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CAMBRIDGE
GOVERNANCE SUMMIT 2025
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April, 2025
CAMBRIDGEI FA
“Cambridge-IFA is pleased to announce GIFA Million
Dollar Campaign to set up an Islamic Finance Scholarship Programme
to support studies and research in Islamic banking and finance“
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Send your interests and nominations at gifa@gifaawards.com
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CAMBRIDGE
ISLAMIC FUNDS SUMMIT
CAMBRIDGE
ISLAMIC FUNDS AWARDS
2025
The Cambridge Islamic Funds Awards seek to acknowledge and honour the premier
Islamic funds from around the world. Our mission is to spotlight those who exemplify
commitment, innovation, and consistent performance in the realm of Celebrating
Excellence in Islamic & Ethical Funds, Assets and Wealth Management.
Cambridge Islamic Funds Forum, an exclusive gathering of industry leaders and fund
managers from all over the world is conceived as a platform to discuss the prevailing
state of the Islamic funds industry, assess current challenges, and collaboratively
envision its future direction.
Islamic Wealth Management Report (IWMR) highlights the current state of the global
Islamic wealth management industry along with the future trends. Our contributors are
industry thought leaders as well as experts who provide a wealth of expertise, analysis,
and experience. The upcoming 4th edition of IWMR 2025 presents a comprehensive view
of the Islamic wealth management industry and is a compendium of insights and
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better understanding of Islamic wealth management.
CAMBRIDGE ISLAMIC
FUNDS PROGRAMME
For further information, please reach out to us at: iwmr@cambridge-ifa.net
CAMBRIDGEI FA
February 10, 2025 Jeddah, Saudi Arabia
Sara Ahmad
Halah Ghazi
Rasbah Khan
Stella Cox, CBE
Chairman of the International Advisory Board
Professor Mehmet Bulut
Renowned Scholar
Dr Jamshaid Anwar Chattha
Financial Institutions Supervision Sector,
Qatar Central Bank
Dato’ Dr Asyraf Wajdi Dusuki
Islamic Finance Expert
Professor Joseph Falzon
University of Malta
Dr Mian Farooq Haq
State Bank of Pakistan
Professor Kabir Hassan
University of New Orleans
Dr Hylmun Izhar
Islamic Development Bank
Dr Rizwan Malik
Bahrain Institute of Banking and Finance
Moinuddin Malim
Alternative International Management
Services
Professor Dian Masyita
Universitas Islam Internasional Indonesia
Dr Aishath Muneeza
International Centre for Education in Islamic
Finance
Professor Asmadi Mohamed Naim
Uni SHAMS
Professor Muhamad Rahimi Osman
Renowned Scholar
Muhammad Saleem Ahmed Ranjha
Wan Miana Rural Development Programme
Dr Edana Richardson
Maynooth University
Dr Irum Saba
Institute of Business Administration, Karachi
Mohammad Shaheed Khan
Managing Director, Moonshot Advisory
Mughees Shaukat
Accounting and Auditing Organisation for
Islamic Financial Institutions
Dr Usamah Ahmed Uthman
Renowned Islamic Economist
An official publication of Cambridge Institute of Islamic Finance
IS S N 2049-19 05
Copyright © 2024 Cambridge IFA
This pub licao n is provide d for informa on purp oses only and should no t
be treated as na ncial , legal or polic y advice in rela on to Islam ic banki ng
and nance in general or to any Islamic nancial instuon in parcular.
The reader sho uld not act on the b asis of t he i nforma on contai ned in
this pub licao n witho ut havin g obtain ed indiv idual , exper t advice. In this
respect, publishers, editors, contributors, sponsors and other supporters
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SENIOR EDITOR
ASSOCIATE EDITOR
FOUNDER &
EDITOR-IN-CHIEF
Professor Humayon Dar
JUNIOR EDITOR
INTERNATIONAL
EDITORIAL BOARD
Volume 14, NO. 5, December 2024
VOLUME 14, NO. 6, DECEMBER 2024
TABLE OF
CONTENTS
ISFIRE COVER STORY
Halil Demir
28
22
10
34
TALKING POINTS
AN EPITOME OF EXCELLENCE IN SHARI’A; GUIDANCE
FOR A MULTI-DOLLAR INDUSTRY
ABRAHAMIC FINANCE: THE PATH FORWARD?
PERSPECTIVE
PERSPECTIVE
STORY OF HUMANITARIAN EFFORTS FROM USA TO THE WORLD
ISLAMIC FINANCE IN NORTH AMERICA – NAVIGATING A
CHALLENGING PATH
EXCLUSIVE INTERVIEW WITH
FOUNDER & CEO, ZAKAT FONDATION OF AMERICA
DR YOUSUF AZIM SIDDQUI
HALAH GHAZI
CAMILLE SILLA PALDI
52
60
78
86
62
42
ISFIRE REPORT
PERSPECTIVE
THE 14TH GIFA SUMMIT AND AWARDS EVENT
THE FIVE PILLARS OF PROSPERITY: A FAITH-BASED
APPROACH TO WEALTH BUILDING
REVIEW
ISFIRE REPORT
ISFIRE REPORT
ISFIRE REPORT
HOW ISLAMIC FINANCE HELPED TO ALLEVIATE THE ADVERSE
FINANCIAL IMPACTS OF COVID-19 PANDEMIC IN THE USA
BOOK LAUNCH OF THE 15TH GIFR, 2024
THE 10TH IRBA AWARDS EVENT
THE 6TH WOMANi ANNUAL EVENT
DR M YAQUB MIRZA
SARA AHMAD
WE ARE ENDING 2024, on a happy note. With 14
years of publishing ISFIRE in print format, we are now
the only Islamic nance magazine in the world with
unparalleled longevity.
ISFIRE has crossed milestones in the process. It started
with a woman featured on its cover and continued
to feature them regularly. No other Islamic nance
magazine has done it so many times.
We have also printed ISFIRE in multiple languages
– in Arabic, Bahasa Melayu, Indonesia and Urdu in
addition to the regular English editions. This year, we
decided to publish Special Country Editions. Before
this Special US Edition, we published two focusing
on Canada and Nigeria in August and October
respectively, this year.
ISFIRE has been an excellent tool of Islamic nance
advocacy in the private sector - a phenomenon pioneered
by the likes of Professor Khurshid Ahmed and Muazzam
Ali and perfected by us. ISFIRE, along with Global
Islamic Finance Reports, Islamic Wealth Management
Reports and WOMANi Reports, has attempted to
promote Islamic business and nance globally. Our
awards programmes – Global Islamic Finance Awards,
Islamic Retail Banking Awards, WOMANi Awards and
Cambridge Islamic Funds Awards – are other integral
components of this advocacy model.
Our advocacy endeavour has been sustained because
of the industry support. We enjoyed the patronage of
many Islamic nancial institutions, which supported us
nancially. Without their backing, achieving what we
have done in last 14 years was impossible. We shall
remain thankful to them, particularly Mohamed Kateeb
who as CEO of Path Solutions at that time provided
£4,000 to publish our rst issue in November 2011.
In 2025, we have plans to start digitalisation of all
of our publications, including ISFIRE. This will be
consistent with the contemporary trends. We already
have a digital circulation of over 27,000 and with this
new initiative, we aim to increase the circulation to
100,000.
With the impressive growth of Islamic banking and
nance (and its current global size of US$5 trillion),
we expect to increase the outreach of ISFIRE to
one million by 2030. To achieve this milestone, we
anticipate continuous support from the industry.
Professor Humayon Dar
Editor-in-Chief
PROFESSOR HUMAYON DAR
FROM THE EDITOR-IN-CHIEF
This is the last edition of ISFIRE being produced
this year. We are buoyant upon having complete the
fourteenth year of ISFIRE publication. It has been
instrumental in sparking interest in the burgeoning
Islamic banking and nance industry, throughout
the globe generating interest in those jurisdictions
where it has taken already taken root and adding
new ones.
ISFIRE was started in 2010 with the primary aim
of galvanizing market agents to spur growth in the
Islamic banking and nance industry. With the
passage of fourteen years we still seek growth and
expansion but now in environments where in the
least there is some awareness of Islamic nancial
solutions.
The sixth ISFIRE this year themed as North
America Special edition concludes this year with
some important contributions from USA. We bring
to the readers the success story of Halil Demir
and his not for prot organisation, the Zakat
Foundation of America. Halil Demir’s story holds a
message for all Muslims and non-Muslims seeking
peace, stability and opportunities to prosper.
There are two articles from USA, which speak
of the multi-religious society in USA and the
nancial solutions that can guide all these people
to achieve success. 'Abrahamic Finance' is the
subject of an article by Camille Paldi, the Founder
of Holy Book Finance and another article ‘Five
Pillars of Prosperity’ has been contributed by the
renowned Islamic nance scholar Dr M Yaqub
Mirza. Dr Yousuf Azim Siddiqui, an advisor on the
board of AAOIFI shares latest developments in
standardisation in his article on the draft version
of Standard no. 62 published by AAOIFI, this year.
With Cambridge-IFA, the last quarter of the year
is usually a very busy time. We hosted three major
events during this quarter and additionally a book
launch. We hosted the 14th Global Islamic Finance
Awards Summit on the 17th of September, 2024;
the combined 10th Islamic Retail Banking Awards
event and the 6th WOMANi was held on 26th of
November, 2024. The fteenth edition of the Global
Islamic Finance Report was launched on the 12th
of November, 2024. These events have proven to be
excellent stimulants in an otherwise inertia prone
industry.
With this concluding edition of ISFIRE, we bid
goodbye to this year, on a happy note.
Enjoy the read!
Sara Ahmad
Senior Editor
SARA AHMAD
FROM THE EDITOR
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STORY OF
HUMANITARIAN
EFFORTS FROM USA
TO THE WORLD
HALIL DEMIR
EXCLUSIVE INTERVIEW OF
FOUNDER & CEO, ZAKAT FOUNDATION OF AMERICA
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Halil Demir, a transformave humanitarian known as the 'Change Leader During Crisis,' hailing from
a remote area in Türkiye, rose to become a globally recognised philanthropist. He founded the Zakat
Foundaon of America (ZFA) in 2001, and under his leadership, ZFA now delivers humanitarian aid
across 45 countries. He founded the Zakat Foundaon of America (ZFA) with the primary purpose of
channelising zakat to people as disaster relief catering to their immediate and special needs. ZFA guided
by his vision has been delivering essenal as well as socially and sustainably rehabilitave services.
Halil Demir is an esteemed philanthropist, a visionary humanitarian, and the founder of the Zakat
Fo u nd a o n of Am e r ic a, w h i ch ai ms to pr o vi d e ai d to th e de s tu te pe op le an d d is a st er - st ru ck co m mu n i es .
Demir spent his childhood with limited access to resources in a remote area of southeastern Turkey.
These struggles gave him the movaon for philanthropy and social jusce.
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understands that there are many more struggles that
people have to go through in their mes of hardship. He
opened Khalil Centre, one of the largest Muslim mental
health organisaons in the United States, providing
culturally relevant mental health care. As a pragmac
example of his ongoing doctoral thesis, he helped
establish Zahra University, a rst-of-its-kind, tuion-
free instuon for Syrian refugees, oering displaced
students access to quality educaon. He also iniated
a centre dedicated to supporng Rohingya refugees,
preserving their cultural heritage, and oering essenal
community services. He also worked for infrastructure
development by construcng water wells, community
centres, and mosques in underprivileged areas, including
the Navajo Naon in the US. Through these iniaves,
Halil Demir has demonstrated a unique ability to addre ss
both immediate and systemic challenges, fostering
resilience and self-suciency among those he ser ves.
During the COVID-19 pandemic, Halil Demir's leadership
has shone the brightest. In that me of global crisis,
he distributed over 5 million pounds of food to needy
families for which he earned the tle of “Change Leader
During Crisis” by Harvard University. His calm, strategic
decision-making in emergencies has established ZFA
as a trusted organisaon for disaster relief worldwide.
His work also received aenon from prominent media
organisaons like Al-Jazeera English, TRT World, NBC,
CNN, MBC, the Wall Street Journal, Chicago Tribune,
USA Today, and the New York Times along with other
local American networks. His vision of social jusce,
philanthropy, and humanitarian aid within communies
has made him a public speaker. He knows six languages
which has enabled him to communicate with diverse
cultures enhancing the global impact and strengthening
its commitment to universality.
Halil Demir's vision and philosophy behind the charity is
not just to full the needs of underserved communies
of our society but instead to empower them to help
themselves. He believes in the transformave power
of the third pillar of Islam, zakat. He talks about
sustainability, empowerment, and dignity so that they
can transform their own lives and break their cycle of
poverty. He advocates for the topics that are in sync
with this percepon. He raises his voice for educaon,
mental health awareness, and the importance of cultural
preservaon especially for the people who are displaced
from their homes.
Halil Demir was brought up by parents who had no
formal educaon. However, spurred by his thirst for
knowledge, he taught himself to read at a young age
inculcang in himself a commitment to educaon and
self-improvement. These inial circumstances inclined
him towards the vision of equity, social welfare, and
the role that educaon plays in eradicang poverty. He
started acng on this vision as a student by advocang
for underprivileged communies.
He went to Switzerland from Turkey to pursue higher
educaon, where he got his Bachelor's degree in
Sociology at the University of Basel. His scholarly
achievements carved him a path to go to the United
States, where he got advanced degrees, including a
Master’s in History from Chicago State University, a
Master of Nonprot Management from North Park
University, and an ongoing PhD in Educaon. His
doctoral research focused on creang tuion-free
universies, demonstrang his innovave approach to
educaon and equity.
Halil Demir founded the Zakat Foundaon of America
(ZFA) in 2001, later joined by a group of passionate
individuals who shared his vision to ght poverty and
inequalit y. The base of this foundaon was rooted in the
Islamic principle of zakat, and the compulsory charity
that the Muslims have to do. The organisaon iniated
with an annual budget of US$200,000 and ZFA grew
exponenally und er the mentorship of Halil by managing
over US$40 million annually and inuencing millions of
lives worldwide.
ZFA worked in emergency relief by responding to crises
with food, shelter, and medical aid in calamity-plagued
regions. They also worked for sustainable development
by bui ldi ng schoo ls, heal th cl inics, and vo caonal training
centres to empower communies long-term. In their
social services, they oered mental health support,
cultural preservaon, and resources for refugees and
destute communies.
Under Halil Demir's leadership, the Zakat Foundaon
of America has grown to become a global humanitarian
organisaon that has served millions of needy and
destute people in several countries across the globe.
Halil’s leadership in the foundaon made way for many
important projects that served humanity. Halil Demir
is not only focused on eradicang poverty, but he also
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Halil is not just a philanthropist spending his money, but
a visionary and transformave leader who believes in
the transformave power of community, and the Islamic
way of helping people change their lives by empowering
them.
WHAT IS THE MISSION AND VISION OF ZAKAT
FOUNDATION OF AMERICA (ZFA)?
Mission: Zakat Foundaon of America helps Muslims
carry out their zakat dues easily, correctly, and wisely.
It diligently, eecvely, and with dignity delivers these
alms, along with voluntary charity, from caring people
of all beliefs to the poor: the hungry, the thirsty, the
stricken, the war-ravaged, the bereaved, and the
dislocated worldwide.
Vision: ZFA, unique among global humanitarian agencies,
advances zakat as a primary vehicle for human upliment
and social development. We channel the spirit of zakat's
divine alms obligaon, along with its strong voluntary sadaqa-
charity imperave, into a calling of universal inspiraon: Let
ever y huma n being bless ed with life- su staining me ans nd the
relave, neighbour, or other in pressing life-needs to share in
the blessings, purifying one's self and wealth and spreading
about life and love among our human family.
WHAT IS THE SCOPE THAT YOU SEE FOR ISLAMIC FUND
MANAGEMENT IN THE USA AND IN THE WIDER NORTH
AMERICAN REGION?
Islamic fund management in the U.S. and North America
is increasingly gaining prominence, especially as Muslim
communies become more established and integrated
into the socio-economic landscape. There is signicant
Halil Demir visits the Visit Ambassador of Gambia, W.D.C
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The growing interest in socially responsible investments aligns
with Islamic nance principles, presenting opportunities to create
nancial products that benet both Muslims and non-Muslims
while promoting equity, inclusion, and social responsibility
Figure 01: Journey of the Zakat Foundaon of America
HOW DID THE ZFA GET STARTED, AND HOW HAS THE
JOURNEY BEEN SINCE THEN? CAN YOU RECOUNT A FEW
SIGNIFICANT EVENTS IN THE JOURNEY?
I founded ZFA in 2001 aer years of experience
in humanitarian aid and a passion for serving the
underserved. Inially started in a small oce with limited
resources, ZFA has grown into a global humanitarian
organisaon, touching the lives of millions. Note the
signicant events in the journey of ZFA given in gure 01:
potenal to create sustainable, faith-based nancial
models that priorise ethical investments aligned with
Islamic principles. This could include expanding Islamic
nance products such as sukuk (Islamic bonds), halal
investments, and zakat-based funds that emphasise
social impact and community well-being. The growing
interest in socially responsible investments aligns with
Islamic nance principles, presenng opportunies to
create nancial products that benet both Muslims and
non-Muslims while promong equity, inclusion, and
social responsibility.
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YOU HAVE BEEN ADVOCATING PEACE AND TRANQUILITY
IN A WORLD TORN WITH RIFTS, VIOLENCE, AND WAR.
WHAT IS THE IMPACT OF YOUR VOICE IN TODAY’S
WORLD?
I believe only during peace can we create a beer
understanding and beer community. My voice and
eorts have profoundly impacted, advocang for
peace, jusce, and humanitarian relief. As a recognised
peace advocate, my work has reached global plaorms,
and my advocacy resonates in the Middle East, South
Asia, and Africa, where conict and war have displaced
millions.
My commitment to providing hope and empowerment
has been crical in combang radicalism by oering
tangible alternaves—educaon, humanitarian aid,
and community building—as tools to create peace and
stability, and with dignity deliver these alms, along with
voluntary charity, from caring people of all beliefs to
the poor: the hungry, the thirsty, the stricken, the war-
ravaged, the bereaved, and the dislocated worldwide.
YOU HAVE BEEN EXTENDING A HELPING HAND AND LOVE
TO THE CHALLENGED, THE THREATENED, AND IN NEED
OF HELP. TO WHAT EXTENT WOULD YOU SAY YOUR
ORGANISATION HAS BEEN SUCCESSFUL IN IMPACTING
NEEDY POPULATIONS AROUND THE WORLD?
Zakat Foundaon of America (ZFA) has made a
signicant and lasng impact on needy populaons
worldwide, providing both immediate relief and long-
term soluons to some of the world’s most vulnerable
communies. Through our diverse programmes, we
have touched the lives of millions, addressing crical
needs in regions aected by conict, poverty, and
natural disasters.
Our success lies in the scale of aid we provide and the
sustainable development iniaves we implement.
From emergency food distribuons in disaster zones
like Syria, Yemen, and Gaza to long-term educaon
programmes, healthcare services, and infrastructure
development, ZFA ensures that people survive and
thrive. For example, our educaonal programmes,
With children from an orphanage in Mali, This orphanage was iniated and supported by ZFA for many years. Many
orphans graduated from great universies. Then we le to our local partner Khubaib Foundaon. ZFA has opened its
own local oce there to manage their projects.
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including the Zahraa University for refugees in Turkey,
allow displaced students to rebuild their futures.
Similarly, our healthcare iniaves like the Khalil Center,
which oers mental health services, have helped
thousands cope with trauma and rebuild their lives.
Addionally, ZFA’s focus on empowering local
communies through vocaonal training, agricultural
development, and water access programmes has proven
to be an eecve way of creang self-suciency and
long-term resilience. We don’t just provide charity—we
oer tools for individuals and communies to regain
Through diverse programmes, ZFA
has touched the lives of millions,
addressing critical needs in regions
aected by conict, poverty, and
natural disasters
Halil Demir's visit to Morocco Emergency Relief eorts for earthquake survivors, 2023
Sad: The suering of vulnerable populaons,
parcularly children and women caught in conict
zones or living in extreme poverty, is likely a source
of sadness. Addionally, witnessing the connued
instability, displacement, and injusces worldwide
would be dicult for me, especially when it feels like
systemic change is slow or elusive.
HOW WOULD YOU DESCRIBE THE ROLE OF ZFA NOT ONLY
IN AMERICA BUT THROUGHOUT THE WORLD IN DIFFERENT
COUNTRIES?
Zakat Foundaon of America (ZFA) plays a pivotal
role both within the US and globally, acng as a bridge
control over their lives and create sustainable futures.
Overall, ZFA’s success is measured not just by the
number of people we ser ve but by the lasng change
we create in their lives.
WHAT MAKES YOU HAPPY, AND WHAT MAKES YOU FEEL
SAD?
Happy: I likely nd joy in seeing the direct impact of
ZFA’s work on the lives of the needy—providing hope,
educaon, and essenal services to those who have
been forgoen by the rest of the world. The success
stories of individuals and communies rebuilding their
lives due to ZFA’s support would bring me immense
sasfacon.
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Türkiye Earthquake in Gaziantep, Türkiye, 2023
Halil Demir’s visit to Srilanka
for humanitarian aid, community empowerment, and
intercultural understanding. In the US, ZFA advocates
for social jusce, charitable giving, and solidarity,
educang communies about the power of zakat
(obligatory charity) and sadaqat (voluntary charity).
ZFA promotes inclusive philanthropy that reaches
underserved populaons, including refugees, low-
income families, and marginalised groups.
