Legal Aspects of
Islamic Finance

LAB4112
DR. ZULKIFLI HASAN

Contents

n  Legal aspect of Al Rahnu

Pawnbroking?

n  the business of advancing loans that are secured
against pledges of personal assets.

n  Those assets could include anything from
jewellery, diamonds, watches, and gold, to silver,
antiques, and fine artwork.
n  No credit checks
n  • Confidential service
n  • Instant cash
n  • Retain ownership of the valuable items

What’s wrong with conventional
Pawnbroking?

n  higher interest rates
n  usurious
n  exploitative activities
n  the decreasing value of pawned goods
n  low collateral value during the valuation process

Historical Background of Al Rahnu

n  The first Islamic pawn-broking institution,
Mu'assasah Gadaian Islam Terengganu (MGIT),
was set up by the Majlis Agama Islam dan Adat
Istiadat Terengganu in January 1992.

n  In March 1992, Kedai Al-Rahn (KAR), a subsidiary
of Permodalan Kelantan Berhad.

n  On 21 August 1993, the MOF announced the Skim
Al-Rahnu through the collaboration of three
institutions namely BNM, YPEIM and BKRM

n  1997: BIMB

n  2002: EON bank and AGRO bank

n  verse 283 of Surah al-Baqarah:
n  (And if you are on a journey and can not find a

scribe then let there be a pledge taken
(mortgaging) then if one of you entrusts the
other, let the one who is entrusted discharge his
trust faithfully and let him be afraid of Allah, his
lord. And conceal not the evidence for he who
hides it. Surely his heart is sinful. And Allah is
All-knower of what you do).

n  Narrated Aishah r.a the prophet s.a.w. bought
foodstuff on credit for a limited period and
mortgaged his armour for it [sahih Al-Bukhari,
3/2509].

What is Al Rahnu?

n  Al-Rahnu or pawn-broking is an activity whereby a
valuable item is collateralised to a debt which may
be utilised as payment should the debt is not
repaid within the agreed period. In the event the
debtor is not able to repay the debt, the pawned
asset will be sold off to settle the outstanding debt
and any surplus will be given back to the owner of
the asset. However, if the owner of the asset could
not be traced, it is the responsibility of the Islamic
pawn-broker to place the fund in the Baitulmal
account for future savings should any claims be
made for the surplus by the owner or his heir.

Al Rahnu

n  A combination of three concepts is applied for
the short-term financing under Islamic pawn-
broking, i.e. Qardhul Hasan (benevolent loan), Al-
Rahnu and Al-Wadiah (custodian).

(1) Qardhul Hasan

n  A bank will grant a benevolent loan to the
applicant who wishes to pawn his valuable item.
The loan will be issued under the concept of
Qardhul Hasan, whereby the customer is only
required to pay the amount borrowed;

(2) Al-Rahnu

n  Pledge or security related to loan.
n  Prior to disbursment of cash to the applicant,

the applicant is required to place a valuable asset
as collateral for the loan extended by the bank;

(3) Al-Wadiah

n  The bank accepts custody of the valuable asset
on a Wadiah concept whereby the bank
promises to keep the valuable asset in a safe
place. The bank will need to take precautionary
measure such as providing security and
insurance to ensure its safe returns once the
customer pays his debt. Under the Wadiah
concept, the bank will charge the customer for
the services rendered in keeping the valuable
asset.

Al Rahnu
n  The borrower (Al-Rahin) submits an item (gold) for

pawning to the lender (Al-Murtahin) as the collateral from
which the borrower (Al-Rahin) receives an interest-free
loan amounting to 60% of the pawned item.

n   The collateral item is held by the lender and a storage fee
is charged to the lender during the period of the loan.

n  The loan is paid in full or in installment after the maturity
date and the lender must return the collateral or the item
to the owner.

n  In the event of a default on the loan by the borrower; the
item is then auctioned.

n   The money gained from the auction of the item is used to
pay the defaulted loan and outstanding storage fees, while
what is let over is given to the borrower

Fatwa on al Rahnu
n  The 77th Muzakarah of the Fatwa Committee of the National

Council held on 10th -12th April 2007:
n   1. The working capital for Islamic pawn broking shop (ar-Rahn)

must be gained from Islamic banks or lawful (halal) sources and
free from usury(riba), gambling, uncertainties (gharar) and other
activities that do not meet the Shariah requirements

n   2. The pawnbroker should subscribe to Islamic insurance
coverage and is not allowed to get involved with conventional
insurance

n   3. If the collateral is lost, stolen, damaged or alike, the
pawnbroker has to pay compensation for the remaining value of
the collateral at the time of valuation

n  4. The pawnbroker should appoint internal Syariah legal advisor
to supervise the operation and activities of ar-rahn.

Al Rahnu Products

n  YPEIM
n  Agro Bank
n  Bank Rakyat
n  BIMB
n  Affin Islamic Bank

Legal Frameworks

n  S 46 of the Pawnbrokers Act 1972: The following
persons shall be exempted from the provisions

n  of this Act—
n  (a) any bank licensed to carry on banking business in

Malaysia;
n  (b) Bank Pertanian Malaysia established under the Bank
n  Pertanian Malaysia Act 1969 [Act 9]; and
n  (c) any co-operative society registered under any written
n  law in force in Malaysia relating to co-operative

societies.

Legal Frameworks

n  Al-rahnu scheme in BKRM is subject to different acts:-
n  1. the Bank Kerjasama Rakyat (M) Berhad Act 1978,
n  2. the Co-operative Societies Act (1993)
n  3. the Development Finance Institutions Act 2002.
n  4. Occupational Safety and Health Act for workers who

are exposed to acid for the gold test and the Weight
and Measurement Act, in which the gold weighing
device has to be licensed every year.

Syariah Issue

n  1. maintenance of the pledged asset
n  Upon the borrower
n  The lender can not make profit out of it.

Syariah issue

n  2. al intifa bi al marhun
n  The lender can not use the pledged asset except

with permission

Syariah issue

n  3. safekeeping fees.
n  Fees must be actual cost
n  The lender however makes profit through this

fees.
n  Eg. Loan RM5000.00 pledged asset value

RM10000.00, fees, (RM0.45 × 100 = RM45.00).
If 6 months RM270.00 (RM45.00 × 6 =
RM270.00).

Thank You

n  Dr. Zulkifli Bin Hasan
n  E-mail: zulkiflih@admin.kuim.edu.my

n  E-mail: zul361977@yahoo.com.
n  Tel. No: 06-7988455
n  Mobile: 0163379776


SYARIAH COURT SYARIAH COURT

CRIMINAL PROCEDURE CRIMINAL PROCEDURE

ENACTMENT OF SELANGOR ENACTMENT OF SELANGOR

(AMENDMENT) 2003. (AMENDMENT) 2003.

CONTENTSCONTENTS

�� SUMMONSSUMMONS

�� WARRANT OF ARRESTWARRANT OF ARREST

�� SEARCH WARRANTSEARCH WARRANT

�� CHARGECHARGE

SummonsSummons

�� Show cause letter given to the accused Show cause letter given to the accused

asking him to appear before the court.asking him to appear before the court.

�� Two types of summons:Two types of summons:--

�� Summon to compel appearance.Summon to compel appearance.-- s28s28

�� Summon to produce documents.Summon to produce documents.-- s 42s 42

SUMMONSSUMMONS

�� S 28 Shall be in writing in Form 2 and S 28 Shall be in writing in Form 2 and
signed by the judge and shall bear the seal signed by the judge and shall bear the seal
of the court.of the court.

�� Shall state the general nature of the offence Shall state the general nature of the offence
charged and the provision of the law under charged and the provision of the law under
which it is punishable.which it is punishable.

�� Shall ordinarily be served by an officer of Shall ordinarily be served by an officer of
the ct or any other person directed by the the ct or any other person directed by the
Ct.. Ct..

How Served?How Served?
�� Be served personally by showing him the Be served personally by showing him the

original summons and by tendering or delivering original summons and by tendering or delivering
him a copy thereof.him a copy thereof.

�� Person on whom summons is served shall if so Person on whom summons is served shall if so
required by the serving officer sign a receipt for required by the serving officer sign a receipt for
the copy thereof on the back of the original the copy thereof on the back of the original
summons.summons.

�� Where the person cannot be found, may be Where the person cannot be found, may be
served by leaving a copy thereof for him with served by leaving a copy thereof for him with
some adult member of his family or his servant some adult member of his family or his servant
residing with him.residing with him.

PS Cannot Be EffectedPS Cannot Be Effected

�� s 30.The service officer shall affix a copy s 30.The service officer shall affix a copy

of the summons to some conspicuous  part of the summons to some conspicuous  part

of the house or other place in which the of the house or other place in which the

person summoned ordinarily resides.person summoned ordinarily resides.

�� S 31S 31-- Proof of service.Proof of service.

�� Affidavit of service to be made b4 registrar Affidavit of service to be made b4 registrar

shall be made admissible in evidence.shall be made admissible in evidence.

Warrant of ArrestWarrant of Arrest

�� S 32S 32-- Shall be in form 3 signed by the judge Shall be in form 3 signed by the judge

and shall bear the seal of the court.and shall bear the seal of the court.

