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supervisory committee

Shari’a Supervisory Committee

Shari'a Supervisory Committee

Our Shari’a Supervisory Committee, a separate and independent entity that is appointed by the BoD, comprises of leading Islamic scholars who have extensive experience and expertise in legal, financial and banking-related matters.

SSC advises on all transactions executed by Noor Bank to ensure that they are in strict adherence to the principles of Shari’a, and issues related to resolutions, decisions (fatwas) and recommendations. It is also responsible for reviewing, approving, and overseeing all our contracts, agreements, and product offerings, to ensure legal and moral compliance. Concurrently, the SSC works closely with our business units to create innovative and dynamic financial solutions that are permissible under Islam.

Members

Members of Shari’a Supervisory Committee:

Dr. Mohamed Ali Elgari–Chairman of the Shari’a Supervisory Committee

Dr. Elgari is an Expert at the Islamic Jurisprudence Academy of the OIC, the Islamic Jurisprudence Academy of the Islamic World League and a member of the Shari’a Council of Auditing Organization for Islamic Financial Institutions (AAOIFI).


He is member of editorial board of several academic publications in the field of Islamic Finance and Jurisprudence such as 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 Harvard Series in Islamic Law, Harvard Law School.


Dr. Elgari is member of numerous Shari’a Boards of Islamic Banks and Takaful Companies worldwide. He is also a frequent speaker in conferences worldwide.


Dr. Elgari holds a PhD from the University of California and was born in Makkah, Saudi Arabia. Dr. Elgari currently serves as an Associate Professor In Islamic Economics at King Abdulaziz University, Jeddah.

Dr. Mohd Daud Bakar – Member of the Shari’a Supervisory Committee

Dr. Mohd Daud is the Founder and Group Chairman of Amanie Group, a global boutique Shari’a advisory firm with offices in Dubai, Luxembourg, Cairo, Kuala Lumpur, Tunis and Dublin. He is also the Founder and Chairman of Amanie Nexus Sdn Bhd (Kuala Lumpur), Chairman of the Shari’a Advisory Councils of Bank Negara Malaysia, the Securities Commission and the Labuan Financial Services Authority, Chairman of the Shari'a Committee of the International Islamic Liquidity Management Corporation and is a Shari’a Board member at National Bank of Oman (Oman), Amundi Asset Management (France), Morgan Stanley (Dubai), Bank of London and Middle East (London), BNP Paribas (Bahrain), Bank Al Khair (Bahrain), Dow Jones Islamic Market Index (New York) and SEDCO Capital (Saudi Arabia).


Dr. Daud received his first degree in Shari’a from the University of Kuwait (1988) and obtained his PhD from the University of St. Andrews, UK (1993). He also completed his external Bachelor of Jurisprudence at the University of Malaya (2002). Dr. Daud is currently the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia and the Labuan Financial Services Authorities and the International Islamic Liquidity Management Corporation.

Amjad Naser – Member of the Shari’a Supervisory Committee

Amjad Naser is currently the Head of Shari’a at Noor Investment Group. He represents the flagship company, Noor Bank in several Islamic regulatory bodies like the Accounting & Auditing Organization of Islamic Financial Institutions (AAOIFI) and the Islamic Centre for Reconciliation and Arbitration (ICRA).


Amjad is a certified Shari’a Advisor & Auditor, and a certified Islamic Professional Accountant by AAOIFI. He has worked with a number of the prominent Shari’a scholars in Islamic finance and gained knowledge and expertise in Shari’a practices.


Amjad joined Noor family in its early days and played a vital role in setting up the shari’a department at Noor Bank and Noor Takaful and recently Noor Awqaf and Noor Trade. Amjad has played a significant role in assessing and implementing shari’a compliant structured deals.