Globally, ZFA operates in over 45 countries that span
ve connents to assist with responding to emergencies
in crisis zones, providing healthcare, educaon, and
sustainable development projects. Whether delivering
food aid to war-torn regions, building schools in
displaced communies, or oering mental health
support, ZFA addresses both immediate needs and
long-term recovery. Through its partnerships with
local organisaons, ZFA ensures that aid is culturally
sensive, eecve, and sustainable.
HOW IMPACTFUL HAS ZFA BEEN IN PROMOTING
FINANCIAL INCLUSION IN THE USA AND NORTH AMERICA?
Zakat Foundaon of America (ZFA) promotes nancial
inclusion in the USA and North America through
ethical, faith-based giving, parcularly zakat and
sadaqat. It ensures that wealth is shared equitably and
supports vulnerable communies.
ZFA’s food distribuon programmes during the
COVID-19 pandemic helped marginalised populaons,
including low-income, refugee, and immigrant
communies, access basic resources. A notable
example of its impact is the Chicago Shelter Project,
in collaboraon with the city, Cook County, and the
Archdiocese of Chicago, which provided free shelter to
refugees, aiding their integraon and self-suciency.
In 2024, ZFA responded swily to Hurricane Milton by
delivering emergency relief to hard-hit areas like Tampa
and Port Charloe, ensuring aected residents received
vital supplies. ZFA also established the Rohingya
Cultural Center and Afghan Cultural Center, providing
refugees with job training, nancial literacy, and mental
health support, helping them integrate into the US
society and achieve nancial independence. Through
these iniaves, ZFA connues to promote nancial
inclusion and empower marginalised communies in
North America.
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WHAT IS YOUR VIEW OF THE NEED FOR FAITH-
BASED FINANCE, AND DO YOU THINK ZAKAT IS MORE
SUCCESSFUL IN AMELIORATING THE HUMAN PROBLEM?
Faith-based nance, parcularly zakat, is an essenal
tool for improving human suering. Zakat oers a
structured and consistent wealth redistribuon form,
directly addressing poverty, inequality, and social
injusce. By requiring Muslims to give a poron
of their wealth annually, zakat fosters a sense of
shared responsibility for the welfare of others. When
implemented eecvely, zakat can be a powerful force
for social change, parcularly in alleviang poverty and
supporng sustainable development. In combinaon
with other charitable acvies, zakat helps provide
long-term soluons to human problems beyond
temporary aid.
WHAT ARE THE EVERYDAY CHALLENGES OF STARTING
AND GROWING A FAITH-BASED NON-PROFIT
ORGANISATION IN AMERICA, ESPECIALLY AS AN
AMERICAN HAILING FROM TURKEY?
My experience of growing ZFA from a small oce to a
global organisaon highlights several challenges:
• Cultural and Religious Percepon: As a Turkish-
American Muslim, I and ZFA have had to overcome
misunderstandings about Islam and faith-based
organisaons, especially post-9/11. Educang the
public about the humanitarian goals of ZFA has
been essenal.
• Fundraising: Raising funds for a faith-based
nonprot in the US can be challenging, especially
given the scruny of Muslim charies. ZFA has
worked to build trust by ensuring transparency
and accountability.
• Bureaucrac and Regulatory Hurdles: Navigang the
complex legal frameworks for nonprot organisaons
in the US while working internaonally adds another
layer of complexity, requiring strategic planning and
careful management.
HOW DOES ZFA STAND OUT AMONG SO MANY
PHILANTHROPIC ORGANISATIONS ACTIVE IN THE
DEVELOPED WORLD?
ZFA stands out due to its deep roots in Islamic
values and its commitment to long-term sustainable
development. Unlike many humanitarian organisaons,
ZFA doesn’t just oer temporary relief—it focuses on
empowering individuals and communies through
Halil Demir with a young girl at the Bananzole Clinic in Mali, 2020
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YOU HAVE SPREAD THE MESSAGE OF PEACE THROUGH
ZAKAT ACROSS THE WORLD. ON A PERSONAL
LEVEL, WHICH OF YOUR QUALITIES HAS HELPED YOU
POPULARISE THE BASIC MESSAGE OF ISLAM?
My humility, dedicaon, and empathy are key qualies
that have enabled me to spread the message of peace.
My background of experiencing poverty and hardship
myself, as well as my commitment to service and human
dignity, allows me to connect with the people I serve
on a deep and personal level. My advocacy for jusce,
tolerance, and social equality is a natural extension of
my own lived experience.
HOW HAS BEEN THE EMERGENCY RESPONSE IN GAZA?
Zakat Foundaon of America’s (ZFA) emergency
response in Gaza has been both comprehensive and
impacul, addressing immediate relief needs while also
working on long-term recovery. Key eorts include:
1. Humanitarian Aid Delivery: ZFA has delivered
crical food aid, medical supplies, and health
services, focusing on vulnerable populaons such
as orphans, widows, the elderly, and refugees.
educaon, health services, vocaonal training, and
infrastructure development. Addionally, ZFA’s emphasis
on internaonal cooperaon and cultural egalitarianism
helps it navigate the complexies of working in diverse,
conict-aected regions.
WHAT ARE THE DIFFERENT SECTORS UNDER THE FOCUS
OF ZFA FOR PHILANTHROPIC ASSISTANCE?
ZFA focuses on:
• Disaster Relief: Emergency aid during natural and
man-made disasters.
• Healthcare: Clinics, medical aid, and mental health
services in underserved regions.
• Educaon: Building schools, oering scholarships,
and providing vocaonal training.
• Sustainable Development: Water wells, solar
energy projects, agriculture, and infrastructure.
• Refugee Support: Providing shelter, food, and
services for displaced populaons.
• Women Empowerment: Programmes focused on
educaon, healthcare, and economic independence.
Young paent at a medical centre Gaziantep, Türkiye, 2015 “This lile boy was one of the orphans in our orphanage. He
is a Syrian refugee and studying at our School. He is remarkable because, while we were dealing with his mother, who was
suering from cancer we learned that her son (the boy in picture) also has cancer. I was welcoming the US Ambassador to
Ankara and his wife to visit our school for the Syrian refugees. My team introduced me to this brave boy Ibrahim. He was so
brave and funny; I could not but help myself to pick him up. Ever y picture has its story!” Halil Demir
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These resources have been especially crucial
during periods of military escalaon.
2. Gaza Food Airdrop (May 2024): ZFA coordinated
a signicant food airdrop in northern Gaza,
targeng areas hardest hit by the ongoing conict.
The Royal Jordanian Air Force facilitated the
airdrop and distributed it in partnership with local
organisaons to address severe food shortages
caused by the blockade and war.
3. Health and Medical Support: ZFA has equipped
hospitals with life-saving supplies, provided
medical personnel, and oered trauma care and
psychosocial support to help Gaza’s healthcare
system cope with the overwhelming demand
due to the conict. Cover the costs of life-saving
treatments for pediatric cancer paents, ensuring
uninterrupted care and vital nutrion during their
treatment.
4. Greenhouse Projects: By providing small
greenhouses and farming training, we empower
food-insecure families in Gaza with sustainable
access to fresh produce year-round.
5. Shelter Repair: ZFA partners with UNRWA to
rebuild homes damaged by conict, oering
Gaza airdrop - Supplies for the people of Gaza
ZFA led food distribuon for the survivors from Gaza
Our Impact on Palesne
Through 15 programmes, we have
impacted 1,170,490 beneciaries from
October 2023 to October 2024.
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relief to provide long-term, transformave support.
ZFA will also connue advocang for social jusce and
human rights while leveraging technology to create
more eecve programs.
As ZFA grows, it will remain a model of compassion,
uning diverse communies through the shared goal of
human dignity and mutual support. With its unwavering
commitment to service, ZFA will be at the forefront of
building a more inclusive, sustainable world.
displaced families the stability of a safe, secure
home.
6. Orphan Care: We provide orphans with food,
healthcare, and educaon, helping them rise
above adversity and secure a brighter future.
7. Agricultural Development: Our projects support
Palesnian farmers by improving agricultural
output and water storage, boosng livelihoods in
rural areas.
WHAT DO YOU FORESEE FOR ZFA’S FUTURE AND ITS ROLE
GLOBALLY?
Zakat Foundaon of America (ZFA) is poised for
connued growth, focusing on expanding its global
reach, especially in conict zones and disaster-stricken
areas. With a commitment to sustainable development,
ZFA will work to empower communies through
educaon, healthcare, and economic self-suciency.
The foundaon plans to deepen its impact by integrang
faith-based humanitarianism with community-driven
soluons, ensuring that aid goes beyond immediate
Hurricane Harvey Relief - Houston
Halil Demir at the 20th Anniversary Dinner at Chicago HQ, 2021
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PERSPECTIVE
The global Islamic nance industry is ourishing with total assets reaching US$4.45 trillion by the end of 2023,
as reported by Cambridge GIFR 2024. Along with the global leaders in Islamic nance like Malaysia, Saudi
Arabia, Iran, etc., regions like the UK, North America, Singapore, etc., are also emerging.
With the growing Muslim populaon in North America, the demand for Islamic nancial services has also seen
an upward trend. Though the global share of Islamic nance in North America is minimal, it holds substanal
growth potenal. Recent esmates place the Muslim populaon at over 4.5 million in the United States and
approximately 2 million in Canada, and by 2030, Canadian Muslims are expected to reach a count of 2.7
million, per Pew Research Centre’s esmate, which fuels a steady demand for Shari’a-compliant products.
The upsurge in the demand for Islamic nance was also noced aer the Canadian government announced
that it is “exploring new measures to expand access” to new nancing opons such as “Halal mortgages”, in
its federal budget.
ISLAMIC FINANCE IN
NORTH AMERICA
NAVIGATING A CHALLENGING PATH
HALAH GHAZI
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Estimates place the
Muslim population
at over 4.5 million
in the United States
and approximately
2 million in Canada,
and by 2030,
Canadian Muslims
are expected to
reach a count of 2.7
million, which fuels
a steady demand for
Shari’a-compliant
products
The main purpose and focus of advancement of Islamic nance in North
America should be to tap a segment of the market that spans communies,
and not just addressing current requirements. This is a growing segment
that is looking for ethically and socially responsible nancial products in line
with their beliefs. Keeping this in view, some pioneering instuons like UM
Financial in Canada and LARIBA in the US took the iniave and decided to
tackle the challenge of introducing Islamic nance to a highly convenonal
market head-on. The stories of their successes and the challenges that they
faced and the complexies that they had to navigate paint a vivid picture of
what to expect when introducing Islamic nance to North America.
Establishment of an Islamic Financial instuon in USA or Canada is
not an easy task and comes with its set of challenges. The task requires
not only translang Shari’a principles pertaining to nancial maers into
nancial products, but also requires walking a ne line between these
principles as well as regulatory requirements of the state. As a result,
this, in turn, needs scholars and industry experts with experience and
operaonal innovaon ingrained into their work ethic.
As dierent instuons began their journey, each of them pioneered a
unique set of approaches to address the needs and requirements of the
growing Muslim populaon of North America. However, the outcome
of their respecve journeys was very dierent. For example, LARIBA,
now, has a stable presence in the USA, in stark contrast, UM Financial,
despite early success faced hurdles and challenges and ulmately faced
insolvency. Both of these cases not only illustrate the importance and
growing demand for Islamic nance in North America, but also show the
associated pialls. As such, all current and future actors in this eld must
crically study these cases.
Historical Background and Key Developments
In North American countries, Islamic nance started taking root in the
1980s with the establishment of Ansar as the rst Islamic nancial
instuon. Ansar Islamic Cooperave Housing Cooperave, being the
rst Islamic nancial instuon in North America, has aracted global
aenon for its innovave approach to ethical nancing. While Mexico
has just started thinking about Islamic nance, it is now an established
phenomenon in Canada and the United States of America.
Among 43 instuons providing Shari’a-compliant nancial services in
the US, LARIBA is the pioneer. Other prominent players include Wahed
Invest, GE Capital Sukuk, American Islamic Finance and University
Bank's subsidiary; University Islamic Financial. JP Morgan made an early
entry into the market in 2013 with the launch of Islamic banking services,
while Standard Chartered Bank oers Islamic products globally through
its Saadiq division, spanning over 70 countries across Asia, Europe, the
Middle East, and the United States.
In Canada, Islamic mortgage providers are playing a key part in tapping
Muslim communies aiming to make them homeowners. Currently, only
52 per cent of Canadian Muslims are homeowners, compared to the
naonal average of 71 per cent. Manzil, Aya, Eqraz, Tjara nancing are
among the instuons that provide halal mortgage nancing soluons
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PERSPECTIVE
to the Canadian populaon. Manzil Canadian Sukuk, Canadian Islamic
Wealth, and Wealthsimple Halal Invesng oer other services like sukuk,
takaful, investment etc.
Pioneering Institutions
Some of the pioneering instuons that paved the way for the growth
of Islamic nance in North America by introducing innovave, ethical
nancial soluons to the region are menoned here:
• Ansar Cooperative Housing Corporation
Having the status of the rst-ever Islamic mortgage provider, Ansar
Cooperave was set up in 1982 in Canada. Founded in Toronto by
Pervez Nasim, it is the rst interest-free housing cooperave in North
America. It was established to provide Islamic mortgage nancing
soluons based on diminishing musharaka. Over the years, Ansar has
expanded its oerings under the Ansar Financial Group, which manages
various interest-free investments and development projects wor th over
US$85 million. It has also supported iniaves like the Islamic Financial
and Development Corporaon, which became the rst interest-free
public company listed on the Canadian Stock Exchange. Before the
creaon of AAOIFI, this was the only nancial service being promoted
as a halal product and at the me obtained a fatwa from the renowned
Islamic scholar, Mui Taqi Usmani.
• LARIBA: Pioneering Shari’a-Compliant Finance in the U.S.
It was in 1987 when Dr Yahya Abdul Rahman founded LARIBA with
a mission to provide interest-free nancial services in the US. It was
set up with a capital of US$200,000 collected from the community. At
rst, the instuon only provided limited mortgage services. Later, it
bought the Bank of Whier to convert it into an Islamic bank, and now,
LARIBA Bank of Whier is providing various nancial soluons to its
riba-sensive clients.
The bank gained tracon by introducing innovave products like bai
al’isthna – the sale of tle with the excepon of usufruct, a unique
alternave to convenonal loans. Its success is aributed to providing
home and business nancing soluons while adhering to ethical
guidelines and oering transparency and fairness in nancial dealings. It
is the only full-service, riba-free bank in America that provides complete
online banking soluons, including investment soluons, consumer
nancing, and depository schemes. LARIBA's pioneering eorts set a
foundaon for the growth of Islamic nance in the US, encouraging
other instuons to explore similar models.
• University Islamic Financial (USA)
University Islamic Financial, one of the industry leaders in the USA
oering Islamic alternaves to convenonal mortgages and deposit
accounts, was setup as a subsidiary of the University Bank. It has
adopted a strict Shari’a compliance framework to ensure ethical nancial
services, and targets a diverse customer base. Its total equity as of Dec,
2022 stood at US$46 million.
UM Financial in
Canada and LARIBA
in the US took
the initiative and
decided to tackle
the challenge of
introducing Islamic
nance to a highly
conventional market
head-on
Success of LARIBA
bank is attributed to
providing home and
business nancing
solutions while
adhering to ethical
guidelines and
oering transparency
and fairness in
nancial dealings
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• Saturna Capital (USA)
Saturna Capital is one of the pioneering Shari'a-compliant investment
soluons provider and is based in Washington. One of its core oerings
is the Amana Mutual Funds, launched in the 1980s, oering investment
opportunies that adhere to Islamic principles, and focus on ethical as well
as socially responsible investments. The fund is open to both Muslim and
non-Muslim investors. Their funds porolio include sukuk, stocks and other
Shari'a-compliant equies. Saturna Capital had US$8.9 billion in assets
under management as of June 2024.
UM Financial: A Pioneering Yet Cautionary Tale in
Canada’s Islamic Finance Journey
Islamic nance is slowly carving out a place for itself in the North
American nancial ecosystem. Progress has been made steadily. However,
unexpected challenges in the market exist and due to regulatory issues,
the Islamic nancial instuons have to be on their guard constantly and
to ght for survival, as UM Financial found out and faced collapse, due
to no fault of its own.
UM Financial is a notable instuon that emerged as a signicant market
player in the Canadian Islamic nance landscape. It was founded in 2004
by Omar Kalair to oer Shari’a-compliant nancing to the 1.7 million
Muslim populaon of that me in Canada, to meet their demand for
Islamic nancial services, UM Financial started its operaons and aimed
to achieve signicant recognion and growth.
Innovative Beginnings and Rapid Growth
UM Financial started with a partnership with a Canadian instuon,
Central 1 Credit Union to oer nancial products. UM would get
funds from Central 1 on a mudaraba basis to nance residenal home
purchases on diminishing musharaka, which
was one of its key oerings. By 2009,
this facility from Central 1 Credit Union
reached close to US$120 million in 2009.
It also oered ijara-based contracts, where
the nancial instuon leased an asset to
the client with the opon to purchase. By
2010, UM Financial was managing over
CAD32 million in assets and had developed
a robust client base. Its success was seen
as a milestone for Islamic nance in North
America, demonstrang that Shari’a-
compliant products could coexist within a
convenonal banking framework.
Insolvency and Legal Controversy
In 2011, the Central 1 Credit Union
unilaterally decided to end the agreement
with UM Financial. The Central 1 Credit
Union demanded UM Financial to pay back
its outstanding debt which reached about
CAD32 million by that me. Legal proceedings
were also iniated against the instuon
by the Union which caused it to go into
receivership. A few days before, Omar Kalair
– owner of UM Financial, purchased gold and
silver worth CAD2 million to repay the MCC
(Mulcultural Consultancy Canada) Shari’a
board for its advisory services that the UM
Financial had availed for cercaon of its
products. The precious metals were handed
over to Joseph Adam, manager of nance of
the Shari’a board, to sele the account.
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PERSPECTIVE
Challenges Faced by Islamic Financial Institutions in
North America
• Lack of a dedicated Islamic finance framework
Due to the lack of a dedicated framework for Islamic nancial instuons
in these countries and the non-existence of a favourable regulatory
environment, the instuons oen face operaonal challenges and
hurdles.
• In Canada, the government does not allow banks to directly own
properes and this causes issues in Islamic home nance, as the bank
is supposed to own it completely or own a percentage of shares in
the house that is being nanced. The regulatory framework needs
to be more adapve to Islamic nance principles.
• In the USA, banks are only permied to invest in xed-income
interest, bearing securies. This is strictly prohibited by the Shari’a.
• US Naonal Banking Act 1864 also prohibits banks from purchasing,
holding legal tle to or possessing real estate for debt whose term
extends beyond ve years. While the mudaraba and musharaka
models may stand in violaon of the Act, the Oce of the
Comptroller of the Currency (OCC) did release a leer that allowed
certain cases of murabaha and ijara with the condion - provided
that the associated risks were equivalent to that of the convenonal
loan.
• There is a prohibion in USA on banks making a true equity
investment. To reconcile/bypass this hurdle, the OCC has allowed
banks to take “as consideraon for a loan a share in the prot,
income or earnings from a business or enterprise of a borrower”.
As the proceedings for going into the
receivership had begun, the government
of Canada, in the same year, charged Omar
Kalair with fraud, the, money laundering,
and violang the Bankruptcy Act, contending
that this money should have instead been
repaid to the Credit Union. This case and
the sudden withdrawal of Central 1 also le
the homeowners stranded and unsure of the
future. The allegaons and legal troubles also
shaered the image of UM Financial, as well
as casng a shadow on the Islamic nance
industry of Canada.
Aer nearly a decade of legal bale, Kalair
was nally acquied of all the charges
brought against him by the Ontario Superior
Court in June 2019, as the Crown failed to
prove its allegaons and any wrongdoing on
the part of Omar Kalair, and in 2024, they
managed to relaunch the UM Group.
UM Financial’s story serves as both an
inspiraon and a cauonary tale for Islamic
nance in North America. On the one
hand, its inial success demonstrated the
potenal for Shari’a-compliant products
to address the nancial needs of Canada’s
Muslim populaon. On the other hand, its
legal bale underscored the importance of
strong risk management, self-suciency, and
regulatory support.
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• Lack of Islamic Finance Literacy
This is a key issue in many Western countries that are starng to move
towards Islamic nance. The knowledge of Islamic nance is needed to carry
out surveys, design, structure new products, and even to enter into lease
or purchase agreements. This lack of literacy and knowledge makes it hard
to nd expert employees who are well equipped to deal with operaonal
workload demands as well as to aract customers.
• Cost Competitiveness
Convenonal banks dominate the nancial landscape in North America,
oering products that are oen more compeve in terms of pricing and
convenience. This makes it challenging for Islamic nance instuons, as
they have halal cercaon and other Shari’a compliance and advisor y
related overheads, to aract non-Muslim clients or those Muslims who are
less commied to Shari’a principles.
• Limited Product Oerings
Islamic nancial instuons in North America typically focus on a narrow
range of products, such as home nancing and investment management,
leaving gaps in services like commercial banking and takaful (Islamic
insurance).
Conclusion
Islamic nance has been steadily growing in North America. This reects a
rise in demand of Shari’a compliant products due to various reasons like an
increase in Muslim populaon, an increase in awareness regarding Islamic
nancial principles, as well as a growing wealth of Muslim populaons.