�� Shall remain in force until it is cancelled by Shall remain in force until it is cancelled by

the court or until it is executed.the court or until it is executed.

Court may direct by endorsement on Court may direct by endorsement on

warrant security to be takenwarrant security to be taken

�� S 33S 33-- any ct issuing WOA may in its discretion any ct issuing WOA may in its discretion

direct by endorsement on the warrant that if direct by endorsement on the warrant that if

such person executes a bond with sufficient such person executes a bond with sufficient

sureties, the officer to whom the warrant is sureties, the officer to whom the warrant is

directed shall take such security and shall directed shall take such security and shall

release such person from custody.release such person from custody.

�� IndorsementIndorsement-- number of sureties, amount, place number of sureties, amount, place

and time.and time.

�� Bond be forwarded to the ct.Bond be forwarded to the ct.

To whom directedTo whom directed

�� S 34S 34--Be directed to CREO and all REO and any Be directed to CREO and all REO and any
such officer.such officer.

�� The ct issuing a WOA may direct it the IGP and The ct issuing a WOA may direct it the IGP and
all other PO or any person by name not being all other PO or any person by name not being
REO or PO and all or any one or more of such REO or PO and all or any one or more of such
persons may execute the warrant.persons may execute the warrant.

�� The REO shall notify the substance of the The REO shall notify the substance of the
warrant s 35.warrant s 35.

�� S 36.Person arrested to be brought b4 ct S 36.Person arrested to be brought b4 ct without without
delay. Federal Const Article 5 (4)delay. Federal Const Article 5 (4)-- 24 hours.24 hours.

Procedure on Arrest of Person Procedure on Arrest of Person

against whom warrant is issuedagainst whom warrant is issued

�� S 37 (1)S 37 (1)-- when WOA is executed outside when WOA is executed outside
local limit of the local limit of the ctct’’ss jurisdiction, the person jurisdiction, the person
arrested shall be brought b4 the nearest  arrested shall be brought b4 the nearest
judge.judge.

�� 2. the judge shall direct his removal in 2. the judge shall direct his removal in
custody to the court named in the warrant.custody to the court named in the warrant.

�� 3. If the offence is 3. If the offence is bailablebailable and the person and the person
ready and willing to give bail, the judge ready and willing to give bail, the judge
shall take such bond or security.shall take such bond or security.

Warrant in lieu of summonsWarrant in lieu of summons

�� S 38S 38--the ct has reason to believe that he has the ct has reason to believe that he has

absconded or will not obey the summons.absconded or will not obey the summons.

�� Fails to appear and the summons is proved Fails to appear and the summons is proved

to have been duly served in time and no to have been duly served in time and no

reasonable excuse is offered for such reasonable excuse is offered for such

failure.failure.

Summons to Produce DocumentsSummons to Produce Documents

�� S 42S 42-- REO or PO making investigation REO or PO making investigation

considers that the production of the considers that the production of the

document is necessary for the purpose of document is necessary for the purpose of

any investigation before such ct, such ct any investigation before such ct, such ct

may issue a summons to the person may issue a summons to the person

possessed the document to attend and possessed the document to attend and

produce it at the time and place stated in the produce it at the time and place stated in the

summons.summons.

SEARCH WARRANTSEARCH WARRANT

�� Power to do a search given to the PO or Power to do a search given to the PO or

REO for the investigation of criminal REO for the investigation of criminal

offences.offences.

�� SW is a written document issued by a judge SW is a written document issued by a judge

to do a search of :to do a search of :--

�� 1) the body of persons or 1) the body of persons or

�� 2) premises.2) premises.

Section 44Section 44

�� When SW may be issued. (1) ifWhen SW may be issued. (1) if

�� a) has reason to believe that a person to a) has reason to believe that a person to

whom a summons under s 42 has been or whom a summons under s 42 has been or

might have been addressed will not or might have been addressed will not or

would not produce the property or would not produce the property or

documents as required.documents as required.

�� b)such property or document is not known b)such property or document is not known

to the court to be in the possession of any to the court to be in the possession of any

person.person.

ContCont……

�� c) the Ct considers that the purposes of c) the Ct considers that the purposes of
justice or of any inquiry, trial or other justice or of any inquiry, trial or other
proceedings under this enactment will be proceedings under this enactment will be
served by a general search or inspection: orserved by a general search or inspection: or

�� d) the Ct upon information and after such d) the Ct upon information and after such
inquiry as he thinks necessary has reason to inquiry as he thinks necessary has reason to
believe that an offence has been committed believe that an offence has been committed
in any place.in any place.

�� The Ct may issue SW and the person to The Ct may issue SW and the person to
whom such warrant is directed may search whom such warrant is directed may search
and inspect in accordance with the and inspect in accordance with the
enactment.enactment.

ContCont……....

�� (2) (2) A SW shall ordinarily be directed to the A SW shall ordinarily be directed to the

CREO and to other REO to be designated CREO and to other REO to be designated

by name therein and all or any of such by name therein and all or any of such

officers may execute such warrant.officers may execute such warrant.

�� (3) The Ct issuing SW may direct it to the (3) The Ct issuing SW may direct it to the

IGP and to other PO to be designated by IGP and to other PO to be designated by

name therein and all or any of such officers name therein and all or any of such officers

may execute such warrant.may execute such warrant.

Section 45Section 45

�� The Ct may if it thinks fit specify in the SW The Ct may if it thinks fit specify in the SW

the particular place or part thereof to which the particular place or part thereof to which

only the search or inspection shall extend and only the search or inspection shall extend and

the person charged with the execution of such the person charged with the execution of such

warrant shall then search or inspect only the warrant shall then search or inspect only the

place or that part so specified. place or that part so specified.

Section 46Section 46
�� Judge upon information and after such inquiry Judge upon information and after such inquiry

as he thinks necessary has reason to believe as he thinks necessary has reason to believe
that any thing upon, by or in respect of which that any thing upon, by or in respect of which
an offence has been committed an offence has been committed

�� Any evidence or thing which is necessary to the Any evidence or thing which is necessary to the
conduct of an investigation into any offence, conduct of an investigation into any offence,
may be found in any place,may be found in any place,

�� He may by warrant authorize the person to He may by warrant authorize the person to
whom it is directed to enter, with such whom it is directed to enter, with such
assistance as may be required and search the assistance as may be required and search the
place for any such evidence or thing and,place for any such evidence or thing and,

�� If anything searched for is found, to seize it and If anything searched for is found, to seize it and
bring it b4 the judge issuing the warrant or bring it b4 the judge issuing the warrant or
other judge.other judge.

Section 47Section 47

�� Form of search warrant.Form of search warrant.

�� In form 4 of the 2In form 4 of the 2ndnd ScheduleSchedule

�� Signed by the judgeSigned by the judge

�� Bear the seal of the courtBear the seal of the court

�� Such warrant shall remain in force for a Such warrant shall remain in force for a

reasonable number of days to be specified reasonable number of days to be specified

in the warrant.in the warrant.

Section 48Section 48

�� If any judge has reason to believe that any If any judge has reason to believe that any
person is confined under such circumstances person is confined under such circumstances
that the confinement amounts to an offence,that the confinement amounts to an offence,

�� He may issue a search warrant and the person He may issue a search warrant and the person
to whom such warrant is directed may search to whom such warrant is directed may search
for the person confined,for the person confined,

�� Such search shall be made in accordance Such search shall be made in accordance
therewiththerewith

�� And the person if found shall be immediately And the person if found shall be immediately
taken b4 judge who shall make such order if it taken b4 judge who shall make such order if it
seems proper.seems proper.

Section 49Section 49

�� Person in charge of closed places to allow Person in charge of closed places to allow
search.search.

�� 1) whenever any place liable to search or 1) whenever any place liable to search or
inspection any person residing in or being inspection any person residing in or being
in charge of such place shall on demand of in charge of such place shall on demand of
the officer or other person executing the the officer or other person executing the
warrant and on the production of the warrant and on the production of the
warrant allow him free ingress thereto warrant allow him free ingress thereto
reasonable facilities for a searchreasonable facilities for a search

�� 2) If ingress cannot be obtained the officer 2) If ingress cannot be obtained the officer
executing the warrant may proceed in executing the warrant may proceed in
manner provided in s 11 (2).manner provided in s 11 (2).

SECTION 50SECTION 50

�� Judge by whom a SW is issued may Judge by whom a SW is issued may
attend personally for the purpose of attend personally for the purpose of
seeing that the warrant is duly executed.seeing that the warrant is duly executed.

SECTION 51SECTION 51

�� Any judge may orally direct a search to Any judge may orally direct a search to
be made in his presence of any place for be made in his presence of any place for
the search of which he is competent to the search of which he is competent to
issue SW.issue SW.

SECTION 52SECTION 52

�� A list of all things seized in the course of a A list of all things seized in the course of a
search made under chapter and of the place in search made under chapter and of the place in
which they are respectively found shall be which they are respectively found shall be
prepared by the officer and signed by him.prepared by the officer and signed by him.

SECTION 53SECTION 53

�� The occupant of the place searched or The occupant of the place searched or
some person in his behalf shall in every some person in his behalf shall in every
instance be permitted to attend during the instance be permitted to attend during the
search, and a copy of the list prepared and search, and a copy of the list prepared and
signed under s 52 shall be delivered to such signed under s 52 shall be delivered to such
occupant or person at his request.occupant or person at his request.

