RAMMIS BANK S.

C
SHARIA ADVISORY SERVICES AGREEMENT
This Sharia Advisory Services Agreement (the "Agreement") is made and entered into between
Rammis Bank S.C, (hereinafter called the “Bank”), whose address is Addis Ababa, Ethiopia,
and
Sheik………………….., (hereinafter called the "Sharia Advisory Member") whose address is
Addis Ababa, ……………… Sub city, Woreda …………. House No. ………., Tel.
…………………
WHEREAS the Bank desires to engage the services of the Sharia Advisory Board Members to
provide Sharia advisory services to the Bank; and
WHEREAS the Sharia Advisory Member is willing to provide such services to the Bank on the
terms and conditions outlined in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein,
the parties agree as follows:
Article One
Purpose of the contract

The Bank hereby engages the Sharia Advisory Board member to be a member of Sharia
Advisory Board of the bank and provide Sharia advisory and fatwas for the overall banking
services provided by the bank during the term of this Agreement.

Article Two
Sharia Advisory services
2.1 According to this contract, the sharia advisory board member has the obligation to
provide sharia advisory services, fatwas and other related activities to the bank in
accordance with the Shariah law and the Charter of the Shariah Advisory Board, which
is a part of this contract.
2.2 It is agreed that the sharia advisory and fatwas provided by the Sharia Advisory board
shall be the property of the bank, and the bank shall use it in the way it deems
appropriate for the banking service it provides.
Article Three
Duties of the Sharia Advisory Board Member
3.1 The Sharia Advisory Board Member shall provide Sharia advisory services and fatwas
to the Bank in accordance with the terms of this Agreement.
3.2 The Sharia Advisory Board Member shall perform such services as may be reasonably
requested by the Bank from time to time, including but not limited to:
a) Advising the Bank on Shariah matters related to the Bank's activities.
b) Reviewing and approving the Bank's products, services, policies, and procedures
to ensure compliance with Shariah principles.
c) Attending meetings of the Bank's Shariah Advisory Board.
d) Providing training to the Supervisory Board, Board of Directors, Senior
Managements and Bank's employees on Shariah matters; and
e) To ensure that the products of the Bank comply with Shariah principles, the
Shariah Committee must approve:
i. the terms and conditions contained in the forms, contracts, agreements, or
other legal documentation used in executing the transactions; and
ii. the product manual, marketing advertisements, sales illustrations and
brochures used to describe the product.
f) The Shariah Advisory Board is required to provide written Shariah opinions on new
product developed by the bank and approve same for implementation.
g) Make decisions on matters arising from existing and future activities of the Bank which
have religious repercussions.
h) Scrutinize and endorse the annual financial report of the Bank.
i) Represent the Bank or attend any meetings with the Federal Mejlis or other relevant
bodies concerning any Shariah issues relating to the Bank.
j) The Shariah Advisory Board shall ensure the quality and consistency of the Shariah
decisions.
Article Four
Duties and responsibilities of the Bank
4.1 The Bank will make payment to the Sharia Advisory Board Member in accordance
with Article five once it has confirmed that the advisory work has been carried out
properly in accordance with the conditions mentioned in the agreement.
4.2 The Bank shall appoint a Secretary to the Shariah Advisory Board as stated in
Article………. of the Charter.
4.3 Provides onsite office, at its head office, fulfilling all required office facilities including,
but not limited to, computer, telephone, internet network, printer, chair and table,
which enable the sharia advisory board to render their professional services to the
bank.
4.4 Drafts all relevant policies and procedures of the bank and timely avail them for
professional review to the Sharia Advisory Board.
Article Five
Remunerations
5.1 The bank shall pay a monthly remuneration of Birr 20,000.00 (twenty thousand)
before tax for the advisory service, Fatwa and other related works performed by the
sharia Advisor.
5.2 The bank will pay Meeting allowance of birr 2,000.00 (Two thousand birr) for each
member attending the meeting held by the Sharia Advisory Board.
 5.3 In case there is a need for travel on behalf of the bank, in connection with the
performance of services under this Agreement, domestic or abroad, the bank shall
cover per-diem, travel and accommodation expenses according to the bank's
practice.
5.4 The monthly remunerations and allowances are subject to income tax and all other
related taxes, if any.