Islamic nancial instuons in North America face an uphill bale in terms
of Islamic nancial literacy, capital availability, government regulaons and
dominance by convenonal banks. Although dicult, this is not an impossible
task with success stories in dierent elds like Saturna in investments and
University Islamic Funds in mortgage sector in the US and Eqraz and Manzil
in Canada. These instuons have been successful in introducing Islamic
nancing frameworks to a largely convenonal market. The controversy
and legal issues of UM Financial certainly cast a shadow over this sector in
Canada but the acquial of Omar Kalair will serve to boost condence and
will counter any apprehensiveness that people may have felt.
Despite this growth and progress, the challenges faced by this industry are
signicant. These include but are not limited to the Big 5 banks in Canada
or other major players in US market not parcipang in these acvies, lack
of awareness and a lack of rules and regulaons specic to Islamic nance
by North American governments. The regulaons front is set for change,
though, with the Canadian government menoning a provision for halal
mortgages in 2024 budget.
Finally, this is a sector with a lot of opportunies for resilient instuons
and investors. A growing market looking for faith-based nancing and
investments, coupled with governments looking to introduce industry
specic regulaons, the potenal for growth is immense.
Lack of Islamic
nancial literacy
and knowledge
makes it hard to nd
expert employees
in North America
who are well
equipped to deal
with operational
workload demands
as well as to attract
customers
TALKING
POINTS
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In November 2023, AAOIFI’s General Secretariat issued a Dra of AAOIFI Shari’a Standard No. (62), Sukuk. This
release was nothing less than a milestone achieved during the quarter-century long history of A AOIFI. Primarily
because this was the rst me, that the exposure dra of a Shari’a Standard by AAOIFI was releasing in Arabic as
well as English at the same me. This was the rst me that AAOIFI was releasing such a lengthy dra (more than
100 Arabic pages) which beamed the meless message that this standard will be like no past or future standards.
Usually, AAOIFI conducts hearing sessions in dierent parts of the Arab world and somemes in Pakistan. This
me, it had been planned dierently with hearings to be held in four dierent locaons, namely Dubai, Riyadh,
Karachi, Kuala Lumpur and besides, it was expected to receive deep interest from the legal fraternity, investment
bankers and corporate senior relaonship managers. In a nutshell, it was expected that AAOIFI SS. 62 will be
something unique and the response it received proved it to be so.
Despite the great eort made by AAOIFI’s Shari’a Board and its General Secretariat, it was unfortunate that
some voices undermined the great achievement done so far, and even overlooked greater opportunies that
such an arculated standard will usher. In this short write-up, we will highlight the key issues referred in the
standard which were a maer of concern to some ill-informed professionals in the industry.
DR YOUSUF AZIM SIDDIQI
AN EPITOME OF EXCELLENCE
IN SHARI’A; GUIDANCE FOR A
MULTI-DOLLAR INDUSTRY
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TALKING
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Draft Standard
made it clear
that conveyance
(transfer) of the
ownership should
be possible by virtue
of Shari’a and law
Materialising the
ownership from
Shari’a as well as legal
perspective is a key
factor in the survival
of the future sukuk
industry, otherwise,
a mammoth-sized
paper will be oating
on a thin layer of ice
that can be melted
anywhere
Irfan Siddiqui - CEO of Meezan Bank, Jusce (R) Taqi Usmani and other
important aendees at the hearing of AAOIFI Standard no 62,
held in Karachi, Pakistan.
Ownership & Disposition of the Underlying Asset
To understand the diculty of complying with the ownership requirements,
it would be suitable to start with the very basic denion of sukuk.
What is sukuk?
Sukuk cercates are cercates of ownership in the underlying assets.
T h is i s t he po i nt z er o fr o m w he r e th e e n re ma th e ma cs of s uk u k bu i ld s u p.
In various instances, the Dra Standard made it clear that conveyance
(transfer) of the ownership should be possible by vir tue of Shari’a and
law. This was seen by some as end of sukuk. Certainly, an illogical
and pessimisc approach! The answer that there were many sukuk
issuances where the conveyance is not possible as per the law and
such a requirement would hinder such issuances. Thus, overlooking the
requirement and its repercussions.
Let’s assume, how the cercates of sukuk were dened in those specic
issuances. This answer is a common share of ownership in the underlying
asset. No one can invent a denion without the usage of ownership
or any of its legal synonyms. Although some professionals are geng
confused between ownership and tle registraon. The Dra Standard
does not require the pares to sukuk to register the underlying asset
in favour of the Shari’a owner, but this could be a requirement if no
tle registraon might result in zero ownership rights. Materialising the
ownership from Shari’a as well as legal perspecve is a key factor in the
survival of the future sukuk industry, otherwise, a mammoth-sized paper
will be oang on a thin layer of ice that can be melted anywhere.
The ownership results in owning the rights and owing the obligaons.
Hence, the cercate holders do not merely own the subscripon
amount and its prots. This will further imply that the cercate holders
have superior rights over the underlying assets than the creditors of the
originator. This results in ranking the sukuk cercate as higher ranking
senior instrument, rather a than a Shari’a substute of senior unsecured
convenonal debt.
TALKING
POINTS
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The absolute ownership gives the right of disposion (in Arabic ḥaqq
al-taṣarruf). Hence, whichever party claims to be the owner of the
underlying asset should have the right to dispose o the asset as it nds
it suitable. This could be through on-sale or leasing to a party other than
the originator.
Further, ownership entails the owner having the right over the yield of
the underlying asset. It would be Shari’a-wise invalid to envisage that the
cercate holders own the assets, but their entlement is either null or
restricted over the yield generated out of such assets.
Hence, the rights, benets and obligaons of the cercate holders
should be a derivave of the ownership of the underlying asset and not
a direct nancial obligaon upon the originator, with no consideraon to
the underlying asset.
Identification of the Underlying Asset
Knowledgeability of the subject of a contract is a key element in the
legal validity of the contract. Imagine no court of law will resolve a
dispute if the subject of the contract is unknown to both pares. The
same is the case with the underlying assets of sukuk. When simply it is
assumed that assets wor th billions were sold or leased, it is important
to state them in parcular to avoid any dispute in the future.
Performance of the Underlying Asset
Sukuk cercates’ existence is based on the ownership of the
underlying assets, but their protability is based on the performance
of the underlying assets. Hence, the Dra Standard requires periodic
reports showing how much the underlying assets are earning. This
performance is not merely a single or a double-digit number. Rather, a
below expectaon performance will make the cercate holders suer.
Some malfunconed sukuk structures obligated the originator to cover
up the shorall in the sukuk returns just because the actual rate was
below the market rate.
Risk beyond Bonds
The risk of interest-bearing bonds is simply and directly related to the
ability of the bond issuer to pay interest coupons on me. In sukuk,
when it is claimed that the enre mechanism is based on the asset
(whether asset-backed or asset-based), the risk has to be beyond the
credit risk of the originator. This means the cercate holders are
bearing all types of risks that are associated with the underlying assets.
Any damage or loss of the underlying assets will directly aect the
existence or the protability of the cercates. Hence, the risk analyst
of sukuk should closely idenf y and monitor all types of risks that are
beyond the ny list of bonds’ risks. Further, it is important to idenfy
the party bearing the risk. Hence, in the investment-based sukuk, no
asset risk should be borne by the originator.
Asset-backed sukuk
can turn into asset-
stripped sukuk if the
assets of SPVs are
neither segregated
nor maintained
A contingent sale
is not permitted
by Shari’a and the
Draft Standard
no 62, does not
stipulate the same
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Accounting Eect
Many mes, complex structures of sukuk are carried out with no
accounng impact of Shari’a documentaon. The Dra Standard made
it a requirement that the accounng statements of the originator should
state that its assets, if shown in the statements, are no longer in the
ownership of the originator.
Many mes, the assets of SPVs are neither segregated nor maintained,
which means an asset-backed sukuk turns into an asset-stripped sukuk.
Any periodic returns are simply coupon payments. Hence, the nancial
statements of the SPV will ensure such malpracces are not taking place.
Such requirements will expose any wrongdoings in recording expenses
and costs. Hence, if the SPV, through its corporate service provider to
the paying agent, is paying late payment interest for any delay in the
transfer of periodic returns, then such an act will be exposed by periodic
nancial statements.
Legal Status of Fatwa
The Shari’a Pronouncement (Fatwa) of sukuk is an overall Shari’a opinion
regarding the structure of sukuk and its relevant documentaon. As per
the common pracce, such an important thing remains a stand-alone
document with no legal impact. The Dra Standard made an eort to get
this document into the mainstream of documents, rather than remaining
a silent observer.
Focus of Credit Rating Agency
It became a decade-long pracce that Credit Rang Agencies focus
enrely on the creditworthiness of the originator. Maybe because this
was the same way how bonds were analysed. If it is argued that sukuk
are dierent from bonds due to the underlying assets, the rang agencies
should look beyond the credit of the originator and focus on developing
the rang of the underlying assets.
Impact of Promise to Purchase
Cercate holders secure their rights through a promise to purchase
wherein the underlying assets are returned to the originator. However, if
the originator is in no posion to sign then it is not permied to consider
a trigger event of promise to purchase as an automac conclusion of the
purchase contract.
Warranties and Guarantees
Since the sukuk deal is based on transacng in the underlying assets, it
is essenal that the underlying assets are worth transacng. Somemes,
it was observed, that it is stated if a trigger event (usually a credit one)
takes place then the underlying assets stand resituated and any price paid
by the cercate holders is returned. In other words, it’s a conngent
sale which is not permied by Shari’a. As per the Dra Standard, such a
spulaon is not acceptable.
Similarly, in all circumstances, the principal and
prot amounts cannot be guaranteed by the
originator in all those structures where such
guarantee is not permied by virtue of Shari’a
(including wakala, mudaraba and musharaka).
This even includes those theorecal cases
where the underlying assets of Service Agency
Sukuk are damaged and the service agent is
automacally held responsible for the delay in
receiving the reimbursement amount from the
insurance company. The Dra Standard did
not allow imposing such a condion upon the
service agent.
Further, in Tier-1 sukuk, it was not permied
to issue sukuk for a convenonal enty,
because in this case, the cercate holders
shall collecvely guarantee the convenonal
porolio of the originator.
Public Listing
Sukuk cercates that represent enrely debts
cannot be negoated by lisng them in the
nancial markets. Further, if tangible assets-to-
total assets rao (tangibility rao) is breached,
then sukuk cercates will be delisted from the
market.
TALKING
POINTS
| ISFIRE, DECEMBER 2024 | TALKING POINTS |
32 WWW.ISFIRE.NET
Yousuf Azim Siddiqi
A Shari’a tr ainer and translator (A rabic to English), worked with Arcapita, Dubai Bank, Emirates
Islamic and currently with ADIB (UAE). Writes extensively in English and Arabic . Can be
reached over siddiqiya@yahoo.com
RISKS TO SUKUK
Disposion of Underlying Asset
Cercate holders are bearing all
types of risks that are associated
with the underlying assets.
Legal Status of Fatwa
As per the common pracce, Fatwa
remains an important thing and
a stand-alone document with no
legal impact
Warranes & Gaurantees
A conngent sale which is not
permied by Shari'a
Risk beyond Bonds
Below expectaon performance
will make the cercate holders
su er.
Focus of Credit Rang Agency
The rang agencies should look
beyond the credit of the originator and
focus on developing the rang of the
underlying assets
Public Lisng
If tangibility rao is breached then
sukuk cercates will be delisted from
the market
Accounng Eect
The assets of SPVs are neither
segregated nor maintained
Promise to Purchase
The originator is in no
posion to sign
Shari'a Governance
Risks to Shari'a credibility
A Flare of Shari’a Governance
The Dra Standard introduced a new
dimension to Shari’a governance of sukuk
issuance. This involves establishing a Shari’a
Board of Sukuk, rather than relying on a one-
me birth cercate, instead a connuous
demand to provide a character cercate will
ensure higher Shari’a credibility.
Also, the sukuk cercates should have
a Shari’a pronouncement with specic
requirements and contents, and the fatwa
itself should be part of legal documentaon.
Further, Shari’a Audit of sukuk ensures
the underlying assets’ compliance with
Shari’a from an operaonal and commercial
perspecve. The audit plan needs to be
endorsed by the Shari’a Board of the Sukuk.
In Summary
Considering its record me of execuon, its wide scope, its unmatchable
depth and breadth, and the small number of experts who worked on it,
the Dra Standard No. (62) is certainly the epitome of excellence in Shari’a
governance which can open many doors in terms of aligning business
innovaon with Shari’a requirements and providing opportunies to
sukuk experts who shall master hundreds of Shari’a requirements
then help originator, investor, and rang agencies to make an informed
assessment and a sound judgement that will avoid any future regret
resulng in loss of millions.
| ISFIRE, DECEMBER 2024 | TALKING POINTS |33
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TALKING
POINTS
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PERSPECTIVE
In nance, should the monotheisc religions of Judaism and Islam and the arguably monotheisc religion of Chrisanity
unite forces to create Abrahamic nance or a source of nance independent of the tradional banking sector and the US
Federal Reserve System? The tradional banking sector and/or the US Federal Reserve System may be the root cause of
division, war, environmental degradaon, poverty and other social and structural problems. Instead of focusing on whom
to elect for President of the United States or trying to nd soluons within polics, perhaps it might be wise to join forces
at a grassroots level in an inter-religious dimension to tackle the most pressing and threatening issues of the day.
One may have noced that the Islamic nance industry has declined in recent years. This may be due to several factors
including war, division, and an an-Islamic climate clouding the world. Let’s just say it might be realisc to acknowledge
that hoslity towards Islam is on the rise and might only increase in the future. Therefore, it could be wise to alter the
trajectory of Islamic nance into a more encompassing structure such as Abrahamic nance, which would also be inclusive
of Jews and Chrisans. This might perhaps even save Islamic nancial principles and sustain them into the future as many
of the same or similar concepts can be found in Judaism and Chrisanity. Abrahamic nance would in turn build-up Jewish
and Chrisan nancial principles into a strong and alternave system on the same or even greater level of the current
Islamic nancial industry.
CAMILLE PALDI
FOUNDER HOLY BOOK FINANCE
ABRAHAMIC
FINANCE
THE PATH FORWARD?
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PERSPECTIVE
It might be wise to join
forces at a grassroots
level in an inter-religious
dimension to tackle
the most pressing and
threatening issues of the
day
It might be wise to
alter the trajectory
of Islamic nance
into a more
encompassing
structure such as
Abrahamic nance
Would it be possible for Jews, Chrisans, and Muslims to join forces
in Abrahamic nance? My answer is ‘yes.’ In these dicult mes, it is
possible to nd people in all three religions who would be willing to
embark on such an endeavour. In fact, in my opinion, it is the duty of
Muslims to lead such an endeavor. Let’s explore the structural basis of
Abrahamic nance in Chrisanity, Judaism, and Islam.
Christian Financial Principles
The Bible lacks a comprehensive teaching on economics. Andre Habisch
points out that “The silence of the biblical scriptures in this regard
(economics) marks a clear dierence to the Holy Scriptures of the other
monotheist religions Judaism and Islam, which both contain explicit
wisdom thought about dierent aspects of day-to-day life including
Economic pracces.” (Habisch 2023: 47) Habisch states, “There are
mulple reasons for the striking fact. The most important factor is the
eschatological horizon of the Jesus movement itself, which dominates
the New Testament wrings. As exegecal research has elaborated, the
historical Jesus of Nazareth movement expected the end of history for
the immediate future.” (Habisch 2023: 47) Habisch says, “Jesus himself
refrained from reecons or exhortaons on ‘good’ economic pracces.”
This is opposite from the Prophet Muhammad (PBUH) in Islam, who
professed economic advice regularly. (Habisch 2023: 47) However,
according to Beed and Beed, the bible is not completely devoid of
economic principles. Beed and Beed state that, “The Bible emphasises
‘stewardship, useful work, protecon for the disadvantaged and the
preservaon of instuons such as marriage and family life’ (Hay 1989:
140) as of primary importance to economic life.” (Beed and Beed 2006:
101) Similar features can be found in Islam. Beed and Beed also point
out that “Chrisanity is a supernatural belief system in which people
are called to pracce certain behaviour toward the unseen enty of
God (including Jesus Christ) who responds to them. God as the creator
and owner of the earth’s resources, maintaining connual and explicit
recognion of this belief, praying to God and waing on His responses,
seeking God’s guidance, acknowledging Jesus as God’s Son, accepng
Jesus as the way to God, and loving and obeying God and Christ. These
normave principles of spiritual behaviour are intended to guide people
in their material life.” (Be ed and Beed 2006: 102) Through the extracon
of spiritual principles of the Bible, one can nd guidance in the material
world. God is seen as the Creator of all things including natural resources
and people must ulise resources for the benet of God’s will and protect
family through various instuons such as marriage, which can be seen
as a divine and economic instuon.
Chrisan economic thought is based on several Biblical principles
including but not limited to ‘Love thy Neighbor,’ service to God, and
people as being made in the image of God or imago dei. The concept of
neighbour includes the widow, the wayfarer, the orphan, the needy, the
poor, and the people in general. According to Meeks, “Neighbour love is
the chief idener of human parcipaon in the economy of God and
is the experience of salvaon.” (Meeks 2014: 8) Meeks points out that,
“God’s love is immediately connected with the needs of the neighbour.
The neighbour may be the one in closest proximity, but according to
the Gospel Jesus proclaims, that the love of
neighbour is nothing less than the love of
all human beings. Love of God and love of
neighbour are inseparable.” (Meeks 2014: 8)
Therefore, by loving thy neighbour, one is,
in essence, worshipping God. “The Chrisan
concepon is that people should love God
with all their hearts and minds and their
neighbours as themselves.” (Beed and Beed
2006: 107) According to Beed and Beed, “…
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believers are called to have their dealings
with people inuenced as much by altruism
as by self-interest, to ‘love your neighbour
as yourself (Mt. 22:39)” (Beed and Beed
2006: 102) As much as one would take care
of oneself, one should also care for one’s
neighbour.
Furthermore, service to God is central in
Chrisanity and may at mes have economic
movaon as well as produce economic
outcomes. Meeks vociferates, “Economy in
the Chrisan Scriptures, however, entails
more than physical means of life. It also
includes quesons of the relaons of those
within the household and those without,
relaons that serve God’s purposes for life in
the whole of creaon.” (Meeks 2014: 3) Beed and Beed elaborate, “For
God wants people to act in communion with Him – to follow certain
spiritual principles – and He wants people to be at least as altruisc as
they are selsh in all situaons, in short, to serve God in all situaons.”
(Beed and Beed 2006: 107) Hence, there is a connecon between the
spiritual and material, and between serving God and economic outcomes,
which must be preserved in Chrisan economics.
According to Wikipedia, “The history of the Chrisan interpretaon of
the image of God has included three common lines of understanding:
a substanve view locates the image of God in shared characteriscs
between God and humanity such as raonality or morality; a relaonal
understanding argues that the image is found in human relaonships
with God and each other; and a funconal view interprets the image
of God as a role or funcon whereby humans act on God’s behalf
and serve to represent God in the created order.” (Wikipedia 2024)
For the purpose of Chrisan economics, this arcle emphasises the
funconal and relaonal denion of the Image of God. “The funconal
view interprets the image of God as a role in the created order, where
humankind is a king or ruler over creaon/the earth.” (Wikipedia 2024)
Meeks also explores the Chrisan economy and imago dei or the
image of God. Meeks emphasises, “The biblical view, moreover, is that
we are not only creatures sharing nitude in solidarity with all other
creatures and a bent toward greed but that we are also created in the
‘image of God’ and endowed by God with whatever is required for us
to be representaves of God’s will to the rest of creaon (Gen. 1:26-
31).” (Meeks 2014: 5) This reminds me of the concept of Khalifah in
Islam, where mankind is on earth to serve God’s will and which also
The Christian concept of
man encapsulated in the
biblical text,’ endowed
by God with whatever
is required for us to
be representatives of
God’s will to the rest of
creation’ is similar to the
concept of Khalifah in
Islam, where mankind is
on earth to serve God’s
will and which also has
social, nancial, and
economic responsibilities
and outcomes
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has social, nancial, and economic responsibilies and outcomes. Meeks
purports that, “Being human is an economic commission to join God the
Creator in doing the righteousness by which the world may live.” (Meeks
2014: 5) Meeks points out that, “What separates being human beings
from the rest of creaon is that they are called to be God’s stewards
in represenng and obeying God’s will for the creaon.” (Meeks 2014:
5) Again, man as steward of God’s resources and man as vicegerent of
God on earth are important and omnipresent concepts in Chrisanity
(and Islam). Stewardship is emphasised again over God’s resources for all
those made in God’s image, which is ALL of humanity. According to Beed
and Beed, who take a more relaonal approach to the image of God,
“God, the trinitarian, omnipotent creator, and sustainer of the universe, is
spirit who seeks a personal relaonship with each human being, who, in
some way, is made in the image of God.” (Beed and Beed 2006: 97). “The
relaonal view argues that one must be in a relaonship with God to
possess the ‘image’ of God. Those who hold to the relaonal image agree
that humankind possesses the ability to reason as a substanve trait, but
they argue that it is in a relaonship with God that the true image is made
evident.” (Wikipedia 2024) Thus, one can full one’s role in the Chrisan
economy through one’s relaonship with God and each other.
Usury in the Bible is depicted as a tool of the wealthy to usurp the land
and wealth of the people, which may lead to imminent slavery. Meeks
himself says, “The central biblical problem with interest is that it leads
to debt and debt leads to poverty and poverty leads to slavery.” (Meeks
2014: 17) Meeks states, “Through the inability to pay interest, the
borrower in debt becomes trapped in an involuntary servitude for life.”