Charge Charge

�� First step in the criminal prosecution First step in the criminal prosecution
process of an offence. Definite allegation.process of an offence. Definite allegation.

�� When When ““ charged with an offencecharged with an offence””-- he is he is
called to appear b4 judge and informed of called to appear b4 judge and informed of
the charge or complaint against him. the charge or complaint against him.

�� Notice to the offender.Notice to the offender.

�� The charge is information to the court The charge is information to the court
which is to try the accused of the matters to which is to try the accused of the matters to
which evidence is to be directed.which evidence is to be directed.

ChargeCharge-- must be precisemust be precise

�� S 78S 78--Form of ChargeForm of Charge-- state the offence the state the offence the
accused is charged.accused is charged.

�� If specific nameIf specific name-- by that name by that name only.egonly.eg-- Incest, Incest,
KhalwatKhalwat

�� If no specific name, definition of the offence must If no specific name, definition of the offence must
be statedbe stated-- egeg-- attempt or abetment ofattempt or abetment of……....

�� The law and provisions of the lawThe law and provisions of the law-- shall be shall be
mentioned.mentioned.

�� The fact that the charge is made equivalent to a The fact that the charge is made equivalent to a
statement that every legal condition required by statement that every legal condition required by
law to constitute the offence charge was fulfilled.law to constitute the offence charge was fulfilled.

s 79s 79-- Particulars time, place Particulars time, place

and personand person

�� Reasonably sufficient to give the accused Reasonably sufficient to give the accused
notice of the matter with which he is notice of the matter with which he is
charged. charged.

s 80s 80--When manner committing When manner committing

offence must be stated.offence must be stated.

�� If no sufficient notice charge shall also If no sufficient notice charge shall also
contain such particulars of the manner in contain such particulars of the manner in
which the alleged offence was committed.which the alleged offence was committed.

ExampleExample

�� That you That you AsmawiAsmawi bin bin SumawiSumawi I/C 830108125060 I/C 830108125060
on 5.3.2006 at about 5.20 am has been found on 5.3.2006 at about 5.20 am has been found
together with together with AsmahAsmah binti Samad in a house No 1, binti Samad in a house No 1,
TamanTaman SuteraSutera IndahIndah, , BangsarBangsar, Kuala Lumpur  , Kuala Lumpur
under circumstances which give rise to suspicion under circumstances which give rise to suspicion
that you have engaged in immoral acts and  that that you have engaged in immoral acts and  that
you have hereby committed an offence punishable you have hereby committed an offence punishable
under section 27 of the under section 27 of the ShariahShariah Criminal Offences Criminal Offences
Act 1997 and shall on conviction be liable to a fine Act 1997 and shall on conviction be liable to a fine
not exceeding RM3000 or to imprisonment for a not exceeding RM3000 or to imprisonment for a
term not exceeding 2 years or to both.. term not exceeding 2 years or to both..

S 81S 81-- Sense of words used in charge Sense of words used in charge

to describe offenceto describe offence

�� Shall be deemed to have been used in the Shall be deemed to have been used in the

sense attached to them respectively by the sense attached to them respectively by the

law under which such offence is punishable.law under which such offence is punishable.

S 82S 82-- Effect of errorsEffect of errors

�� No error shall be regarded at any stage of No error shall be regarded at any stage of
the case as material unless the accused was the case as material unless the accused was
in fact misled by such entry or omission.in fact misled by such entry or omission.

�� PPVS DSAI PPVS DSAI -- In 1999, he was sentenced to In 1999, he was sentenced to
six years in prison for corruption and in six years in prison for corruption and in
2000 to another nine years in prison for 2000 to another nine years in prison for
sodomy.  The PP has amended several times sodomy.  The PP has amended several times
the charge sheet. It is acceptable by the the charge sheet. It is acceptable by the
Court.Court.

�� S 83S 83-- Ct may amend or add to chargeCt may amend or add to charge S 84S 84-- When When

trial may proceed immediately after alteration or trial may proceed immediately after alteration or

addition.addition.

�� AzizanAzizan & Norhayati v & Norhayati v PSMelakaPSMelaka –– khalwatkhalwat and and

attempt to commit adultery.attempt to commit adultery.

�� S 85S 85-- When new trial may be directed or trial When new trial may be directed or trial

adjournedadjourned

�� S 86S 86-- Stay of proceedings if prosecution of Stay of proceedings if prosecution of

offence in amended charge requires previous offence in amended charge requires previous

sanction sanction

�� S 87S 87-- Recall of witnesses when charge amended Recall of witnesses when charge amended

or addedor added--

General principleGeneral principle-- S 88S 88-- Separate Separate

charges for distinct offences. charges for distinct offences.

�� Exceptions Exceptions ––

�� S 89S 89-- Three offences of same kind within Three offences of same kind within

12 months may be charges together12 months may be charges together-- PSP V PSP V

Shah Shah PandakPandak OthmanOthman--Deviant teaching, do Deviant teaching, do

not perform prayer, spiritual marriage.not perform prayer, spiritual marriage.

�� PSK V PSK V JaffaryJaffary-- 3 times committed adultery.3 times committed adultery.

ContCont……

�� S 90S 90-- Trial for more than one offence. Charge Trial for more than one offence. Charge
with all offences at one trial. Abu with all offences at one trial. Abu TalibTalib Harun Harun
v v PSJohorPSJohor-- married with 10 wives. married with 10 wives.

�� S 91S 91--Where it is doubtful what offence has Where it is doubtful what offence has
been committedbeen committed-- all or any of such offencesall or any of such offences

�� S 92S 92-- When a person charged with one When a person charged with one
offence can be convicted for anotheroffence can be convicted for another-- may be may be
convicted of the offence which he is proven to convicted of the offence which he is proven to
have committed.have committed.

�� S 93S 93-- Person charged with an offence can be Person charged with an offence can be
convicted of the attemptconvicted of the attempt

�� S 94S 94-- When offence proved is included in When offence proved is included in
offence chargedoffence charged--

�� 1. The lesser offence1. The lesser offence

�� S 95S 95-- When persons may be charged jointly.When persons may be charged jointly.

�� Accused of the same offence or different Accused of the same offence or different
offences committed in the same transaction offences committed in the same transaction
or or

�� One person is accused and another of One person is accused and another of
abetment or attempt. abetment or attempt.

Thank YouThank You

Zulkifli Bin Zulkifli Bin HasanHasan

Lecturer Faculty of Lecturer Faculty of SyariahSyariah & Law& Law

EE--mail: mail: zul361977@yahoo.comzul361977@yahoo.com..

Tel. No: 06Tel. No: 06--7988 4837988 483

H/Phone No: 019H/Phone No: 019--66985146698514


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: March 28, 2012
March 28, 2012
DR. ZULKIFLI HASAN
Morocco eyes first Islamic bank launch in 2013
Morocco eyes first Islamic bank launch in 2013
Available at:
http://www.brecorder.com/money-a-banking/198/1169744/
Foreign Islamic banks will be allowed to take up to 49 percent of Morocco’s first fully-fledged Islamic bank in 2013, as the country aims to become a regional financial hub, a government minister said on Monday.
The government will submit to parliament a draft bill with a set of regulations for the introduction of Islamic finance products in the country within the next few weeks, General Affairs and Governance minister, Najib Boulif, told Reuters.
“We expect parliament to approve the bill before the end of this year.
The current plan is to allow a gradual introduction of Islamic banks to preserve the competitiveness of existing (conventional) banks,” said Boulif.
The draft bill will be added as a chapter to the country’s Banking Law, providing a set of regulations on all Islamic finance products which specialised lenders will be able to offer from Morocco, Boulif said.

It is the first time that the Moroccan government, led since December by the moderate Islamist Justice and Development Party (PJD) has detailed how it intends to develop Islamic finance in the country of 34 million.
Morocco does not allow fully-fledged Islamic institutions but started in 2010 allowing conventional banks to offer a limited set of Islamic financial services products although customers complain they are subject to higher fees than conventional banking products.

So far only AttijariWafa, the country’s biggest bank which is indirectly controlled by a holding company owned by Morocco’s ruling monarchy, offers four such services based on Murabaha financing but only for personal finance.
Immediately after parliament approves the law, Moroccan authorities will allow local banks and foreign Islamic banks to set up the first Morocco-based Islamic lender, Boulif said.

“Local banks will be allowed to take at least 51 percent of its capital and as much as 49 percent will go to foreign Islamic lenders.
There is a very strong demand from abroad for such a project,” said Boulif, himself a member of the PJD.
Traders in Casablanca cite Qatar’s International Islamic Bank as one of the likeliest foreign Islamic banks to want a foothold in Morocco.

“We thought it is best to start with one Islamic finance institution as we wish to assess closely the experience to ensure its success.
If it proves to be a success within six months, then nothing should stop us from authorising more Islamic lenders,” added Boulif.
In allowing fully-fledged Islamic finance institutions to operate in Morocco, Rabat aims to overcome what has become a chronic shortage of liquidity, speed up economic growth and help its ambitions to develop a regional finance hub in Casablanca.

