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Internal Sharia Supervisory Committee

Internal Sharia Supervisory Committee (“ISSC”)

A body appointed by Dubai Islamic Bank, comprised of scholars specialised in Islamic financial transactions, which independently supervises transactions, activities, and products of Dubai Islamic Bank and ensures they are compliant with Sharia in all its objectives, activities, operations, and code of conduct.

 

ISSC Members

Professor Sheikh Mohamed Ali Elgari

Chairman of the ISSC

Dr. Elgari is a major figure in Islamic Jurisprudence and Islamic Finance Industry; he is a distinguished Scholar of Sharia, Economics and Finance, with vast experience in the guidance of Islamic Banks and Financial Institutions from all around the world.

Renowned for his mark on the review and assessment process, and a pioneer in the illustration of Islamic Economy, as his most recent positions include working as the Professor of Islamic Economics, at King Abdul Aziz University in the Kingdom of Saudi Arabia, after serving as the director of the Centre for Research in Islamic Economics.

Dr. Elgari is one of the first few to standardize the industry and certify its tools. He is a consultant for the Islamic Jurisprudence Academy of the Organization of Islamic Cooperation, as well as, the Islamic Jurisprudence Academy of the Muslim World League. He is also a member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Sharia Board of Dow Jones Islamic Market Index and has been a visiting professor at Harvard. Dr. Elgari is the recipient of the Islamic Development Bank Prize in Islamic Banking and Finance, holds the KLIFF Islamic Finance Award for Most Outstanding Contribution to Islamic Finance (Individual), as well as EuroMoney award for Outstanding Contribution to Islamic Finance Sector.

He is also part of the Sharia Supervision Board in several banks and Islamic Financial Institutions around the world, serving as a Chairman or a Member. The list of these Institutions include Dubai Islamic Bank, HSBC, Citi Bank, BNP Paribas, Crédit Agricole, NCB (KSA), FAB, SAAB, Bank Al Jazira, Banque Saudi Fransi, Samba, ADIB, Riyad Bank, the Islamic Bank of Asia, Muzn Islamic (Oman), Bank Audi (Lebanon); as well as Islamic Takaful Companies including: AIG-Takaful, AlAhli Takaful, SAAB Takaful and a variety of other companies including DDCAP (Commodity Brokerage), The International Islamic Liquidity Management Corporation. He also supervises several Islamic Investment Funds.

Dr. Elgari is a member on the editorial board of several academic publications in the field of Islamic Finance and Jurisprudence, including the Journal of the Jurisprudence Academy (of the IWL), Journal of Islamic Economic Studies (IDB), Journal of Islamic Economic (IAIE, London), and the advisory board of the Harvard Series in Islamic Law, Harvard Law School. He has also produced several books and articles revolving around Islamic Finance in Arabic and English. He has also written several articles which had a major impact on the development of Islamic Finance Industry, and laid their Sharia foundations.

He is also a member of the International Shari’ah Research Academy for Islamic Finance (ISRA) Dr. Elgari holds a PhD in Economics from the University of California, the United States of America and a B.A. from King Abdul Aziz University.

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Sheikh Dr. Muhammad Qaseem

Executive Member ISSC

Dr. Muhammed Qaseem is a renowned Sharia scholar and Islamic finance expert. He is presently sitting on the Sharia board of Dubai Islamic Bank (DIB) UAE as its Executive Member.

He is also Chairman Sharia Board of Silkbank Ltd Pakistan and Deutsche Bank Malaysia. He has been a member of the Sharia board of the State Bank of Pakistan, Dubai Financial Market and many other Islamic banks and institutions.

Dr. Qaseem holds a PhD in Tafseer and Qur’anic Sciences from the International Islamic University Islamabad where he has taught in various graduate and post graduate programmes for more than 22 years. He is fully proficient in five (5) languages.

As a Sharia Board member/advisor of a number of Islamic financial institutions, Dr. Qaseem has contributed immensely towards disseminating the message of Islamic banking and building its institutions and Sharia frameworks in different countries. He has been instrumental in developing innovative structures and products in some very challenging regulatory environments.

As a Sharia trainer with a distinguished teaching career and a unique blend of Sharia knowledge with practical banking know-how, he has imparted training to hundreds of Islamic bankers in various countries. He has written a number of books and articles, many of which are related to Islamic banking.

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Sheikh Professor Mohammad Abdul Rahim Sultan Al Olama

Member ISSC

Sheikh Dr. Al Olama is a member of the Grand Islamic Scholars Body in Dubai, an Associate Professor of the School of Sharia at the United Arab Emirates University in Al Ain and an acknowledged expert in Islamic finance.

Sheikh Dr. Al Olama is also the head of the Fatwa Committee of the Zakat Funds in the UAE. He currently serves on a number of Sharia boards representing Islamic financial institutions and Takaful companies.

Sheikh Dr. Al Olama has written extensively on modern Islamic finance and has presented numerous research papers at various international conferences. Sheikh Dr. Al Olama holds a PhD in Comparative Islamic Law from Umm Al Qurra University in Mecca, Kingdom of Saudi Arabia.

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Sheikh Professor Ibrahim Ali Al Mansoori

Member ISSC

Dr. Al Mansoori is a prominent Sharia scholar from the UAE with an active focus on the Islamic banking and finance industry.

He is currently serving as Director of Sharjah Islamic Center for Economy & Finance Studies and the Assistant Professor of Economy & Islamic Banks, University of Sharjah.

Dr. Al Mansoori is currently serving as the Chairman of the Internal Sharia Supervision Committee (ISSC) of Al Hilal Bank and a member of various ISSCs of Islamic financial institutions.

Dr. Al Mansoori is currently serving as the Chairman of the Internal Sharia Supervision Committee (ISSC) of Al Hilal Bank and a member of various ISSCs of Islamic financial institutions. Dr. Al Mansoori holds a PhD in Economics & Islamic Banking, as well as two Master’s Degrees in Economics & Islamic Banking and Pedagogical Psychology. He has authored various research papers on contemporary matters relating to Islamic Banking.

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Sheikh Professor Mohamad Akram Laldin

Member ISSC

Prof. Dr. Laldin is currently the Executive Director of ISRA.

He is currently member of various institutions such as Dubai Islamic Bank, Bank Negara Malaysia, HSBC Amanah, EAB (London), HSBC Insurance Singapore, International Islamic Financial Market (IIFM), Bahrain, AAOIFI Sharia Standards, Bahrain. He is also a member of the Board of Studies of the Institute of Islamic Banking and Finance, IIUM.

Prof. Dr. Laldin holds a B.A. honours degree in Islamic Jurisprudence and Legislation from the University of Jordan, Amman, Jordan and a PhD in Principles of Islamic Jurisprudence (Usul al-Fiqh) from the University of Edinburgh, Scotland, United Kingdom. He has presented many papers on Islamic Banking and Finance and other Fiqh topics and has conducted many training sessions particularly on Islamic Banking and Finance for different sectors since 1999.

He is also prolific author of academic works specifically in the areas of Islamic Banking and Finance. He is the recipient of Zaki Badawi Award 2010 for Excellence in Shari Advisory and Research. He has participated and presented papers in numerous local and international conferences.

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