(Meeks 2014: 17) People then might become debt-slaves or physical
slaves to the landowner or the money-lending
class. Usury is not only frowned upon in the
Bible but there is also in the bible an emphasis
on forgiving debts. (Ma. 6:25; Ma. 18:23-
25) (Meeks 2014: 18) Usury wasn’t always
condoned by the Church and accepted in
Western society as a vein of capitalism as
it is in modern mes. Historically speaking,
Harper and Smirl state that, “By the year AD
800, the Capitularies of Charlemagne banned
even the lay people from taking interest
and by AD 1100 convicted usurers were
excommunicated from the Church. Usury
was declared a form of robbery, a sin against
the Seventh Commandment, which required
restuon as well as excommunicaon
(Frierson 1969:120)” (Harper and Smirl 2014:
566) Harper and Smirl elaborate, “Thus,
by the twelh century, atudes toward
usury had evolved from denunciaon of
taking interest on loans to the poor, through
prohibion of interest on loans to all fellow
Jews, of universal prohibion enforced by
strict penales.” (Harper and Smirl 2014:
566) Harper and Smirl add, “The an-usury
movement connued to gain momentum
during the Early Middle Ages and reached its
peak perhaps in 1311 when Pope Clement V
placed an absolute ban on usury and declared
all secular legislaon in its favour null and void
in the eyes of the Church. (Birnie 1958, cited
in Visser and MacIntosh 1998)” (Harper and
Smirl, 2014: 566) This amounted to a total
ban on usury by the Church. However, Harper
and Smirl say this changed, when “From
1400 a pro-usury movement developed as
Europe entered the High Middle Ages, trade
increased and commercial enterprises grew
in both number and size. Europe needed
interest-bearing loans for commercial
purposes and the Church reconsidered its
posion. (Frierson 1969)” (Harper and Smirl
2014: 566). Thus, usury moved from being
banned by the Church to being allowed for
commercial purposes from the High Middle
Ages onwards to smulate economic growth
and expansion in a Capitalist system, mainly
in Europe.
Jewish Financial Principles
It is clear that the Torah prohibits usury
between Jews, however, in Judaism, the
interpretaon of the Torah or the Oral Torah
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“The Torah is understood
to directly forbid loans
in which the recipient
is liable to pay a known
sum for the use of
money...This is known as
apportioned interest or
ribbit ketsutsa.”
(Tamari 2014, 192)
"Rabbinic Interest
is distinct from that
(interest) dened by
the Torah, and so is
considered ‘rabbinic
interest.’ The levying
of rabbinic interest is
forbidden...”
(Tamari 2014, 193)
carries more weight than what is clearly wrien in the actual Torah as
Judaism is an interpretave tradion. Therefore, in order to analyse
these few passages about usury in the Torah, one would have to examine
the Mishnah and possibly the Gemarra and the Midrash amongst other
things.
“The Wrien Torah is the primary source of Judaism transmied from
God to Prophet Moses (PBUH) on Mt Sinai. However, there were gaps in
the Torah, which needed explanaon, especially to connect the words of
the Torah to modern-day life, as Judaism is also an ethos or spirit of the
Jewish people. Therefore, sages interpreted the Wrien Torah into an
Oral Torah and formulated the Mishnah Gemara (Talmud) and midrash,
which have just as much if not more clout than the wrien Torah and
are also considered the word of God. “Although the Wrien Torah, as
a physical object, has greater iconic signicance…Jewish life (especially
halakhic) life is much more based on the Oral law than on the Wrien
Law. (Fraade 2012, 39)””(Paldi 2023)
According to Meir Tamari, “It is quite clear that almost all authories
follow the Mishnaic ruling perming interest-bearing loans involving
non-Jews: ‘It is not permissible to receive assets [to operate with them,
e.g. sheep given to a shepherd under the condion that the owner
and shepherd share in the wool, lambs, and milk] with responsibility,
[where the full responsibility in case of the or death of the ock falls
on the receiver] from a Jew, since this is interest. [It is rabbinic interest,
according to Maimonides, since the owner has no share in the risk. Other
authories, like Tosafot, see this as ribbit mideoraita as the prot accrues
to the shepherd, who pays a xed sum annually to the owner for the
use of his capital]. It is permissible, however, to accept such assets from
a Genle. It is permied to borrow from Genles and to lend to them
interest-bearing loans. This ruling also applies to a ger toshav [a Genle
who lives in the Land of Israel and accepts the seven Noahide laws].’”
(Tamari 2014, 194-195)
Meir Tamari says that in terms of punishment for usury, “all pares to the
transacon are guilty of violang religious injuncons.” (Tamari 2014,
191) According to Tamari, this includes the lender, the agents and go-
betweens, and the receiver of the loan with interest. (Tamari 2014, 191)
Tamari says, “The halakha disnguishes between that interest forbidden
directly by the Torah (ribbit mideoraita) and that which is forbidden
according to rabbinic law (ribbit miderabbanam).” (Tamari 2014, 192)
Tamari explains, “Although both of them are forbidden to Jews, the
religious implicaons of the former are more stringent.” (Tamari 2014,
192) In terms of the rst category, “The Torah is understood to directly
forbid loans in which the recipient is liable to pay a known sum for the
use of money…This is known as apporoned interest or ribbit ketsutsa.”
(Tamari 2014, 192) In terms of rabbinic interest, “The easiest example to
cite is the hire-purchase (instalment plan) system. In this case, Reuven
does not formally loan Shimon the thousand dollars. Rather, he sells him
goods that are valued at the me of sale at a thousand dollars and gives
him sixty days' credit. In exchange for this credit, Shimon will pay Reuven
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an addional, agreed-upon fee over and above the purchase price.
However, Reuven is receiving a payment in exchange for waing for his
money, which is in the economic sense considered interest. Halakhically,
too, this is considered interest. Yet, it is disnct from that dened by the
Torah, and so is considered ‘rabbinic interest.’ The levying of rabbinic
interest is forbidden…” (Tamari 2014, 193)
“One Mishnah says, “Moreover Hillel used to say, “A woman may not
lend a loaf of bread to her neighbour unless she determines its value in
money, lest wheat should rise in price and they are found to be engaging
in usury.” (Mishnah Bava Metzia 5:9) (Sefaria) In Islam, this can be seen as
a kind of riba (usury) of excess or riba al fadl. If the woman wants to avoid
usury, she should determine the price of the bread in money at the me
of delivery to avoid riba of excess in case the price of wheat should rise
and she might receive back something worth more than what she lent.
Islamically speaking, “If there is exchange among the same species of
ribawi goods, it has to be done on the spot and should be of equal
quanes. If the quanes exchanged dier, even in spot transacons,
then it will constute riba of excess (Riba al fadl) or surplus riba. Rules
of riba of excess also prohibit the exchange of dissimilar quanes of
a genus with dierent qualies (such as exchanging one unit of high-
quality dates with two units of low-quality dates). (Habib Ahmed)
According to Visser, there is a ban on exchanging, for example, two low-
If a woman (lending
a loaf of bread)
wants to avoid
usury, she should
determine the price
of the bread in
money at the time
of delivery to avoid
riba of excess in case
the price of wheat
should rise and she
might receive back
something worth
more than what
she lent. In Islam
this kind of interest
is known as riba al
fadl.
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Conclusion
The me is now to transion from Islamic nance to Abrahamic nance. Let’s extract
the nancial principles from the Bible and Torah in a communal eort with Jews and
Chrisans and mix it with Islamic nance to create Abrahamic nance. It is the duty
of Muslims to lead this movement.
Either the woman
should give the bread
a monetary price upon
loaning it or exchange
the bread for money
and then give the
money as a loan. As I
have demonstrated,
the concept of riba
corresponds and
correlates between the
Abrahamic religions and
this connection deserves
to be explored further.
(Paldi 2023)
quality dates for one high-quality date, even
if it is permied to sell the low-quality dates
for money and use the receipts for buying a
high-quality date.” (Paldi 2014, 252) “Zuhayli
says that ‘Surplus riba is the sale of similar
items with a disparity in amount in the six
canonically-forbidden categories of goods:
gold, silver, wheat, barley, salt, and dry dates.’
It is the violaon of the ‘equal for equal’ rule
in spot transacons of the same goods of a
parcular genus. Zuhayli explains that “This
type of riba is forbidden to prevent it being
used as a pretext to comming credit riba,
such that a person sells gold, for example, on
credit, then pays back in silver more than the
equivalent of what he had taken in gold.” To
avoid riba, the commodity has to be exchanged with some other genus
and then traded with the desired commodity (high-quality dates with
wheat or silver and then wheat or silver with low-quality dates). (Habib
Ahmed)””(Paldi 2014, 252).
“Narrated by Abu Said Al-Khudri and Abu Huraira: Allah’s Apostle
appointed somebody as a governor of Khaibar. That governor brought
to him an excellent kind of dates (from Khaibar). The Prophet asked, ‘Are
all the dates of Khaibar like this?’ He replied, 'By Allah, no, Oh Allah’s
Apostle! But we bar tered one Sa of this type (type of dates) for two
Sas of dates of ours and two Sas of it for three of ours.’ Allah’s Apostle
said, ‘Do not do so (as this is a kind of usury) but sell the mixed dates (of
inferior quality) for money, and then buy good dates with that money’”
(Bukhari, vol. 3, book 34, no. 405; see also Muslim, book 10, number
3875) (Paldi 2014, 252).
Either the woman should give the bread a monetary price upon loaning
it or exchange the bread for money and then give the money as a loan.
As I have demonstrated, the concept of riba corresponds and correlates
between the Abrahamic religions and this connecon deserves to be
explored further.” (Paldi 2023)
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Bibliography
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6. Evere Fox, The Five Books of Moses (New York, Schocken Books: 1995) 382, 631, 957.
7. Steven D Fraade, “Concepts of Scripture in Rabbinic Judaism Oral Torah and Wrien Torah” in Jewish Concepts of
Scripture, ed. Benjamin D Sommer (New York City: NYU Press, 2012) 31 – 46.
8. Kee-Fook Chia, Edmund. 2018. World Chrisanity Encounters World Religions, A Summa of Interfaith Dialogue,
Collegeville, Minnesota: Press Academic.
9. Habisch, Andre, “The Concept of Economy in Chrisanity.” In The Concept of Economy in Judaism, Chrisanity, and
Islam, edited by Christoph Bogheimer and Wenzel Maximilian Widenka, 43-70, Boston: LSC Communicaons,
2023.
10. Dr. Muhammad Hanif, Islamic Finance Theory and Pracce (USA Amazon: 2014) 39.
11. Harper, Ian and Lachlan Smirl, “Usur y.” In The Oxford Handbook of Chrisanity and Economics, edited by Paul
Oslington, 564 – 579. Oxford: Oxford University Press, 2014.
12. Meeks, Douglas M., “Economics in the Chrisan Scriptures.” In The Oxford Handbook of Chrisanity and Economics,
edited by Paul Oslington, 3-21. Oxford: Oxford University Press, 2014.
13. Moncello, “Private Banks (Spurious Quotaon),” accessed December 1, 2023, Private Banks (Spurious Quotaon)
| Thomas Jeerson's Moncello
14. Oslington, Paul, ed. 2014. The Oxford Handbook of Chrisanity and Economics, Oxford: Oxford University Press.
15. Camille Paldi, “Judaism as an Interpretave Religion Model Does Not Conict with Chrisanity or Islam,” Holy Book
Finance (blog), December 1, 2023, hp://holybooknance.com/blog.
16. Camille Paldi, “A Brief Case-Study of Usury in Judaism.” Holy Book Finance (blog), December 1, 2023, hp://
holybooknance.com/blog.
17. Camille Paldi, “Understanding Riba and Gharar in Islamic Finance,” Journal of Islamic Banking and Finance Vol. 2, No.
1 (2014): 249-259, Microso Word - 15.docx (jibfnet.com).
18. Camille Paldi, “Usury and It’s Inter-religious Dimensions,” Journal of Islamic Banking and Finance Vol. 40, No. 4
(2024): 50-62.
19. Camille Paldi, “Chrisan and Islamic Economic Thought,” Journal of Islamic Banking and Finance Vol. 41, No. 1 (2024):
72-79.
20. Qu’ran, 2021. New Delhi, Kitab Bhavan.
21. Meir Tamari, With All Your Possessions Jewish Ethics and Economic Life (Jerusalem, Korenpub: 2014) 191-196.
22. Usmani, Mui Muhammad Taqi. 2022. An Introducon to Islamic Finance, New Delhi: Idara Implex.
23. Usmani, Dr. Muhammad Imran Ashraf Usmani. 2002. Meezan Bank’s Guide to Islamic Banking, Karachi: Darul-Ishaat
Urdu Bazar.
24. Visser, Hans, Islamic Finance Principles and Pracce (UK, Edward Elgar: 2009) Qu’ran, (New Delhi, Kitab Bhavan:
2021)
25. Wikipedia; Wikipedia’s “Sharia” Entry, accessed December 26, 2023, Sharia - Wikipedia
26. Wikipedia; Wikipedia’s “Image of God” Entry, accessed March 27, 2024, Image of God - Wikipedia.
27. Wilson, Rodney. 1997. “Contemporary Jewish, Chrisan, and Muslim Economic Thought: Convergence of
Divergence?” The Journal of Interdisciplinary Economics, Vol. 8: 307-317.
28. Zuhayli, Sheikh Wahba, “The Juridicial Meaning of Riba,” in Interest in Islamic Economics (New York, Thomas
Routledge: New York: 2006) 22-52.
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In the contemp orary world, the quest for nancial stabilit y is frequently undert aken at the exp ense of spiritual
fullment. However, the accumulaon of wealth need not be at odds with religious devoon. Indeed, when
one adheres to appropriate principles, nancial success can serve as a conduit for spiritual advancement in this
lifeme and hereaer. My exploraon of the Five Pillars of Prosperity proposes a framework that integrates
nancial pracces with Islamic teachings, oering a path to prosperity. And also, to ourish in life1. In the age
of an-fragility, as arculated by Nassim Nicholas Taleb, becomes parcularly relevant. Anfragility is the idea
that some systems benet and grow from disorder and unpredictability2. Each pillar provides instrucon on
managing wealth in a manner that benets the individual and the broader society,
DR M YAQUB MIRZA
FOUNDER & PRESIDENT, CENTER FOR ISLAM IN THE CONTEMPORARY WORLD,
SHENANDOAH UNIVERSITY
THE FIVE PILLARS OF
PROSPERITY: A FAITH-BASED
APPROACH TO WEALTH
BUILDING
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Five Pillars—
Earning, Saving,
Investing, Spending,
and Giving—
transcend nancial
guidelines. They
represent a holistic
philosophy of life,
deeply entrenched
in the Qur'an and
the teachings
of the Prophet
Muhammad (peace
be upon him)
The Five Pillars—Earning, Saving, Invesng, Spending, and Giving—
transcend nancial guidelines. They represent a holisc philosophy of
life, deeply entrenched in the Qur'an and the teachings of the Prophet
Muhammad (peace be upon him).
Each pillar provides instrucon on managing wealth in a manner that
benets the individual and the broader society, fostering an environment
characterised by jusce, compassion, and mutual support.
Pillar One: Earning
“Far and away, the best prize that life has to oer is the chance to work hard
at work worth doing.” –Theodore Roosevelt
"And say: Work (do righteousness), soon will Allah observe your
work, and His Messenger, and the believers..."
(Qur'an 9:105)
“And when the prayer is nished, then may ye disperse through
the land, and seek of the Bounty of Allah: and celebrate the
Praises of Allah oen (and without snt): that ye may prosper.”
(Qur'an 62:10)
Earning constutes the cornerstone of prosperity. By earning
through lawful (halal) means and ethical endeavours, we establish
the foundaon upon which all other aspects of our nancial lives are
constructed. Through earning, we sustain ourselves and our families
and contribute to the community. Islam places great emphasis on
earning through lawful (halal) means. Whether through employment,
entrepreneurship, or investments, earning is not just a means to an
end but a form of worship when conducted and managed with the
right intenons.
The Qur'an emphasises that
"Man can have nothing but what he strives for" (Qur'an
53:39),
underscoring the intrinsic connecon between eort and reward,
applicable both in this world and the hereaer. In Islam, earning
transcends the mere accumulaon of wealth; it entails creang
value, contribung to society, and ensuring that our means of
income do not inict harm upon others. The Qur'an reminds us,
"It is We who have placed you with authority on earth,
and provided you therein with means of fullment of your
life" (Q ur'an 7:10),
highlighng the responsibility accompanying
the ability to earn, urging us to engage in
ec o n om i c ac v i e s that ar e ju s t an d b e n e c i a l.
Addionally, the pursuit of earning should be
aligned with the intenon of serving not just
oneself but the community at large. This is in
keeping with the spirit of Islam. It aligns with
a key Qur'anic principle: of seeking Allah’s
bounty through halal (permissible) means and
using that bounty to benet others. Prophet
Muhammad (peace and blessings of Allah be
upon him) said, “The best of humans are those
who are most benecial to others.” (Narrated
by Ahmad, at-Thabrani, al-Daruqutni). In this
1 Miroslav Volf, Flourishing: Why We Need Religion in a Globalized World (New Haven London: Yale University Press, 2017).
2 Nassim Nicholas Taleb, Anfragile: Things That Gain from Disorder (New York: Random House Trade Paperbacks, 2014).
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light, earning becomes not just a personal pursuit but a communal
responsibility, where one's success contributes to the prosperity of
the enre community.
Pillar Two: Saving
Saving is imperave for future nancial stability and is thus the
second pillar of prosperity. The Qur'an advises moderaon in
spending, extending naturally to the concept of saving:
Islam places great
emphasis on earning
through lawful
(halal) means.
Whether through
employment,
entrepreneurship,
or investments,
earning is not just a
means to an end but
a form of worship
when conducted and
managed with the
right intentions
“O you who believe! Fear Allah, and let every soul look to what
it has sent forth for tomorrow. And fear Allah; indeed, Allah is
acquainted with what you do."
(Qur'an 59:18)
Eat of the fruit they bear and pay the dues at harvest, but do
not waste. Surely He does not like the wasteful.
(Q ur’an 6: 141)
"And those who, when they spend, do so not
excessively or sparingly but are ever, between that,
[justly] moderate" (Qur'an 25:67).
Saving safeguards against future uncertaines and prevents the
burden of debt, which is strongly discouraged in Islamic teachings.
The Qur'an provides guidance on dealing with debt compassionately:
If the debtor is in diculty, grant him me unl it is
easy for him to repay" (Qur'an 2:280).
This verse encourages mindfulness regarding nancial obligaons
and the avoidance of unnecessary debt through prudent nancial
management.
Prophet Muhammad used to seek refuge with Allah from being
overburdened by debt and he warned against lying and breaking
promises when dealing with debt. “O Allah, I seek refuge in You from
a soul that does not sasfy and from a heart that does not humble
itself and from a supplicaon not heard and from knowledge that
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It might be wise
to join forces at a
grassroots level in
an inter-religious
dimension to tackle
the most pressing
and threatening
issues of the day
parcularly in mes of economic downturn. The Prophet
Muhammad (peace and blessings of Allah be upon him) was known
to seek refuge from the burden of debt in his prayers, emphasising
its negave impact on one's peace of mind and freedom as
menoned above. Through consistent saving, and minimising (or
avoiding) unnecessary debt, individuals can maintain a posive
net worth, having the resources needed to invest in opportunies
that arise during periods of market volality.
Perhaps more importantly, saving creates a means to provide
for and meet the future needs of one's family and dependents.
This foresight manifests taqwa (God-consciousness), where a
believer is constantly aware of his/her responsibilies towards
themselves, their family, and society. The Prophet Muhammad
(peace and blessings of Allah be upon him) said, "It is beer for
you to leave your heirs wealthy than to leave them dependent
and begging from others" (Sahih Bukhari). Therefore, saving is not
just a nancial act but a spiritual duty that reects our concern for
those who come aer us.
The Qur’an recounts how, in mes of plenty, Prophet Yusuf
(Joseph) organised great reserves to meet the needs of famine
(Q 12:47–49).
Said dierently, “Save at the me of plenty and use it at mes of
need.”
Pillar Three: Investing
Invesng, the third pillar of prosperity, is essenal for wealth
accumulaon. However, in Islam, investment extends beyond
personal gain; it ensures that our wealth contributes to the
community's welfare. The Qur'an explicitly prohibits exploitave
nancial pracces, such as usury:
"O you who have believed, do not consume usury,
doubled and mulplied, but fear Allah that you may
be successful" (Qur'an 3:130).
This verse encourages engagement in equitable and just
transacons.
Successful invesng necessitates careful consideraon of both
nancial and ethical implicaons. Islamic principles urge the
avoidance of investments in industries contrary to Islamic values,
such as alcohol, gambling, and interest-based lending. The Qur'an
advises,
does not benet and from a deed not
raised up and from a debt that never
ends.” (Musnad Ahmad) Mui Faraz
Adam comments that, "The Prophet
(peace and blessings of Allah be upon
him) used to seek refuge with Allah
from being overburdened by debt and
he warned against lying and breaking
promises when dealing with debt."3
In my personal experience, saving
has been instrumental in ensuring
nancial security, enabling me to
confront economic challenges with
condence. This pillar imparts the
importance of nancial discipline and
living within one's means.
I rmly believe that living debt-free
life is a vital part of living Islam; a goal
for which every Muslim should aspire.
While this may be especially dicult
to achieve, debt is a burden that
can easily lead to nancial fragility,
3. Mui Faraz Adam, “The Islamic Perspecve on Debt,” Qardus, accessed August 26, 2024,
hps://www.qardus.com/news/the-islamic-perspecve-on-debt.
