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Ahli United Bank: Upholding principles of Shariah Audit with unwavering integrity

IFM_Ahli United Bank
Over the years, Ahli United Bank's internal Shariah Audit team has consistently demonstrated exceptional expertise and proficiency in their responsibilities

In the realm of Islamic Finance and Shariah Audit, Ahli United Bank (AUB) from Kuwait undeniably stands out as one of the best performers in the region.

AUB’s excellence in this domain was duly acknowledged at the esteemed International Finance Awards, held earlier this year, where they were bestowed with the prestigious title of ‘Best Bank in Internal Shariah Audit Award in Kuwait’.

This recognition further validates the key factors that set AUB’s Internal Shariah Audit Department apart. International Finance specifically acknowledged several noteworthy aspects, including the bank’s exceptional efficiency and effectiveness in implementing the Shariah control system, their comprehensive Shariah risk assessment matrix, as well as their meticulous Shariah Audit procedures guide and comprehensive training methods.

When it comes to AUB’s remarkable track record, they have effectively implementing Shariah governance instructions in alignment with the well-structured internal Shariah Audit framework. This commitment ensures the utmost efficiency and effectiveness of Shariah Audit operations.

Furthermore, AUB’s contribution to the promotion of Islamic banking got highlighted through the development and dissemination of Islamic financial awareness materials on the bank’s official social media channels.

Over the years, AUB’s internal Shariah Audit team has consistently demonstrated exceptional expertise and proficiency in their responsibilities. They have continuously embraced cutting-edge techniques and methodologies for selecting Shariah Audit samples. This adaptable and efficient approach has directly enhanced the precision and excellence of their Shariah Audit outcomes.

On AUB winning the International Finance Awards, Ms. Jehad Al-Humaidhi, Chief Executive Officer and Board Member of the of Ahli United Bank, expressed her delight. She warmly praised the remarkable efforts of the Fatwa & Sharia Supervisory Board, along with every employee of AUB’s Internal Shariah Audit Department, for their exceptional contributions in diligently overseeing all transactions and monitoring the bank’s operations, products, and personalized services.

Ms. Al-Humaidhi highlighted the steadfast commitment of Ahli United Bank since its transformation into a Shariah-compliant bank in April 01, 2010. Leveraging their extensive 80-year experience in the Kuwaiti market since their establishment in 1941, the bank has dedicated itself to utilizing its full capabilities to offer a distinctive array of banking services. These services seamlessly merge adherence to the principles of Islamic Shariah with the integration of cutting-edge banking advancements and technologies.

The senior official further lauded the bank’s unwavering dedication to upholding the principles of Islamic Shariah in all monetary transactions, services, and products offered to its valued customers. Ms. Al-Humaidhi also commended the bank’s dedication to providing the best services and products that enrich the Islamic financial services industry.

During an interaction with International Finance, Mr. Abdullah Tariq Al-Shuaib, Assistant General Manager of the Internal Shariah Audit Department at Ahli United Bank, expressed deep appreciation for the recognition bestowed upon the bank. He attributed this remarkable achievement to AUB’s effective integration of the principles and regulations of Islamic Shariah in its banking operations.

The official also emphasised the vital role played by the AUB’s ‘Internal Shariah Audit Department’ in this accomplishment.

“Their pivotal role in enhancing and reinforcing the efficiency and effectiveness of the bank’s internal Shariah control system, through recommendations and proposals that support operational and transactional controls in line with the vision and directives of the Shariah Supervisory Board and the bank Board of Directors, has significantly contributed to the attainment of this award,” Mr. Al-Shuaib commented.

The official further emphasized that the International Finance Award serves as a solid testimony to the exceptional work model of Ahli United Bank’s ‘Internal Shariah Audit Department’. This achievement stands as a testament to the collective efforts of the bank’s leadership and dedicated employees, who have consistently delivered the desired results.

Mr. Al-Shuaib also drew attention to the bank’s Shariah Supervisory Board, emphasizing their unwavering commitment to closely overseeing the Shariah aspects of transactions. This meticulous monitoring has significantly bolstered the confidence of AUB’s customers. The official expressed strong confidence in Ahli United Bank’s ability to continue garnering further distinctions and achieving constant success in the days ahead.

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