Appeal Process Any declined Investment proposal may be represented to the next higher authority for reassessment / approval. However, there shall be no appeal process beyond the Managing Director & CEO. Renewal and Status Verification On expiry of a facility, the borrower may come forward with a proposal either for renewal of the facility for a further period or for enhancement of the existing facilities or for both. He may also agree to offer additional stocks/securities or even furnish a guarantor. The Head of Branch (Branch Manager) should examine all such proposals and if he is satisfied, the proposals should be sent to Sanctioning Authority at Head Office as, as the case may be, if beyond his business delegation power, duly supported by full fledged Investment analysis including report of verification of Stocks/status of Collateral Securities etc. as is done in case of fresh proposals. The Head Office in turn will process the renewal/enhancement proposal after verifying the following factors: a) b) c) d)
Justification for renewal / enhancement. Reasons for non-payment / adjustment of the Investment in time. Security aspect in terms of outstanding Investment. Investment worthiness of the client.
An Overview of Islamic Banking Investment Islamic Banking Investment Islamic investments are a unique form of socially responsible investments because Islam makes no division between the spiritual and the secular. The establishment of an Islamic investment policy, be it for the institutional or individual investor, starts with the Sharia Board, a group of Islamic scholars (jurists) that vests investment products for compliance with Islamic Law and conducts ongoing due diligence of them. Sources for interpretation follow a hierarchy of authority: the Quran, believed by Muslims to be the words of Allah verbatim as revealed to his prophet Muhammad in the seventh century; the Sunnah which are rules from the prophet's sayings (Hadiths) and actions;