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"And do not eat up your wealth among yourselves
unjustly" (Qur'an 2:188),
reminding us that our investments should be protable and morally
sound.
Thus, invesng is about more than nancial returns; it ensures that
our wealth contributes to societal well-being, fostering a just and
equitable society.
Islamic investments are oen structured to avoid riba (interest),
which Islam prohibits. Instead, they focus on prot-sharing models
such as mudaraba and musharaka, which align the interests of all
pares involved and promote ethical business pracces. These
models inherently embody the concept of anfragility, as they
encourage shared responsibility and collecve growth, even in the
face of economic challenges.
Pillar Four: Spending
Islamic investments
often structured
to avoid riba, focus
on prot-sharing
models such as
mudaraba and
musharaka, which
align the interests of
all parties involved
and promote ethical
business practices
Living a debt-free
life is a vital part
of living Islam;
a goal for which
every Muslim
should aspire
"But waste not by excess: for Allah loveth not the wasters."
(Q ur'a n 6:141)
Spending wisely constutes the fourth pillar of prosperity. It involves
balancing our needs with desires, ensuring we do not succumb to
wasteful consumpon. The Qur'an warns against extravagance,
stang,
"Indeed, the wasteful are brothers of the devils, and
ever has Satan been to his Lord ungrateful" (Qur'an
17:27).
This verse highlights the perils of excess and urges cauon in
spending.
In Islam, spending is an act of worship when done with the right
intenons and in the correct manner. It extends beyond meeng
personal needs, ensuring that our wealth is ulised in ways that
are pleasing to Allah. The Qur'an advises maintaining a balance in
spending:
"Believers are those who, when they spend, are not
extravagant and not miserly but hold a just balance
between those extremes" (Qur'an 25:67).
Islamic teachings encourage Muslims to spend in a balanced and
mindful way.
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This verse highlights the importance of maintaining mizan - balance
in spending so that one does not indulge in extravagances and
is also not a miser person. This balanced approach to spending
ensures that wealth is used in a way that benets both the individual
and the community. Wise spending also includes being conscious
of the impact of our consumpon on others and the environment.
The Prophet Muhammad (peace and blessings of Allah be upon him)
said, "The best of people are those who are best in fulling their
obligaons" (Tirmidhi). This Hadith reminds us that spending should
not harm others or contribute to social or environmental damage.
By adopng a mindful and ethical approach to spending, we protect
our nancial well-being and contribute to the greater good.
By spending wisely, we secure our nancial stability and contribute
to a more sustainable economic system in which resources are
ulised eciently and equitably. Adopt the concept of “save rst
and then spend.”
Pillar Five: Giving - The Spiritual and Societal
Imperative
Mizan - Balance
in spending so
that one does
not indulge in
extravagances and
is also not a miser
person; ensures
that wealth is
used in a way that
benets both the
individual and the
community
"You will not aain righteousness unl you spend in charity
from that which you love" (Qur'an 3:92).
needy (destute), zakat administrators,
those whose hearts are to be reconciled,
capves (those held in bondage), debtors,
wayfarers (those who are stranded), and
those receiving it in the cause of Allah.
This system ensures that wealth circulates
within the community, prevenng its
concentraon in the hands of a few and
fostering social solidarity.
The act of giving in Islam is deeply
connected to the concept of puricaon
and growth. Just as physical wealth
can grow through investment, spiritual
wealth grows through giving. Prophet
The nal pillar, giving, is perhaps the most spiritually signicant. It
embodies core Islamic values of compassion, generosity, and social
jusce. Giving, whether through zakat (obligatory charity) or sadaqa
(voluntary charity), serves not only to purify our wealth but also to
redistribute it to those in need. The Qur'an states,
This verse challenges us to go beyond mere obligaon and to
give generously from the best of what we have, reecng a deep
commitment to helping others.
Zakat is a cornerstone of Islamic nance, funconing as a tool
for wealth redistribuon. The Qur’an (Q 9:60) species eight
categories of those who are entled to receive zakat: the poor, the
"The example of those who spend their wealth in the way of
Allah is like a seed of grain that sprouts seven ears; in every
ear, there are a hundred grains. And Allah mulplies His
reward for whom He wills." (Qur'an 2:261)
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Giving while living
- Why? Giving while
living provides you
with an opportunity
to see the eects of
your gift.
Dr M Yaqub Mirza is the President and CEO of Sterling Management Group. Dr Mirza is also Chairman of the Board of Trustees of the Amana
Mutual Funds (assets nearly US$6.50 billion). He is a member of the Board of Directors of the University Islamic Financial Corporaon, a banking
subsidiary, and a former member of the Board of Trustees of George Mason University Foundaon, Inc. He is also a member of the Board of Trustees,
the Execuve Commiee, and the Chair of the Academic Aairs Commiee of Shenandoah University, as well as an advisor to the Byrd School of
Business, Shenandoah University. Dr Mirza is President and Trustee of Center for Islam in the Contemporary World at Shenandoah University. He is
also a member of the Council of Advisors, Muslim Philanthropy Iniave at Lilly Family School of Philanthropy, Indiana University. He is the author
of Five Pillars of Prosperity: Essenals of Faith-Based Wealth Building (White Cloud Press, 2014). The book is available for download free of charge at
CICW@SU - Home . Also co-author of Heavenly Returns What the Abrahamic Faiths Teach Us about Financial and Spiritual Well-Being, Amazon 2022.
Dr Mirza holds a PhD in Physics and MA in Teaching Science from the University of Texas at Dallas.
E-mail: mym@sterlingmgmt.com
I am most grateful for the invaluable contribuon of Mr Chris Grant and Prof Imaz Yusuf to this arcle. Thanks
Muhammad (peace and blessings of Allah be upon him) said, "Charity
does not decrease wealth" (Sahih Muslim), emphasising that the act
of giving leads to spiritual and oen material blessings in this life and
the Hereaer.
In my life, giving has proven to be one of the most rewarding aspects
of nancial stewardship. It allows me to share the blessings that Allah
has granted me and contribute to the well-being of others. This pillar
benets the recipients and puries the giver’s wealth, reinforcing
the belief that all wealth belongs to Allah and that we are merely its
custodians.
Abu Sa’id al-Khudri reported God’s Messenger as saying, “It is
beer for a man to give a dirham as sadaqa (charity) during his
lifeme, than to give a hundred at the me of his death.” Following
this Hadith, I strongly argue for giving while living. Why? Giving
while living provides you with an opportunity to see the eects of
your gi. While living, you can direct or redirect the use of your
contribuons. If a project you contributed to does not succeed, you
have the opportunity to contribute to another one. Imagine what
would happen if no one gave while living—if everyone only willed,
upon death, a poron of their wealth (up to one-third of their estate,
according to Islamic law) to the poor or needy and non-inheritors.
The recipients would be praying for the person’s death, waing to
receive the charity to full their needs!
Conclusion
The Five Pillars of Prosperity oer a comprehensive framework
for achieving nancial stability and spiritual fullment. Each pillar—
Earning, Saving, Invesng, Spending, and Giving—provides guidance
on wealth management consistent with Islamic principles, promong
the well-being of the individual and society alike.
In a world where nancial success is oen pursued at the expense
of ethical consideraons, these pillars serve as a reminder that
prosperity involves more than wealth accumulaon. It is about using
wealth justly, equitably, and benecially.
Adhering to these principles can help us
build a resilient and sustainable nancial
system that reects our values and
supports our spiritual goals.
As we navigate the complexies of
modern nance, let us remember the
Qur'an's wisdom and the Prophet
Muhammad's teachings (peace be upon
him). By incorporang these meless
principles into our nancial pracces, we
can achieve a balance between material
success and spiritual growth, ensuring
that our prosperity is both meaningful
and enduring.
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The Center for Islam in the Contemporary World (CICW) has an objecve to be recognised as a global leader
in research, educaon, and engagement with Islamic roles and values in a mul-religious world. CICW, founded
in 2018 at Shenandoah University is commied to bringing forward a subtle and nuanced percepon of Islam
and Muslims within a diverse global context. CICW proacvely addresses modern challenges faced by Muslim
communies through academic research, professional training, and strategic partnerships. The Center’s enterprise
covers virtual learning, outreach programmes, public scholarship, and integrave collaboraons. CICW aims to
represent through the work of its commied team and board members, including Dr Younus Y Mirza, who has a
key role in CICW’s educaonal and research ventures.
Dr Mirza an Execuve Board Member signicantly contributes to CICW’s educaonal programme and community
engagement. He has integrated innovave technologies into teachings like demonstrang Hajj VR in his First-Year
Seminar to provide the students with virtual exposure to the pilgrimage. This eort reects CICW’s commitment
to using advanced technologies to make Islamic tradions accessible and engaging. Dr Mirza is also an acve
scholar with a focus on Qur’anic studies, and he recently presented his research on Islamic scriptural interpretaon
at the American Academy of Religion Conference. His recent arcle, “A Precious Trease: How Arab Editors
About CICW
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Helped Create Ibn Taymiyya’s Introducon to the Sciences of Tafsir,” was published in the Journal of Qur’anic
Studies. Beyond academia, Dr Mirza is involved in public scholarship; with support from the American Academy
of Religion and Luce Grant, he is developing a book on Mary in Islamic thought, and he has shared insights from
this work at events such as Wheaton College’s interfaith panel “Chrisans and Muslims Seek Jusce with Mary.”
CICW also funcons as a plaorm for global academic collaboraon. In 2023, the Center hosted an internaonal
conference on Collaborave Online Internaonal Learning (COIL) and Virtual Reality in educaon, which
gathered over 250 parcipants from around the world. This event honoured Dr Jamal Barzinji’s legacy of socially
engaged educaon and launched A Socially Engaged Global Muslim: Dr Jamal Al-Barzinji, a CICW publicaon.
The Center’s publicaon eorts include works on Islamic pedagogy, focusing on the teachings of Moses, Jesus,
and Muhammad. Addionally, CICW plans to release an English translaon of a previously published book on
Shaykh Taha Jabir Al-Alwani’s life and thoughts, further expanding its contribuons to accessible scholarship on
Islamic thought.
CICW is leading research on pressing issues as part
of its outreach such as Islamophobia in the Balkans,
researching the social consequences of stereotypes
on populaon in this region. CICW in collaboraon
with Tarbiyah Academy in Maryland is also tesng
prophec pedagogy in real-school sengs, assessing
teaching methods anchored in Islamic culture. CICW’s
Pilgrim VR project exemplies its creave technique
for Islamic educaon, oering a virtual guide to Hajj
and Umrah. The Center is working on translang this
VR experience into Bahasa Malaysia, with potenal
for other languages, making it a valuable resource for
global audiences.
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REVIEW
HOW ISLAMIC FINANCE
ALLEVIATED THE ADVERSE
FINANCIAL IMPACTS OF COVID 19
PANDEMIC IN THE USA
Islamic nance has been noted for its stability, sustainability and social-jusce among the Muslim communies as well
as the non-Muslim communies. These aspects of Islamic nance became especially notable during the COVID 19
pandemic when regional economies all over the world shrunk to much smaller sizes. Specially in America where the
eect s of COVID 19 we re felt most severe ly; dwindling economy led to li quidi t y pressure resul ng in mas s- scale lay- os,
small and medium sized business closures and increased poverty. Generally, the American economists, nanciers and
community rely on convenonal nance and took measures to resolve the situaon accordingly. However, the Muslim
community and other people who trusted the ecacy of Islamic nance and believed that it oered the nancial soluon
for crises like COVID 19 pandemic, and resorted to Islamic nancial instruments and products to alleviate poverty, to
provide sustainable nance to aected businesses and to rejuvenate the dying businesses. This exemplary use of Islamic
nance can be followed and emulated in other similar crises.
SARA AHMAD
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The Landscape of Islamic Finance in USA
According to the US Religion Census conducted in 2020, 4.5 million
Muslims were living in North America with the highest concentraon
of more than three per cent living in New York, Illinois, New Jersey,
Maryland and Delaware. Forming a small but growing minority living in
the USA, Muslims have infused growth in Islamic businesses including
Islamic nancial businesses. Islam is the fastest-growing religion in the
USA and this growth is caused by an increasing number of immigrants
from Iran, Iraq, Somalia, Sudan, Afghanistan, and Bosnia Herzegovina.
An analysis of naonal datasets has revealed that at least 46 per cent
of the immigrants have received college educaon, which is double
the percentages for total immigrants and naves. Another interesng
fact is that the median income of these immigrant Muslims and their
descendants is near to that of the naves rather than other immigrants.
Further, Muslim community has the highest number of adults aged
under 30. These facts group them into the auent and wealthy class
that is familiar with banking services.
Stability and Resilience of Islamic Finance
Islamic nance having formally started in 1987 in the USA, with a
passing of two decades by 2005, grew to add only nine Islamic nancial
instuons. By 2023, the industry had added a billion-dollar sukuk
market to its porolio. During the years between 2005 and 2023,
the world saw two crises that tested not only the human ability to
accept challenges but also comprehensively test the sustainability
of nancial services. The 2007-2008 Global
Financial Crisis (GFC) was primarily caused
by the excessive use of leveraged subprime
mortgage securies and derivaves, which
are largely absent in Islamic nance. The
sustainability of Islamic banking and nance
services during the GFC proved the resilience
of Islamic nancial products and services.
Investors favoured the possibility of asset-
backed nancing, prot sharing and risk sharing.
Moreover, many individuals and instuons
adopted the Islamic nancial principles due
to ethics and transparency of frameworks.
The year 2009 saw GE Capital clinching this
senment by opening the internaonal sukuk
market for American corporates with the
issuance of US$500 million sukuk. By 2024
Islamic nancial industry has grown to add
15 nancial instuons providing Shari’a-
compliant products and services. This Islamic
nancial AUM has been esmated to be at
US$3.6 billion. In 2023, Air Lease Sukuk worth
US$600 million was the second signicant
sukuk issuance which took place post COVID
19 pandemic. This deal captured aenon
due to its ming, size and scale. Moreover, it
was the second such deal which was triggered
by the increasing trust in sustainability of
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Islamic nancial services. It is now, part of the US$1.1 billion sukuk
market. The 2024 Islamic nancial market sales revenue amounted
US$1005.68 million.
The growing demand for Shari’a-compliant products has given rise
to Islamic Indices. Two important examples are the S&P Dow Jones
Islamic Market U.S. Index and the MSCI USA Islamic Index. The S&P
Dow Jones Islamic Market U.S. Index (as of August 30, 2024)
included 508 constuents with an average total market capitalisaon
of US$73.321 billion; technology companies Apple and Microso
hold a signicant share in it. The MSCI USA Islamic Index (as of
August 30, 2024) comprised 123 constuents and recorded a 25.66
per cent gain in 2023.
The 2024 Islamic nancial market sales revenue
amounted US$1005.68 million
The world’s frst recorded pandemic
COVID-19 was marked by lock-downs
across cies all over the world. The
immediate impact of these lock-downs was
reducon in economic acvity, lay-os
and business closures. The development
and vaccinaon of humanity at large was
the addional burden that had a crucifying
eect on global nance. USA was the worst
aected country by COVID 19. According
to a study conducted in 2024, 700,0 00
deaths had happened in the USA due to COVID-19 by December 2021. This was a me when vaccinaon had been
made available in the US and was connuing with a steady rate of 40 per cent. Another study conducted during
May 2023 forecasted that USA will have lost US$14 trillion by the end of 2023, due to COVID-19. The same study
conrmed the number of 1.1 million deaths in the USA due to COVID between Jan 2020 and Mar 2023.
Table 1: Decline in Economic Sector Acvity in the USA During Jan, 2020 to Dec, 2023
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The Impact of COVID-19 on the American Economy
A scramble for gold and paper money during the year 2020 resulted in
a liquidity pressure. Cryptocurrencies emerged during this me period
as a hedging instrument and a safe heaven. The widespread impact of
pandemic unveiled the weakness in tradional assets and highlighted
the need for substute resilient assets.
The economic sectors namely, brick-and-mortar retail shopping, air
travel and public gatherings were the worst aected sectors in the
USA which reduced by 57.5 per cent, 26.5 per cent and 29.16 per cent,
respecvely. Table 1 shows the decline in acvity in economic sectors
of the USA.
Four Stages of COVID 19 Impact on American Economy
When an epidemic emerges in a countr y, it disrupts both demand and
supply chains. The potenal lethality of the outbreak insls widespread
fear, impacng manufacturing and service industries alike. The
COVID-19 pandemic intensied these disrupons, posing a signicant
threat to humanity as a whole. This was especially devastang for
smaller, more vulnerable economies. In contrast, larger and more
resilient economies, such as those of the USA, China, Russia, and some
Gulf naons were beer equipped to withstand the economic losses
during that me.
The impact of COVID-19 on the American economy has been traced to
nd four disnct stages of impact.
Stage 1: Government Measures and Panic
During this phase, naonal governments implement measures such
as lockdowns and movement restricons to
control the pandemic. As these restricons
intensify, supply chain disrupons worsen,
leading to widespread panic among people.
Producvity became zero during lock down.
Stage 2: Financial Contagion
This stage follows the disrupon of economic
acvies and was observed in many economies
by mid-March to early April 2020. It is marked
by sharp declines in equity and cryptocurrency
markets forced deleveraging, and panic selling.
Liquidity begins to dwindle, and markets
for new funds freeze, and central banks are
compelled to inject liquidity to stabilise the
situaon. This stage is parcularly dangerous
for small businesses, households with limited
liquidity, and enes burdened with large
debts. While governments announce smulus
packages, these were oen short-term
soluons. Mass scale lay-os raised the level
of unemployment. Unemployment rate jumped
from 3.7 per cent pre-pandemic gures to
14.8 per cent with the passage of two months
during the pandemic.
The United Naons Development Programme
(2020) recommended incorporang Islamic
nancing tools—such as zakat (charity) and
sukuk (Islamic bonds)—into an integrated
pandemic response plan. Such an evaluaon
provided evidence-based insights for
Figure 2: Four-Stage Impact of COVID-19 on the American Economy
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policymaking and promote diversicaon in pandemic response and
recovery strategies globally.
Stage 3: Bottom Formation
This is a crical phase of the economic impact. Small and medium-
scale businesses received a crushing blow due to lack of liquidity.
Countries like Italy, Iran, India, and the United Kingdom experienced
this stage around May 2020. It is characterised by nancial markets
reaching their lowest point. The underlying causes of this boom
formaon had to be addressed, and economies needed to focus on
developing long-term, sustainable recovery strategies.
Stage 4: Post-COVID-19 Eects
The long-term scars le by the pandemic are expected to persist.
A signicant shi towards de-globalisaon became noceable,
with reduced travel and migraon. Companies were found likely
to reassess global supply chain risks, priorising greater eciency
and resilience. The post-pandemic world was expected to undergo
fundamental changes, with economies adapng to these new
realies.
Safety-net Against COVID-19 Powered by Shari’a-
compliant Financial Products
There were various measures which were taken to minimise the
negave impact of COVID-19 on the American economic sectors.
Islamic nancial instuons during this me focused on increasing
the number of products and services relang to Consumer
Financing, Investment Banking, Venture Capital, Social Finance and
SME Financing. Several equity-based products were introduced
such as musharaka, diminishing musharaka, mudaraba, and other
asset-backed products such as murabaha, ijarah, issna and salam
were complemented with social nancing products such as qard-al-
hasan, bay-al-sarf and agency.
Zakat, the third pillar of Islam, viewed either as a religious tax or a
charitable giving was the chief instrument that strengthened the
safety net against COVID-19 for Muslims. American Muslims
donated US$1.8 billion in 2021, according to Muslim American Zakat
Report 2022.
Qard-al-Hasan and sadaqa were viewed as major charitable
instruments that enabled Muslims and followers of other faiths
nancially during stages 1 and stage 2 of COVID-19 impact. Zakat
American Muslims donated US$1.8 billion as zakat
during the year 2021
became the most important instrument that was
ulised to help Muslim brethren at all four stages
of COVID-19 impact. Similarly, ijara was ulised
during all four stages to help Muslims acquire
useful assets such as apartments/buildings,
kitchen appliances, cars and other assets at an
aordable rate. Mudaraba and murabaha gained
more signicance during stages three and four
when small and medium-sized businesses needed
either to be saved or needed to be started afresh.
Specially, those who lost jobs during the second
stage beneed from mudaraba. Murabaha
facilitated SMEs and individuals in acquiring
xed-income assets. Issna is another instrument
that was used to lessen the severity of nancial
and other losses during stages three and four
of the pandemic. Waqf was ulised to generate
long-term benets during the last two stages of
the pandemic. Salam was used during stages two
and three mainly to advance some nances to
employees to reduce the eects of poverty. In
stage four it was used to ease farmers nancially.
Similarly, musharaka facilitated new partnerships
during stage four.
How Islamic Financial Instruments
Form a Safety-net Against Financial
Adversity
• Musharaka
Musharaka has the potenal to be one of the
most eecve tools against the economic
consequences of adversity like COVID-19. It
was specially resorted to during the fourth
stage of COVID-19, i.e., post-COVID-19 eects.
Musharaka emerged as the true social nance
tool when it was used to rejuvenate dying SMEs
and help individuals looking for nancing. Islamic
banks can enter the musharaka contract with
the individual and SMEs by sharing the risk and
contribung capital.
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• Mudaraba
The nature of musharaka and mudaraba is the same, as both these
nancing instruments are based on prot and loss-sharing. The only
dierence between them is that mudaraba is considered a riskier
investment than musharaka.
