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.
Supervisory Board and its functions:
The Supervisory Board is the supreme governing body of the Bank and, within the framework of its mandate, in accordance with the requirements of the legislation of the Republic of Tajikistan, the Charter of the Bank and its provisions, makes appropriate decisions on business and operational issues of the Bank through its meeting.
* AAOIFI Standards - Accounting and Auditing Standards for Islamic Financial Institutions based on Sharia law and applicable to banking services.
** Shariah Committee - this structure is the Committee on Islamic Financial Services, which in other Islamic banks can be called the Shariah Committee.
The Islamic Bank's Supervisory Board is the governing body responsible for making relevant strategic, commercial and operational decisions.
The Supervisory Board has the following rights:

  • defining the goals and perspectives of the bank;
  • development of internal and investment policies, internal control systems and ethical standards, approval of internal documents regulating the Bank's activities, the approval of which is carried out in accordance with the legislation of the Republic of Tajikistan within the competence of the Supervisory Board;
  • preliminary approval of the annual financial statements, annual accounting statements, including the profit and loss statements of the Bank, as well as the distribution of the Bank's profits and losses for the financial year;
  • determination of the Bank's policy in relation to financing, concluding financing agreements, issuing securities, issuing guarantees, sureties and letters of credit;
  • setting the price (money) for property, the price of issue and redemption of securities in cases stipulated by the legislation of the Republic of Tajikistan;
  • establishment risk management standards and minimum acceptable internal standards;
  • establishment of the Committee on Islamic Financial Services, appointment of its members and the determination of the conditions and their remuneration;
  • if necessary, the creation of Committees under the Supervisory Board from among the members of the Supervisory Board or Bank employees and external experts;
  • resolve other issues assigned to the Supervisory Board in accordance with the legislation of the Republic of Tajikistan.

Structural adjustment:
One of the differences between traditional banks and Islamic banks is the structural difference. The presence of the Committee on Islamic Financial Services (Shariah Committee) is a prerequisite in the organizational and managerial structure of Islamic banks, along with the Supervisory Board, and cannot be recognized as Islamic Bank without such bodies in the structure of the Bank.

In accordance with the current legislation and the requirements of the National Bank of Tajikistan, the Committee on Islamic Financial Services is established by the decision of the Supervisory Board in the banking system and is subordinate to it. However, the Committee is independent in its consideration and decision-making regarding the observance of Sharia norms. That is, the subordination of the Committee on Islamic Financial Services to the Supervisory Board of the Bank is relative.

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) and Professor of the International Centre for Education in Islamic Finance (INCEIF), 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 and Mirokilov Khurshed Khamzaevich are other members 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).


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