In cooperation withOrganised byUnder the auspices of

Major Conference Partner

Platinum PartnerTechnical Partner

Silver Partners

Supporting InstitutionsMedia Partners

Knowledge Partner

Gold Partners

AAOIFI – World Bank 11 Annual ConferenceIslamic Finance in the Post Oil Economic Scenario

6-7 November 2016, Ritz Carlton Hotel, Manama, Kingdom of Bahrain

th

09:30 – 10:15

10:30 – 10:50

10:15 – 10:30

10:50 – 12:00

08:30 – 09:30

Opening ceremony and keynote addresses• Reciting verses from the Holy Quran

• Conference Forward: Dr. Hamed Hassan Merah, Secretary General, AAOIFI• Key Speech: Dr. Zamir Iqbal, Head of the World Bank Global Islamic Finance Develop-

ment Center, Finance & Markets• Welcoming Remarks: H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board

of Trustees, AAOIFI• Keynote Speaker: H. E. Rasheed Mohammed Al Maraj, Governor, Central Bank of

Session 1: Changing Economic Environment: Effect On Islamic Finance StrategiesThis session will feature a panel discussion on the topic which is quite important for most markets having strong Islamic finance presence. The floor will be open to the audi-ence for discussion and comments. Overall the session would focus on the theme of the conference and the impact of macro-economic changes on the Islamic finance industry across the globe, but particularly in the oil rich Muslim countries where Islamic finance has the strongest presence.

Main topics• What is the outlook of economic environment?• What is the effect of changing economic environment on fiscal policies of the region?• Does it impact Islamic finance? And in what manner? And to what extent?• Considering such changes what shall be changes in the strategies for Islamic finance

including: o Diversification of investment and financing portfolios; o Risk management and risk concentrations; and o Liquidity management.

Moderator• Mr.AbdulKaderThomas, CEO, Shape for Economic Consultancy, and an international

expert in Islamic finance

Panellists• H.E.Dr.MaherKhalil“ShaikhHasan”,Deputy Governor, Vice Chairman of the Board

of Directors, Central Bank of Jordan• H.E.Dr.OmarZuhairHafiz,Senior Advisor to the President of Islamic Development

Bank Group• H.E.Mr.LhassaneBenhalima,Head of Banking Supervision Department, Central Bank

of Morocco• H.E.Dr.JarmoKotilaine,Chief Economist, Bahrain Economic Development Board

Conference Exhibition & Networking Session

Presentation Ceremony for the conference Sponsors

Registration

Day 1Sunday 6 November 2016

Prayer, and Lunch sponsored by Central Bank of Bahrain

End of Day 1

Session 2: Islamic Finance and Governments: in the Changing Regional Economic En-vironment

This session will feature two presentations on the topic which is quite important for the IFIs operating in most markets having strong Islamic finance presence, as well as their governments and fiscal policy makers. The floor will be open to the audience for discus-sion and comments. Overall, the session aims to establish a link of the conference theme with the government fiscal policies and the budgetary deficits in the wake of economic changes brought in by the changing oil prices and the new vision of the regional gov-ernments of planning for the post oil economic scenario.

Main topics• The existing and the possible role of Islamic finance in bridging the budgetary deficits.• Islamic finance and the government infrastructure projects – enhanced levels of inter-

action expected.• Role of sovereign Sukuk in region: from liquidity support to meeting the government

funding needs.• Can Islamic finance meet the medium term financing needs of the regional govern-

ments – does it have the capacity and capability to handle that? • New and innovative structures for supporting government funding needs.

Chairman•Dr.RajaAl-Marzoqi,President of the Gulf Monetary Council.

Main Speakers / presenters• Dr.ZamirIqbal, Head of the World Bank Global Islamic Finance Development Center,

Finance & Markets• Prof.MohamedKabirHassan, Professor of Islamic Economics and Finance, University

of New Orleans

Commentators• Mr.RafeHaneef,CEO CIMB Malaysia• Mr.MohamedDamak,Director and Global Head of Islamic Finance, Standards and

Poors

12:00 – 13:30

13:30 – 15:00

15:00 – 15:30

15:30 – 16:00

AAOIFI Shari’ah Standard e-Learning Platform

AAOIFI General Assembly Meeting

Day 1Sunday 6 November 2016

9:00 – 10:30

10:30 – 10:45

10:45 – 12:15

Session 3: Agricultural Finance: the New Destination for Islamic FinanceThis session will feature two presentations on the topic which is one of the key areas offocus for Islamic finance in the times to come, particularly in the wake of the economic scenarios impacted by the oil prices. After the two presentations, two distinguished panellists will provide their comments on the topic particularly touching upon the pres-entations. The floor will later be open to the audience for discussion and comments.

Main topics• What is the present status and statistics for Islamic finance in the agricultural sectors?• What is the Muslim countries GDP ratio coming from the agricultural and allied sec-

tors, and what are the gaps and opportunities for further growth?• How Islamic finance can play its role to fill that gap?• What products are now being used and what are the innovative products possible in

future to fill that gap – at the institutional as well as the government level?

