SHARIAH SUPERVISORY COUNCIL

Shariah Supervisory Council

PROF. DATUK DR. SYED OTHMAN ALHABSHI obtained his B.Ec (Hons) in Statistics from University of Malaya (1969), M.S. (Statistics) from University of Wisconsin, U.S.A. (1973) and Ph.D.in Econometrics from University of Birmingham, U.K. (1983).  Since 1969, he has served in various academic capacities in four public universities in the country, namely University of Malaya, Universiti Kebangsaan Malaysia, International Islamic University Malaysia and Universiti Utara Malaysia.  In October of 1997, he served as the Founding President and CEO of Universiti Tun Abdul Razak until March 2005, after serving Institute of Islamic Understanding Malaysia (IKIM) as the Deputy Director-General from 1992 to 1997. He joined INCEIF in 2007 as a Professor Islamic Economics, and later appointed as Deputy President (Academic) INCEIF (2009 – 2017).

International Level: served as a member of the Board of Trustees, International Institute of Islamic Banking and Economics, Cyprus, a member of the International Advisory Board, International Institute of Islamic Economics, Islamabad and a member of the First Executive Committee of the International Association of Islamic Economics, London, each for one term of three years (1987-1990).  Director, Centre for Islamic Management Pte. Ltd. Singapore (1996-2006). He sat on the Board of Pak-Kuwait Takaful Pte Ltd, Karachi, Pakistan (1998 – 2012). He was also appointed to sit on the Advisory Board of Dubai Center for Islamic Banking & Finance and a member of Scientific Committee of the Sharjah Islamic Center International Award for Islamic Banking Products – 2nd Session 2016-2017.

National Level: served the Islamic Economic Development Foundation, Malaysia (YPEIM) for ten years (1987-1996), first as Deputy Chairman and later as Chairman of its Board of Trustees; a member of the Islamic Consultative Body, Prime Minister’s Department, (1983 – 1994) advising the Prime Minister on Islamic matters;   a member of the Board of Trustees as well as the Management Committee of Amanah Ikhtiar Malaysia  (AIM), (1986 – 2000) an NGO that deals with micro-credit that was serving more than 70,000 hard-core poor families. It was during my term of office as Chairman of the Islamic Economic Development Foundation, Malaysia that YPEIM introduced and started AR-Rahnu (Pawn-broking in Islam) with Bank Rakyat Malaysia. It is now a RM2billion business for Bank Rakyat. YPEIM also took 20% equity in Takaful Nasional which proves to be a very lucrative business for YPEIM. A member of the first Shariah Committee for Bank Rakyat Malaysia (1996 – 2003) and for RHB Asset Management (1996 – 2000). A member of Board of Directors of Etiqa Takaful Berhad Board (1995-2013), Maybank Islamic Board (2006-2014), Asia Unit Trust Board (1994-2012), Universiti Teknikal MARA Sdn. Bhd (2006 – 2020), Institut Kefahaman Islam Malaysia (IKIM) (2011-2020). He chaired the Shariah Committee of Malaysian Reinsurance Bhd (2000 – 2010) and Singapore Unit Trust (2008 – 2018). A member of Shariah Committee for Etiqa Takaful (2010 – 2014). 

Current Affiliations: He chairs the Board of Directors of Prima Prai Sdn Bhd, Epen Bina Sdn Bhd dan B.U. Development Sdn Bhd since 1994.   He also chairs the Shariah Advisory Committee of Labuan Reinsurance (L) Ltd since 2000. He is the Shariah Advisor for Nomura Asset Management since 2010 and sits as a member of Shariah Advisory Committee of Prudential BSN Takaful Berhad since 2017. Recently he was appointed as the a member of Board of Governors of Multimedia University (MMU) (February 2021 – January 2023).

YBHG TAN SRI DR. MOHD DAUD BAKAR is the Founder and Executive Chairman of Amanie Group. One of its flagship companies namely Amanie Advisors, is operating in few cities globally. He serves as the Chairman of the Shariah Advisory Council (SAC) at the Central Bank of Malaysia, the Securities Commission of Malaysia, the Labuan Financial Services Authority, the Astana International Financial Centre (AIFC), Kazakhstan, the First Abu Dhabi Bank, and Permodalan Nasional Berhad (PNB).

Tan Sri Dr 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), Oasis Asset Management (South Africa), Noor Islamic Bank (Dubai), Morgan Stanley (Dubai), Sedco Capital (Saudi and Luxembourg), and Dow Jones Islamic Market Index (New York) amongst many others.

Tan Sri has just recently been appointed as the Chairman of Federal Territory Islamic Religious Department [Majlis Agama Islam Persekutuan (MAIWP)]. In the corporate world, Tan Sri is currently a member of the PNB Investment Committee. Previously, he served as a Board Director at Sime Darby Property Berhad and Chairman to Malaysia Islamic Economic Development Foundation (YaPEIM). In addition, he is the co-founder of Experts Analytics Centre Sdn Bhd and MyFinB (a fintech company), the Chairman of Berry Pay, Snap & Pay, as well as Data Sukan Consulting. He holds Non-Executive Director position for Bio Fluid Sdn Bhd and KAB Gold Dynamics Sdn Bhd. He is currently the 8th President of the International Islamic University of Malaysia (IIUM).

