The Appointment, Nomination and Remuneration Committee (ANR Committee) is established in accordance with Articles 55 and 63 of the AOA of the Bank and Part 2, Section 1.8 (b) of the CG Code issued by the CMDA. The Committee performs the functions of both a Nomination Committee and a Remuneration Committee.

Objectives of the Committee

The primary purpose of the ANR Committee is to assist the Board in fulfilling its responsibilities relating to:

• Identify and make recommendations on Board of Directors and Senior Management appointments;
• Establish and recommend to the Board a framework of remuneration for the Bank and the specific remuneration packages of Senior Management and the CEO & MD;
• Review and recommend changes where necessary to the organizational structure of the Bank.
• Review and place for approval succession plan of the Bank;
• Review and place for approval necessary policies of the Bank; and
• Review and recommend all general matters relating to Human Resources of the Bank including staff remuneration, bonus and staff health insurance to the Board.

Members of the committee

Abdulla Hassan

Ibrahim Mohamed

Ahmed Mohamed

Ali Faris Mohamed

Aishath Sajny

The Audit Committee is established in accordance with Article 69 of the AOA of the Bank, Section 1.8 (c) of the CG Code issued by the CMDA, Section 22 of the Banking Act and Section 10 of the Regulation on Corporate Governance For Banks, Insurance Companies and Finance Companies.

Objectives of the Committee

The primary purpose of the Audit Committee is to assist the Board in fulfilling its responsibilities relating to:

• Oversee the integrity of the Bank’s financial statements and the Bank’s accounting and financial reporting processes and financial audits;
• Oversee the Bank’s compliance with legal and regulatory requirements;
• Oversee the internal and external auditor’s qualification, appointment, remuneration, independence and dismissal;
• Oversee the performance of the Bank’s external auditor and internal audit function;
• Oversee the Bank’s systems of disclosure controls and procedures;
• Oversee the Bank’s Internal controls over financial and compliance reporting;
• Oversee the Bank’s compliance with internal policies and procedures adopted by the Bank;
• Review and recommend the quarterly and annual financial statements to the Board;
• Recommend interim and final dividend of the Bank to the Board;
• Review and approve the scope of audit, procedure and frequency;
• Receive key audit reports and ensure management is taking necessary corrective action in a timely manner to address control weaknesses and other control functions;
• Oversee the effectiveness and efficacy of whistle blowing system; and
• Review and place for approval necessary policies of the Bank.

Members of the committee

Ahmed Mohamed

Ibrahim Mohamed

Juwairiya Saeed

Abdulla Hassan

Abdulla Naseem

The Bank’s Board of Directors, on 28^th June 2020 resolved to establish a Corporate Governance (CG) Committee in accordance with Article 60 of the AOA of the Bank.

Objectives of the Committee

 The primary purpose of the Corporate Governance Committee is to assist the Board in fulfilling its responsibilities relating to:

• Assist the Board in establishing the Bank as recognized leader in corporate governance;
• Advising Board on governance principles and working to compose a diverse, skilled Board;
• Reviewing the Bank’s Article of Association and make recommendations to the Board;
• Monitor the effectiveness of board operations, board performance and governance policies;
• Oversee such areas as political spending & environmental sustainability, communications, and level of customer service;
• Play a key role in the board evaluations, oversee board committee evaluations, and individual director evaluations;
• Oversee for director orientation and continuing board director education; and
• Review and place for approval necessary policies of the Bank

Members of the committee

Aishath Sajny

Ibrahim Mohamed

Ahmed Mohamed

Juwairiya Saeed

Abdulla Naseem

The Bank’s Board, on 15^th July 2021 resolved to separate ARM Committee to two committees, namely Audit Committee and Risk Committee based on the international best practices and good corporate governance.

Objectives of the Committee

The primary purpose of the Risk Committee is to assist the Board in fulfilling its responsibilities relating to:

• Review the Bank’s risk strategy, risk tolerance and risk appetite, which the Board of Directors considers acceptable, keeping in mind current and potential future risks and the operating environment;
• Oversee the Bank’s risk culture;
• Review the Bank’s position in relation to regulatory risk requirements and advice on best practice in risk matters;
• Examine the adequacy and effectiveness of Bank’s risk management framework, which shall cover principles, policies, guidelines, instructions, methodologies, systems, processes, procedures and people;
• Review the Bank’s reputation, non-financial risks, enterprise management risks, business continuity plans and safety strategies;
• Assist the Board of Directors in overseeing the implementation of the risk strategy and the corresponding tolerance limits set;
• Review any third-party opinions on the design and effectiveness of the overall risk governance framework and internal control systems of the Bank; and
• Review and place for approval necessary policies of the Bank

Members of the committee

Abdulla Naseem

Abdulla Hassan

Ahmed Mohamed

Juwairiya Saeed

Ali Faris Mohamed

The Board of Directors, under its discretionary powers as provided for under Articles 65 and 66 of the Bank’s AOA, formed a Board Credit Committee comprising of seven members and delegated a certain level of approval of credit proposals to this committee to ensure continuity of business.

Members of the committee

Hassan Zareer

Karl Stumke

Aishath Noordeen

Ibrahim Mohamed

Ali Faris Mohamed

Aishath Sajny

Abdulla Naseem