Chairman• Mr. Khalid Hamad,AAOIFI BOT Member, Executive Director, Banking Supervision,

Central Bank of Bahrain

Main Speakers / presenters• Mr.ZubairMughal,CEO,Al Huda Centre of Islamic Banking and Economics • Mr. Abdelaziz Slaoui Andaloussi, Agricultural Development Department - Islamic

Development Bank

Commentators• H.E.Dato’WanMohammadFadzmi,President & CEO, Agro Bank, Malaysia• Mr.YasirTariq,Global I-Microfinance Operations Manager, Islamic Relief Worldwide

Session 4 : Central Shari’ah Board, its Role, Importance, Risks and Evaluation of Practical Experience

While the Islamic banking and finance industry is moving towards it next stage of life,the regulators across the globe are considering the need of Central Shari’ah Boardsfor improving standardization of Islamic finance practices and having an eye on theearlier quite liberal and diversified approaches of Shari’ah rulings across different institutions. AAOIFI has also brought up this important subject on its agenda of theGovernance and Ethics Board.

This session will feature two presentations / papers, commentator’s view, and discussion of the papers and broader session topic by two experts. The floor will be open to the audience for discussion and comments.

Main topics• What are the key considerations and requirements of the industry as well as that of

the regulators?

Day 2Monday 7 November 2016

Coffee break

10:45 – 12:15

13:30 – 15:00

12:15 – 13:30

Session 4 (continued)

Main topics• What are the key terms of reference and responsibilities of the central Shari’ah boards?• What are the experiences of different countries?• What would be right composition of the central Shari’ah boards? And fit and proper

criteria, if any?• Shall there be any reporting line to these boards or shall they be completely independ-

ent?• To what extent such boards shall be responsible to take into consideration the require-

ments of AAOIFI Shari’ah standards?• How their decisions may become enforceable and what should be the monitoring

mechanism?

Chairman• Sh.EssamIshaq,Member, AAOIFI Accounting and Auditing Standards Board

Main speakers / presenters• Mr. Farrukh Raza, Member AAOIFI Governance & Ethics Board and prominent

consultant• Mr.OmarMustafaAnsari,Deputy Secretary General AAOIFI

Commentators• Dr.AbdulBariMashal,Chairman of Raqaba group• Dr. Muhammad Ali Yousif, Manager, General Management of Researchers and

Development, Shari’ah Researcher, High Shari’ah Authority, Central Bank of Sudan

Session 5: Gold In Islamic Finance – AAOIFI Shari’ah Standard on gold in collaboration withWGCanditsexpectedimpacts

With the growth of Islamic finance across the globe and given the increased confidence of the customers as well as common issue of liquidity management, particularly, the deposits heavy positions; Islamic finance is surely in need of innovative products and investments avenues in particular. Investment in gold or gold products is one of the best suited options. AAOIFI and World Gold Council (WGC) have joined hands to develop a globally acceptable Shari’ah standard on the topic, which opens doors for numerous avenues for innovative products. The session will include presentations from WGC and the prominent Shari’ah scholar involved in the process of development of the standard. Then there will be comments on the same by two distinguished experts and scholars before the floor gets open for public question and answer session.

Day 2 (continued)Monday 7 November 2016

Prayer, and Lunch sponsored by KFH

13:30 – 15:00

15:00 – 15:30

15:30 – 17:00

Session 5 (continued)Main topics• About the WGC• Objectives of the Shari’ah standard on gold• Overview of the contents of the draft Standard• Overview of the gold market in the Gulf region / UAE• Products that can be developed using the standard• Overview of the gold market regionally and internationally, and highlights of the rel-

evant technical developments and products based on gold.

Chairman• ShaikhDr.MohammadAlielQari,AAOIFIBOTmember, Chairman and member of

various Shari’ah Boards of IFIs

Main Speaker / Presenters• ShaikhDr.DaudBakar, Amanie Advisors, Chairman and member of various Shari’ah

Boards of IFIs• Mr.AramShishmanian, CEO, World Gold Council Commentators• ShaikhDr.AbdulSattarAbuGhuddah, AAOIFI Shari’ah Board member, Chairman and

member of various Shari’ah Boards of IFIs• Mr.RajabMohamedHamedMohamed, Executive Director, Sabayiks, Kuwait

Session 6: Fair Value, Impairment and Provisioning: Impacts of IFRS 9IFRS 9 and its impact on the banking and financial services industry are being evaluated in different parts of the world. Considering the current economic scenario in most parts of the world having significant Islamic banking and finance presence, the same issue has further complications. AAOIFI needs to address that issue to keep the things comparable to the modern accounting paradigm and meet the expectations of the regulators and stakeholders at large. Fair value has its own notions for Islamic finance and Islamic ac-counting concepts for which it is important for AAOIFI to keep into consideration the same. This session will include presentations / papers by two key presenters and then two distinguished commentators will provide comments on the topic in general, and on the views of the paper presenters, in particular. Then the floor will be open for audience for questions and answers session.