Article Six
Confidentiality
The Sharia Advisory Member shall maintain the confidentiality of all information
received from the Bank in connection with the performance of services under this
Agreement and shall not disclose such information to any third party without the prior
written consent of the Bank.
Article Seven
Conflict of interest
7.1 The sharia Advisory Board member shall not serve other financial institution on the
same capacity while serving as a member of the bank's Shariah Advisory Board. In
addition, the provisions listed under Article ……… of the Charter of the Shari'ah
Advisory Board relating to conflict of interest shall form part of this Agreement.
7.2 The Sharia Advisory Board member shall promptly disclose any potential conflict of
interest that may arise in relation to their duties and responsibilities towards the bank
and the Sharia principles.
Article Eight
Dispute resolution
8.1 The Parties agree that they will make efforts in good faith to resolve all disputes arising
from, related to or in connection with this Agreement amicably.
8.2 If any dispute arises between the Parties relating to this Agreement including without
limitation its execution, performance which cannot be settled amicably by mutual
agreement within 30 (thirty) days, such dispute can be settled by court of law having
relevant jurisdiction.
Article Nine
Termination
9.1 This contract may be terminated when the period of contract stipulated under in Article
2 of this contract expires.
9.2 Either of the parties can terminate this contract by giving 30 days prior notice to the
other; failure to give this prior notice by either party shall entail a penalty of one month’s
salary.
9.3 The Bank will terminate this contract without notice if the Sharia Advisory Member
commits any of the following:
9.3.1 Breach of any of the terms of this contract;
9.3.2 Where the Sharia Advisory Board Member is absent from 75% of the Sharia
Advisory Board meetings in a year due to insufficient reasons;
 9.3.3 The Sharia Advisory Member engages in any conduct that is detrimental to the
Bank's reputation or business.
9.3.4 The Sharia Advisory Member becomes insolvent or bankrupt; or
9.3.5 The Sharia Advisory Member is convicted of a crime involving immoral
activities.

Article Ten
Governing Law
10.1 This Agreement shall be governed by and construed in accordance with and
governed by relevant Ethiopian laws.
10.2 The Contract, its meaning and interpretation, and relation between the Parties shall
be governed by and interpreted in accordance with the laws of the Federal
Democratic Republic of Ethiopia.
Article Eleven
Entire Agreement
This Agreement constitutes the entire agreement between the parties concerning the
subject matter hereof and supersedes all prior negotiations, understandings, and
agreements between the parties.

Article Twelve
Amendments
12.1 If any change is required regarding the terms and conditions of this agreement, then
the bank and the Sharia Advisory Member shall negotiate in order to amend the
same.
12.2 No provision of this contract may be altered or amended except in writing, signed and
dated by the parties hereto.
Article Thirteen
Duration of agreement
13.1 This agreement shall come into force upon signing of the contract by the parties and,
remains in force for a period of three years unless terminated before the end of the
contract period in accordance with the provisions of this Agreement.
13.2 Both parties can mutually agree to extend the term of the agreement for a further
period.
13.3 The contract considered as extended for a further period of one year if it is not
terminated any time before the completion of the previous term.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written.
For and on behalf of Rammis bank Sharia Advisory Board member
Name: ____________________ Name: ____________________
Title: _____________________ Title: ____________________
Date: ____________________ Date: _____________________

Witnesses
Name Address Signature
1. _____________________ _____________________ _____________
2. _____________________ _____________________ _____________
3. _____________________ _____________________ _____________
4. _____________________ _____________________ _____________