“Our economy is in desperate need for a push to help it jump to an economic growth pattern above the (annual) 4 percent we have had in recent years,” said Boulif.
When in opposition PJD legislators had said the development of a fully-fledged Islamic finance system in Morocco would add 2 percentage points to annual GDP growth.
“Morocco is struggling with liquidity shortage that forces the central bank to inject between 30 and 35 billion dirhams each week (into the banking system).
This shortage hurts the financing of investment and impacts lending growth,” Boulif said.

Morocco is also working on a developing a regional financial hub known as the Casablanca Finance City with a view to winning business with other countries in the north and west of Africa.
“We are keen to capitalise on the stability we enjoy here to turn Morocco into a regional Islamic finance platform,” Boulif said, adding however that Tunisia and Libya may also harbour similar ambitions.
Regards

ZULKIFLI HASAN
University of Wales, Lamperter
Islamic finance news
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Sunday & Monday 2-3 Shaban 1440H 7-8 April 2019
Gulf Hotel, Bahrain

AAOIFI 17th Annual
Shari’ah Boards Conference

Organised by   تنظيمUnder the Auspices of تحت رعاية

Major Partner

Platinum Partner

Gold Partner

Silver Partner

Broadcast Partner

Knowledge PartnerLive Translation sponsor

Media Partner

Agenda of

AAOIFI 17th Annual Shari’ah Boards Conference2

8:00 - 9:00   Registration

9:00 - 10:15   Opening ceremony and keynote addresses
   Reciting Holy Quran verses
   Honorable Sh. Muhammad Taqi Usmani, AAOIFI Shari’ah Board chairman, chairman
of Supreme Shari’ah Board, State Bank of Pakistan, and Vice-President of Darul-Uloom
Karachi, Pakistan.

   Honorable Mr. Khalid Hamad, Executive Director of Banking Supervision at the Central
Bank of Bahrain, Member, Board of Trustees, AAOIFI

   Keynote address: H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board of
Trustees, AAOIFI

   Welcoming address: Mr. Omar Mustafa Ansari, Acting Secretary General, AAOIFI

10:15 - 10:30   Sponsor Recognition - Mementos Distribution

10:30 - 11:00   Exhibition and Break

11:00 - 12:10    Session 1:  ”Panel session” Importance of Regulatory Requirement
of Mandatory Adoption of Shari’ah Standards by Islamic
Financial Institutions (IFIs)

   Honorable Mr. Khalid Hamad, Executive Director of Banking Supervision at the Central
Bank of Bahrain, Member, Board of Trustees, AAOIFI

   Honorable Dr. Fahd Ben Ibrahim Alshathri, Deputy Governor of the Supervision at the
Saudi Arabian Monetary Authority.

   Honorable Mr. Hassan Osman Ali, Director of Financial institutions Department, The
General Directorate for the Regulation and development of the banking system, Central
Bank of Sudan.

12:10 - 13:30   Prayers and Lunch break (Sponsored  by Central Bank of Bahrain)

13:30 - 15:45 Session 2:  Regulatory Imposition of Obligatory Reduction of the Amount
of Debt  Due to Prepayment

  Main Topics:
   Position of contemporary Ijtihad on reduction of the amount of debt due to prepayment.
   Requirement of reducing the amount of debt due to prepayment:  means-driven
prohibition (blocking the means - Zhara’ai- which could be deblocked/relaxed) versus
Maqasid-driven prohibition.Potential Shari’ah violations arising from the regulatory
requirement of debt amount reduction due to prepayment.

   The practical rationale for regulatory requirement of debt amount reduction due to
prepayment.

   Can the regulatory requirement of debt amount reduction be practically justified?
   Is there a difference between mandatory regulatory requirement and contractual
stipulation (with mutual consent of debtor/creditor)?

   Can potential Shari’ah violations be eliminated by a way of imposing debt amount
reduction requirement by regulators?

  Chairman:
   Honorable Sh. Abdullah Bin Sulaiman Al Manea, Member, Supreme Judiciary Council;
Advisor, Saudi Royal Court; Member, Shari’ah Board, AAOIFI.

  Speakers:
   Honorable Sh. Dr. Naif  Mohamed Hajjaj Al Ajmi, Former Minster of Awqaf & Islamic
Affairs, Kuwait; Member, AAOIFI Shari’ah Standards Committee, Kuwait

Day 1
Sunday, 7 April 2019

AAOIFI 17th Annual Shari’ah Boards Conference 3

   Honorable Prof. Dr. Esam Al Enezi, Professor at the University of Kuwait, and Chairman
and Member of IFIs’ Shari’ah Supervisory Boards around the world; Member, Shari’ah
Board, AAOIFI

  Commentators:
   Honorable Sh. Muhammad Taqi Usmani, AAOIFI Shari’ah Board chairman, chairman
of Supreme Shari’ah Board, State Bank of Pakistan, and Vice-President of Darul-Uloom
Karachi, Pakistan.

   Honorable Sh. Prof. Dr. Yousif Abdullah Al Shubaili, Professor at the Higher Judicial
Institute, Comparative Jurisprudence Department; Chairman and Member of IFIs’
Shari’ah Supervisory Boards; Member, Shari’ah Board, AAOIFI

   Honorable Sh. Dr. Mohamed Al Tabtabai, Head, Higher Advisory Committee for
Completion of Shari’ah Implementation, The Amiri Diwan of Kuwait; Member, Board of
Trustees, AAOIFI

15:45 - 16:00   Prayers and coffee break

16:00 - 17:30 Session 3:  Methods to Safeguard Against Risks Associated with Ownership
in Ijarah Muntahia Bittamleek Financing Mode?

  Main Topics
   Concept of risks associated with ownership and derivation of Shari’ah basis for stipulating
that owner bears these risks against entailment to corresponding return.

   Difference between risk management and risk transfer.
   Is it permissible that the financer (lender) bears the risks associated with ownership
while the financee (borrower) provides for the increase in profit rate (rental)?

   Do regulations allow that Islamic banks bear the risks associated with ownership without
corresponding increase in a bank’s capital requirements?

   How can conventional banks participate in financing of Ijarah Muntahia Bittamleek
transactions if the risk associated with ownership is borne by financing banks?

   Methods, techniques and Shari’ah rulings of risk mitigation and additional requirements
associated with ownership and transfer of risk to the lessee in Ijarah Muntahia Bittamleek mode.

   Is it permissible to stipulate that the lessee covers insurance and maintenance costs of the
leased asset in an indirect way (given  inability to do so through Wakalah)? and what is the
difference between direct and indirect stipulation of such guarantee (Dhaman)?What is
the dividing line between impermissible stratagem (Hilah) and permissible alternatives
(Makhraj) in risk mitigation?

   Does the substantial increase in risk associated with ownership in sizable financing
transactions affect permissibility for financing bank to bear this risk?

   Does Ijarah Muntahia Bittamleek remain Shari’ah compliant under contemporary Ijtihad
if the risks associated with ownership are transferred to the lessee?

   The impact of transfer of risk associated with ownership in Ijarah Muntahia Bittamleek
to the lessee on legal characterization  of this Ijarah as instalment sale?

  Chairman:
   Honorable Sh. Dr. Ibrahim Ahmed Alshaikh Al Darir, Secretary General of Sudane,
AOIF Member, Higher Shari’ah Supervisory Board (HSSB), Central Bank of Sudan;
Member, Shari’ah Board, AAOIFI
  Speakers:
   Honorable Sh. Prof. Dr. Mohamed Al Qari, Member, Board of Trustees, AAOIFI;
Chairman and Member of IFIs’ Shari’ah Supervisory Boards.

   Honorable Sh. Dr. Khalid Mohammed Al Sayari, AAOIFI Shari’ah Standards
Committee, Riyadh

  Commentators:
   Honorable Sh. Prof. Dr. Nazih Hammad, Member, Shari’ah Board, AAOIFI; Chairman
and Member, IFIs’ Shari’ah Supervisory Boards

   Honorable Sh. Dr. Aznan Hasan, Chairman of Securities Commission Sharia Board,
Malaysia, and AAOIFI Shari’ah Board member.

   Honorable Sh. Abdul Sattar Al Qattan, CEO, Shura Shari’ah Consultancy, Kuwait;
AAOIFI Shari’ah Standards Committee, Kuwait.

AAOIFI 17th Annual Shari’ah Boards Conference4

Day 2
Monday, 8 April 2019

9:00 - 10:15 Session 4: “Panel session” Coordination Amongst Central Shari’ah Boards
  Speakers:
   Honorable Sh. Prof. Dr. Abdul Sattar Abu Ghuddah,  Chairman, Central Shari’ah

Board, VCentral Bank of Bahrain; Chairman and Member of IFIs’ Shari’ah Supervisory
Boards Deputy Chairman, Shari’ah Board, AAOIFI

   Honorable Sh. Dr. Ahmed Al Haddad, Head of Supreme Board, Central Bank of the
U.A.E, Member of the Higher Committee for Fatwa, Dubai; Head of AAOIFI Shari’ah
Standards Committee, Dubai

   H. E. Prof. Dr.  Mohamad Akram Laldin, Chief Executive, the International Shari’ah
Research Academy for Islamic Finance (ISRA), Malaysia.