Mudaraba was also an eecve nancing tool to nance COVID-19-
aected individuals and SMEs. The nancial gap between haves and
have-nots was widened during the pandemic. There was a need to
develop an Islamic nance model that could use the mudaraba contract
and help in reducing this gap by mobilising the resources from the rich
and helping the poor and skilled people to start their own businesses.
• Murabaha
Murabaha is basically the contract of sale in Islamic nance and is not
a nancing method. In the case of a murabaha sale, the transacon
is done on a cost-plus basis. Islamic nance makes a clear disncon
between a normal sale and a murabaha-based sale. A sale is dened
in Islamic nance as the exchange of goods between pares with a
mutual agreement. To be a valid sale and comply with the principles of
Shari’a, it must sasfy the following three condions:
1. The goods must be in existence at the me of the sale
agreement. Non-exisng goods are not allowed for sale.
2. The goods must be owned by the seller. The seller cannot
sell something that he does not own. Something sold before
acquiring the ownership of the goods is not a valid sale in Islamic
nance.
3. The goods must be in physical or construcve possession of the
seller at the me of sale as derivaves contract like opons and
futures are haram in Islamic nance.
• Ijara
Ijara means giving something to someone for a fee, rent or fare.
Ijara is the Shari’a-compliant version of a lease in convenonal
nance. Ijara can be used in two ways. First, it is used when one
employs a person's services with a fee while the second type
is related to the usage of the asset and properes for a fee or
payment. Islamic nance only recognises the operang type of lease
where a lease contract gives the right to use of an asset to lessee.
• Salam
Agriculture was the sector worst aected
by COVID-19. Salam contract, which is
farmer-friendly, could have been used as
a lease on life for impoverished farmers.
Adversity-aected farmers can enter into
an agreement to obtain essenal capital
and supply the goods whenever they are
available for delivery, through salam contract.
• Istisna
Issna is another excepon to the general sale
contract in Islamic nance. In the case of Issna,
a contract is allowed as an excepon to the sale
contract for goods that require manufacturing.
It is very logical, as the manufacturer will not
be ready to manufacture unless he gets a
commitment from the buyer.
Venture businesses such as carpentry and
bakery and small entrepreneurs are eligible for
an Issna contract. Issna can revive adversity-
aected businesses by way of advanced
nance. It is an eecve tool for enhancing
liquidity during an economic recession.
• Qard-al-Hasan
Qard-al-Hasan - the interest-free loan opon
in Islamic nance, enhances short-term
liquidity for the borrower. SMEs can in mes
of adversity explore this opon to solve their
nancial problems. Islamic banks and nancial
instuons can ulise this instrument to
induce economic acvity among impoverished
and the needy while allowing for return in
instalments or at convenience of the borrower.
UNDP during the year 2020, seeking to spread the benets of
Islamic nancial instruments and products among the diaspora
ocially promoted the use of the zakat and sukuk
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• Zakat
Zakat is considered one of the trusted methods of poverty alleviaon
as per the Quran and Sunnah. It can prove to be an important
Islamic nance tool to solve problems caused by adverse nancial
condions. Zakat is a compulsory payment by wealthy Muslims, and
they are obliged to pay it as a part of their religious duty. Adversity-
aected people, especially the poor, can be provided the essenal
items and/or cash as a relief. It was best suited to nancially assist
the poor (daily-wage workers and jobless immigrants) aected
by lock-downs during stages 1 and 2 of COVID-19 pandemic.
• Awqaf and Sadaqa
Awqaf has been considered a social nancing tool over the years,
and it has played an important role in sustainable nancing for
many poverty-alleviaon programmes such as educaon, health,
disaster relief, etc. The idea behind awqaf in Islamic nance goes
beyond religious signicance, as it can be used for larger community
development.
Sadaqa is another Islamic nance tool arising from the principle
of benevolence. Sadaqa is a voluntary oering, and its amount is
at the will of the benefactor. According to Holy Qur'an (Surah 9,
Verse 60) "Eight categories of people who are entled to receive
sadaqa are poor, needy, the preachers to spread the deen of Allah
and travelers who have no money to spend". It could have been
best ulised to help people stuck in lockdown and the people
who have lost their businesses and belongings during COVID-19.
• Stocks and bonds
Islamic nancial assets (including stocks and bonds) and their
hedging capabilies compared to convenonal counterparts were
useful in increasing inclusivity and safety by way of diversicaon
of assets. Islamic assets, parcularly sukuk, tend to outperform
their convenonal counterparts. This is an eecve hedge against
nancial crises like COVID-19. Combining Islamic and convenonal
bonds (both global and GCC) in a porolio helped to achieve the
lowest hedging costs and the highest hedging eecveness.
Sukuk's performance during the pandemic proved that such
strategies enhance the resilience of investments. Furthermore,
Islamic bonds serve as a highly eecve alternave investment,
especially during bearish market condions. Resilient investments
stabilise the market making it less volale. Consequently, such
markets reduce the need for government bailout/smulus packages.
Innovation in Islamic Finance and Islamic FinTech
During the Pandemic
Islamic nancial instruments like zakat, sadaqa and partnerships
agreements like musharaka and mudaraba can eecvely leverage the
under-served segments of society and enable them to parcipate in
economically beneng acvies. UNDP during
the year 2020, seeking to spread these benets
among the diaspora ocially promoted the use of
the nancial instruments. The COVID pandemic
however, enforced a methodology of social
distancing which rendered most social occasions
and work places useless. Seeking work from
home, online socialisaon and online shopping as
alternate means meant an exponenal increase
in the use of social-media applicaons, online
meeng and conference applicaons and other
online applicaons. Specially, online shopping and
sales applicaons triggered enhancement and
development of enhanced technology employing
AI and smart apps.
Islamic FinTechs were those nancial services
which by capitalising on the opportunity during
the pandemic to expand mulplied their porolio
of services several mes to contribute to the
recovery of the economy.
Tracking this trend, in 2021, the Global Islamic
Finance Report (GIFR) reported examples of
entrepreneurship in the US. “FAIR is another
emerging brand in Islamic FinTech. Based in the
USA, it has impressive plans to implement an
innovave strategy to create value. If successful,
FAIR will oer a good example to emulate in other
parts of the world. Central to the plan is a SPAC
(Special Purpose Acquision Company) that will
serve as an engine for value creaon”. Mr Parekh
the founder of FAIR envisioned it as a problem
solver for young entrepreneurs. Mr Parekh
overcame the barriers created by complicated
fee structures and the inaccessibility of nancial
services to young immigrants and entrepreneurs,
by creang FAIR—the rst-ever, halal-cer ed
neobank in the US.
Sadaqah Ummah Crowdfunding was another
example of Islamic Social FinTech that was
born out of the COVID-19 pandemic through
necessies to meet the needs of the society and
help them overcome their nancial challenges
through online donaons. Although based in UK
it served the needs of clientele in US too.
Conclusion
Islamic nance proved once again, during the
COVID-19 pandemic, that, if ulised eecvely,
it can reduce economic and nancial adversity.
Islamic nance in the USA had already passed a
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test of me and stability when Islamic nancial products and services had proven to be more resilient during
2007-2008 GFC. During COVID it was used to alleviate nancial problems on an interest-free basis as qard-al-
hasan, as zakat and through other Islamic nancial instruments. The trillions worth of economic loss that USA
incurred during this pandemic could have increased the nancial problems of Americans mulple-fold, yet Islamic
nance weakened this devastang force and specially, the Muslim community by resorng to Islamic nance was
able to sustain itself during these dicult mes.
The COVID-19 pandemic also serves an example for nancial handling during other crises that may aect the
economy with a comparable severity. Islamic social jusce and inclusivity not only dene a sustainability paradigm
that is in alignment with UN’s SDGs but also oers soluons for onseng nancially recessive condions and
post-crises rejuvenaon of dying businesses and individuals in need.
References
1. Journal of Open Innovaon: Technology, Market and Complexity; The Response of Islamic Financial Service
to the COVID 19 Pandemic
2. How resilient are Islamic nancial markets during the COVID-19 pandemic? Md. Bokhar Hasan, Md.
Mamunur Rashid, Muhammad Shaullah, Tapan Sarker
3. Islamic Finance Takes on COVID 19, Aamir A Rehman; April 2020
4. Cost of COVID-19 Deaths in the USA, published 12 January, 2024
5. COVID-19’s Total Cost to the U.S. Economy Will Reach $14 Trillion by End of 2023, May 2023
6. Mensi et al., 2021; Shaullah et al., 2021
7. Foglie and Panea, 2020
Global Islamic Finance Report (GIFR) 2022 noted the Islamic FinTech outlook as follows:
The Islamic FinTech landscape has improved throughout the years, especially when comparing
the landscape pre-COVID-19 with during COVID-19. According to another report3 on Islamic
FinTech Landscape, as of August 2022, globally, there are 309 Islamic FinTechs categorised
into 12 vercals including alternave nance, blockchain and cryptocurrency, challenger
banking, crowdfunding, data and analycs, Islamic enablers, PSP nance, payment and
remiance and FX, personal nance management, Robo advisors, taka tech, and trading and
investment.
In the meanme, the Islamic FinTech landscape as of May 2019 (pre-COVID-19) consisted
of 121 Islamic FinTechs categorised into 13 vercals such as alternave nance, Blockchain
and cryptocurrency, challenger banking, crowdfunding, data and analycs, Islamic enablers,
PSP nance, payment and remiance and FX, personal nance management, Robo advisors,
taka tech, trading and investment, and technology, IT and Infrastructure (which was removed
from the landscape in 2022).
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The 15th annual edition of the Global Islamic Finanece Report (GIFR) was launched at the 8th
International Conference on Islamic Banking & Finance – ICIBF 2024. This milestone reects fteen
years of dedicated effort towards fostering a deeper understanding and broader adoption of Islamic
nance globally. This year’s edition, themed
The Size and Growth of the Islamic Banking and Finance Industry
not only focuses on the current landscape but also traces the evolution and impact of Islamic
nance across various regions. The theme has drawn contributions from an array of leading
visionaries, thinkers, and practitioners from around the world, enriching the report with diverse
insights and forward-looking analyses.
“No other report has
longer longevity and more
consistency than GIFR. When
we started publishing it in
2010, there existed no similar
report and today there is no
other annual report in Islamic
banking and nance that
enjoys publishing in the print
form for a longer time and
more consistently than GIFR.“
Professor Humayon Dar
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Highlights
This year's
Islamic Finance Country Index (IFCI)
Shows Iran reclaiming the top-slot aributed
to its 100 per cent Shari’a-compliant economic
system, while Brunei Darussalam has for the
rst me entered the Top 5 er, replacing
UAE. Sudan is another surprise entry, although
a dicult market, its nancial system is fully
Shari’a-compliant.
Stability & Growth in Islamic Banking
& Finance
The IsBF industry demonstrated a signicant
16.95 per cent annual growth, showcasing its
resilience and potenal.
IsBF AUM grew to US$4.45 trillion at the end
end of 2023.
The 15th annual Global Islamic Finance
Report, showcases the global Islamic
banking and nance industry, with
the lens of economic stability and
prosperity
The 15th annual Global Islamic Finance Report,
showcases the global Islamic banking and
nance industr y, with the lens of economic
stability and prosperity - two qualies that
are built into the fabric of Islamic economy.
These are the same factors that have
compelled the expansion of this industry in
exisng jurisdicons and the addion of new
jurisdic ons. This edion further resonates the
possibilies for developments in the present
geopolical scenario. Throughout the report
the lens is on the vision that can help to further
accelerate and expand the IsBF industry and
propagate economic stability.
The delighul occasion was marked by the presence of senior execuve and
management of Islamic nancial instuons. This gathering underscored
the signicance that GIFR has achieved by its unprecedented originality,
longevity and consistency. Dr Humayon Dar, Chairman Cambridge-IFA
and Editor-in-Chief the Global Islamic Finance Report presented a copy of
GIFR 2024 to Syed Talib Karim, Vice Chancellor of IoBM.
Readers wishing to explore this burgeoning industry must read
the 15th Cambridge GIFR.
Dr Humayon Dar, Chairman Cambridge-IFA and Editor-in-
Chief the Global Islamic Finance Report presented a copy of
GIFR 2024 to Syed Talib Karim, Vice Chancellor of IoBM.
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GLOBAL ISLAMIC FINANCE SUMMIT
SEPTEMBER 17, 2024
MALDIVES
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GIFA Laureate 2024
HE Dr Mohamed Waheed
Hassan Manik
(5th President of the Republic of Maldives(
HE Dr Mohamed Waheed Hassan Manik (5th
President of the Republic of Maldives( was awarded the
14th GIFA Laureate 2024 trophy.
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The 14th Global Islamic Finance Summit and Awards (GIFA) event
took place at Villa Nauca, Paradise Island, Republic of Maldives. His
Excellency Dr Mohamed Shujau Abdul Hakeem, Minister of State
for Islamic Aairs, honoured the event. The event was organised by
Cambrdige-IFA in strategic partnership with Maldives Islamic Bank
and the event was supported by the Maldives President’s oce.
The gathering included experts, corporates, C-level execuves,
businessmen, government representaves and important market
players.
The Global Islamic Financial Awards (GIFA) programme was iniated
in 2010 as a plaorm for recognising and acknowledging the eorts
of individ u a ls and in s tuons in promo n g , deve l oping an d expandi n g
the Islamic Banking and Finance (IsBF) industry. Since then, the GIFA
programme has become a highly valued tradion in the IsBF indus try.
This year the programme recognised the 14th GIFA Laureate, and
gave away 50 awards to individuals and instuons.
The summit was themed, ‘Islamic Finance in a Digital Landscape –
Innovaon and Sustainability’. In the discussion, the transformave
power of digital technology was highlighted that can fundamentally
shi Islamic nance. The discussion revolved around innovave
FinTech soluons that are helping to overcome challenges while
simultaneously growing the opportunies. Global Islamic Finance
Summit and Global Islamic Finance Awards aimed to address
the necessary shi needed in the Islamic nance industry and
acknowledge the people who have signicantly contributed to this
cause. The event focused on FinTech oering a promising path
forward, transforming tradional pracces without compromising
values.
Parcipants and panellists hailing
from more than 15 countries included
execuve management of rang agencies,
Islamic banks, asset management
companies, not-for-prot organisaons
and social sector organisaons. The
event comprised two segments: the
inaugural half featured the Global
Islamic Finance Summit, encompassing
two insighul panel discussions; the
laer poron showcased the presgious
Global Islamic Finance Awards, where
disnguished winners were lauded for
their exceponal contribuons to the
Islamic banking and nance sector.
THE GLOBAL ISLAMIC FINANCE
SUMMIT (GIFS) 2024:
The summit's central theme: “Islamic
Finance in a Digital Landscape-
Innovaon and Sustainability” examined
the synergy between Islamic nance and
digital innovaon. Two-panel discussions
were part of this summit. The panel
discussions were followed by an awards
ceremony.
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Panel 1:
Centred around the theme, “Opportunies
and Challenges Associated with Digital
Transformaon in the Industry”, Panel 1
brought together a signicant council of
industry leaders:
• Mr Mufaddal Idris Khumri, Chief
Execuve Ocer and Managing
Director of Maldives Islamic Bank
(Moderator)
• Mr Iyad Asali, General Manager,
Islamic Internaonal Arab Bank
• Mr Irfan Siddiqui, founding president
and CEO, of Meezan Bank
• Mr Rashid Rashid, Head of Islamic
Banking, CRDB Al Barakah Banking
• Mr Ibrahim Riyaz, General Manager,
Amana Takaful (Maldives)PLC
Panel 2:
The talk of Panel 2 revolved around “Green
Sukuk and Social Finance: Financing a
Sustainable Future”, and the esteemed
panellists were:
• Dr Muhammad Imran, Group Head of
Islamic Banking at Bank Alfalah Pakistan
• Mr Nish Bhojnagarwala, Senior Vice President/ Manager,
Moody’s Rangs
• Mr Arsalaan (OZ) Ahmed, Board of Directors, Berjaya Capital
of Berhad
• Mr Halil Demir, CEO, of Zakat Foundaon of America
• Ms Sabeen Saleem, CEO, of the Islamic Internaonal Rang
Agency
Global Islamic Finance Awards 2024
Established in 2011, the Global Islamic Finance Awards (GIFA)
have solidied their posion as a presgious accolade within the
Islamic banking and nance Industry. Held annually in diverse
locaons worldwide, GIFA celebrates exceponal achievements
and contribuons to the sector’s growth and sustainability.
GIFA 2024 at Villa Nauca was an elegant and energec
gathering. The event was elevated by the esteemed presence of
His Excellency Dr Mohamed Shujau Abdul Hakeem along with His
Excellency Dr Mohamed Waheed Hassan, Former President of
the Republic of Maldives. Her Excellency Madam Ilham Hussain,
Former First Lady, His Excellency Dr Mohamed Shafeeq, Finance
Minister of the Republic of Maldives were also present.
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Awards
GIFA Laureate 2024
His Excellency Dr Mohamed Waheed Hassan Manik
(5th President of the Republic of Maldives) was
awarded the 14th GIFA Laureate 2024 trophy.
GIFA Lifeme Achievement Award
GIFA Lifeme Achievement Award is a presgious
award that recognises a lifeme of remarkable
achievements and unwavering commitment to the
eld of Islamic nance. Our recipient's visionar y ideas
and pioneering work has le an indelible mark on the
industry.
GIFA Lifeme Achievement Award 2024 was presented
to Dr Ze Aziz, former Governor of Bank Negara
Malaysia. Dr Ze Aziz received her award.
Global Islamic Finance Leadership Award 2024
(Country Category)
The Global Islamic Finance Leadership Award 2024
(Country Category) was proudly presented to The
Republic of Maldives for its astounding progress and
dedicaon to the development of the Islamic nancial
services industry. The 14th Global Islamic Finance
Leadership Award 2024 was received by His Excellency
Dr Mohamed Shafeeq, the Minister of Finance, on
behalf of His Excellency Dr Mohamed Muizzu, the
President of the Republic of Maldives. His Excellency
Dr Mohamed Shafeeq came on the stage and received
this presgious award.
Islamic Banker of the Year 2024.
Dr Muhammad Imran is currently the Group Head of
Islamic Banking at Bank Alfalah, with over 20 years of
experience in the Islamic nance industry as well as
academia. He was named as the Islamic Banker of the
Year 2024. Dr Muhammad Imran received the award.
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GIFA Special Award (Sukuk Arranging) 2024:
(FNB Islamic Bank)
FNB Islamic Banking remains the predominant Islamic
nancial services provider in the Southern African
Development Community. The GIFA Special Award
(Sukuk Arranging) 2024 (for being one of the lead
arrangers of a South Africa Rand-denominated sukuk)
was presented to FNB Islamic Banking.
Mr Omar Ahmed Baker, Chief Financial Ocer received
the award on behalf of FNB Islamic Bank.
The GIFA Power Award
(Islamic Rangs):
The GIFA Power Award (Islamic Rangs) 2024 was
presented to the Islamic Internaonal Rang Agency,
an independent nancial risk assessor of Islamic
nance globally, with a special focus on capital
markets. Sabeen Ahmed, Chief Execuve Ocer,
was summoned on stage to receive the award.
Pioneer in Takaful Award 2024:
Amana Takaful Maldives (ATM) pioneered the takaful
concept of insurance in the Maldives and remains the
sole fully-edged takaful operator. The award for the
Pioneer in Takaful Award 2024 was won by Amãna
Takaful (Maldives). Mr Osman Kassim, Director Amana
Takaful Maldives received the award.
Shari’a Auditor of the Year 2024:
(Meezan Bank)
Meezan Bank is one of the fastest-growing nancial
instuons and one of the leading Islamic banks in
Pakistan. Meezan Bank once again won the Shari'a
Auditor of the Year 2024.
GIFA Power Award
(Takaful) 2024 Award:
Bryte Takaful, Southern Africa’s premier, proacve
personal and business risk specialists won the GIFA
Power Award (Takaful) 2024.
Mr Sedick Isaacs, Head, of Br yte Africa Takaful,
received the award.
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GIFA Excellence Award
(Non-bank Islamic Financing) 2024:
Alia Investments, a Shari’a-compliant instalment
scheme that is contribung signicantly to the Islamic
nance landscape in Maldives won The GIFA Excellence
Award (Non-bank Islamic Financing) 2024, and Mr Alau
Ali, Managing Director received the award.
GIFA Excellence Award
(Islamic Banking) 2024
Bank of Maldives (BML) is the leading nancial
instuon in the Maldives. The GIFA Excellence Award
(Islamic Banking) 2024 was won by BML Islamic. Mr
Hassan Kalaam, Islamic Banking Director came on
stage to receive the award.
GIFA Excellence Award
(Zakat Collecon & Distribuon) 2024
A global humanitarian relief organisaon dedicated to
alleviang poverty and empowering the vulnerable
through various charitable programmes, the Zakat
Foundaon of America won the GIFA Excellence
Award (Zakat Collecon & Distribuon) 2024.
Mr Halil Demir, Execuve Director was summoned on
stage to receive the award.
GIFA Excellence Award
(Alternave Dispute Resoluon) 2024
AIAC holds the disncon of being Asia's pioneering
arbitraon instuon. The GIFA Excellence Award
(Alternave Dispute Resoluon) 2024 was presented
to the Asian Internaonal Arbitraon Centre.
Mr Ahmad Anuar Mohamad Kasa, Legal Aairs Division
Prime Minister's Department of Malaysia, received the
award.
