ensures, through a comprehensive Shari’a compliance framework that the Board’s decisions are strictly followed. 

The SSB reviews product papers, structures, policies and legal agreements etc. It provides Shari’a decision on the matters/issues relating to all banking matters including an opinion on the overall Shari’a compliance of the Bank. It also ensures that the allocation of profits and charging of losses relating to the investment accounts maintained by the Muzn Islamic Banking conforms to decisions taken by Shari’a Supervisory Board.​

​​​​​​​​Shari'a Audit & Compliance Mechanism 

Main function of Shari’a Audit & Compliance Department is to build up Shari’a compliance controls in all areas of the Bank. It works independently and reports to the SSB. It provides Shari’a guidance and direction in day to day matters to the Bank’s management as per the resolutions of the SSB and escalates new issues to the SSB to seek their guidance and directives.

It also reviews all the contracts, agreements, policies, procedures, products, process flows, transactions, reports (profit distribution calculation) and etc. and raises issues to SSB for directives. To attain higher level of Shari’a Compliance, it conducts Shari’a audit of all executed contracts on quarterly basis (as per audit plan and checklists approved by SSB) and produces Shari’a audit reports by examining the extent of compliance with Shari’a principles, Fatawa, guidelines and directives issued by the Bank’s SSB.

Bio of ​​Shari’a  Board​


Sheikh Dr. Mohamed Bin Ali Elgari

NBO Shari'a Supervisory Board – Chairman 


Dr. Mohammed Daud Bakar

NBO Shari'a Supervisory Board Member


Sheikh Saleh Al Kharusi

NBO Shari'a Supervisory Board Member 


Dr. Khalid Al Amri

​ NBO Shari'a Supervisory Board Member


H.H Dr. Adham Al Said

NBO Shari'a Supervisory Board Member


Head of Shari’a Audit & Compliance Department

Amjad Bangash is currently Head of Shari’a Audit & Compliance Department of Muzn Islamic Banking.  He has extensive experience of Sharia structuring and coordination for several years. His experience focuses on Shari’a Review, Islamic banking product development (retail, corporate, wealth management and Sukuk products), Review of Legal Agreements and conducting Islamic Banking training sessions. 

Amjad holds Master’s Degree in Islamic Banking & Finance, Islamic Finance Qualification from CISI UK, JAIBP from IBP, and Diploma in Islamic Commercial Jurisprudence. He is currently pursuing PhD in Shari’a & Judiciary and attained many courses in Islamic Banking