Shariah Committee

Vision Bank was established as a fully digital bank operating in full compliance with Islamic Shariah principles and powered by artificial intelligence. All of the Bank’s activities, products, and services are subject to an integrated framework of Shariah supervision, review and internal Shariah audit, in accordance with the Bank’s Articles of Association and based on the recommendation of the Shariah Committee under Resolution No. (1), dated 27/1/1445 AH, corresponding to 14/8/2023.

Shariah Committee

The Shariah Committee reports to the Board of Directors and is responsible for overseeing Shariah compliance and issuing Shariah resolutions and directives for all transactions.

This includes, but is not limited to, ensuring that the Bank’s policies, procedures, approval documents, contracts, records, and marketing and advertising materials comply with Shariah principles and requirements, as well as overseeing their implementation.

Roles and Responsibilities

Assess

Assess the work of Shariah Compliance and Internal Shariah Audit to ensure the Bank’s adherence to Shariah requirements.

Recommend

Report and recommend appropriate measures if the Committee determines that the Bank has conducted banking activities that do not comply with Shariah principles and requirements.

Report

Prepare an annual report for the Board of Directors on the extent to which the Bank’s activities comply with Shariah principles and requirements.

Shariah Department at Vision Bank

The Shariah Department is an administrative function within the Bank that supports the Bank’s objectives and its vision of operating as a digital bank in compliance with Shariah requirements.

The Department operates in accordance with the Bank’s Articles of Association and is responsible for implementing the Shariah Committee’s resolutions and directives, in line with Saudi Central Bank requirements and the highest applicable standards and practices.

Shariah Advisory and Research

This function provides Shariah advisory services to the Bank’s various departments, including reviewing contracts, agreements, products and services, as well as policies and procedures.

It also conducts Shariah studies and research under the supervision of the Shariah Committee to mitigate the risk of non-compliance with Shariah principles and requirements.

In addition, it performs the duties of the Shariah Committee Secretariat, including preparing and organizing Committee meetings, drafting meeting minutes, and preparing and drafting Committee resolutions.

Internal Shariah Audit

The Internal Shariah Audit Unit is responsible for conducting internal Shariah reviews to provide reasonable and objective assurance, through internal Shariah audit activities, that the Bank’s activities and banking transactions comply with the Shariah Committee’s resolutions and directives.

The Unit also follows up on the Bank’s level of Shariah compliance and reports its findings, observations and follow-up matters to the Shariah Committee and the Audit Committee.

Shariah Compliance

The Shariah Compliance Unit supports the Shariah Committee and executive management in managing the Bank’s exposure to Shariah non-compliance risk.

This is carried out in accordance with the Shariah Committee’s resolutions and requirements through periodic reviews of control systems, identifying and assessing Shariah non-compliance risks, and implementing Saudi Central Bank instructions relating to the rules, regulations and circulars governing Islamic banking activities.

Shariah Committee Members

His Excellency Prof. Saad Nasser AlShathri
Chairman of Shariah Committee
His Eminence Dr. Abdullah Ayedi
Shariah Committee Member
His Eminence Dr. Khaled AlSayyari
Shariah Committee Member
His Excellency Prof. Saad Nasser AlShathri
Chairman of Shariah Committee
His Eminence Dr. Abdullah Ayedi
Shariah Committee Member
His Eminence Dr. Khaled AlSayyari
Shariah Committee Member
His Excellency Prof. Saad Nasser AlShathri
Chairman of Shariah Committee
His Eminence Dr. Abdullah Ayedi
Shariah Committee Member
His Eminence Dr. Khaled AlSayyari
Shariah Committee Member

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Shariah Committee Resolutions

Shariah resolutions and directives for all transactions carried out by Vision Bank, with oversight to ensure compliance with Islamic Shariah principles and requirements.

