Since Al Baraka Bank Syria believes that the corporate governance is very important in providing principles of safety to the banking sector and enhancing the customers’ trust , the Board of Directors (since the bank's foundation) set and approved "Corporate Governance guidance" in compliance to the resolutions and instructions of the Central Bank of Syria. This guidance represents the basis of bank and relations management among all concerned parties of shareholders, customers, Board of Directors, executive management, employees, supervisory authorities .
In commitment to the rules of this guidance, the functions & authorities & responsibilities of the Board of Directors and its derivative committees were determined to comply with the rules of this guidance and requirements of the supervisory authorities.
The bank also created an internal control environment to cover all activities and departments of the bank according to the requirements of the Central Bank of Syria and the principles of internal control such as (segregation of various functions, cross- checking, dual control of assets, double signature).
As for the fields of compliance , Anti-money laundry , and Combating terrorism finance, the bank applied the instructions of the Central Bank of Syria and the commission of Anti-money laundry & Combating terrorism finance through established an independent department for this purpose which is affiliated directly to the Board of Directors and appointed its director and set all policies and procedures related to this function .
Regarding the bank's duties towards commitment to Islamic Shari'a which are the basis of the bank's business as an Islamic financial institution, a Shari'a Supervisory Board was formed consists of elite experts in this field after obtaining the required approval of the Central Bank of Syria, and the bank's management is committed completely to all rules and advisory opinions issued by the Shari'a Supervisory Board .
Since disclosure and transparency are basic elements of corporate governance, the bank is committed with disclosure and transparency process according to the laws and regulations in force in Syria and also the standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions and the international standards of financial reports in the topics which are not covered by the committee's standards and without contradiction with the Islamic Shari'a .
In commitment to the rules of this guidance, the functions & authorities & responsibilities of the Board of Directors and its derivative committees were determined to comply with the rules of this guidance and requirements of the supervisory authorities.
The bank also created an internal control environment to cover all activities and departments of the bank according to the requirements of the Central Bank of Syria and the principles of internal control such as (segregation of various functions, cross- checking, dual control of assets, double signature).
As for the fields of compliance , Anti-money laundry , and Combating terrorism finance, the bank applied the instructions of the Central Bank of Syria and the commission of Anti-money laundry & Combating terrorism finance through established an independent department for this purpose which is affiliated directly to the Board of Directors and appointed its director and set all policies and procedures related to this function .
Regarding the bank's duties towards commitment to Islamic Shari'a which are the basis of the bank's business as an Islamic financial institution, a Shari'a Supervisory Board was formed consists of elite experts in this field after obtaining the required approval of the Central Bank of Syria, and the bank's management is committed completely to all rules and advisory opinions issued by the Shari'a Supervisory Board .
Since disclosure and transparency are basic elements of corporate governance, the bank is committed with disclosure and transparency process according to the laws and regulations in force in Syria and also the standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions and the international standards of financial reports in the topics which are not covered by the committee's standards and without contradiction with the Islamic Shari'a .
