Shariaa group

Working in unison

The Shariah Group is a fundamental pillar of Al Rajhi operations. The Group is comprised of a series of integrated departments working collectively to realize the our goal of being a leading Islamic Bank. This objective is achieved by enlisting the necessary plans and policies which ensure that all Al Rajhi banking transactions are compliant with the principles of Shariah law.

The Shariah Board

Shariah Policy

  • Shariah Policy Decision
    • Decisions of the Shariah Board are considered binding and all departments and management of the bank must comply
    • Implementation of Shariah Board decisions is the responsibility of all levels of corporate executive departments
    • No product or service can be offered before its Shariah Board approval
    • The Shariah Board develops and implements policies in line with Shariah princilpes and are applicable to all bank transactions locally and internationally
  • Shariah Policy Implementation
    • The Shariah Board monitors Bank activities from a Shariah standpoint and follows-up on the implementation of Board decisions, through the Shariah Control Department or any designated body the board sees fit
    • Through appropriate mediums, the Shariah Board will create awareness on Islamic banking and investment
    • The Shariah Board will ensure that Islamic banking policies are at the forefront when bank personnel are selected and trained - especially top management
    • The Shariah Board ensures the proper implementation and monitoring of Shariah Board decisions through the publication of proper manuals and guidelines, such as the Shariah Monitoring Guide and Shariah Control Guidelines. (Shariah Board Decision # 317)
  • Penalties
    • It is strictly forbidden to act in violation of any decisions of the Shariah Board
    • A penalty will be applicable to any violation of a Shariah Board decision of any sort, breach of an existing practice decreed by the Shariah Board or the launching of any product or service without prior approval of the Shariah Board

Download Shariah Board Publications