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Executive Management Duties and Responsibilities

The Executive Management team is responsible for managing CINET’s day-to-day business as delegated thereto by the Board of Directors. The CEO assumes the presidency of the executive body, consisting of the Legal Department, Compliance Department, Financial Department, Information Technology Department, Risk Management, Products Development Department, Customer Service, Marketing and Business Development Department, Human Resources and General Administrative Services Department. The Executive Management has formed the following administrative committees and teams: (1) The Executive Committee (MEXCO) and (2) Modern Technologies Empowerment Team (FINTECH). These committees and teams derive their authority from the CEO in accordance with the powers and controls established by the Board of Directors Chairman and members in this regard. The Executive Management implements the effective policies and control methods approved by the BOD of Directors within the framework of CINET’s strategy and objectives as established thereto and as approved by the Board of Directors, so as to ensure the continuity of work without obstacles or violations.

The Executive Management undertakes the following tasks, for example:

  • Determining CINET’s strategic objectives, future directions and (short-term – long-term) aspirations.
  • Developing CINET’s annual estimated budget and business plan during the fiscal year
  • Ensuring the existence and implementation of policies for all CINET operations and activities
  • Setting and managing risks objectives and targeted returns within the scope of the permissible policy and consistently with the Company’s Articles of Association.
  • Determining the general criteria for performance evaluation, based on the specified risk level.
  • Reviewing performance rates of all CINET’s departments, developing and improving them and taking appropriate action in their regard.
  • Ensuring that the Company carries out all its activities and purposes pursuant to the highest ethical standards, adhering to the letter and spirit of the laws, controls and rules of professional conduct.

It is worth noting that the above-mentioned tasks are in addition to the specific functional responsibilities of the Executive Management team and the strategic objectives set for them as stated in the Company’s Policy Manual established in this regard.

Sharia Supervisory Board

The Sharia Fatwa Board is an integral part of the internal control system to ensure the adequacy and effectiveness of CINET’s Sharia control system, as well as to provide reasonable assurance that the Company’s management has fulfilled its responsibility in terms of implementing the provisions, principles and standards of Islamic Sharia, in addition to verifying the Company’s compliance in all its transactions, activities, contracts and forms used with the provisions and principles of Islamic Sharia, contributing to creating a climate of trust among its customers s and shareholders consistently with the provisions and principles of Islamic Sharia. Sharia Supervisory Board’s terms of reference are as follows:

  • Expressing legal opinion on any of CINET’s contracts, transactions, activities, projects or actions.
  • Verifying CINET’s compliance with the provisions of Islamic Sharia by reviewing relevant documents, examining transactions’ terms, contracts and agreements prior to concluding them by the Company, so as to ensure that their terms are consistent with the rules and principles of Islamic Sharia.
  • Submitting recommendations to approve or disapprove any transaction, contract or any dealings or documents that are not consistent with the provisions and principles of Islamic Sharia, as well as suggestions for amending them in accordance with the principles of Islamic Sharia.
  • Examining any other matters referred by the Company’s Legal Department or by the Board of Directors within the scope of its powers.
  • Submitting an annual report to CINET’s General Assembly that includes its opinion on the extent to which the Company’s business and activity are compatible with the provisions of Islamic Sharia and the extent of the Company’s management’s commitment to the opinions expressed by the Sharia Supervisory Board and any observations it has on the Company’s work. This report shall be included in the Company’s annual report, where the opinion shall be made by majority vote of the Sharia Supervisory Board members in case a majority cannot be attained or in case of disagreement among them.

Pursuant to the Company’s General Assembly meeting, held on 22/05/2023, Al Mashora & Al Rayah for Islamic Financial Consulting Co. is appointed to provide Sharia supervision services as members of the Fatwa and Sharia Supervision Board for the Company’s business for the fiscal year ended 30/09/2023. The BOD consists of three members and issues Fatwas and Sharia decisions, in addition to ensuring that the Company, its operations and contracts comply with the teachings of Islamic Sharia. During the fiscal year ended 30/09/2023, the Sharia Supervisory Board issued fourteen (14) decisions. CINET has not issued any new policies or procedures for products and activities during that period and the Sharia Supervisory Board concluded by emphasizing that the contracts and operations concluded by the Company during the ended fiscal year were carried out in accordance with the provisions of Islamic Sharia.

Members of the Sharia Supervisory Board:

  • Dr. Abdulaziz Khalifa Al-Qassar - Chairman
  • Dr. Ali Ibrahim Al-Rashed - Member
  • Dr. Issam Khalaf Al-Anazi – Member

Wages and Remuneration Policy

  • CINET Wages and Remuneration Policy has been developed in consistency with the strategies and objectives established by the Board of Directors and pursuant to the provisions of the Kuwaiti Private Sector Labor Law No. (01) of 2010, as amended, as well as the rules and requirements of the corporate governance issued by CBK and the recommendations issued by the Nomination and Remuneration Committee emanated from the Board of Directors. This Policy conforms to the best adopted practices and is applied in a balanced manner considering the latest standards to attract, retain and motivate qualified employees. The Company’s Variable Remuneration Policy stems from the performance evaluation culture that aligns employees’ interests with shareholders’ interests. These elements contribute to achieving the objectives set through creating a balance between remunerations, short-term results and long-term sustainable performance. This strategy has been developed to share the Company’s successes and align employees’ incentives with the risk framework. Employees’ competencies and long-term commitment are the main factors for the Company’s success. Therefore, CINET is seeking to attract the best cadres committed to work and motivate them to achieve shareholders’ long-term interests
  • CINET robust and effective Governance Framework ensures that the Company is operating under clear strategic standards and effective Remuneration Policy. The Nomination and Remuneration Committee emanated from the Board of Directors is mandated to supervise all matters related to wages, remunerations and full compliance with the regulatory requirements.
  • The company’s Wages and Remuneration Policy takes into account the role of each employee, and sets directives based on whether the employee is able to bear risks or is an approved employee whose appointment requires CBK’s prior approval given the importance of his role in the company, or from conformity and compliance or technical support functions. The Company’s employee is also considered to bear significant risks if he heads one of the important departments and any employee falling within his department, who has a tangible impact on CINET’s magnitude of risks.
  • The Nominations and Remuneration Committee supervises all remunerations granted to CINET employees, as it is considered the supervisor and regulator of the relevant work policies and procedures. This Committee is also responsible for developing and reviewing the variable remuneration policy, issuing related recommendations and submitting them to the Board of Directors for approval. It is further mandated to establish policies and governance framework for all wages and compensation decisions and to ensure that all eligible employees receive their remunerations in a fair and responsible manner. The Remuneration Policy shall be reviewed on a periodic basis to reflect changes that occur in the market, the business plan and the magnitude of the Company’s risks.
  • Employees’ remunerations include both fixed and variable items, which include basic salary, allowances and annual bonuses. The basic salary is the employee’s monthly salary, determined according to the performance evaluation criteria and the Company’s job grading scale. Allowances are monthly amounts paid in addition to the salary and are specified based on the employee’s job nature. Annual bonuses are remunerations paid to employees at the fiscal year end according to their performance evaluation and the Company’s performance. However, incentives are schemes developed to motivate employees to increase production and enhance performance.