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GIFA Championship Award
(Halal Cercaon) 2024
Halal Product Assurance Organizing Agency (BPJPH)
Indonesia won the GIFA Championship Award (Halal
Cercaon) 2024. Through strategic iniaves,
BPJPH has signicantly expedited halal cercaon
processes and expanded Indonesia's halal ecosystem.
Mr Muhammad Aqil Irham, Head of BPJPH received
the award.
GIFA Excellence Award
(Digital Transformaon) 2024
The GIFA Excellence Award (Digital Transformaon)
2024 recognises Maldives Islamic Bank's outstanding
achievements in ulising technology to transform
Islamic banking services and enhance customer
experiences. The award was received by Ahmed Riza,
Deputy Chief Execuve Ocer of Maldives Islamic
Bank.
The GIFA Excellence Award
(Islamic Digital Banking) 2024
Islamic Internaonal Arab Bank’s digital transformaon
strategy connues to achieve targets and improve
customers’ journeys. The GIFA Excellence Award
(Islamic Digital Banking) 2024 was proudly won by the
Islamic Internaonal Arab Bank.
Mr Iyad Asali, General Manager and Chief Execuve
Ocer came on stage and received the award.
The GIFA Excellence Award
(Islamic Financial Inclusion) 2024
The GIFA Excellence Award (Islamic Financial Inclusion)
2024 was won by Saba African Bank for its dedicaon
to foster nancial inclusivity by making essenal
banking services accessible to ever yone, regardless of
their economic background. The award was received
by Mr Abdulrageb Farea Ali, General Manager of Saba
African Bank.
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Most Promising Islamic Bank 2024
The award for the Most Promising Islamic Bank 2024
was presented to Jaiz Bank, the pioneer non-interest
bank in Nigeria that has been providing ethical services
to individuals, corporaons and government. Mr
Haruna Musa, Chief Execuve Ocer, came on stage
and received the award.
Most Outstanding Islamic Bank 2024
Over 41 years, Islami Bank Bangladesh (IBB) has
established itself as a leading, highly professional bank
in Bangladesh, commied to serving all stakeholders.
Islami Bank Bangladesh won the award for the Most
Outstanding Islamic Bank 2024. The award was
received by Dr M Kamal Uddin Jasim, Senior Execuve
Vice President & CAMLCO.
GIFA Championship Award
(Islamic Banking) 2024
The GIFA Championship Award (Islamic Banking) 2024
was won by ZamZam Bank, Ethiopia's pioneering fully-
edged interest-free bank, which is at the forefront of
providing innovave and Shari'a-compliant nancial
soluons. Mr Kedir Bedewi, VP of Operaons, came
on stage to receive the award.
Most Promising Islamic Banking Window 2024
CRDB Bank is the largest nancial instuon in
Tanzania, with a regional footprint extending to Burundi
and the DRC. It is known for their commitment to
providing tailored nancial soluons. CRDB Al Barakah
Banking won the award for the Most Promising Islamic
Banking Window 2024. Mr Abdul Mohamed, CRDB
Bank Board Member and Chairperson for the Bank’s
Shari'a Advisory Board received the award.
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Best Emerging Islamic Crowdfunding Plaorm 2024
Seed Out is a pioneering non-prot organisaon based
in Pakistan, dedicated to eradicang poverty through
an innovave model of 100% interest-free micro-
entrepreneurship, crowdfunding plaorm. The award
for Best Emerging Islamic Crowdfunding Plaorm
2024 was won by Seed Out. M. Zain Ashraf, Founder
& President came on stage and received the award.
Best Non-Bank Islamic Finance Instuon 2024
The award for Best Non-Bank Islamic Finance
Instuon 2024 was won by Siraj Finance for building
a strong foundaon in the nancial industry over the
past 25 years in providing a wide range of Islamic
nancial products and services. Syed Moosa Kaleem
Al Falahi, Chief Business & Investment Ocer came on
stage and received the award.
Best Islamic Fund 2024
The Best Islamic Fund 2024 was presented to Oasis
Crescent Equity Fund, a agship Shari'a-compliant
investment fund designed to oer South African
investor's signicant wealth growth while adhering
to ethical principles. The award was received by
Mr Nazeem Ebrahim, Deputy Chairperson & Chief
Regulatory Ocer.
Best Islamic Finance Technology Product 2024
The Best Islamic Finance Technology Product 2024
was presented to ETHOS AFP™, a bespoke, real-me
trade and post-trade services plaorm by the DDCAP
group. Dato’ Seri Dr Mohamad Zabidi Ahmad, Regional
Chief Representave, DDCAP Group received the
award.
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Best Islamic Rang Agency in 2024
With over 27 years of nancial services experience,
MARC connues to stand as an independent instuon
across its product oerings with a proven track record
in rang various sectors of the economy. Malaysian
Rang Corporaon Berhad (MARC) was named the
Best Islamic Rang Agency in 2024. Madam Haza
Abdul Rashid, Chief Rang Ocer came on stage to
receive the award.
Best Islamic Finance Technology Provider 2024
The award for the Best Islamic Finance Technology
Provider 2024 was presented to Internaonal Turnkey
Systems for providing advanced technology soluons
for nancial instuons, government, and private
sector organisaons across a wide array of industries.
Mr Dhari AlQuraishi, Chief Execuve Ocer came on
stage and received the award.
Best Research and Development in Islamic
Finance 2024
The award for Best Research and Development in
Islamic Finance 2024 was presented to the Internaonal
Research Centre of Islamic Economics and Finance,
Selangor Islamic University, a collaboraon between
the industry players and academicians to mutually
strengthen the Islamic economics and nance industry.
Dr Lafa Bibi Musafar Hameed, Deputy Vice Chancellor
came on stage and received the award.
Best Zakat Management in Higher Educaon
Instuons 2024
Zakat, Sadaqah and Waqf Division (ZAWAF) Universi
Teknologi MARA (UiTM) won the award for the Best
Zakat Management in Higher Educaon Instuons
2024 for its aspiraon to become a globally renowned
university while simultaneously advancing the naonal
agenda of addressing poverty and enhancing educaonal
opportunies for the indigenous populaon. Dr Mohd
Ashrof Zaki Yaakob, Director of Zakat, Sadaqah and
Waqf Division came on stage and received the award.
Best Islamic Finance Training Provider 2024
TAIF Digital Instute, a forward-thinking digital learning
plaorm was named as the Best Islamic Finance
Training Provider 2024. The founder of the instute,
Mr Muhammad Ziaullah Siddiqui received the award.
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Best Islamic Fund Manager 2024
The award for the Best Islamic Fund Manager 2024 was
presented to Oasis Crescent Capital for its investment
methodology rooted in ESG consideraons and a low-
volality fund management philosophy. Mr Nazeem
Ebrahim, Deputy Chairperson & Chief Regulatory
Ocer came on stage to receive the award.
Best Re-Takaful Provider 2024
Kenya Reinsurance Corporaon (Retakaful Window)
was named the Best Re-Takaful Provider in 2024. The
Window's strategic focus on key markets, coupled with
it's innovave soluons and exceponal service has
resulted in a signicant increase in its client base and
business porolio. Dr Hillary Maina Wachinga, Group
Managing Director came on stage and received the
award.
Best Internaonal Jurisdicon for Islamic Banking
& Finance 2024
The award for the Best Internaonal Jurisdicon
for Islamic Banking & Finance 2024 was won by
Labuan FSA , the statutory body responsible for
the development and administraon of the Labuan
Internaonal Business and Financial Centre. Mr Jaree
Ismail, Acng Deputy Director General came on stage
to receive the award.
Best Islamic Banking Window 2024
FNB Islamic Banking has once again has been named the
Best Islamic Banking Window 2024 for its commitment
to develop and expand Islamic nancial services in the
African region. Mr Omar Ahmed Baker, Chief Financial
Ocer came on stage to receive the award.
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Best Islamic Bank 2024
Meezan Bank commenced operaons in 2002, aer
being issued the rst-ever Islamic commercial banking
license by the State Bank of Pakistan and is currently
one of the largest banks naonwide. The award for
the Best Islamic Bank 2024 was presented to Meezan
Bank. Mr Irfan Siddiqui, Founder and Chief Execuve
Ocer came on stage once again and received the
award.
GIFA Market Leadership Award
(Islamic Finance Technology Soluons) 2024
The GIFA Market Leadership Award (Islamic Finance
Technology Soluons) 2024 was presented to Silverlake
Axis, a nancial services technology provider to the
Banking, Insurance, Payment, and Retail industries,
with a geographical presence that spans Asia, the
Middle East, Africa, Central Europe and Australia.
Mr Othman Abdullah, Managing Director of Islamic
Banking received the award.
Best Central Bank of the Year 2024
The award for the Best Central Bank of the Year 2024
was presented to Bank Indonesia for its commitment
to foster the transformaon of the Shari'a economy
and nance as a new source of economic growth. Dr
Imam Hartono, Execuve Director, Department Head
of Islamic Economics and Finance came on stage and
received the award.
GIFA Market Leadership Award
(Digital Shari'a Compliant Asset Facilitaon) 2024
The GIFA Market Leadership Award (Digital Shari'a
Compliant Asset Facilitaon) 2024 was presented to
DDCAP Group™, a market intermediary and nancial
technology soluons provider working to connect the
global Islamic nancial market responsibly for over 25
years. Dato’ Seri Dr Mohamad Zabidi Ahmad, Regional
Chief Representave, DDCAP Group received the
award.
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GIFA Market Leadership Award
(Micronance) 2024
The GIFA Market Leadership Award (Micronance)
2024 was won by AMANAH IKHTIAR MALAYSIA.
Inspired by Grameen Bank, Bangladesh, AIM has been
helping the poor for over 36 years since its incepon
through various programs and iniaves. Dato'
Mohamed Shamir bin Abdul Aziz, Managing Director
received the award.
GIFA Special Award 2024
for Leadership in Legislave and Instuonal
Reforms
The GIFA Special Award 2024 for Leadership in
Legislave and Instuonal Reforms related to Islamic
Finance was presented to Dato’ Sri Azalina Othman
Said, Minister of Law and Instuonal Reform,
Malaysia. Unfortunately, she was unable to be there.
So, Dato’ Zamri bin Misman, Director General of the
Legal Aairs Division received the award on her behalf.
GIFA Market Leadership Award
(Islamic Financial Intelligence & Rangs) 2024
The GIFA Market Leadership Award (Islamic Financial
Intelligence & Rangs) 2024 was won by Moody’s
Rangs for its trusted insights that help decision-
makers navigate through turmoil and market volality.
Mr Nish Bhojnagarwala, Senior Vice President
received the award.
GIFA Market Leadership Award
(Educaon in Islamic Banking & Finance) 2024
The Faculty of Islamic Economics and Finance
Universi Islam Sultan Sharif Ali (UNISSA) Brunei
Darussalam won the GIFA Market Leadership Award
(Educaon in Islamic Banking & Finance) 2024 for
the h consecuve me, a testament to becoming a
leading centre of academic excellence in the eld of
Islamic economics, banking, nance, and business. Dr
Hj Arman bin Asmad, Acng Deputy Rector received
the award.
GIFA Market Leadership Award
(Islamic Banking Window Operaons) 2024
Bank Alfalah Islamic Banking’s leadership in Pakistan's
Islamic banking sector has been reinforced through
signicant achievements in growth, innovaon, and
customer experience. The GIFA Market Leadership
Award (Islamic Banking Window Operaons) 2024
was won by Bank Alfalah Islamic Bank. Dr Muhammad
Imran, Group Head of Islamic Banking came on stage
and received the award.
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Upcoming Personality in Islamic Finance (Academic)
2024
Dr Lafa Bibi Musafar Hameed, Deputy Vice
Chancellor of Research, Community and Industrial Link,
Islamic University of Selangor was the recipient of the
Upcoming Personality in Islamic Finance (Academic)
2024 Award.
GIFA Islamic Finance Advocacy Award 2024
Professor Dr Aishath Muneeza is a pioneering gure in
Islamic nance, parcularly within the Maldives, where
her advocacy and leadership have le a profound
impact. The GIFA Islamic Finance Advocacy Award
2024 was presented to Professor Dr Aishath Muneeza,
in recognion of her services for the industry.
GIFA FinTech Leader of the Year 2024
Arsalaan Ahmed is the former CEO of Al Rajhi Bank
Malaysia and is currently serving as a member of
the Board of Directors in Berjaya Capital Berhad, an
investment holding arm of Berjaya Corporaon that
holds a porolio of nancial services companies. The
award for GIFA FinTech Leader of the Year 2024 was
rightly won by Arsalaan Ahmed, also aeconately
called Oz. Mr Arsalaan Ahmed, to please come on
stage and receive the award.
GIFA Transformaon Leader Award 2024
The award for GIFA Transformaon Leader Award
2024 was presented to Mr Mufaddal Idris Khumri,
Chief Execuve Ocer and Managing Director, of
Maldives Islamic Bank, for his exceponal leadership
skills in leading various nancial instuons in dierent
countries. Mr Mufaddal Idris Khumri received the award.
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10th Islamic
Retail Banking
Awards 2024
Event Repo
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Cambridge IFA recently hosted the presgious 10th Islamic
Retail Banking Awards (IRBA) & Summit in conjuncon with
the 7th WOMANi Annual event, held at Shangri-L a, Dubai.
These events gathered prominent leaders from government
bodies, global banks, and industr y exper ts to discuss the
evolving landscape of Islamic retail banking. The programme
was aimed at refocusing on strategies to enhance resilience,
innovaon, and growth within the Islamic nance industry
while recognising individuals and instuons that have made
remarkable contribuons to the sector.
EVENT OBJECTIVES
The event aimed to foster collaboraon among key industr y
stakeholders, promote innovaon in Islamic FinTech and
product development, recognise excellence in Islamic retail
banking, and advance inclusivity by promong ethical,
interest-free nancial soluons. By bringing together a
diverse group of experts, the event sought to address
pressing challenges and idenf ying opportunies to expand
the reach and impact of Islamic nance on a global scale.
EVENT DETAILS
Held at the presgious Shangri-La in Dubai, the event drew
parcipaon from over 15 countries, including VIPs, CEOs,
and disnguished industry experts. Prominent guests
included Jusce Dr Syed Muhammad Anwar, Mr Mohsin Ali
Nathani of Habib Bank AG Zurich, Mr Amman Muhammad
of FNB Islamic Banking, and Dr Humayon Dar, Chairman
of Cambridge IFA. The gathering served as a plaorm for
insighul discussions, collaboraon, and the exploraon of
innovave soluons to propel the industry for ward.
ISLAMIC RETAIL BANKING SUMMIT
2024
Under the theme "Strategies for Growth and Innovaon in
Islamic Finance," the summit opened with a keynote address
by Dr Humayon Dar, who emphasised the impor tance of
resilience in the face of global economic challenges. The
summit explored key strategies for sustainable growth,
including digital transformaon, product innovaon, and
strategic partnerships. Discussions highlighted the need for
Islamic banks to embrace technology, streamline operaons,
and enhance customer experience to remain compeve.
A notable highlight of the summit was a panel discussion on
"Leveraging FinTech in Islamic Retail Banking for Enhanced
Compliance and Service Deliver y," moderated by Mr
Abdulwasiu Popoola. The panel included industry leaders
such as Mr Amman Muhammad and Mr Salman Ahmed, who
discussed how Islamic banks can innovate products, target
specic cu stomer s e g m e nt s , an d ad o pt robust ris k manage ment
pracces to contribute to a more inclusive nancial system.
ISLAMIC RETAIL BANKING AWARDS
2024
As part of the summit, the 10th Annual Islamic Retail Banking
Awards celebrated the achievements of exceponal Islamic
retail banks and individuals. Since its incepon in 2015, IRBA
has recognised industry pioneers who have embraced digital
innovaon and introduced cung-edge services to enhance
customer experience. This year’s awards connued to honour
excellence in the industry, highlighng the global prominence
of Islamic retail banking.
The event showcased the success of instuons from
regions such as the Middle East, Southeast Asia, and Africa,
with countries like Saudi Arabia, UAE, Malaysia, and Nigeria
playing a leading role in driving the industry’s growth. The
awards underscored the dynamic nature of Islamic retail
banking, emphasising the importance of innovaon and
ethical principles in shaping the future of the sector.
10th IRBA by bringing together a diverse group of experts,
the event sought to address pressing challenges and identify
opportunities to expand the reach and impact of Islamic
nance on a global scale
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IRBA Excellence Award for Personal Financing
Solutions in Saudi Arabia 2024
The IRBA Excellence Award for Personal Financing Soluons
in Saudi Arabia 2024 was won by Amlak Internaonal, a
signicant force in the nancing industr y, exemplifying
excellence by transforming potenal challenges into real
opportunies.
IRBA Excellence Award for Microfinance in Sudan
2024 and Best Socially Responsible Islamic Retail
Bank in Sudan 2024
The IRBA Excellence Award for Micronance in Sudan
2024 and the Best Socially Responsible Islamic Retail Bank
in Sudan, 2024 were won by Farmer's Commercial Bank
(FCB), with primary objecves to support the agriculture
sector, est ablish rural development project s and nance
foreign trade operaons. Mr Abobaker Ahmed Daeelnour
Abdelsalam, Deputy Manager, Corporate Finance came on
stage and received the award.
IRBA Excellence Award for Islamic Retail Banking in
Nigeria 2024
The IRBA Excellence Award for Islamic Retail Banking in
Nigeria 2024 was won by LOTUS Bank Limited, a Non-
Interest Nigerian Bank deeply rooted in ethical banking,
commied to ethical invesng and ethical prosperit y. Mr
Olubiyi Olusegun Ogundepo, Treasurer came on stage to
receive the award.
IRBA Excellence Award for Islamic Retail Banking in
Djibouti
The IRBA Excellence Award for Islamic Retail Banking in
Djibou was won by East Africa Bank for providing Shari’a-
compliant banking services of the greatest quality. Mrs
Mohamed Daher Isman came on stage and received the
award.
Dr Humayon Dar emphasised the importance of resilience in
the face of global economic challenges
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Strongest Islamic Retail Bank in Indonesia and I RBA
Excellence Award for Priority Banking in Indonesia
The Strongest Islamic Retail Bank in Indonesia and IRBA
Excellence Award for Priority Banking in Indonesia was won
by PT Bank Syariah Indonesia. Dian Faqihdien Suzabar and
Lilik Priyadi received the awards.
IRBA CEO of the Year 2024
The tle of IRBA CEO of the Year 2024 was presented to
Abdullah Ali Alkhalifa, Chief Execuve Ocer, Alinma Bank.
Under his leadership, Alinma Bank has achieved signicant
milestones, focusing on nancial growth, ESG iniaves,
employee engagement, and sponsorship. Mr Mohammed Al
Muwannas, Head of Markeng & Corporate Communicaons,
Banking came on stage and received the award on his behalf.
Janu ary 20 28. To comme mor ate this occa sio n and to hon our
his ser vices to Islamic banking and nance in Pakistan, IRBA
Awards Commiee proudly presented the him the Cambridge
Lifeme Achievement Award 2024, to Dr Syed Muhammad
Anwar, who came on stage to receive the award.
Cambridge Lifetime Achievement Award 2024
The Cambridge Lifeme Achievement Award 2024 was
proudly presented to Jusce Dr Syed Muhammad Anwer
– Former Chief jusce of the Federal Shariat Court. Jusce
Dr Syed Muhammad Anwar has arguably wrien the most
important Riba judgement issued by him as the Chief Jusce
of the Federal Shariat Court of Pakistan which has been
incorporated in the Constuon of Pakistan through the
recently enacted 26th Amendment, making it obligatory for
the eliminaon of interest from Pakistan's economy by 1st of
IRBA Thought Leadership Award 2024
Mohsin Ali Nathani, Regional CEO, of Habib Bank AG Zurich
was presented with the IRBA Thought Leadership Award
2024. With over 30 years of banking experience, he has held
various leadership posions with responsibilies in areas
such as corporate banking, Islamic banking, credit, treasury
and syndicaons. Habib Bank Ag Zurich is an internaonal
bank with a presence in mulple jurisdicons from Pakistan
to Switzerland and South Africa to Canada. It is the thought
leadership of Mohsin Nathani which has contributed to the
establishment of the Islamic banking business of Habib Bank
AG Zurich in various countries where Habib Bank AG Zurich
operates namely Pakistan, UAE, UK, Switzerland and now in
Canada. Mr Mohsin Ali Nathani received the award.
Islamic Retail Banking Leadership Award 2024
The presgious Islamic Retail Banking Leadership Award has
been Cambridge IFA's top award since the incepon of IRBA.
It has been presented to the top leaders in the Islamic retail
ban ki ng and nance indus try. Last yea r, it was pre sente d to Iyad
Asali, CEO and general manager of Islamic internaonal arab
bank of Jordan. This year the award was presented to Amman
Muhammad, Chief Execuve Ocer, FNB Islamic Banking, for
his pivotal role in shaping Islamic banking in South Africa and
beyond. Mr Amman Muhammad came on stage and received
the award.
Strongest Islamic Retail Bank in Oman 2024
The Strongest Islamic Retail Bank in Oman 2024 was won by
Bank Nizwa SAOG, the rst Islamic bank in the Sultanate of
Oman. Mr Mohammed Al Gassani, Deputy General Manager
of Retail Banking received the award.