Year	Resolutions Title	View Resolutions
2023	Individual Current Account Product	View
2023	Business Current Account Product	View
2023	Spot Foreign Exchange Product	View
2023	Forward Foreign Exchange Based on a Promise	View
2023	Ruling on Waiving the Option to Take Delivery of Commodities in Tawarruq Transactions	View
2023	Ruling on Combining Sale and Purchase Execution Requests in Tawarruq Transactions	View
2023	Interbank Murabaha and Tawarruq Product for Liquidity Management	View
2023	Repurchase Agreement (Repo) Based on a Promise	View
2023	Repurchase Agreement (Repo) Based on Tawarruq	View
2023	Shariah-Compliant Master Agreement for Interbank Sale of Commodities on Deferred Payment Terms with Bank AlJazira	View
2023	Master Murabaha Commodity Investment Agreement with The Saudi Investment Bank	View
2023	Shariah-Compliant Master Agreement for Interbank Sale of Commodities on Deferred Payment Terms with Arab National Bank	View
2023	Shariah-Compliant Master Agreement for Interbank Sale of Commodities on Deferred Payment Terms with Saudi National Bank	View
2023	Master Murabaha Investment Agreement with Banque Saudi Fransi	View
2023	Custody Services Agreement with Alinma Investment	View
2023	Agreement to Pledge Government Securities in Favor of the Saudi Central Bank	View
2023	Direct Investment Agreement with Alinma Investment	View
2023	Agency and Assumption of Obligations Agreement	View
2023	Investment in the Saudi Government SAR Sukuk Program	View
2023	Framework Agreement for the Sale and Purchase of Securities Issued by the Saudi Central Bank	View
2023	Direct Investment Agreement with Alinma Bank	View
2023	Murabaha Investment Agreement with SAB	View
2023	Financial Settlement in International Markets	View
2024	Murabaha Term Deposit for Individuals	View
2024	Savings Account Concept	View
2024	Savings Account Terms and Conditions	View
2024	Murabaha Consumer Finance Product and Agreement Documents for Individuals	View
2024	Mudarabah Investment Account Concept	View
2024	Service for Adding Bank Cards to Digital Wallets	View
2024	Direct Investment Agreement with Al Rajhi Bank	View
2024	Murabaha Credit Card Concept	View
2024	Electronic Banking Services Terms and Conditions	View
2024	Investment Account Opening Agreement with Alinma Capital	View
2025	Murabaha Credit Card Documents	View
2025	Marketing Campaign Offering a Cash Reward	View
2025	Open Banking Service	View
2025	Marketing Campaign Based on Donating a Specified Percentage	View
2025	Customer Loyalty Program	View
2025	Business Relationship with MEFIC	View
2025	Wakalah Investment Agreement with Alinma	View

FAQ's

Is Vision Bank Shariah-compliant?

Yes. Vision Bank was established as a fully digital bank operating in compliance with Shariah standards and powered by artificial intelligence. The Bank also offers a range of banking products and services that comply with Shariah standards and are approved by its Shariah Committee, in accordance with the Shariah Governance Framework issued by the regulatory authorities in the Kingdom of Saudi Arabia.

What is the Shariah Committee at Vision Bank?

The Shariah Committee is an independent committee established by the Bank’s Board of Directors in accordance with the framework governing Board committees and the Shariah Committee framework issued by the regulatory authorities in the Kingdom of Saudi Arabia.

The Committee is responsible for overseeing compliance with Shariah principles and rules across Vision Bank’s Islamic banking activities, reviewing Shariah matters related to its products, services, contracts and transactions, and issuing the relevant Shariah decisions.

What is the role of Vision Bank’s Shariah Committee?

The Shariah Committee oversees the Bank’s Islamic banking activities to ensure compliance with Shariah principles and rules. It also issues Shariah decisions, reviews relevant policies and procedures, and approves the Shariah aspects of products, contracts, agreements and related documents.

Who ensures that Vision Bank’s products are Shariah-compliant?

Vision Bank’s Shariah Committee oversees Shariah compliance for products and banking activities that are subject to Shariah standards.

The Bank’s Shariah governance framework also includes functions responsible for Shariah compliance, Shariah non-compliance risk management and internal Shariah audit.

Does the Shariah Committee review banking products before they are launched?

Yes. The Shariah Committee reviews all banking products and services before they are launched. This review includes the terms and conditions, contracts, agreements and product-related documents to verify their compliance with Shariah standards.

What are Shariah decisions?

Shariah decisions are decisions issued by the Shariah Committee regarding the compliance of a product or service, starting from the initial concept and its governing parameters through to the related contracts, terms and conditions, policies, procedures and marketing programs.

Where can I view Vision Bank’s Shariah Committee decisions?

You can view the Shariah decisions published by Vision Bank on this page to better understand the Shariah foundations and approvals relating to the relevant products and services.

Is Vision Bank supervised by the Saudi Central Bank?

Yes. Vision Bank is subject to the supervision and oversight of the Saudi Central Bank (SAMA) and applies the relevant Shariah governance requirements in accordance with applicable regulations and instructions.

Is Vision Bank’s Shariah Committee independent?

The Shariah governance framework ensures the independence of the Shariah Committee in performing its duties and issuing its decisions, in accordance with the relevant governance requirements, regulations and instructions.

How does Vision Bank ensure ongoing compliance with Shariah principles?

Shariah compliance is an ongoing process that includes Shariah compliance oversight, Shariah non-compliance risk management and periodic internal Shariah audits, in addition to reviewing relevant reports and observations within the Shariah governance framework.

What happens if a transaction is found to be non-compliant with Shariah principles?

Any case of Shariah non-compliance is reviewed, and appropriate corrective action is taken in accordance with the Bank’s Shariah governance framework and relevant regulatory requirements.

Where can I learn more about Shariah governance at Vision Bank?

On this page, you can learn more about Vision Bank’s Shariah Committee, its members and responsibilities, and view the published Shariah decisions.