   Honorable Sheikh Irshad Ahmad Aijaz, Chairman of the Supreme Authority of the
Central Bank of Pakistan,  and member of AAOIFI Shari’ah Standards Committee, Karachi

10:15 - 10:30   Refreshment break

10:30 - 12:30 Session 5:   Sukuk Listing in Global Financial Markets and Compatibility
of Listing Requirements with Shari’ah Structures

  Main Topics
   Nature of global financial markets in which Sukuk are listed.
   Sukuk listing under respective category of financial securities on global financial
markets.

   Do global financial markets accept listing sukuk as debt instrument (fixed income
instrument) whilst Sukuk holders are owners of underlying assets?

   The effect of listing requirements in the global financial markets on the Shari’ah
structures of Sukuk.

   Basis of listing Sukuk in global financial markets given their own risk profile that sets
them apart from conventional bonds.

   Is it always necessary to list Sukuk in global financial markets?

  Chairman:
   Honorable Sh. Esam Ishaq, Deputy Chairman, Governance and ethics Board, AAOIFI,
Deputy Chairman, Discover Islam, Member - High Council for Islamic Affairs, Chairman
and Member of IFIs’ Shari’ah Supervisory Boards Around the World.

  Speakers:
   Honorable Sh. Dr. Sami Al Suwailem, Head of Financial Product Development Center,
Islamic Development Bank, Kingdom of Saudi Arabi.

   Honorable Dr. Hatem Ghouma, Assistant Professor of Finance at St. Francis Xavier
University.

   Honorable Sh. Mohammad  Alduwailah, Executive Manager Money Markets, Kuwait
Finance House, Kuwait.

   Honorable Dr. Walid Hegazy, Founder and Managing Director, Waleed Hegazy Law
firm, Member, Governance and Ethics Board, AAOIFI.

  Commentators:

   Honorable  Sh. Dr. Osaid Muhammad Adeeb Kailani, Global Head, Shari’ah, Abu
Dhabi Islamic Bank; Member, Shari’ah Board, AAOIFI

   Honorable Sh. Dr. Nizam Mohammad Al Yakubi, Member, Shari’ah Board, AAOIFI;
Chairman and Member of IFIs’ Shari’ah Supervisory Boards

AAOIFI 17th Annual Shari’ah Boards Conference 5

12:30 - 14:00   Prayers and Lunch Break.

14:00 - 15:30 Session 6:  Validation of Defective Contracts and its Impact on Stability
of Transactions and its Modern Applications.

  Main Topics
   Concept of defective contract validation.
   Need for defective contract validation.
   Validatable defective contract.
   Methods to validate defective contracts, and Fiqh-related applications.
   Can customary practices be used as basis for validation of defective contracts?
   Is validation of defective contracts effected on “contractual” or “judicial” basis?
   Does validation of defective contract affect its consequences in the period prior to
validation?

   Defective contract validation: modern applications.
  Chairman:
   Honorable Sh. Prof. Dr. Mohammad Othman Shubeir, AAOIFI Shari’ah Board
Member, Jordan.
  Speakers:
   Honorable Dr. Bashir Mohammad Al Ghariani, Vice Chairman, Central Bank of Libya
Sharia Board, AAOIFI Shari’ah Board Member, Libya.

   Honorable Sh. Aflah Alkhalily, AAOIFI Shari’ah Board Member, Oman.
  Commentators:
   Honorable Sh. Prof. Dr. Abdul Sattar Abu Ghuddah,  Chairman, Central Shari’ah
Board, VCentral Bank of Bahrain; Chairman and Member of IFIs’ Shari’ah Supervisory
Boards Deputy Chairman, Shari’ah Board, AAOIFI

   Honorable Sh. Mohamed Jamil, Member, High Council of Ulemas; Member, Shari’ah
Board, AAOIFI

15:30   Conclusion

AAOIFI 17th Annual Shari’ah Boards Conference6

  Session 1
H.E. Mr. Khalid Hamad, Executive Director – Banking Supervision, Central
Bank of Bahrain; Member, Board of Trustees, AAOIFI
Mr. Khalid Hamad has held several senior posts at the Central Bank of Bahrain (CBB). His
current responsibilities include supervision of all banking institutions, including Islamic banks,
as well as inspection of all financial institutions, comprising banks, insurance firms, investment
firms, capital market licensees and ancillary services providers. Mr. Hamad has a Bachelors
degree in Business Administration from the University Of Portland, USA, and a Strategic
Leadership and Executive Management Program certificate from the University of Columbia,
New York. Mr. Hamad is Chairman of the International Islamic Financial Market (IIFM),
Chairman of Deposit and Unrestricted Investment Accounts Protection Board, Chairman of
the Waqf Fund for Research, Education and Training in Islamic Finance Deputy Chairman of
Accountants Affairs committee, member of AAOIFI Board of Trustees, an Associate Member of
Toronto Strategic Leadership, member of GCC Banking Supervision Committees.

Dr. Fahd Ben Ibrahim Alshathri, Deputy Governor of the Supervision at
the Saudi Arabian Monetary Authority
In June 2018, Dr. Fahad Alshathri was appointed to the position of Deputy Governor for
Supervision at the Saudi Arabian Monetary Authority (SAMA) where his main responsibilities
included ensuring a sound and efficient financial system through effective regulation of the
banking industry, the insurance industry and finance companies (mortgage, leasing, and other
non-bank lenders).
Dr. Alshathri was the Deputy Governor of Research and International Affairs at Saudi Arabian
Monetary Authority (SAMA)
He is a member of the Board of Directors of Saudi Social Development Bank, General Authority
of Zakat and Tax, Arab Fund for Economic and Social Development.
Dr. Alshathri actively involved in the support of Saudi Arabia Vision 2030 in different capacities.
He was a key member of the team that initiated the work to design the Financial Sector
Development Program, one of 12 Vision 2030 realization Programs and served as a member of
its Counsel which is led by the Minister of Finance. He was also a member of another vision
realization program, which is the Counsel of the National Champions Promotion Program.
Dr. Alshathri was also a member of the Preparatory Committee for National Financial Stability
Committee and Preparatory National Committee for Hosting the Group of Twenty (G20).
Before joining SAMA in 2016, Dr. Fahad Alshathri served in the Saudi Office at the International
Monetary Funds (IMF). He started at the IMF as an Advisor to Executive Director, and to
Alternate Executive Director in 2012. In 2013, he was appointed as an Executive Director and
Board member at the IMF. Dr. Alshathri started his career as an Accountant in the Saline Water
Conversion Corporation and became an Economic Researcher in 2000 at Ministry of Finance,
until he became an Economic Advisor in 2008 to 2011. Dr. Alshathri studied BS in Accounting
in 1994 and completed his Master of Science in Economics at King Saud University. He
finished his Ph.D. in Economics, with Fields in Public Finance and Minor in Finance at Lehigh
University, Bethlehem, Pennsylvania, USA in 2008.

Mr. Hassan Osman Ali, Director of Financial institutions Department, The
General Directorate for the Regulation and Development of the Banking System,
Central Bank of Sudan.
Qualifications:

Bsc( honours) Second class division one  Khartoum university ,1984, Msc (Finance),1990,
Khartoum University, Banking Diploma, 1990, Institute for banking Studies- Khartoum.

Work Experience:

Central Bank of Sudan since 1985, Research& Statistics Dept. 1985 -1990, Banking
Supervision Dept. 1990- 2001, Banks Restructuring Unit, 2001-2003, AML unit, 2003-2008,
Branch manager, 2008-2010 ( El Fashir Branch), CPU dept. 2010 -2012, Branch manager, 2013-
May,2018 (Atbara Branch), Director, Financial Institutions Dept. General Administration of
Banking Regulation and Development since May, 2018.

Speaker Biographies

AAOIFI 17th Annual Shari’ah Boards Conference 7

  Session 2

Honorable Sh. Dr. Naif  Mohamed Hajjaj Al Ajmi, Former Minster of
Awqaf & Islamic Affairs, Kuwait; Member, AAOIFI Shari’ah Standards Committee,
Kuwait
He has received his bachelor’s degree from the Faculty of Sharia in Kuwait University in 1996
with distinction and honours.

He then earned his master’s degree from Shari’a Department at Dar Al-Ulum College in 2001
with distinction.

He then obtained his Ph.D from the same college with first class honours, He is chairman and
member of a number of Sharia bodies in Islamic financial institutions.

He has published works on the lease of gold and silver Ijarah Muntahia Bittamleek, lending of
Zakat funds, Salam contract and its modern applications and deferred sale.

Honorable Prof. Dr. Esam Al Enezi, Professor at the University of Kuwait,
and Chairman and Member of IFIs’ Shari’ah Supervisory Boards around the world;
Member, Shari’ah Board, AAOIFI
Academic Qualifications:

Ph.D. from the University of Jordan in Islamic Jurisprudence, Master degree from the
University of Kuwait, Faculty of Higher Studies, Jurisprudence  and Jurisprudential
Principles Programme, Bachelor degree from the University of Kuwait in Jurisprudence and
Jurisprudential Principles.

