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The First Joint Meeting of the Supervisory Board and the Committee on Islamic Financial Services of OJSC "Tawhidbank"
The First Joint Meeting of the Supervisory Board and the Committee on Islamic Financial Services of OJSC "Tawhidbank"
On February the 10th, 2021 OJSC "Tawhidbank" under the chairmanship of the Chairman of the Supervisory Board of the Bank Shirinzoda A. and with the participation of members of the Supervisory Board, the Management Board and the Committee on Islamic Financial Services of the Bank and the heads of the relevant structural units, the First Joint Meeting of the Supervisory Board and of the Committee on Islamic Financial Services of OJSC was held.
According to the agenda of the Meeting, at the beginning, previous year’s main results of activities of CIFS, headed by Dr. Mohammad Akram bin Laldin, were reviewed via videoconferencing. During the Meeting, the reports of the Bank's responsible persons on the work done in 2020 were also heard.
In the report of CIFS Chairman, it was noted that under his management during the reporting period, the Committee reviewed and approved the documents that are important for ensuring the transparency of the Bank's activities and improving the quality of Banking services. In particular, agreements were approved for such Banking products as Mudaraba, Islamic Payment Cards – Pilgrimage (Hajj), Wakala, Deposit for Education, Credit Cards Based on Qard Hasan, Housing Finance on Murabaha, and also rules for conducting Banking operations in Tawhidbank, a list of transactions prohibited by Sharia, document on compliance with Sharia" Deposit Indexation Schemes " and etc., were approved. Dr. Mohammad Akram bin Laldin, focusing the attention of those present on the existing problems, proposed to enhance interaction with the National Bank of Tajikistan to improve the regulatory framework governing the activities of Islamic Banks in terms of liquidity management. He also, referring to the role of human capital in the development of the Bank, recommended to strengthen human resources, which was unanimously supported by the Management of the Bank. In this context, CEO of the Bank - Zardov Sh.D. proposed, while improving the situation with Coronavirus in the world, to consider the possibility of organizing trainings and educational seminars for employees, members of the Supervisory Board and the Board of the Bank in the country or abroad, together with the International Sharia Research Academy for Islamic Finance (ISRA) to improve qualifications and expand knowledge in the field of Islamic jurisprudence, Sharia audit and etc. In turn, Dr. Mohammad Akram bin Laldin expressed his readiness to provide the necessary assistance to the Bank in this matter.
In conclusion, the members of the Supervisory Board and the Management Board of the Bank expressed their gratitude to Dr. Mohammad Akram bin Laldin, as well as to members of the Committee Shoev Mahmadruzi and Mirokilov Kh. for their excellent work and tireless efforts in achieving the set goals, appraised highly the work of CIFS, done in the difficult conditions of the COVID-19 pandemic.
It should be noted that Dr. Muhammad Akram bin Laldin, currently heading the International Sharia Research Academy for Islamic Finance (ISRA-Malaysia), is a professor at the International Centre for Education in Islamic Finance (INCEIF) and a member of 16 Committees of Islamic Banks in different countries.
On February the 10th, 2021 OJSC "Tawhidbank" under the chairmanship of the Chairman of the Supervisory Board of the Bank Shirinzoda A. and with the participation of members of the Supervisory Board, the Management Board and the Committee on Islamic Financial Services of the Bank and the heads of the relevant structural units, the First Joint Meeting of the Supervisory Board and of the Committee on Islamic Financial Services of OJSC was held.
According to the agenda of the Meeting, at the beginning, previous year’s main results of activities of CIFS, headed by Dr. Mohammad Akram bin Laldin, were reviewed via videoconferencing. During the Meeting, the reports of the Bank's responsible persons on the work done in 2020 were also heard.
In the report of CIFS Chairman, it was noted that under his management during the reporting period, the Committee reviewed and approved the documents that are important for ensuring the transparency of the Bank's activities and improving the quality of Banking services. In particular, agreements were approved for such Banking products as Mudaraba, Islamic Payment Cards – Pilgrimage (Hajj), Wakala, Deposit for Education, Credit Cards Based on Qard Hasan, Housing Finance on Murabaha, and also rules for conducting Banking operations in Tawhidbank, a list of transactions prohibited by Sharia, document on compliance with Sharia" Deposit Indexation Schemes " and etc., were approved. Dr. Mohammad Akram bin Laldin, focusing the attention of those present on the existing problems, proposed to enhance interaction with the National Bank of Tajikistan to improve the regulatory framework governing the activities of Islamic Banks in terms of liquidity management. He also, referring to the role of human capital in the development of the Bank, recommended to strengthen human resources, which was unanimously supported by the Management of the Bank. In this context, CEO of the Bank - Zardov Sh.D. proposed, while improving the situation with Coronavirus in the world, to consider the possibility of organizing trainings and educational seminars for employees, members of the Supervisory Board and the Board of the Bank in the country or abroad, together with the International Sharia Research Academy for Islamic Finance (ISRA) to improve qualifications and expand knowledge in the field of Islamic jurisprudence, Sharia audit and etc. In turn, Dr. Mohammad Akram bin Laldin expressed his readiness to provide the necessary assistance to the Bank in this matter.
In conclusion, the members of the Supervisory Board and the Management Board of the Bank expressed their gratitude to Dr. Mohammad Akram bin Laldin, as well as to members of the Committee Shoev Mahmadruzi and Mirokilov Kh. for their excellent work and tireless efforts in achieving the set goals, appraised highly the work of CIFS, done in the difficult conditions of the COVID-19 pandemic.
It should be noted that Dr. Muhammad Akram bin Laldin, currently heading the International Sharia Research Academy for Islamic Finance (ISRA-Malaysia), is a professor at the International Centre for Education in Islamic Finance (INCEIF) and a member of 16 Committees of Islamic Banks in different countries.
15.02.2021