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Best Public Sector Bank for Islamic Retail Banking in
Pakistan 2024
The Best Public Sector Bank for Islamic Retail Banking in
Pakistan 2024 was won by Taqwa Islamic Banking by The
Bank of Punjab. While achieving the objecve of nancial
inclusion through its presence in remote and unbanked areas,
BOP-TIB connues to play its due role in contribung to
the economic growth of the country. Mr Umer Iqbal Sheikh,
Group Head of Islamic Banking came on stage and received
the award.
Best Islamic Retail Banking Window for Service
Quality and Operations in Ethiopia 2024
The Best Islamic Retail Banking Window for Ser vice Qualit y
and Operaons in Ethiopia 2024 was won by CBE NOOR
- COMMERCIAL BANK OF ETHIOPIA, making Shari’a-
compliant banking services available for those who need an
alternave to convenonal banking services. Mr Abie Sano
Mehamed, President of the Commercial Bank of Ethiopia
came on stage and received the award.
Strongest Islamic Retail Banking Window in Africa
2024
The Strongest Islamic Retail Banking Window in Africa 2024
was once again won by FNB Islamic Banking, the rst of the
large four banks in South Africa to open an Islamic banking
window and oer Islamic banking to South Africa’s minority
Muslim populaon. Mr Amman Muhammad, Chief Execuve
Ocer received the award.
Best Islamic Digital Bank in Saudi Arabia 2024
Alinma Bank is the region’s epicentre for dynamic, innovave,
and Shari’a-compliant banking and nancial services. The
award for the Best Islamic Digital Bank in Saudi Arabia 2024
is won by Alinma Bank. Mr Sami Alrowaithey, Head of Digital
Banking came on stage and received the award.
Strongest Islamic Retail Bank in Kenya 2024
The Strongest Islamic Retail Bank in Kenya 2024 was won
by Gulf African Bank, the Premier Shari’a-compliant Bank in
Kenya, oering fair, safe and ethical banking pracces. Mr
Anuj Mediraa, Managing Director received the award.
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Best Islamic Retail Bank in Somalia for Service Quality
and Operations 2024
The award for the Best Islamic Retail Bank in Somalia for
Service Quality and Operaons 2024 was awarded to Salaam
Somali Bank, Somalia’s oldest nancial instuon and the
Somali Government’s bank of choice. Mr Mohamed Abdullahi
Takkar, CFO received the award.
Best Islamic Bank for Islamic Conversion Strategy in
Pakistan
The award for the Best Islamic Bank for Islamic Conversion
Strategy in Pakistan was won by HABIBMETRO SIR AT, for
their commitment to the core values of Trust, Integrity,
Respect, Responsibility, Commitment and Teamwork. Adnan
Fasi, Group Head of Islamic Banking came on stage and
received the award.
Best Islamic Retail Banking Brand in the UAE 2024
The Best Islamic Retail Banking Brand in the UAE 2024 was
won by Mashreq Al Islami, the Islamic banking arm of Mashreq
Group, which oers products & services across individual,
instuonal, internaonal & small & medium enterprises
(SME) space. Mr Ibrahim Al Mheiri, Head of Islamic Banking,
Mashreq Group received the award.
Best Microfinance Bank for Islamic Retail Banking
Offerings in Pakistan 2024
The Best Micronance Bank for Islamic Retail Banking
Oerings in Pakistan 2024 was won by U Bank Islamic
Banking for providing a comprehensive suite of tailor-made,
innovave, and reliable Shari’a-compliant nancial soluons
to its customers. Mr Asim Anwar, Chief of Business and
Digital Oce received the award.
Best Non-Bank Islamic Retail Finance Institution
Award 2024
The Best Non-Bank Islamic Retail Finance Instuon Award
2024 was won by SIRA J FINANCE PJSC, a Shari’a-compliant
nancial instuon based in Abu Dhabi. Mr Syed Moosa
Ka le em Al Falahi, Chi ef Busine ss & Inv est ment O cer recei ve d
the award.
Most Sustainable Islamic Retail Bank in Brunei
Darussalam 2024 and the Best Islamic Retail Bank for
Premier Banking in Brunei Darussalam 2024
The awards for the Most Sustainable Islamic Retail Bank in
Brunei Darussalam 2024 and the Best Islamic Retail Bank for
Premier Banking in Brunei Darussalam 2024 were won by
BIBD, Brunei’s largest Islamic nancial instuon, staying true
to its values rooted in the principles of maqasid-al-Shari’a.
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WOMANi
SYMPOSIUM
AWARDS
EVENT
2024
6TH ANNUAL
AND
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Under the visionary leadership of Professor Humayon
Dar, Chairman of the WOMANi Programme, and
championed by Stella Cox CBE, FCSI (Hon) as Patron-
in-Chief, this iniave has emerged as a powerful
force for women's empowerment in Islamic business
and nance. The WOMANi Programme, established
to celebrate and upli women in Islamic banking,
business, and nance, have grown signicantly since
its incepon. It began with the WOMANi 100 list in
2018, recognising just 100 exceponal women, and
expanded to the WOMANi 500 by 2022, cemenng
its place as a leading plaorm for highlighng female
excellence. WOMANi honours women across key
meaningful change within Islamic nance and beyond.
The sixth WOMANi annual event consisted of a
Symposium and an Awards ceremony. The rising global
demand for Islamic nance in recent years has created
new avenues for empowering eecve leadership,
making instuonal boards more diverse and inclusive,
and paving the way for women to step into execuve
leadership posions.
The symposium was themed “Challenges and
Opportunies for Women Advancing to C-Suite
Roles in Islamic Business and Finance.” The Islamic
categories: WOMANi Pioneers, who have blazed
new trails in the industry; WOMANi Inuencers, who
are shaping its future through thought leadership;
WOMANi CEOs, purpose-driven leaders guiding
their organisaons with unwavering commitment and
vision; and WOMANi signicancica, professionals
whose impacul contribuons have le a lasng mark
on the eld. A disnguished category, WOMANi Five-
Star Alumni, celebrates those who embody the best of
all these roles—women who have led as CEOs, have
led pioneering eorts made signicant contribuons,
and inuenced the industry's direcon. By fostering
inclusion, advancing gender diversity, and supporng
women at all stages of their professional journeys,
WOMANi connues to inspire future leaders and drive
The 6th Annual WOMANi Symposium and Awards
Event 2024 was held in Dubai on the 26th of November,
2024, in co n j un c o n wi t h th e 10 t h Islamic Retail Banking
Awards. The WOMANi Symposium and Awards was
the seventh annual event held as part of the WOMANi
programme that was started in 2018 to acknowledge
and felicitate women professionals from the Islamic
banking and nance (IsBF) industry. WOMANi believes
in empowering women, as empowerment is power;
power to achieve success, pursue dreams and shaer
glass ceilings. WOMANi aims to raise awareness,
provide opportunies and celebrate the achievements
and success of women from diverse backgrounds who
are creang a new future in the niche industry of Islamic
banking and nance. Women have been in leadership
posions since the beginning of history, however,
they remain underrepresented. WOMANi aempts
to change this narrave. WOMANi is applauding and
paving the way for women of all ages to lead in a
gender-equal world, where diversity and inclusion take
centre stage, and women have inuenced and connue
to inspire. IsBF women professionals were especially
applauded for their achievements that have advanced
their parcipaon in C-Suite roles and contribuons to
the development and expansion of this global industry.
The seventh annual event convened a large network
of IsBF women professionals from the worldwide
industry.
WOMANi believes in empowering women, as empowerment
is power; power to achieve success, pursue dreams and shatter
glass ceilings
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instuons, driving change and promong diversity
across the industry.
Best Organisation for Female Employee Support
2024
Bank Nizwa, the pioneer Islamic bank in the Sultanate
of Oman, was given the Best Organisaon for
Female Employee Support 2024 award. Known as
a trusted and for ward-thinking Islamic bank, Bank
Nizwa has been instrumental in promong women’s
empowerment through a range of targeted iniaves.
These programmes have not only advanced the
professional development of female employees but
have also posioned the bank as a leader in fostering
gender equality in the workplace.
The bank’s capacity-building programmes, meculously
designed for its female workforce, aiming to shape
careers, insl condence, and prepare women to
assume leadership posions. These iniaves provide
comprehensive development opportunies, including
mentorship by industry leaders, workshops focusing on
leadership and management, and access to exclusive
networking events. The networking plaorms facilitate
meaningful interacons with industr y experts,
broadening perspecves and enhancing professional
connecons.
The bank also parcipates in outreach programmes
that advocate for women’s empowerment within
the broader community. These eorts underscore
Bank Nizwa’s commitment to societal progress and
reect its vision of creang an inclusive and equitable
nancial landscape. Acknowledging these outstanding
contribuons, the WOMANi Corporate Awards
recognised Bank Nizwa as a true trailblazer, honouring
its dedicaon to empowering women and culvang a
culture of excellence.
banking and nance industry, which benets from
ethical principles, risk-sharing, prot-sharing, and
transparency while promong Shari’a principles,
has expanded fast, adding new jurisdicons from
around the world. However, the number of women
professionals, especially their parcipaon in C-Suite
roles, has remained very limited. This symposium
explored the diverse challenges and opportunies
women face in their journey toward top leadership
posions in Islamic business and nance.
The symposium was moderated by Zaineb Seani,
Founder and Director, Carrera Learning and included
Norazua Marzuki, Director, Head of Islamic Finance
of MUFG Bank Malaysia Berhad; Maya Marissa
Malek, Chief Execuve Ocer of Amanie Advisors;
and Haifa Abdulali Al Lawa, Chief Human Resource
Ocer of Bank Nizwa. The parcipants highlighted
the importance of dismantling cultural, social barriers
and organisaonal barriers to a more diversied and
inclusive leadership of Islamic nancial instuons.
The parcipang women spoke of invesng in robust
leadership development programmes, and culvang
a culture of mentorship and role modelling. By
advocang for supporve policies and regulaons,
and learning from organisaons that have successfully
implemented innovave strategies, they said, “we can
create a more inclusive and equitable environment
where women can thrive and reach the highest levels
of leadership in Islamic nance”.
In the panel discussion, it was noted that women
are not just parcipang but are showcasing the
achievements of IsBF women professionals. These
trailblazers have broken through barriers to achieve a
place among instuonal leaders and a voice of their
own, thus, shaering the glass ceiling. This rising new
genre of IsBF leadership is characterised by innovave
ideas, inclusive policies, diversity in composion and a
propensity to risk-taking. This transformave force is
innovang the industr y, preparing it for a sustainable
and prosperous future, and demonstrang that true
progress and prosperity stem from diverse leadership
and forward-thinking innovaon.
WOMANi CORPORATE AWARDS
The WOMANi Corporate Awards 2024 celebrated
leading instuons that are paving the way for women
to emerge as industry leaders in Islamic nance. These
awards, renowned for their presge, highlighted the
remarkable contribuons of organisaons promong
gender inclusivity and empowering women to take on
signicant roles in the nancial sector. By recognising
excellence and innovaon, the awards inspire others
to follow the exemplary pracces of the honoured
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WOMANi CHAMPIONSHIP AWARD
FOR INNOVATIVE PRODUCTS FOR
WOMEN 2024
The WOMANi Championship Award for Innovave
Products for Women 2024 was awarded to Kenya’s
rst-ever Shari’a compliant bank, Gulf African Bank
(GAB), for being at the forefront of addressing women’s
unique nancial needs.
Through its Annisa iniave, Gulf African Bank has
developed a programme that is as innovave as it is
impacul. Designed to provide women with accessible
and transparent nancial knowledge, advice, and
guidance, Annisa empowers women to make informed
decisions about their nancial futures. The iniave is
not merely a service but a commitment to fostering
economic independence among women, enabling them
to parcipate more acvely in the region’s economic
growth.
GAB has taken its commitment a step further by
becoming the rst bank in Kenya to dedicate 20 per cent
of its procurement opportunies exclusively to women.
Which highlights the bank’s unwavering dedicaon to
levelling the playing eld and creang opportunies for
women entrepreneurs. By breaking barriers and seng
new standards, Gulf African Bank connues to serve as
a beacon of progress in the Islamic banking sector.
WOMANI AWARDS CELEBRATING
INDIVIDUALS
The WOMANi Awards, structured around ve
SUMMARY OF AWARD AND
CERTIFICATE WINNERS:
WOMANi INFLUENCER & CEO
This category honours female CEOs who have
demonstrated exceponal leadership and strategic
vision while promong the values of Islamic nance.
These leaders have guided their organisaons to
remarkable achievements while inuencing the
industry through experse, ethical commitment, and
resilience.
categories provided a plaorm to celebrate women’s
diverse contribuons to Islamic nance. A total of
34 awards were presented across these categories,
reecng the various ways women and instuons
are making an impact. Among the honourees were
21 WOMANi Professionals, recognised for their
exceponal experse and achievements, and nine
WOMANi Signicancicas celebrated for their
lasng contribuons to the industry. In addion,
two WOMANi CEOs were acknowledged for
their outstanding leadership, while one WOMANi
Inuencer and one WOMANi Inuencer and CEO were
recognised for their dual role in inspiring others and
driving organisaonal success. These awards are more
than an acknowledgement of past accomplishments;
they ser ve as a source of movaon for other women
to envision themselves as leaders in Islamic nance.
The winners' stories are powerful reminders of the
potenal that can be unlocked when women are given
the tools, opportunies, and support to succeed.
The signicance of the WOMANi Awards lies in
their ability to inspire change. By shining a spotlight
on women's achievements and the instuons that
support them, these awards encourage the industry
to connue pushing boundaries. They remind us that
the journey toward gender equality in Islamic nance
is ongoing but achievable, and they challenge us to
envision a future where women play an even more
prominent role.
The winners' stories are powerful reminders of the potential
that can be unlocked
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WOMANi CEO
The WOMANi CEO Award recognises outstanding
female leaders who have successfully led their
organisaons in the Islamic banking and nance sector.
These CEOs exemplify strategic foresight, innovaon,
and dedicaon to delivering Shari'a-compliant
nancial soluons that drive sustainable growth and
development.
Suhaida Mahpot
Chief Execuve Ocer, Amanie Advisors Sdn Bhd
Khairul Nisa Ismail
Chief Execuve Ocer, Sedania Innovator Berhad
Maya Marissa Malek
Chief Execuve Ocer, Amanie Advisors Ltd WOMANi INFLUENCER
This award acknowledges women who have
signicantly impacted the Islamic nance industry
through advocacy, thought leadership, and innovave
contribuons. These individuals have played a pivotal
role in raising awareness and promong the principles
and growth of Islamic nance.
Latifa Bibi Binti Musafar Hameed
WOMANi SIGNIFICANCICA
The WOMANi Signicancica Award is presented
to women who have made substanal and lasng
contribuons to Islamic nance. Their work has driven
innovaon, shaped industry standards, and advanced
Shari'a-compliant pracces, leaving an enduring mark
on the sector.
Salima Obaid Issa Al-Marzoqi
Chief Islamic Banking Ocer, Muzn Islamic Banking
(Naonal Bank of Oman)
Dr Sawsan A. Al Madhi
CEO and Founder, Alignnecient Health Consultancies Co
Zaineb Sefiani
Founder and Director, Carrera Learning
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Haifa Al Lawati
Chief Human Resources Ocer, Bank Niz wa
Luisa Evaristo
Chief Risk Ocer, Maybank Ageas Holdings Berhad
Nisreen Abualhassan
Head of Sharia Aairs, Banque Saudi Fransi
Ahlam Samara
Head of Human Resources, Dubai World Trade Centre
Donna D Souza
Assist ant Manager, Watania Takaful PJSC
Farah Hashim
COO and Co-Founder, Taqwa Invest
Hina Jehanzeb Khan
Assistant Manager-Quality Assurance, Watania Internaonal
Holding PJSC
WOMANi PROFESSIONAL
This award honours women who have demonstrated
outstanding professionalism, leadership, and experse in the
Islamic nance industry. They have signicantly contributed to
developing innovave products, ensuring Shari'a compliance,
and driving growth within their organisaons while upholding
the highest standards of professionalism.
Norazua Marzuki
Director/Head of Islamic Finance, MUFG Bank (Malaysia)
Berhad
Amal Saif
Head of Islamic Operaons, Bahrain Islamic Bank
Zahra Jassim
Director, AAOIFI
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Sonal Dawda
Head of Markeng & Corporate Communicaons, Dubai
Naonal Insurance
Ni Putu Desinthya A Azhari
Deputy Director, KNEKS
Nayab Raza
Assist ant Director, Directorate of Sports & Youth Aairs,
Pakistan
Saima Khan
Manager-Business Development, Watania Takaful
Madiha Sarim Alvi
Head, Markeng & Corporate Communicaons, Habibmetro
Dr Sara Al Hammadi
Senior Product Manager, HBZ Sirat
Liza Maslamani
Assist ant Manager - Talent Acquision, Watania Takaful
Rawan Goussous
AVP-Customer Experience & Operaons, Watania Takaful
Shatha Musleh
Motor Manager, Watania Takaful
Sibghat Asad
Manager, Shaukat Khanum Memorial Cancer Hospital
Bhaviya Mohandas
Head of Product Management, HBZ UAE
Areeba Khan
CEO and Co-Founder, Taqwa Invest
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Dr Gulnar Mulla
Assist ant Professor, University of Technolog y Bahrain
Dr Maha Salman
Associate Professor, Canadian Universit y Dubai
Fatima Saleh Alblooshi
Professor, Zayed University
Datin Dr Norazida Mohamed
Senior Lecturer, Universi Teknologi Mara
Miranti Rostian
Head of Scope Prime – SE A, Scope Markets
Zariah Abu Samah
Partner and Principal Trainer, Emenex Associate (Malaysia)
Amna Dashti
Se n ior VP, Hea d of Re t ail Ba nki n g , Qa t a r Na onal Bank (QNB)
WOMANi ACADEMICA
This category recognises women in academia who have
made exceponal contribuons to the study, research, and
educaon of Islamic banking and nance. They have played
a crical role in advancing knowledge, developing future
leaders, and enriching the eld through scholarly excellence.
Dr Ghada Al Fayez
Director General Assist ant, Technical Assist ance
Development & Employment Fund
Zarinah Mohd Yusoff
Academic Fellow, IIUM Instute of Islamic Banking and
Finance
9
ISLAMIC FINANCE
LEADERSHIP PROGRAMME
CAMBRIDGE
th
August, 2025
Strategic Partners
The Cambridge Islamic Finance Leadership Programme (Cambridge-IFLP) aims to
prepare the next generation of outstanding leaders in Islamic Banking & Finance by
providing them with unique mentoring opportunities, rigorous leadership training from
renowned leaders, and industry-specific perspectives through case studies specifically
written for this programme.
CLARE COLLEGE, CAMBRIDGE
The Size and Growth of Islamic Banking & Finance Industry
Previous GIFR Issues
Published by:
While the conventional nancial industry is loosing
steam !, under the strains of climate-change and
geo-political conicts, the global Islamic Financial
Industry (IsFI) is uninterruptedly demonstrating
poise and stable growth. Read GIFR 2024 to nd
indepth analyses of factors and innovations
pushing the boundaries of Islamic nancial
services industry, the challenges to industrial
growth and the opportunities presented by the
transformative state of the industries and
economies, globally.
2024
For Registration and Further Details
Please Visit : https://ifap.cambridge-iif.com
The Art of Structuing
Islamic Financial
Products
WA’AD And It’s
Application in Modern
Banking & Finance
Structuring Islamic
Investment Products
Innovation in
Suksuk Structures
The Uses of
Cooperation &
Mutuality in islamic
Finance
The Uses of Law
of Large Numbers and
Financial Inclusion
Structures
The Uses of
Technology for
Innovation
Structuring Islamic
Social Finance
Products
Developing Profitable
Non- Bank Financial
Products & Institutions
Advance Topics in
Innovation & Structuring
of Islamic Financial
Products
04 05 06
07
10
08 09
ISLAMIC FINANCE COUNTRY INDEX – IFCI 2024 | 02
PAGE 242 GLOBAL ISLAMIC FINANCE REPORT 2024
For latest analysis, news, trends or to PROMOTE YOUR
BUSINESS IN THE GLOBAL ISLAMIC FINANCE INDUSTRY,
Please reach out to us at:
isfire@cambridge-ifa.net
THE ART OF STRUCTURING ISLAMIC
FINANCIAL PRODUCTS
ISLAMIC INVESTMENT PRODUCTS AND
FUND MANAGEMENT
THE USE OF TECHNOLOGY AND
DEVELOPMENT OF ISLAMIC FINTECH
POTENTIAL OF WA’AD IN
STRUCTURING INNOVATIVE ISLAMIC
FINANCIAL PRODUCTS
MUTUAL AND COOPERATIVE
ISLAMIC FINANCIAL PRODUCTS
DEVELOPING ISLAMIC SOCIAL
FINANCE PRODUCTS AND
INSTITUTIONS
ADVANCEMENTS IN SUKUK
STRUCTURES AND ISLAMIC CAPITAL
MARKETS
INNOVATIONS IN TAKAFUL AND
ISLAMIC MICROFINANCE
DEVELOPING NOT-FOR-PROFIT
NON-BANK ISLAMIC FINANCIAL
INSTITUTIONS
ADVANCE TOPICS IN ISLAMIC
FINANCIAL ENGINEERING
CAMBRIDGE MASTER
ISLAMIC
FINANCE
STRUCTURING
MEDINAH PROGRAMME
February 2-7, 2025
A must-attend programme for those interested
in Islamic nancial engineering
FOR FURTHER INFORMATION
https://ifap.cambridge-iif.com/
EMAIL ON ADMISSIONS@CAMBRIDGE-IIF.COM
ALTERNATIVELY SEND WHATSAPP MESSAGE
ON +44 774 1918575