Practical Experience:

Member of the Shariah Supervisory Boards of: Bahrain Islamic Bank, Bubyan Bank,Al Shaam
(Levant) Bank, Dar Al Istithmar Company, Al Dar Asset Management, Al Manar Finance
and Ijarah Company, Funds Classification & Collection Company, Warid Ijarah & Finance
Company, Professor at the University of Kuwait, Faculty of Shariah & Islamic Studies, Member
of Shariah Council at AAOIFI, Member of the Islamic Standards Committee of AAOIFI, Former
member of the Committee for the extraction of fundamental terms for the Fundamental
Encyclopedia of the Ministry of Endowments & Islamic Affairs, Former Shariah researcher in
the jurisprudential encyclopedia of the Ministry of Endowments & Islamic Affairs.

Honorable Sh. Muhammad Taqi Usmani, AAOIFI Shari’ah Board chairman,
chairman of Supreme Shari’ah Board, State Bank of Pakistan, and Vice-President of
Darul-Uloom Karachi, Pakistan.
He served as a judge on the Federal Shariat Court of Pakistan from 1981 to 1982 and the Shariat
Appellate Bench of the Supreme Court of Pakistan between 1982 and 2002. He is an expert
in the fields of Islamic Jurisprudence (fiqh), economics and hadith. He also held a number of
positions on the Shari’ah Boards of prestigious Islamic institutions such as AAOIFI, and is one
of the most influential Islamic authors outside the Middle East.

His Eminence Sh. Abdullah Bin Sulaiman Al Manea, Advisor in the Saudi
Royal Court, Member of Council of Senior Scholars; Member, Shari’ah Board, AAOIFI
Sheikh Abdulla Bin Sulaiman Al Manea is a member of  nor less than 70 private and public
Shari’a Supervisory Boards, mostly Shari’a Supervisory Boards of financial institutions.

He is either a chairman, deputy chairman or member. Sheikh Abdulla s active in the media,
like television, radio, press, Da’wa forums and on internet sites.

His eminence has written a number of publications, as follows: Monetary Notes, origin,
history and rulings. Debate with Al Maliki in refuting his fallacies and heresies. It has been
translated into a number of languages. My talks on the radio. Set of researches and fatwas,
4 volumes. Research in Islamic economics.

He is currently an academic professor, Saudi electronic university. Al Bilad Bank, senior
Shari’a adviser, 2015. Alinma bank, Shari’a adviser, 2012. Member of academic and
professional committees.

AAOIFI 17th Annual Shari’ah Boards Conference8

  Session 2 (Contiued)

  Session 3

Honorable Sh. Dr. Mohamed Al Tabtabai, Head, Higher Advisory Committee
for Completion of Shari’ah Implementation , The Amiri Diwan of Kuwait; Member,
Board of Trustees, AAOIFI
Head Of Authority- KFH-Kuwait ,Former Dean of Faculty Shariah and Islamic Studies
at Kuwait University, a member of the teaching board, Chairman of Fatwa and Shariah
Supervisory Board at KFH-Kuwait, Chairman of Fatwa and Shariah Supervisory Board
of KFH-Malaysia, member of Shariah Board at Zakat House in Kuwait, International
Committee for Contemporary Zakat Issues, member of the Advisory Board at Kuwait
University, and member of Fatwa and Shariah Supervisory Board to a number of financial
Islamic institutions and companies.

PhD holder in Fiqh from the Higher Institute of Judiciary at Islamic University Imam
Mohammed Bin Saoud in Riyadh in 1996.

Honorable Sh. Dr. Ibrahim Ahmed Alshaikh Al Darir, Secretary General
of Sudane, AOIF Member, Higher Shari’ah Supervisory Board (HSSB), Central Bank of
Sudan; Member, Shari’ah Board, AAOIFI
Membership of the Assemblies and scientific bodies: Member of the Supreme Supervisory
Board of the banks and financial institutions, Member of the Supreme Authority for the
Supervision of Insurance, Chairman and member of a number of Sharia Supervisory Boards
of Sudanese banks and insurance companies.

Previous positions: Assistant Professor: Faculty of Sharia, University of the Holy Quran
and Islamic Sciences (Previously), Dean of the Faculty of Education, Malakal, University of
the Holy Quran and Islamic Sciences.

(Previously), Vice Dean of the Faculty of Sharia, University of the Holy Quran and Islamic
Sciences. (Previously), Assistant Secretary General of the Islamic Fiqh Academy for Scientific
Affairs (Sudan). (Previously).

Honorable Sh. Prof. Dr. Mohamed Ali Al Qari, Chairman and Member of
IFIs’ Shari’ah Supervisory Boards; Member, Board of Trustees, AAOIFI
Born in Makkah, 1949, Dr. Elgari was a Former Professor of Islamic Economic at King
Abdulaziz University, Jeddah, Saudi Arabia and Former Director of the Center for Research
in Islamic Economics, in the same university. He is an Expert at the Islamic Jurisprudence
Academy of the OIC and the Islamic Jurisprudence Academy of the Islamic World League
and a member of the Board of Trustees of AAOFI, ISRA Shari’ah Council. Dr. Elgari is
chairman and member of numerous Shari’ah Boards of Islamic Banks and Takaful Companies
worldwide. Dr. Elgari is the recipient of: The Islamic Development Bank prize in Islamic
Banking and Finance, KLIFF Islamic Finance Award for Most Outstanding Contribution to
Islamic Finance (Individual), Euromoney’s Award for Outstanding Contribution to Islamic
Finance.

Honorable Sh. Prof. Dr. Yousif Abdullah Al Shubaili, Professor at the
Higher Judicial Institute, Comparative Jurisprudence Department; Chairman and
Member of IFIs’ Shari’ah Supervisory Boards; Member, Shari’ah Board, AAOIFI
A professor at the Comparative Jurisprudence department at the High institute of Judiciary.
Received Bachelor degree from the Faculty of Sharia, Imam Muhammad bin Saud Islamic
University in 1994, with grade excellent and Master Degree from the Department of
Comparative Jurisprudence at the High institute of Judiciary of Imam Muhammad Bin Saud
Islamic University in 1997, with grade excellent. The title of master letter: “Credit cards and
related provisions in Islamic jurisprudence”. The Discussion Committee recommends it to be
printed and exchanged between the universities. Received PHD with the first honors at the
same department in 2002 . The title of PHD: “investment services at banks and its rulings in
Islamic jurisprudence”. The Discussion Committee recommends it to be printed and exchanged
between the universities. He had been in USA during the period of 2000 – 2004 to teach at the
Islamic Institute in Washington.

AAOIFI 17th Annual Shari’ah Boards Conference 9

  Session 3 (Contiued)

Honorable Sh. Prof. Dr. Nazih Hammad, Chairman and Member, IFIs’ Shari’ah
Supervisory Boards  around the world;  Member, Shari’ah Board, AAOIFI
He holds a doctorate degree in Financial and Banking Transactions in Islamic Shari’a from
Dar Aluloom college – Cairo University.

For 17 years, he has been a professor of Islamic Fiqh and its Fundamentals at the college of
Shari’ah (Umm Al Qura University- Makkah Al Mukarramah).

He is a member of the Islamic Fiqh Academy  in Jeddah, Kingdom of Saudi Arabia, and the
Islamic Fiqh Academy in Makkah Al Mukarramah / Islamic world union.

He works as a Shari’a expert for a number of Islamic financial institutions and. He participated
in many conferences and academic seminars on contemporary financial transactions and
Islamic banks activities and Islamic economy.

He has 25 published books, mainly: Financial and Economic Terminology Lexicon in the
Language of Fuqaha (scholars), Contemporary Fiqh Issues in Finance and Economics,
Studies in the Origins of Dermatology, Deposit (Wadi’a), Loan, Salam and Reconciliation
Contracts.

On Jurisprudence of Modern Financial and Banking Transactions (New Perspective), Theory
of Binding Promise in Financial Transactions, Undertaking/Commitment Under Islamic
jurisprudence and Emerging Jurisprudential Matters in the Islamic Banking Industry.

Honorable Sh. Dr. Aznan Hasan, Chairman of Securities Commission Sharia
Board, Malaysia; Member, Shari’ah Board , AAOIFI
Dr Aznan Hasan is an Associate Professor in Islamic law at Institute of Islamic Banking and
Finance (IIiBF), IIUM and the former Head of Islamic Law Department, Ahmad Ibrahim
Kulliyyah of Laws.

He is currently the President, Association of Shariah Advisors in Islamic Finance (ASAS).

He is also the Deputy Chairman, Shariah Advisory Council, Securities Commission. He is
also a member, Shariah Board, AAOIFI.

He was the Chairman, Shariah Advisory Board, ACR Retakaful MEA, Bahrain ad SEA,
Malaysia, where he was instrumental in the setting up of ACR Retakaful Model from a
Shariah point of view.

Currently, he is the Chairman, Shariah Committee, Maybank Group.

He is also a member of many committees and sharia boards of Islamic financial institutions
around the world.

Dr Aznan Hasan received his first Degree in Shariah from University of al-Azhar (1994).
He then successfully completed his Master degree in Shariah from Cairo University with
distinction (mumtaz) (1998). He then obtained his Ph.D from University of Wales, Lampeter,
United Kingdom (2003).