Main topics• What is fair value and whether there is any difference in Islamic concepts of fair value

vs. the conventional theme?• How fair is fair value?• How to distinguish the concepts of fair value with those of impairment and whether

the accounting approaches for both are appropriate?• If fair value always prevails, then what happens to the concepts of prudence? Shall

Islamic finance focus on prudence or fair value?

Day 2 (continued)Monday 7 November 2016

Prayers and refreshment break

15:30 – 17:00

17:00

Session 6 (Continued)

Main topics• Islamic finance assets with or without promises may be subject fair valuation or net

realizable value (NRV) i.e. entity specific value? What is more appropriate in the context of Islamic finance?

Chairman• Prof. Dr. AbdulRahman Bin Ibrahim Al Humeid, IFRS Trustee, Board member and

Chairman of the executive committee, Bank AlBilad

Presenters• Dr. Mohammed Fida Bahjatt, former Professor of Accounting and Auditing in King Ab-

dulaziz University, and a representative of the International Organisation of Supreme Audit Institutions (INTOSAI)

• Mr. Mahesh Balasobramanian, Partner, Audit and Advisory, KPMG Fakhro

Commentators• Mr. Hamad Abdulla Eqab, Vice President, Group CFO, AlBaraka Banking Group. Chair-

man AAOIFI’s Accounting Board• Dr. Hussein Mohammed Samhan, Professor at Zarqa University, Jordan

Day 2 (continued)Monday 7 November 2016

End of Day 2

Conclusion

Mr.AbdulkaderThomasChiefExecutiveOfficerofShapeforEconomicConsultancy

H.E.DrOmarZuhairHafizSeniorAdvisortothePresidentofIslamicDevelopmentBankGroup

H.E. Dr. Maher “Sheikh Hasan”DeputyGovernor,CentralBankofJordan

H.E. Dr. Lhassane BinhalimaHeadofBankingSupervisioninBankAl-Maghrib

H.E. Dr. Jarmo KotilaineChiefEconomistandExecutiveDirectorofStrategyandPlanning,EDB

Session 1

Abdulkader Thomas is the Chief Executive Officer of Shape for Economic Consultancy, and an international expert in Islamic finance. He has held high positions in many institutions, in-cluding Publisher and Chief Executive Officer of American Journal of Islamic Finance; Member of the Administrative Committee of Guidance Financial Group; and Acting Chief Executive of the Islamic Investment Banking Unit at United Kuwait Bank.Abdulkader Thomas holds a Bachelor’s degree in Arab and Islamic Studies from the Univer-sity of Chicago, USA; and a Master’s degree in Law and Diplomacy from the Fletcher School of Law and Diplomacy, USA.

Dr Omar Hafiz is the senior advisor to the President of Islamic Development Bank Group. He served as Secretary General of CIBAFI, the General Council of Islamic Banks and Financial Institutions. Prior to this role Dr Hafiz held a number of directorships and senior managerial positions in the banking, finance and insurance industries. He was an Associate Professor of Economics at the King Abdulaziz University, Jeddah and was Director of the Institute of Research in Islamic Economics.

Dr Hafiz obtained his PhD in Philosophy from Indiana University, with a major in International Trade from the Department of Economics and Minor “Insurance” of the Department of Busi-ness Administration. He has done his MA in Economics from California State University and BAs in Economics and Islamic Finance from King Abdulaziz University, Jeddah. Dr Hafiz is a Certified Economic Adviser, Financial Adviser, Shari’ah Adviser and Arbitrator.

Dr. Hasan started his professional career in 1994 at the Banking Supervision Department of the CBJ, where he assumed several positions including, Deputy Director of the department, and Director of the Governor’s Office. In 2005, he joined the International Monetary Fund (IMF) where he worked as an economist/senior economist in the Middle East and Central Asia Department. In 2009, he became Deputy Division Chief at the Monetary and Capital Markets (MCM) Department of the IMF. In 2011, he was awarded MCM annual award for “exceptional” effort. Dr. Hasan received his PhD in economics and M.S. in Statistics from Washington State University Pullman, WA

Dr. Lhassane Binhalima is the head of banking supervision in Bank Al-Maghrib. He is also a member of the technical committee of the Islamic Financial Services Baord. Prior to his role he served as Deputy Director in Banking Supervision Directorate.Dr. Binhalima obtained his PhD in Law from University of Strasbourg, France. Master in Busi-ness Law, University of Franche-Comté, Besançon and BA in Political Science, Faculté de droit Fès.

