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Formation of the Shariah Supervisory Committee (SSC)

Article 104 of the Articles of Association of the Bank provides, On the licensing of the Social Islami Bank Limited, an Islamic
Shari'ah Supervisory Committee shall be constituted with members from Fakihs/Islamic Scholars, Economists, Banker and
Lawyers to advise the company on the operation of its business in order to ensure that they do not involve any element which is
not approved by Shari'ah. The Shari'ah Supervisory Committee consists of 07 (Seven) members nominated by the BOD of the
Bank. Shariah Supervisory Committee of the Bank plays a vital role in framing and exerting policy for strict adherence of Shari'ah
principles in all activities of the Bank since its very inception. The Shari'ah Supervisory Committee, which enjoys a high status in
the structure of the Bank. Members of the Shariah Supervisory Committee meet frequently and deliberate on different issues
confronting the Bank on Shariah matters. They give opinion and supervise to implement and comply Shari'ah principles in all
activities of the Bank.

Functions of the Committee


The function of the Shari'ah Supervisory Committee to offer views on matters related to the Bank from time to time. The
Shari'ah Supervisory Committee may require any papers from the Bank and examine the same in order to ensure that all
activities of the Bank are being carried out in accordance with the Islamic principles.
To devote time and effort to devising more Shariah compliant transactional procedures, templates and banking products that
enable the Bank to adapt to market trends while maintaining a high competitive edge in deposit procedures, investments and
banking services
The SSC assist the BOD by way of advice on matters relating to Shari'ah. The BOD must respect their recommendations on
Shari'ah principles as it is committed to run the Bank strictly in accordance with Shari'ah.
Analysing contracts and agreements concerning the Bank's transactions, as submitted by the Chairman of the Board of
Directors or any department/branch within the bank or requested by the Board itself so that Shariah compliance can be
evaluated and maintained.
Ensuring Shariah compliance in the implementation of all banking transactions and correcting any breaches.
The SSC have a Secretariat with a Member-Secretary, who see whether the functions of the Bank are being carried out in
accordance with the principles of Islamic Shari'ah. The Member-Secretary shall remain responsible to the Shari'ah Supervisory
Committee.
The status of the SSC shall be advisory to the BOD and Supervisory in respect of operational activities of the Bank.
The Committee submits a complete annual report for the Board of Director, summarizing all the issues referred to the Board, as
well as its opinion on the Bank's transactional procedures.
The Shariah Supervisory Committee certifies the Annual report of the bank.

Activities of the Department i.e Shariah Supervisory Committee Secretariat


The Secretariat are consist of Muraquibs, who are entrusted with sufficient knowledge about all schools of Islamic thoughts.
They supervise & monitor day to day operation of the banks as well as provide necessary guidelines in order to ensure full
compliance of Shari'ah Principles.
To conduct Shariah Audit and Inspection of all Branches of the Bank to ensure Compliance of the Shari'ah principles in each
and every case of the Bank and will be responsible to the SSC.

To motivate the executives and officers of the Bank to the Islamic Shariah principles, to make them practicing Shariah rules
particularly in all types of Investments.
The Secretariat also assist the Member-Secretary for conducting the Shariah Supervisory Committee meetings, co-operate to
arrange client get together in the branches in presence of Shariah Supervisory Committee Members and to convince the people
for Banking in accordance to Islamic Shariah.

Financial Highlights
Fig in million Taka
Year

Deposits

Investment

FX_Business

Total Income

Total Expenses

Operating Profit

Profit after Tax

1995

124.73

0.21

1.73

6.15

(4.42)

(4.42)

1996

417.81

211.50

342.95

19.3

38.23

(18.93)

(18.93)

1997

645.51

368.31

699.48

51.37

56.84

(5.46)

(5.47)

1998

2068.85

1171.40

1442.25

173.97

134.73

50.50

35.07

1999

3899.72

2192.03

1914.10

440.63

378.98

74.02

36.99

2000

4863.21

3522.25

3547.40

641.38

405.39

105.71

38.16

2001

10569.67

5499.25

6195.30

1214.25

613.29

302.00

144.39

2002

15141.34

7504.03

13520.07

1775.43

953.12

420.02

203.52

2003

19709.31

10059.11

19065.10

2385.84

1470.67

500.54

193.67

2004

19704.20

12887.30

18088.12

2458.25

1620.89

414.99

83.85

2005

16862.58

15096.83

17438.07

2199.65

1708.69

213.57

13.94

2006

16170.51

15312.90

23280.00

2530.90

1932.95

295.89

57.63

2007

19753.94

16440.26

23903.80

2995.45

2126.77

480.78

150.04

2008

24099.82

19951.30

33363.20

3363.08

2575.72

787.37

202.07

2009

31588.16

26580.58

39110.00

3781.26

2716.96

1064.31

431.52

2010

44850.77

36680.28

61931.00

5068.10

3429.47

1638.63

643.01

2011

66853.59

53908.57

105037.00

8512.22

5914.78

2597.43

1265.11

2012

93,276.83

76,024.97

126,519.90

5,549.45

1,906.62

3,642.83

1,465.22