The Company is led by a Board comprising the non-executive and executive Directors with wide experience of Islamic and conventional banking. The appointment of directors is considered by the nominations committee and then the Board.

Following the provisions in the Articles of Association, all directors may stand for re-election by the shareholders at the first Annual General Meeting following their appointment and following that meeting must stand for re-election by the shareholders, at least every three years. Executive directors normally retire at age 65, as required by their service agreements. Independent non-executive directors are appointed for three-year renewable terms, which may be terminated without notice or payment of compensation.

The Board meets at least four times a year. It has a programme designed to enable the Directors to review corporate strategy and the operations and results of the business and to discharge their duties within a framework of prudent and effective controls relating to the assessment and management of risk.

The matters specifically referred to the Board for decision include the approval of the annual report and accounts and any other financial statements; the payment of dividends; the long-term objectives of the Company; the strategies necessary to achieve these objectives; the Company’s budgets and plans; significant credit exposures; significant capital expenditure items; significant investments and disposals; the organisational structure of the Company; the arrangements for ensuring that the Company manages risk effectively; any significant change in accounting policies or practices; the appointment of the Company’s main professional advisers; and the appointment of senior executives within the organisation.

The Board has delegated to the Chief Executive Officer the power to make decisions on operational matters, including those relating to credit, liquidity, operational and market risk, within an agreed framework.

The Board will, at least annually, review and approve its composition and charter in order to set the risk management framework of the Company. To assist the Board in executing its risk management function, it will review and approve the composition and charters of the Board sub-committees.