Jarmo Kotilaine joined the Bahrain Economic Development Board as Chief Economist and Executive Director of Strategy and Planning in September 2012. He previously served as Chief Economist of the National Commercial Bank (NCB) since 2010. Dr Kotilaine previously worked for a number of years as an economic and financial consultant with a primary focus on emerging markets. He advised the Spanish stock exchange (BME), headed the financial services consultancy of Oxford Analytica, and Control Risks Group (CRG), London.Dr Kotilaine studied economics and economic history at Oxford, Cambridge, and Harvard. He subsequently joined the faculty at Harvard where his primary research focus was the long-term economic and institutional development of Eurasia as well as on international trade and finance.

Dr.RajaAl-MarzoqiPresidentoftheGulfMonetaryCouncil.

Session 2

Dr. Al Marzooqi is currently the chief executive officer of the Gulf Monetary Council, Riyadh, (since October 2015). He is also a guest of honor, MIT Sloan School of Management. Previ-ously, he worked as an associate professor, and an economist, Institute of Diplomatic Studies, Riyadh (2001- 2012); manager of the Asian Studies Center, Riyadh, 2008-2010, an associate professor, Thunderbird College (2009-2011); Associate professor, College of Business Admin-istration, King Saud University (2008- 2012). In the public sector, he worked as advisory to the IMF, Middle East and Asia Minor, Washington DC. (2012- 2015); acting minister, head of Monetary Union Unit, Gulf Cooperation Council (2005- 2008); board of directors member, Na-tional Fund (established by King Abdulla Bin Abdul Aziz) (2003- 2010); Founder and member, Advisory Council, Prince Sultan Bin Abdul Aziz Fund for Women Development (2009); general manager, Research and Studies Department, Ministry of Economy and Planning (2001-2002).In the private sector, he worked as an advisor to a number of companies and institutions, in addition to the World Bank, Royal Commission for Industrial Cities, Aramco, Euro Brax for Consultancy (Spain, 1999- 2012), chief economist, Alkhabeer Capital, Saudi Arabia and Bah-rain (2011- 2012); manager, Real Estate Fund, IPO Fund, Imaar Fund, Maddad Real Estate Fund (2009- 2012). Dr. al Marzooqi is a member of a number of committees, including Mon-etary Union Committee, Gulf Countries Banking Supervision and Regulation, Bank Payment System, and International Studies Journal (2001- 2012). He hold a PhD in economics and finance, Oklahoma University, 2000, a master degree in empirical economics, Michigan Uni-versity, 1995, and a bachelor degree in economy, Kind Saud University, 1990. He extensively wrote on macroeconomic policies, energy, financial markets, integration between financial and real estate sectors, foreign exchange, monetary union, privatization, monetary policies and fiscal policies in oil producing countries.

Dr. Zamir Iqbal LeadFinancialSectorSpecialist,Finance&MarketsGlobalPractice,WorldBankGlobalIs-lamicFinanceDevelopmentCentre,Istanbul,Turkey

Prof.Dr. M. Kabir HassanProfessorofFinanceintheDepartmentofEconomicsandFinanceintheUniversityofNewOrleans

Lead Specialist at the Financial Systems Global Practice of the World Bank. He heads the World Bank Global Center for Islamic Finance Development in Istanbul. He has more than 20 years of experience of risk management, capital markets, and asset management at the World Bank Treasury. Islamic finance is his research focus and he has co-authored several books on Islamic finance on the topics of banking risk, financial stability, and risk-sharing. His latest co-edited book, “Economic Development and Islamic Finance” was published by the World Bank in 2013. He earned his Ph. D. in International Finance from the George Washing-ton University and serves as Professional faculty at Carey Business School of Johns Hopkins University.

Professor Dr. M. Kabir Hassan, Professor of Finance in the Department of Economics and Fi-nance in the University of New Orleans, received his M.A. in Economics and Ph.D. in Finance from the University of Nebraska-Lincoln, USA respectively. He currently holds two endowed Chairs-Hibernia Professor of Economics and Finance, and Bank One Professor in Business- in the University of New Orleans. Professor Hassan has numerous teaching awards for his out-standing teaching from the University of New Orleans and outside academic organizations. Professor Hassan is a financial economist with consulting, research and teaching experiences in development finance, money and capital markets, Islamic finance, and in many other areas.

Dr. Mohamed Damak GlobalHeadofIslamicFinanceDirector/SectorLeadFinancialServicesMohamed Damak is the Global Head of Islamic Finance within S&P Global Ratings, leading a global team of Islamic Finance specialists. Mohamed is also a Director and Sector Lead within the Financial Services team at S&P Global Ratings. He covers financial institutions in the Mid-dle East and Africa region. Before re-joining Standard & Poor’s in 2014, Mohamed worked as a Principal Credit Risk Officer in the Sovereign Credit Risk Management Division of the African Development Bank in Tunis between 2010 and 2013. From 2006 to 2010, Mohamed worked for S&P Global Ratings covering conventional and Islamic financial institutions in the Middle East and North Africa region. Prior to that, Mohamed worked as an Associate Professor for the University of Paris II, Panthéon Assas between 2003 and 2006. Mohamed holds a PhD in Finance and a Postgraduate Diploma (DEA) in “Money, Banking and Finance” from the University of Paris II, Panthéon Assas and a Master’s degree in “Financial Institutions Manage-ment” from Ecole Supérieure de Commerce de Tunis.

