As Islamic Finance began decades ago, many scholars have contributed to the development of Islamic Finance. Five of the most eminent sharia scholars in modern-day Islamic finance serve on the Dow Jones Islamic Index’s sharia board, they are Sheikh Nizam Yaquby, Dr. Mohd Daud Bakar, Sheikh Dr. Mohammed A. Elgari, Shaykh Abdul Sattar Abu Ghuddah, and Sheikh Yusuf Talal DeLorenzo.
Sheikh Nizam Yaquby
Sheikh Nizam Yaquby is an internationally renowned scholar in the Islamic banking business. He graduated from McGill University with economics and comparative religion degrees. Then, he provides Islamic Banking and Finance advice to various banks and financial companies such as Abu Dhabi Islamic Bank, BNP Paribas, and Dow Jones. Furthermore, he is an active lecturer teaching Tafsir, Hadith, and Fiqh in Bahrain since 1976. Moreover, Sheikh Yaquby has contributed to various original research projects. And consequently, he is respected as one of the leading experts in modern Islamic Finance.
Dr. Mohd Daud Bakar
Dr. Mohd Daud Bakar was an Associate Professor in Islamic Law and President at the International Islamic University Malaysia (IIUM). Besides, he is currently one of the members of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Dow Jones Islamic Market Index (New York). Dr. Bakar has also authored numerous articles for academic journals and given speeches at international conferences. At present, Dr. Bakar is operating his Islamic finance training and advisory firm.
Shaykh Abdul Sattar Abu Ghuddah
Dr. Abdul Sattar Abu Ghuddah is the Shariah Advisor and Director of the Financial Instruments Department at Saudi Arabia’s Al-Baraka Investment Co. Besides, he is one of the members of the Islamic Fiqh Academy and the Islamic Financial Institutions Accounting & Auditing Standards Board. He earned a PhD in Islamic Law from Cairo’s Al Azhar University. Dr. Abdul Sattar is a professor of Fiqh, Islamic studies, and Arab studies. Moreover, Dr. Abdul Sattar teaches Fiqh, Islamic studies, and Arabic in Riyadh. Also, he has helped the Kuwaiti Ministry of ‘Awqaf’ and Islamic Affairs by carrying out research and gathering data for the Fiqh Encyclopedia.
Sheikh Dr. Mohammed A. Elgari
Dr. Mohammed has a doctorate degree in economics. At present, he is an associate professor of Sharia Compliant Economics at King Abdul Aziz University in Saudi Arabia. Additionally, he is a member of the Islamic Fiqh Academy and the Islamic Accounting and Auditing Organization for Islamic Financial Institutions. Furthermore, he is one of the members of the Organization of Islamic Countries and the Islamic World League’s Islamic Jurisprudence Academies.
Yusuf DeLorenzo
Yusuf DeLorenzo was educated in the United States and studied Classical Shariah Sciences with Pakistani experts. Certainly, Sheikh Yusuf is a renowned Islamic financial scholar in the United States. He has been an advisor to over 20 global financial institutions, including index providers, banks, mutual funds, real estate funds, leasing funds, institutional investors, home loan providers, and others, on Shariah compliance. He also authored “A Compendium of Legal Opinions on the Operations of Islamic Banks,” the first English reference on Shariah board fatawa. Of course, his three-volume work has become the industry standard for Islamic financial institutions. Sheikh Yusuf is also a special consultant on Sukuk to the International Financial Services Board (“IFSB”), designated by the Asian Development Bank and the Islamic Development Bank in Jeddah.
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