The International Islamic Financial Market (IIFM), an international market development institution focused on the development of the global Islamic capital and money markets, announced today the appointment of a senior Shari’a expert.
Dr. Ahmad Rufai Muhammad, who is the new Head of Shari’a, at the Bahrain-based IIFM, brings with him over 15 years expertise in matters related to the Shari’a (Islamic Law).
Prior to joining the IIFM, Dr Muhammad was Shari’a Advisor with Crescent Financing Company in Hamilton, New Zealand, where he was responsible for ensuring Shari’a compliance of the company’s transactions and products. Prior to that, he served in a similar capacity with Crescent Risk and Wealth Management Consultancy in Kuala Lumpur, Malaysia.
A national of Ghana, Dr Muhammad obtained his PhD and Master’s degree in Islamic insurance and Islamic Law from the University of Malaya in Kuala Lumpur. He has a Bachelor’s degree in Islamic Law and Islamic jurisprudence from the Islamic University of Madinah in Saudi Arabia. Prior to that, Dr Muhammad studied Islamic jurisprudence and Islamic history at Al-Azhar University in Cairo, Egypt.
Commenting on the appointment, Mr. Ijlal Alvi, Chief Executive Officer of the IIFM, said: “I am delighted to welcome Dr Muhammad to the IIFM. His professional experience as a Shari’a advisor, complemented by his academic background in Islamic Law and Islamic jurisprudence, will add significant value to IIFM’s efforts in developing self-regulatory standardised contracts, templates, products and the infrastructure development of an Islamic management system.
“In particular, Dr Muhammad’s vast knowledge of different schools of Islamic law and his broad professional experience, will be a tremendous resource for the IIFM in its efforts to harmonise Islamic capital and money markets.”
Dr Muhammad’s key responsibilities at the IIFM will be to coordinate all Shari’a aspects of IIFM initiatives and projects with Shari’a scholars in the Islamic capital and money market industry and other neutral Shari’a scholars.
“The IIFM is confident that the knowledge and expertise that Dr Muhammad brings to the table will further advance and facilitate the work being undertaken by the IIFM, as well as the timely completion of IIFM projects,” said Mr. Alvi.
About International Islamic Financial Market
The International Islamic Financial Market (IIFM) was founded with the collective efforts of the central banks of Bahrain, Indonesia, Malaysia, Pakistan, Sudan, the Brunei Finance Ministry and Saudi Arabian based Islamic Development Bank; as an infrastructure institution with the mandate to take part in the establishment, development, self-regulation and promotion of the Islamic Capital and Money Market.
IIFM’s primary focus lies in the advancement and standardization of Islamic financial instrument structures, contracts, product development and infrastructure; and the issuance of guidelines and recommendations for the enhancement of Islamic Capital and Money Market globally. In addition, development of the global primary and secondary capital market, short term financial market and the creation of a market for Islamic financial instruments are key areas for IIFM.
