popularize the RF banking services to people of all faiths and make it
easy to compare RF banking to the existing riba-based conventional
banking products.
&The RF banker does not live lavishly, because the money he or she man-
ages is in fact the trust of our customers—a trust hanging from our
necks before God. RF bankers refuse to travel first class, stay in expen-
sive hotels, or live a luxurious lifestyle, squandering their customers’
and shareholders’ money on expensive advertising campaigns. RF
bankers believe that money respects those who respect it.
&RF banking grows by word-of-mouth referral from satisfied customers.The net outcome of all these values and modes of operation for this new
RF banking service is superior service, solid products, lower risk, and higher
returns because of lower default rates and lower overhead. Naturally, more
customers will come to the RF bank to be served, and many more investors
will keep coming.
Key Internal Controls at the Bank
The following committees were created to establish the key internal con-
trols that ensure compliance. Committee proceedings are reported to the
bank’s board of directors:
&TheBank Secrecy Act (BSA) Committeemeetsonaregularbasisto
discuss Currency Transaction Reports, Suspicious Activity Reports,
Wire Transfers (domestic/international), Office of Foreign Assets Con-
trol (OFAC), Financial Crimes Enforcement Network reports/findings,
and other BSA matters. Minutes of the meeting are maintained.
&TheCredit (Loan) Department Committeemeets on a regular basis to
discuss issues pertaining to credit approval and related matters. This
includes the current loan portfolio, loans in progress, and the status of
credit memos. In addition, the performance of each loan is evaluated to
assess the level of risk. Minutes of the meeting are maintained.
&TheInformation Technology/Security (IT/IS) Committeemeets on a
regular basis to discuss all matters pertaining to the computer and in-
formation technology (IT) systems’ viability and security. The commit-
tee reviews, on a regular basis, any attempts to penetrate the computer
system, data security, network server, computers, software, security
cameras, telephones, online banking, and disaster recovery.
&TheDaily Operations Committeemeets on a daily basis to discuss
issues pertaining to operational activities. This includes non-sufficient
fund activities, non-posted transactions and items, stop paymentOperating an RF Bank in the United States 323