RIYADH — As part of its ongoing commitment to the support of Islamic banking and finance, Alinma Bank recently hosted the Account and Auditing Organization for Islamic Financial Institution’s (AAOIFI) seminar on debit and credit cards, a topic that is detailed in AAOIFI’s Shariah Standard No. 61. Discussion covered card types, characteristics, and legal issues surrounding card issuance, as juxtaposed against conventional cards.

The session was chaired by Sheikh Dr. Abdulrahman bin Saleh Al-Atram, chairman of the Alinma Bank Shariah Board and member of AAOIFI’s Shariah Council. Other participants included Dr. Abdulrahman bin Abdullah Al-Saadi, AAOIFI legal and Shariah adviser, and Shaykh Yasser AlMarshde, Alinma Bank Shariah General Secretariat and member of the AAOIFI Standards Study Committee. Other specialists in various sub-fields of Islamic banking and finance were also in attendance.

Since its establishment, Alinma Bank has actively contributed to the development and promotion of Islamic banking and is, itself, a fully Shariah-compliant banking institution. Alinma’s excellence in Shariah compliance has been recognized by numerous award programs, and in 2019 the bank received the Market Leadership Award for Islamic Banking from the Global Islamic Finance Awards as well as the Excellence in Islamic Banking Award from Finnovex. Alinma remains committed to the support of Islamic banking for the benefit of Muslims and non-Muslims alike. — SG