Committee on Islamic Financial Services In accordance with the requirements of Islamic banking, AAOIFI standards and the Law of the Republic of Tajikistan "On Islamic Banking", the establishment of the Committee on Islamic Financial Services (Sharia Council) in the structure is a prerequisite for Islamic banks. A bank cannot function as an Islamic bank if there is no Committee in its organizational and administrative structure.

In other words, in order to act as an Islamic bank, the Bank must create an effective management system that meets the requirements of Shariah standards (such as Shariah Audit, Shariah Compliance, etc.).

In this regard, Tawhidbank, in order to comply with the requirements of this legislation, the rules and principles of Sharia, as well as best practices, has created a Committee on Islamic Financial Services in its structure. The Committee on Islamic Financial Services, as the governing body of the Bank, is responsible for making relevant decisions on Sharia issues.

The Committee performs the following functions:
• Resolving issues related to the observance of Shariah requirements, norms and principles, concluding transactions and making decisions in operational activities;
• Analysis and compliance of the decisions taken and decisions to be made under contracts and agreements with the Sharia and AAOIFI standards;
• Sharia approval and issuance of fatwas for products, services, operations and transactions;
• Identification of Internal documents and rules;
• Management and determination of the directions of donations’ use;
• Ensuring compliance with the principles of fairness in the distribution of profits and losses, as well as rights and obligations;
• Consulting and clarification of issues related to Halal and Haram items;
• Other powers and authorities assigned to the Committee by the Supervisory Board.

The functional, structural and managerial requirements of Islamic Banks differ from Traditional banks. The structure of standard Banks does not include the Committee on Islamic Financial Services (Sharia Department) and its subsidiaries.
In the existing organizational and managerial structure of OJSC “Tawhidbank” there is a Supervisory Board and a Committee on Islamic Financial Services, which combine business relations between the two bodies within the framework of their mandate. OJSC “Tawhidbank” is the first practice of transforming an operating traditional bank into an Islamic bank in the Republic that has no experience. The Chairman and members of the Committee on Islamic Financial Services of OJSC “Tawhidbank” were elected and appointed within the framework of an International free competition. The competition was conducted with extensive use of global Information networks and the use of the best International practices. All competitive selection and selection of qualified candidates were carried out with the advice and support of the Islamic Corporation for the Development of the Private Sector (ICD).
The structure of the Committee on Islamic Financial Services: The structure of the Committee consists of the Chairman and two members, and Muhammad Akram bin Laldin, Rector of the International Shariah Research Academy for Islamic Finance (ISRA, Malaysia) and Professor of the International Centre for Education in Islamic Finance (INCEIF, Malaysia), who is currently a member of 16 Committees of Islamic Banks of different countries, has been appointed as the Chairman of the Committee. The Chairman of the Committee is responsible for ensuring the effective work of the Committee and monitoring the implementation of decisions adopted by the General Meeting of Shareholders and the Supervisory Board on issues within the competence of the Committee.

Shoev Mahmadruzi Askarovich is member of the Committee, who have experience and knowledge in various positions in the field of Islamic banking, sufficient experience and knowledge and relevant documents (certificates and diplomas).

Saidov Jamshed Asoevich is another member of the Committee who worked in various positions in the banking sector etc.., has sufficient experience and knowledge of economics and has supporting documents (certificates, diplomas).