Mr. Khalid HamadAAOIFIBOTMember,ExecutiveDirector,BankingSupervision,CentralBankofBahrain

Mr.AbdelazizSlaouiAndaloussiSeniorMicrofinanceSpecialistattheIslamicDevelopmentBank(IDB)

Mr. Zubair Mughal, CEOAlHudaCentreofIslamicBankingandEconomics

Session 3

Session 2 (continued)

Mr. Khalid Hamad has held several senior posts at the Central Bank of Bahrain (CBB). His cur-rent responsibilities include supervision of all banking institutions, including Islamic banks, as well as inspection of all financial institutions, comprising banks, insurance firms, investment firms, capital market licensees and ancillary services providers.

Mr. Hamad has a Bachelors degree in Business Administration from the University Of Port-land, USA, and a Strategic Leadership and Executive Management Program certificate from the University of Columbia, New York. Mr. Hamad is Chairman of the International Islamic Fi-nancial Market (IIFM), Chairman of Deposit and Unrestricted Investment Accounts Protection Board, Chairman of the Waqf Fund for Research, Education and Training in Islamic Finance Deputy Chairman of Accountants Affairs committee, member of AAOIFI Board of Trustees, an Associate Member of Toronto Strategic Leadership, member of GCC Banking Supervision Committees.

Mr. Andaloussi is an Engineer in Food Processing Technology from INAV Hassan II, School of Food Industrial Technology- Morocco and Masters in Agri-Economics / Agribusiness Man-agement in 1983 from California State University, USA. Mr. Slaoui Andaloussi has 41 years’ experience in managing Microfinance Programs and Small and Medium Scale Enterprises Investment Venture Capital Portfolios. He is Senior Microfinance Specialist at Islamic Develop-ment Bank (IDB).

He innovatively contributed to the concept design and launching of “Profit & Risk Sharing” facilities such as “Restricted Mudarabah wholesale financing”. Prior to joining IDB in 2001, Mr. Andaloussi spent 26 years at the “Office pour le Développement Industriel- ODI- Morocco”, a main public player in “Investment Venture Capital Finance” for promoting SMEs and strategic investments in partnership with the Private Sector Stakeholders.

Zubair has a strategic vision in Islamic Finance Industry with good Research and Product development skills and has 11 years experience in his field with the specialized expertise of Islamic Micro Financial Engineering, Poverty alleviation Strategies, Training & Research, Structuring of Islamic Microfinance products and Islamic Financial Publication.

Zubair is the Chief Executive Officer of AlHuda Center of Islamic Banking and Economics, and is also founding director of “Islamic Microfinance Network” and Chief Editor of “Islamic Micro-Finance News” – A dedicated Magazine on Islamic Microfinance. Zubair earned a M. Phil de-gree in Islamic Banking, and M.sc degree in Mass communication and also enrolled for Ph.D.

Mr. Mohamed Rafe Mohamed Haneef CEO,GroupIslamicBanking/CEO,CIMBIslamicBankRafe has been the CEO of CIMB Islamic Bank Berhad since 4th January 2016. He has 20 years of experience covering a range of businesses and functional roles gained from three global banks, an international asset management company and a legal firm, at various financial centers including London, Dubai and Kuala Lumpur. He read Law at the International Islamic University Malaysia and also holds an LL.M degree from the Harvard Law School. He was admitted to the Malaysian Bar in 1995 and qualified for the New York State Bar in 1997. Before he used to be the Regional Head for Islamic banking, Asia Pacific in Citigroup Asia. He later joined HSBC Amanah in 2010 as the CEO, Malaysia and Managing Director of Global Markets, ASP.

Dato’WanMohdFadzmiWanOthmanPresident/ChiefExecutiveOfficer,AgrobankMalaysia

Mr.YasirTariqGlobalI-MicrofinanceOperationsManager,IslamicReliefWorldwide

Sh. Essam Ishaq Member,AAOIFIAccountingandAuditingStandardsBoard

Session 3 (continued)

Session 4

Dato’ Wan Mohd Fadzmi Wan Othman is the President/CEO of Agrobank. He is concurrently Chairman of the Management Committee, Management Credit Committee, Asset Liability Committee and Management Risk Committee of the Bank. He holds a Bachelor of Construc-tion Economics from RMIT University, Australia. He has also attended the Advanced Manage-ment Program (AMP) at the Wharton Business School, University of Pennsylvania, USA and the Senior Executive Finance Program at Oxford University, UK. Prior to his current role, he had served as Director of Global Financial Banking at RHB Banking Group and was also with Maybank Group. He is a Chartered Banker (AICB), Chartered Professional in Islamic Finance (CPIF) and Advisory Council Member, Faculty of Agriculture in Universiti Putra Malaysia.

