Mawarid Finance recognizes sound corporate governance policies and practices are important to the creation of shareholder value and maintaining the confidence of customers and investors alike.The Board of Directors of Mawarid Finance is responsible for overseeing Mawarid’s management and business affairs. Mawarid’s Memorandum and Articles of Association, the corporate governance policy and the charters of Board and Internal committees provides the authority and practices for the governance of Mawarid
In line with the Articles of Association, Board members are appointed by the shareholders for a renewable period of three years. The Board of Directors’ primary responsibilities is to provide leadership to Mawarid and establish effective governance systems over the company’s affairs. In doing so the Board of Directors strives to balance the interests of the company’s diverse constituencies locally and globally, including its shareholders, customers, employees and the communities in which it operates. The Board of Directors appoints the CEO who is responsible for the governance and day-to-day operations of the company in line with the strategic vision and goals .The CEO manages the day-to-day operations of Mawarid through the powers delegated to him by the Board of Director, through sub-delegation of powers vested with him to the other executives of the company and through appointment of internal committees.
The members of the Fatwa & Sharia Supervisory Board are appointed at the General Meeting, upon the recommendation of the Board of Directors, to serve for a three year renewable term. The role of the FSSB will be to ensure that any investment, policies, structures, products, financial services and activities that Mawarid is involved with, are in conformity with Islamic Sharia.The Board of Directors and the CEO obtains approval from the FSSB regarding the rules and regulations of Mawarid's business transactions, as well as on all matters concerning Mawarid’s business activities, to ensure they are free of any Islamic prohibitions. Decisions issued by the FSSB are binding. The FSSB submit an annual Shariah report to the Board of Directors which is presented at the Annual General Meeting.