Honorable Sh. Dr. Khalid Mohammed Al Sayari, AAOIFI Shari’ah Standards
Committee, Riyadh
Sh. Dr. Khaled hold Ph.D. in Comparative Jurisprudence, Higher Academy for the Judiciary,
LLM in Comparative Jurisprudence, LLB in Shari’a, Imam University in Riyadh.

Academic Experience:

Former Academic professor, Saudi Electronic University. Member of Shariah Standards
Committee for Iwifi in Riyadh, Consultant and Expert in Islamic Financial Institutions.
Participated in conferences and symposiums on Islamic finance.

He has multiple researches and peer reviewed papers, and participated in Islamic Finance
(IF) discussions.

He also participated in teaching and writing academic courses, in Islamic finance and
Islamic economics.

AAOIFI 17th Annual Shari’ah Boards Conference10

  Session 4

  Session 3 (Contiued)

Honorable Sh. Prof. Dr. Abdul Sattar Abu Ghuddah,  Chairman, Central
Shari’ah Board, VCentral Bank of Bahrain; Chairman and Member of IFIs’ Shari’ah
Supervisory Boards Deputy Chairman, Shari’ah Board, AAOIFI

An expert and the Rapporteur of the Jurisprudence Encyclopedia at the Kuwaiti Ministry
of Awqaf & Islamic affairs, and a visiting professor at Saleh Kamel’s Center for Islamic
Economic Studies, Al-Azhar University.

He is also a member of the International Islamic Fiqh Academy in Jeddah, the Zakat
International Shari’ah Board.

Sheikh Dr. Abdul Sattar is a Chairman, Vice-Chairman and a member of multiple Shari’ah
Boards around the world.

He is also an author of many books and trainer for various Islamic finance courses.

Honorable Sh. Dr. Ahmed Al Haddad, Head of Supreme Board, Central Bank
of the U.A.E, Member of the Higher Committee for Fatwa, Dubai; Head of AAOIFI
Shari’ah Standards Committee, Dubai

PhD in Islamic law from Umm Al Qura University and member in several Shariah
committees and boards, such as: Council of Senior Scholars in Dubai, Sharia Committee in
Zakat Fund and member in the Global International Islamic Fiqh Academy the Organization
of the Islamic Conference, he is also a Presenter of many live media programs, in Shariah,
Fatwa and religious and social programs in Dubai Radio, Dubai Satellite channels, state
radio and state satellite channels, as well as satellite channels in neighboring countries, for
about 20 consecutive years.

He received a special honor from His Highness Sheikh Mohammed bin Rashid Al Maktoum
as part of the Dubai Government Excellence Program in the category of distinguished
government employee in 2015 for his active role in promoting the tolerance of Islam and
introducing the values of moderate religion.

He is the Author of several books, including Stocks and bonds - concept and rules, the
importance of collective endowment and its relation to the institutions of public benefit and
several other publications.

Honorable Sh. Abdul Sattar Al Qattan, CEO, Shura Shari’ah Consultancy, Kuwait;
AAOIFI Shari’ah Standards Committee, Kuwait.
Shaikh. Al-Qattan is holding a Bachelor’s Degree in Sharia, from Imam Muhammad Bin
Saud Islamic University of Saudi Arabia, and completed his Higher Diploma in Comparative
Jurisprudence in Kuwait University.

He has served in many prominent Islamic Finance Institutions in Kuwait such as Kuwait
Finance House, The Investment Dar and Aayan Leasing and Investment Co, he is currently
the General Manager of Shura Sharia Consultation Company which is one of the pioneer
Sharia Consultation Institutions in the region.

Sheikh. Al-Qattan is a member in many International organizations supporting Islamic
Finance Industry such as International Islamic Fiqh Academy, Accounting and Auditing
Organization of Islamic Financial Institutions (AAOIF), and The International Islamic
Arbitration Center for Reconciliation and Arbitration (IICRA).

He is also Sharia Board member in several financial institutions in the GCC region and other
Arab countries such as Syria and Libya. While doing his excellent role in his career life he
also has a vas variety of publications in Ijara, Sharia Governing, bankcards, Sukook and
many other research papers submitted to international Conferences in Islamic Banking and
Financing in GCC Region, North Africa and Malaysia and participated as a speaker in most
those Conferences.

AAOIFI 17th Annual Shari’ah Boards Conference 11

  Session 5

  Session 4 (Contiued)

Honorable Sh. Esam Ishaq, Deputy Chairman, Discover Islam, Member - High
Council for Islamic Affairs, Chairman and Member of IFIs’ Shari’ah Supervisory Boards
Around the World; Deputy Chairman, Governance and ethics Board, AAOIFI,

Sh. Esam graduated from McGill University, Montreal, Canada in 1983.
He has been serving as a member of Shari’ah Supervisory Boards of the various financial
institutions including Al Baraka Islamic Bank, Al Hilal Bank (Abu Dhabi), Al Meezan
Islamic Bank, Al Hilal Takaful, Islamic Finance House (Abu Dhabi), and Maldives Monetary
Authority.
Also serves as a member of Shari’ah Panel of International Islamic Financial Markets (IIFM).
He has also served as a Chairman of Shari’ah Supervisory Boards of Seerah In- vestment
Bank, Investment Dar Bank, Family Bank, and EcoIslamic Bank.

Dr. Sami Al-Suwailem, Head of Financial Product Development Centre at the Islamic
Development Bank.

Dr. Al-Suwailem is currently Head of Financial Product Development Centre at the Islamic
Development Bank (IDB), Jeddah, Saudi Arabia. He was previously Deputy Director of Islamic
Research and Training Institute (IRTI) at the IDB Group. Before joining IRTI in 2004, Dr. Al-
Suwailem managed the Research and Development Center of the Shari’ah Group at Al-Rajhi Bank,
Riyadh,Saudi Arabia. He worked at Institute of Islamic and Arabic Sciences in America, Virginia,
Southern Illinois University, Carbondale, Illinois, USA, and King Saud University, Riyadh. Dr.
Al-Suwailem held membership in several professional committees,including the Technical
Committee of the Islamic Financial Services Board; Economic Committee of Awqaf at the Ministry
of Islamic Affairs in Riyadh; Academic Committee in Islamic Fiqh Academy of Muslim World
League; Executive Committee of the Islamic International Foundation for Economics and Finance;
Liquidity Risk Management Working Group for IFSB; and Task Force for Islamic Finance and
Global Financial Stability, among others. He obtained his M.A. from Southern Illinois University
in 1990, and his Ph.D. from Washington University, St. Louis, Missouri, in 1995. He authored
many books and published several papers on Islamic economics and finance.

Honorable Sheikh Irshad Ahmad Aijaz, Chairman of the Supreme Authority
of the Central Bank of Pakistan,  and member of AAOIFI Shari’ah Standards Committee,
Karachi

He holds a master degree in Islamic law and business administration. He is  President and
member of several Sharia bodies of Islamic financial institutions in Pakistan.

Prof. Dr. Mohamad Akram Laldin, Executive Director, International Shari’ah
Research Academy for Islamic Finance )ISRA), Member, Shari’ah Advisory Council,
BNM; Member of Shariah Standards Committee, Malaysia

Prof. Dr. Mohamad Akram Laldin is currently the Executive Director of the International
Shari’ah Research Academy for Islamic Finance (ISRA) and Professor at the International
Centre for Education in Islamic Finance (INCEIF).

Among his significant contributions to Islamic finance are his role as the founding Executive
Director of ISRA, which is a globally recognised research academy, and his instrumental
role, along with others, in the development of the “Simpanan Syariah” product of Employee
Provident Fund (EPF).

In addition, he has also contributed significantly in the field of Islamic finance through his
involvement as member of several Shari’ah advisory boards locally and internationally,
including Shariah Advisory Council of Bank Negara Malaysia.

He was also the recipient of the Zaki Badawi Award for Excellence in Shari’ah Advisory and
Research.

AAOIFI 17th Annual Shari’ah Boards Conference12

  Session 5 (Contiued)

Honorable Dr. Walid Hegazy, Founder and Managing Director, Waleed Hegazy
Law firm, Member, Governance and Ethics Board, AAOIFI.

Has Over 20 Years of Legal Experience Representing And Advising Clients On Transactions
And Disputes Involving The Commercial Laws And Regulations Of Many Middle East
Countries, Including: Egypt, UAE, The Kingdom Of Saudi Arabia, Qatar And Libya. Dr.
Hegazy’s main areas of expertise include, Islamic banking and finance, project financing,
corporate restructuring and corporate governance.

Dr. Hegazy has SJD (Doctor of Juridical Science) and LLM degrees from Harvard law school
in Cambridge, Massachusetts. Before launching Hegazy & Partners, Crowell’s affiliated law
firm in Cairo, Dr. Hegazy was heading the Islamic finance practice group at the international
law firm of Freshfields Brockhaus Deringer (Dubai, UAE and Riyadh, KSA). The other
international law firms at which dr. Hegazy practiced law include: Fulbright & Jaworski
(Houston, Tx), Baker & McKenzie (Riyadh, KSA), White & Case (New York), Groupe
Monassier (Paris), formerly known as “Monassier & Agassi,” And Zaki Hashem (Cairo).