Currently working as the Global Microfinance Operations Manager with Islamic Relief World-wide, Yasir Tariq has an experience of over 8 years in Islamic Microfinance. He was previously working with Wasil Foundation where he launched 7 innovative products among which was the CGAP award winning product of Master Salam. He has been giving lectures on Islamic Microfinance in multiple national and international universities focusing on the practitioner’s perspective. He was further honored to be a part of a committee made by the Ministry of Finance for designing the Prime Minister’s Qard e Hassan Program.

Sheikh Essam graduated from McGill University, Montreal, Canada in 1983. He has been serv-ing as a member of Shari’ah Supervisory Boards of the various financial institutions including Al Baraka Islamic Bank, Al Hilal Bank (Abu Dhabi), Al Meezan Islamic Bank, Al Hilal Takaful, Islamic Finance House (Abu Dhabi), and Maldives Monetary Authority.Serving as a member of Accounting and Auditing Standard Board of the AAOIFI, he also serves as a member of Shari’ah Board of International Islamic Financial Markets (IIFM). He has also served as a Chairman of Shari’ah Supervisory Boards of Seerah Investment Bank, Invest-ment Dar Bank, Family Bank, and EcoIslamic Bank.

Mr.MohammadFarrukhRazaManagingDirector,IFAAS(IslamicFinanceAdvisory&AssuranceServices),MemberofAAO-IFI’sBoardforGovernance&Ethics

Mr. Omar AnsariDeputySecretaryGeneral–Accounting&Auditing,AAOIFI

Farrukh enjoys 12 years of extensive and diverse experience in Islamic finance industry. His contribution involves policy level work across several countries where he has advised the gov-ernments on building the infrastructure for Islamic finance, and at institutional level, playing a key role in launching ground-breaking Islamic finance operations. He led IFAAS team in various high-profile projects, including the development of Islamic Finance Masterplan for the Indonesian government and the EFICA award-winning product for working capital finance. The instrumental roles that he is playing worldwide are actively contributing towards the industry’s thought-leadership, pushing Islamic finance to a higher degree of Shari’ah compli-ance, professionalism and inclusiveness.

Omar is a Fellow member of the Institute of Chartered Accountants of Pakistan (ICAP). He is working at (AAOIFI), as Deputy Secretary General – Accounting & Auditing. Previously he was Partner – Assurance & Head of Islamic Finance (Pakistan & Afghanistan) at Ernst & Young.Omar’s key area of expertise is assurance and advisory services to Islamic financial institu-tions, including Islamic accounting advisory, Audits, Shari’ah Audits, Corporate Finance Advi-sory, Structuring of Shari’ah Compliant Transactions, Accountancy and Financial Reporting, Islamic Finance Training, Financial Modelling, Risk Management & Development and Review of Manuals and Systems. Omar is a member (ex-chairman) of ICAP’s committee responsible for development of Islamic financial accounting standards for Pakistan and also a member of Insurance Committee leading the accounting regulations development for Takaful. He was a member of Securities & Exchange Commission of Pakistan (SECP) Shari’ah Board and part of the committee for revision of Takaful Rules, besides being part of several committees and task forces of the State Bank of Pakistan. He is advisor to Saudi Organization for Certified Public Accountants (SOCPA) on Shari’ah issues concerning IFRS adoption. He is author and he has contributed several articles in various newspapers and journals, and conferences and is also a regular trainer and speaker on various forums on topics related to Islamic finance including forums like the State Bank of Pakistan, universities and professional bodies.

Dr.MohamedAliYusufAhmedDeputySecretaryGeneraloftheHigherShari’ahSupervisoryBoardinCentralBankofSudan

Dr. Mohd Daud BakarFounderandExecutiveChairmanofAmanieGroup

Mr. Aram ShishmanianChiefExecutiveOfficerWorldGoldCouncil

Sheikh Dr. Mohamed A. ElgariMember,AAOIFIShari’ahBoard

Session 4 (continued)

Session 5

Dr. Mohamed Ali Yusuf Ahmed is the Deputy Secretary General of the Higher Shari’ah Super-visory Board in Central Bank of Sudan. He is also a member of several Shari’ah Supervisory Boards in different banks. He wrote different published research and books presented in international conferences. Dr. Mohamed Ali obtained the Masters and PhD in Shari’ah from University of Khartoum 1993 and 2003.

Dr. Mohd Daud Bakar, the Founder and Executive Chairman of Amanie Group, received his PhD from University of St. Andrews, United Kingdom in 1993. He has remained the Deputy Vice-Chancellor at the International Islamic University Malaysia. Dr. Daud has been honoured with “The Asset Triple A Industry Leadership Award”. The recent recognition is the “Award of Excellence for Outstanding Contribution for Shari’ah Leadership & Advisory” at London Sukuk Summit Awards. He published his first book entitled “Shari’ah Minds in Islamic Finance: An Inside Story of A Shari’ah Scholar”. He is currently the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, the Labuan Financial Services Authority and the International Islamic Liquidity Management Corporation (IILM). He is also a Shari’ah board member of various financial institutions.