In 2016, he received the “Award of Excellence for Outstanding Contribution for Shariah Leadership & Advisory” at London Sukuk Summit Awards and “Shariah Adviser Award” at The Asset Triple A Islamic Finance Award. In 2014, he received the “Most Outstanding Individual” award by His Majesty, the King of Malaysia, in conjunction with the national-level Prophet Muhammad’s birthday. Under his leadership, Amanie Advisors received the “Islamic Economy Knowledge Infrastructure Award” at the Global Islamic Economy Summit, Dubai 2015, by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Oct 2015.

He received his first degree in Shariah from University of Kuwait in 1988 and obtained his PhD from University of St. Andrews, United Kingdom in 1993. In 2002, he completed his external Bachelor of Jurisprudence at University of Malaya.

His first book entitled “Shariah Minds in Islamic Finance: An Inside Story of A Shariah Scholar” has won the “Islamic Finance Book of the Year 2016” by the Global Islamic Finance Award (GIFA) 2016. Then, his book on sukuk entitled “An Insightful Journey to Emirates Airline Sukuk: Pushing The Boundaries of Islamic Finance” has also won the “Best Islamic Finance Case 2017” by the GIFA 2017 in Kazakhstan.

His latest books include Insyirah: Kelapangan Hati dan Minda (Feb 2021) novel, Kembara Ilmu Dari Sg Korok ke St Andrews (Jan 2021), Covid 25 : Kapsul Kehidupan dan Makhluk Mistik (2020) novel, Dhuha : Cahaya Pagi Yang Terang (2020) novel, Mindset Is Everything (2019), The Hard Truth Of Islamic Finance (2019), Ratiocination In Islamic Legal Theory (2019), and Corporate Matrimony (2019), Dukun Kegagalan (2019), Engsel Kehidupan (2019) and Sosialisasi Fekah Dalam Struktur Masyarakat (2019).

His other books include I Have 25 Hours A Day : The Smart Way to Create More Time (2016), Mainstreaming Islamic Finance: Unveiling The Critical Success and Failure Factors An Insider And Global Perspective (2018), Saya Ada 25 Jam Sehari (2016), Be The Eagle Amongst The Birds (2018), Shariah is Life (2018), PULUN (2018), Anak Desa ke Persada Antarabangsa (2018), and Membumikan Syariah : Menjelajahi Dimensi Syariah Secara 360 Darjah (2018).

PROFESSOR DR. ENGKU RABIAH ADAWIAH ENGKU ALI is a Professor at IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM).  She obtained her LLB (first class honors), LLB (Shari’ah) (first class honors) and Masters of Comparative Laws (MCL) from the IIUM.  In 1998, she was conferred with PhD in law from the University of Aberdeen, United Kingdom. Currently she teaches post-graduate students at IIiBF. Her research interest is in Islamic capital market, Islamic banking and finance, Islamic insurance or takaful and Islamic law of transaction.  Her publications include books, articles in local and international journals and periodicals; and chapters in books and proceedings.  She has presented in various conferences, seminars, workshops and in-house trainings on Islamic Banking, Finance and Capital Market.  She had also served as a member of Shari’ah Committee to many financial institutions in the past.  Currently, she is a member of the Syariah Advisory Council of Bank Negara Malaysia (Central Bank of Malaysia), Securities Commission Malaysia, Labuan Financial Services Authority (Labuan FSA), Employees Provident Fund (EPF) and an independent Shari’ah Advisor for Islamic securities (sukuk) issuance, approved by and registered with the Malaysian Securities Commission.  In addition, she is also a member of the Shari`ah Board of Labuan Re, Gen Re, Amanah Ikhtiar Malaysia and Yayasan Pembangunan Ekonomi Islam Malaysia (YAPEIM). She is also a member of the Shari`ah Board to Khazanah in relation to four of its exchangeable sukuk, a member of Majlis Agama Islam Wilayah Persekutuan (MAIWP), a board member of AWQAF Holdings and a council member of Khadijah International Waqf Foundation. In the past few years, she had served as a member of the Board of Directors in the Malaysian Institute of Islamic Understanding, a member of the disciplinary committee for the Malaysian Bar Council and a member of Panel Pakar Syariah and Panel Pakar Mualamat at JAKIM. 

In recognizance of her works and contributions to Islamic Finance, she has been twice awarded with the Most Outstanding Individual Contribution to Islamic Finance by Deloitte in 2004 and again in 2014 in Kuala Lumpur Islamic Finance Forum (KLIFF 2014). Being the pioneer lady Shariah scholar in Islamic finance, locally and globally, she has also been listed numerous times in the list of influential women in Islamic finance, including: Top 10 Women in Islamic Finance (2014 and 2017); Top 20 Women in Islamic Finance (2017); and Top 10 Most Influential Women in Finance (2017), where she was ranked No. 4. She has been ranked twice as 3rd Most Influential Women in Islamic Finance 2018 and 2019 during the WOMANi Gala Dinner and Awards Ceremony by Cambridge IF Analytica Limited.