Shari'ah Supervisory Board: Ensuring Shari'ah Compliant Banking

Dr. Mohamed Ali Elgari was previously a Professor of Islamic Economics and a former Director of the Centre for Research in Islamic Economics at King Abdul Aziz University in Saudi Arabia. He is an advisor to several Islamic financial institutions throughout the world and is also on the Shariah Board of the Dow Jones Islamic index.

He is a member of, amongst others, the following Shariah Supervisory Boards – Dubai Islamic Bank, Credit Suisse, Merrill Lynch & Co, Rasmala Investments, UBS Islamic Finance, Saudi American Bank, Natixis Bank, FWU Group, Citi Islamic Investment Bank, HSBC Amanah Takaful Malaysia, Credit Agricole (Dubai), the Islamic Fiqh Academy as well as the Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Dr. Elgari has written several books on Islamic banking. He is a graduate of  the University of California with a Ph.D. in Economics.

Dr. Mohd Daud Bakar is the Founder and Executive Chairman of Amanie Group.  He serves as the Chairman of the the Astana International Financial Centre (AIFC), Kazakhstan, the First Abu Dhabi Bank (UAE) and Permodalan Nasional Berhad (PNB). He was also the former Chairman of the Shariah Advisory Council (SAC) at the Central Bank of Malaysia and Securities Commission of Malaysia.

Dr Mohd Daud is also a Shariah Board Member of various global financial institutions, including the National Bank of Oman (Oman), Amundi Asset Management (France), Bank of London and Middle East (London), BNP Paribas Najma (Bahrain), Natixis Bank (Dubai), Morgan Stanley (Dubai), Abu Dhabi Commercial Bank (UAE), Credit Agricole (Dubai), Sedco Capital (Saudi and Luxembourg) and Dow Jones Islamic Market Index (New York) amongst many others.

Dr Mohd Daud received his first degree in Shariah from University of Kuwait in 1988 and obtained his Ph.D. from University of St. Andrews, United Kingdom in 1993 before completing his external Bachelor of Jurisprudence at University of Malaya in 2002.

Dr. Qattan has a Ph.D. in Islamic Banking from Birmingham University and is a lecturer and a prolific author of texts and articles on Islamic economics and finance. He is currently a freelance consultant, lecturer and trainer in Islamic banking and finance.

Dr. Qattan also serves as the Shariah advisor to many reputable institutions such as Ratings Intelligence, Standard & Poors Shariah Indices amongst others. He is a highly regarded Shariah Scholar and is based in Kuwait.

Dr. Osama Al Dereai is a Shariah scholar who has an extensive experience in teaching, consulting and research in the field of Islamic finance. Dr. Al Dereai obtained his Master’s degree from the International Islamic University (Malaysia) and was later conferred his Doctorate in Islamic Transactions from the University of Malaya.

Dr. Al Dereai is a Shariah Board member of various financial institutions which include the First Leasing Company, Barwa Bank, Barwa Capital (UK), First Investment Company and Ghanim Al Saad Group of Companies, Asian Islamic Investment Management Sdn. Bhd. Dlala Islamic Brokerage Company (W.L.L) First Finance Company (Q.S.C.) amongst others. He received his Bachelor’s degree specializing in the Science of Hadeth Al Sharef from the prestigious Islamic University of Madina.