IslamicFinance.de

The Islamic division of South Africa's First National Bank has hired a new sharia advisory committee and aims to rebrand itself. The new committee consists of Aznan Hasan, Yusus Patel and Zaid Haspatel. According to the chief executive of the Islamic business, Amman Muhammad, they will no longer be called board, but “sharia advisory committee” and their role is clearly defined. He added that the new team would review the bank's previous sharia products. FNB's previous sharia board resigned last July after disagreements over the board's role when new management took charge of the división. Under the new structure, the committee will no longer play a role in the day-to-day running of the business, removing the potential for conflicts.