Honorable Sh. Mohammad Alduwailah, Executive Manager Money Markets,
Kuwait Finance House, Kuwait

Mohammad AlDuwailah, Executive Manager of Money Markets at Kuwait Finance
House, experienced in the fields of Treasury and Capital Markets with 15 years’
experience in the investment banking industry.  He currently manages the liquidity
on KFH group level through his market intelligence, risk awareness and excellent
knowledge in Sukuk and Money Market products.

Mohammad AlDuwailah holds a Master’s Degree (MBA) from Kuwait Maastricht
Business School (class of 2009) and a Bachelor’s Degree in Accounting from Kuwait
University (class of 1999).   He joined the Kuwait Investment Authority program and
completed it in 2005.  He then became senior officer at Gulf Custody Company, and in
2007 he worked as a dealer in the Treasury Department at Ahli United Bank (AUB), and
Kuwait Middle East Finance & Investment Company (a subsidiary of AUB) until 2009.
In 2009, he joined Kuwait Finance House as a dealer and managed to establish and lead
the Capital Markets desk and for 9 years, currently he is the head of the Money Market
at KFH Group.

Honorable Dr. Hatem H. Ghouma, Assistant Professor of Finance at St. Francis
Xavier University

holds a PhD. in finance from HEC Montreal (University of Montreal), an MBA degree
from the University of Quebec in Montreal, and a Certified Islamic Banker degree from
the General Council for Islamic Banks and Institution (CIBAFI). He is an Associate
Professor of finance at the Schwartz School of Business at St. Francis Xavier University,
Nova Scotia, Canada, and also the founder and the Managing Director of GolDenarius
for Business Solutions.

Dr. Hatem has an extensive banking experience in Islamic Finance as he worked for
many years for the treasury department of the Islamic Development Bank in Saudi
Arabia, where he worked on the structuring and issuance of more than USD 7 billion
value of Sukuk.

He also advised many governments in Africa and the Middle East in matters relating
to Islamic Finance, and provided many trainings in Islamic Finance to various financial
institutions, central banks, and governments in the region.

Dr. Hatem has also been a very active researcher. His research topics include Ethical
Finance, Corporate Governance, and Islamic Finance, and his publications appeared in
top journals in finance such as the Journal of Corporate Finance, the Journal of Banking
& Finance, Research in International Business & Finance, the Quarterly Review of
Economics & Finance, and the Global Islamic Economics Magazine.

AAOIFI 17th Annual Shari’ah Boards Conference 13

  Session 5 (Contiued)

  Session 6

Honorable Sh. Dr. Osaid Muhammad Adeeb Kailani, Global Head, Shari’ah,
Abu Dhabi Islamic Bank Group; Member, Shari’ah  Board, AAOIFI

Dr. Osaid Kailani, has PhD in comparative Islamic jurisprudence, Post Graduated Diploma
in Islamic Shari’a and B. A. in Shari’a and Law.
Currently, he is the Global Head of Shari’a in Abu Dhabi Islamic Bank (“ADIB”) Group. He
is specialized in Shari’a in general and in Islamic banking, Islamic finance, Islamic insurance,
and Shari’a auditing in particular.
He worked for the Faculty of Shari’a and Law in UAE University, before joining ADIB. He
has about (20) years of experience in the Islamic banking and in particular in structuring
Islamic finance transactions (and syndications and Sukuk), developing Islamic products and
tools of investment, in addition to training in the field of Islamic banking.
He is a member of AAOIFI Shari’a Council in Bahrain, a member of Higher Shari’a Authority
in the UAE, a member of Advisory Board of International Center of Islamic Economy (ICIE)
in Dubai, an expert in the International Islamic Fiqh Academy (Jeddah), a member of Shari’a
Board of International Islamic Liquidity Management (IILM) in Malaysia, a member of
Shari’a Board of Bosnia International Bank (BBI), an executive member of  Shari›a Committee
of Abu Dhabi National Takaful Company (Takaful), and a member of Shari’a Standards
Committee (of UAE) which is a subordinate of Shari’a Council of AAOIFI.
He has several research papers and presentations in the field of Islamic banking and Takaful,
in addition to his participation in many regional and international conferences and seminars
especially in Islamic banking and Takaful.

Honorable Sh. Dr. Nizam Mohammad Al Yakubi, Chairman and Member of
IFIs’ Shari’ah Supervisory Boards; Member, Shari’ah Board, AAOIFI

Practical Experience: A businessman, Chairman & member of several Shariah supervisory
boards of investment funds.
Awards: First Degree Award of Capability for Islamic services within and outside Bahrain
2007, from the King of Bahrain, Euro Money Award for innovation in Islamic banking
supervision, Malaysia 2007, Malaysia Award for contribution to Islamic banking.

Sh. Dr. Mohammed Othman Taher Shubeir, Member, Shari’ah Board, AAOIFI

PhD in Comparative Jurisprudence from Al-Azhar University, Egypt, 1980.
-Has a long university teaching experience (from 1980-2015), started at King Saud University,
then Kuwait University, the University of Jordan, Qatar University, and University of
Sharjah
-Has academic management experience: including: Head of the Department of Jurisprudence
and Assets, Faculty of Sharia University of Qatar: (2006 - 2009)
-Member of the Shari’a Council of the Auditing and Accounting Organization for Islamic
Financial Institutions (IOVI)
-Member of the Shari’a Supervisory Board of some Islamic financial institutions including:
Qatar Islamic Bank, Islamic World Bank of Qatar, Al Rayan Bank of Qatar, Islamic Bank of
Malaysia and Al-Jazeera Foundation in Qatar.
-Has more than fifty (50) scientific research published in scientific journals in court, and in
the work of conferences, including: maintenance of leased objects and their applications at
Islamic banks, and maintenance of debt and treatment of stumbling, and overdraft
-He has more than forty (40) printed books including: Contemporary financial transactions
in Islamic jurisprudence, and the introduction to the jurisprudence of financial transactions.
And adaptive jurisprudence of emerging issues.
-Participated in more than fifty (50) scientific conferences, including: conferences of the
jurisprudential councils, contemporary Zakat seminars and Waqf forums for the General
Secretariat of Endowments in Kuwait.
Provides scientific consultations and training in the field of financial institutions and
legitimacy.

AAOIFI 17th Annual Shari’ah Boards Conference14

Honorable Sh. Mohamed Jamil, Member, High Council of Ulemas; Member,
Shari’ah Board, AAOIFI

Chairman, Council of Ulemas , Agadir, Morocco
Member, Islamic Fiqh Council, Muslim World League , Mecca
Professor of  Usūl al-fiqh  at Ibn Zohr University, Agadir, Morocco
Member, Shari’ah Board, AAOIFI

Honorable Sh. Aflah Bin Ahmed bin Hamad al-Khalili, Member, Shari’ah
Board, AAOIFI

BSc: Shari’ah Studies Institute.
Masters: International Islamic University Malaysi a (IIUM).
He has more than twenty-five research papers, including:
Musaqa: Its legitimacy, terms and Shari’ah rules.
The characteristics of the Islamic economy and its role in solving the global financial crisis.
The role of Abu Ubaida and Rabia in the literature of fatwa in the Al-AIbāiyyah school of
thought.
The Shari’ah policy of the Imams Saeed bin Khalfan al-Khalili and Abdullah bin Humaid
al-Salami
Amin Fatwa
Prepared some courses on: Islamic banking, characteristics of economy, contracts, assets,
Quran, zakat, atheism, , worship (Ibadat), ethics, etc.

  Session 6 (Contiued)

Dr. Basheer Mohamed Ezzeddine Ghariani, Deputy Chairman of the Central
Authority for Shari’ah Supervision, Central Bank of Libya; and AAOIFI Shari’ah Board
Member

• Headed the  Shari’ah Supervisory Board of the Oasis Bank.
• Professor of Fiqh Al-Muamalat ,University of Tripoli.
•  PhD in Fiqh Al-Muamalat  from Zaytouna University, Tunisia, 2005; and Dar Al Uloom

college, Cairo University, 2009.
•  Supervised a number of Master’s and Doctoral dissertations in Fiqh Al-Muamalat,  and

participated in the discussion of a number of them.
•  Participated in the preparation of guidelines  for Islamic banking products in a number of

Islamic financial institutions.
• Writing various topics in Fiqh Al-Muamalat in specialized jurisprudence journals.
• Has books and studies related to Fiqh Al-Muamalat  in progress
• Participating in the preparation of an encyclopaedia in the Maliki Fiqh.

Honorable Sh. Prof. Dr. Abdul Sattar Abu Ghuddah,  Chairman, Central
Shari’ah Board, VCentral Bank of Bahrain; Chairman and Member of IFIs’ Shari’ah
Supervisory Boards Deputy Chairman, Shari’ah Board, AAOIFI

An expert and the Rapporteur of the Jurisprudence Encyclopedia at the Kuwaiti Ministry
of Awqaf & Islamic affairs, and a visiting professor at Saleh Kamel’s Center for Islamic
Economic Studies, Al-Azhar University.
He is also a member of the International Islamic Fiqh Academy in Jeddah, the Zakat
International Shari’ah Board. Sheikh Dr. Abdul Sattar is a Chairman, Vice-Chairman and a
member of multiple Shari’ah Boards around the world.  He is also an author of many books
and trainer for various Islamic finance courses.