Mr Shishmanian has wide ranging international experience: As a management consultant with Accenture he was Global Managing Partner for financial market. He has served on the Board of many companies, including; Resolution plc a major insurance company, a Swiss asset-management company, the International Executive of Hogan Lovells, a leading law firms and several charities. He holds a BA in Economics and an MBA.

Born in Makkah, 1949, Dr. Elgari was a Former Professor of Islamic Economic at King Ab-dulaziz University, Jeddah, Saudi Arabia and Former Director of the Center for Research in Islamic Economics, in the same university. He is an Expert at the Islamic Jurisprudence Acad-emy of the OIC and the Islamic Jurisprudence Academy of the Islamic World League and a member of the Board of Trustees of AAOFI, ISRA Shari’ah Council. Dr. Elgari is chairman and member of numerous Shari’ah Boards of Islamic Banks and Takaful Companies worldwide. Dr. Elgari is the recipient of many awards relevant to Islamic Finance including KLIFF Award and Euromoney’s Award for most outstanding contribution to Islamic Finance.

Dr. Abdulbari MashalChairmanofRaqabaGroup

Dr. Abdulbari Mashal is the Chairman of Raqaba Group. He holds a PhD degree in Islamic Economics from Al-Imam Mohammed ibn Saud University in Riyadh, Saudi Arabia. Dr Mashal is Head & member of many Shari’ah Supervisory Boards for Islamic banks and financial insti-tutions and also is a researcher and author of more than 40 specialized academic studies on Islamic financial institutions & Shari’ah supervision. In addition to that, he has more than 20 years of experience in the field of Shari’ah audit and Islamic financial consultation with focus on MENA region, Turkey, U.K and U.S.A. markets. Dr Mashal is an expert and member in a number of international professional bodies; expert in the International Islamic Fiqh Acad-emy- Jeddah, a permanent expert in the Shari’ah Board for Supervision and Rating, mem-ber of the Islamic International Foundation for Economics & Finance, Riyadh, arbitrator at the International Islamic Center for Reconciliation and Arbitration (IICRA), Dubai, a corporate governance expert in the Center for International Private Enterprise (CIPE) & International Finance Corporation (IFC). He is also member of the governace and Ethics Board of Auditing and Accounting Organization for Islamic Financial Institutions (AAOIFI).

Sheikh Dr. Abdul Sattar Abu GhuddahAAOIFIShari’ahBoardMember;ChairmanandMemberofSSBsofIFIs

Mr. Rajab HamedManagingPartner,Sabayiks,Kuwait

Session 5 (continued)

Dr. Abu Ghuddah is a holder of a Bachelors in Shari’ah from Damascus University, a Bach-elors of Law from Damascus University, a Masters in Shari’ah from Al-Azhar University, a Masters in Al-Hadith Sciences from Al-Azhar University, and a Doctorate in Comparative Ju-risprudence from Al-Azhar (1975). Dr. Abdul Sattar is President and General Secretary of the Unified Shari’ah Board of Al-Baraka Banking Group, an expert and a former reporter of the Jurisprudence Encyclopedia at the Kuwaiti Ministry of Awqaf & Islamic affairs, and a visiting professor at Saleh Kamel’s Center for Islamic Economic Studies, Al-Azhar University. He is also a member of the International Islamic Fiqh Academy in Jeddah, the Zakat International Shari’ah Board, the Accounting Standards Council and the Shari’ah Council of the Account-ing and Auditing Organization for Islamic financial institutions. (AAOIFI). He is Vice-President of the Shari’ah Board of Dubai Financial Market (DFM), an executive member of the Shari’ah Board of the Central Bank of Syria, a member of the Shari’ah Committee of the Central Bank of Bahrain, Head of Al Hilal Bank Shari’ah Board , Head of Emirates Islamic Shari’ah Board ,Vice-President of the Shari’ah Board of the Abu Dhabi Islamic Bank, a member of the Shari’ah Board of Noor Bank, Chairman of the Shari’ah Board of Abu Dhabi National Takaful Co., a member of the Shari’ah Board of Takaful Re Limited in (DIFC), Head of National Bonds Shari’ah Board in addition to being a Head or a member of many other Shari’ah Boards. He is an author and examiner of several books, a trainer and instructor for training portfolios of several courses specialized in Islamic banking.

Mr. Rajab Hamed is considered as the first chancellor and chief financial analyst for most Gulf markets, precious metals sector in the Middle East and he is a distinguished guest at most economic channels. Rajab Hamed has more than 20 years of experience and now he is in the position of managing partner of Sabayiks Kuwait Company Qatar. He was the first to put forward the idea of investing in gold on the individual and household level and work on the need to provide all the gold investment products.

He carried out many educational and awareness programs in gold and jewelry sector through Kuwait Ministry of Commerce and Industry and the private sector and he is considered also as technical and financial advisor in Kuwait markets, and a member of the Union of gold and jewelry traders in Kuwait. He is preparing to issue his first book in the markets under the name of “Gold in Islam”.

Dr. Abdulrahman Al-HumeidChairmanoftheBoardofDirectorsandExecutiveCommitteeinBankAlBilad,TrusteeofIFRSFoundation

Session 6

Dr Al-Humeid has for more than 30 years held leadership roles within various accounting and financial services activities, both within his home jurisdiction of Saudi Arabia as well as in the broader Middle Eastern region. Dr. Abdulrahman Al-Humeid is the Chairman of the Board of Directors and Executive Committee in Bank Al Bilad. Also he serves as a Trustee of IFRS Foun-dation. He chairs the Committee for Adopting International Accounting Standards in SOCPA. In addition to his responsibilities in the field of accounting, Dr. Al-Humeid serves as Member of the Board of Directors at Mohammed I. Alsubeaei & Sons Investment Company and member of the Board of other various companies listed on the Saudi exchange. Dr Al-Humeid received his Ph.D. in Accounting from Louisiana State University and his Bachelor’s degree in Account-ing from King Saud University in Riyadh, Saudi Arabia.

Mr. Hamad Abdulla Ali EqabExecutiveVicePresident-HeadofFinance

Mr. Hussein Mohammed Hussein SamhanProfessorinthedepartmentofIslamicbanksinZarqaUniversity

Mr. Eqab has over 23 years’ experience in finance and auditing. He is Chairman of the Ac-counting Standards Board of the Accounting and Auditing organization for Islamic financial institutions (AAOIFI). He is also a Member of the Boards of Al Baraka Turk Participation Bank, Jordan Islamic Bank and Banque Al Baraka D’Algerie, Algeria; in addition he serves as Chair-man of the Audit Committee of Al Baraka Turk Participation Bank, as well as being a mem-ber of the Audit Committees of Jordan Islamic Bank and Banque Al Baraka DAlgerie and a member of the Social Responsibility Committee of Jordan Islamic Bank. Before joining ABG in February 2005 he worked at Shamil Bank as Senior Manager, internal audit. Prior to this he was a member of the Audit team at Arthur Andersen.

Mr. Eqab is a Certified Public Accountant (CPA) and a Chartered Global Management Account-ant (CGMA).

Mr. Hussein Mohammed Hussein Samhan was an Associate Professor in the department of Islamic banks in Zarqa University and was the head of the Islamic Banking Department and Deputy Dean of the faculty of Economics 2014 – 2015. He was also a professor of Islamic Accounting - Part-time in University of Jordan, University of World Islamic Sciences. In addi-tion, he was an Auditor and head of finance and investment department & Manager in Jordan Islamic Bank 1990-2003.

Mr. Hussein Samhan is a trainer in Islamic finance and Islamic accounting in more than do-mestic and international destinations. He has more than 20 research published in interna-tional journals and more than fourteen published books.

Dr. Mohammed Fida Bahjatt FormerprofessorofaccountingandauditinginKingAbdulazizUniversity,andarepresenta-tiveoftheInternationalOrganisationofSupremeAuditInstitutions(INTOSAI)

Mr. Mahesh BalasobramanianPartner,AuditandAdvisory,KPMGFakhro

Session 6 (continued)

Dr. Bahjatt, Holds MBA and Ph.D in Accounting and Business Administration from Michigan State University. Dr. Bahjatt has an active participation in the activities of the Saudi organization of CPA’s (SOCPA). He held the posts of Vice President of the ethics committee, Auditing Standards Committee Chairman and Consulting Services Committee, Accounting Standards Committee Chairman and member in the Board of Directors. Dr. Bahjatt held the membership of Expert Group of the INTOSAI (International Organization of Supreme Audit Institutions) and IAASB (International Auditing and Assurance Standards Board).Dr. Bahjatt is among the most qualified professionals In the Middle East, holding seven Pro-fessional Certification: SOCPA, CPA, CMA, CIA, CFM, CFE and FCPA. He is licensed public Ac-countant and Auditor, Management Consultant, Educational Consultant and Translator in Saudi Arabia.

Mahesh is the Head of Islamic Financial Services in KPMG Bahrain and Qatar and is also part of KPMG’s Global Islamic Finance Leadership Team with over 12 years of experience in the Middle East on advising Islamic financial institutions. Mahesh is involved in responding and participating with regional regulators and standard setting bodies on emerging Islamic finance regulations. He has been part of various committees and sub-groups in AAOIFI. Ma-hesh is a frequent speaker in various Islamic Banking Conferences and a subject matter spe-cialist on evaluating Shari’ah compliant investment and financing structures.

P.O.Box 1176 , Manama - Kingdom of Bahrain +973 17 2 444 96 | +973 17 2 501 94 info@aaoifi.com | www.aaoifi.com

ACCOUNTING AND AUDITING ORGANIZATIONFOR ISLAMIC FINANCIAL INSTITUTIONS