ALDAR Advisory Committee

ALDAR Advisory Committee

The methodology of performing our services is to institutionalize the Sharia auditing and advisory services because the principles and standards issued by concerned institutions are spread and became mandatory in an increasing number of countries around the globe. The ALDAR will request the most experienced Islamic finance practitioners and Sharia scholars to get their contributions towards fulfilling the need of our clients with out disclosing their good names, except if the client makes this a condition in a very certain cases the ALDAR will consider. A list of our external advisers will appear in ALDAR site gradually as per developments of the list.

The Advisory committee that will receive requests from clients and manage the services is composed of three professionals:

Dr. Omar Z Hafiz, The Founder & Chief Executive Officer

Abdurrahim Al Saati, Advisory Committee Member

Mr. Sadaqat Khan,  Deputy Chief Executive Officer

Dr. Omar Z Hafiz, The Founder & Chief Executive Officer

Academic Profile:

  1. Bachelor’s degree in economics from King Abdulaziz university 1973 Jeddah Saudi Arabia.
  2. Master’s degree in economics, California state university 1977, Sacramento, California USA.
  3. D. in economics from Indiana university, Bloomington Indiana 1981, USA.
  4. Bachelor’s degree in Sharia and Islamic studies 2005 from King Abdilaziz University Jeddah Suadi Arabia.
  5. Teaching in the department of Economics in KAU 1981-1989 and Islamic Economics Institute 2017- 2021.

Practice’s Profile:

  1. General manager of “Al Madina Al Munawara investment company”, Jeddah KSA.
  2. General manager, Arab Islamic Bank, Bahrain.
  3. Regional manager of western region KSA, Al Rajhi Banking corporation.
  4. Director of Islamic Banks office in IDB (around 13 years): In this capacity I represented IDB in establishing committees of AAOIFI, Cibafi (I served as SG later for one year), IIRA, IFSB. I represented IDB in some boards of directors, i, e, Bahrain Islamic banks, Arab Gambian Islamic Bank as chairman, and others. I was a member of AAOIFI accounting and auditing board and Board of trustees.
  5. President and CEO of Allied cooperative insurance Group (ACIG) a listed company KSA. (6 years)
  6. Vice president. Taiba Holding company AL Madina Al Munawara. A listed company.
  7. Senior adviser for The IDB group president.
  8. Sharia adviser licensed by Dubai Economic department as Sharia compliance firm. The commercial name is (al Dar International for Sharia compliance services).

 

Prof. Abdurrahim Al Saati, Advisory Committee Member

E-mail: a_alsaati@hotmail.com

Professor Abdul Rahim Abdul Hamid Alsaati. Ph.D., Econometrics, Monetary Theory, University of Colorado, Boulder ,  Colorado  , U.S.A. , 1986, Joined the faculty of Economics and Administration at King Abdulaziz University in 1980 ,his major is monetary theory and econometrics his research focus is on Islamic economics and finance  ,risk management , Islamic insurance, economic theory and methodology. 

Some Published Researches:

  • The Estimation of the Cost Function for Islamic and Traditional Banks: Comparative Study. KAU: Islamic Econ. Vol.7 pp 3-26 ,1995
  • Islamic Financial Derivatives for Managing Commercial Risk. . KAU : Islamic Econ. Vol. 11, pp59-98, 1999
  • Sharia Compatible Futures. J.KAU : Islamic Econ. Vol. 15,pp.3-24,1999
  • The Permissible Gharar (Risk). J.KAU : Islamic Econ. Vol. 16,pp.2-19,2003
  • The Theory of The Rate of The Return In Islamic Economic, J.KAU : Islamic Econ. Vol. 21,No.1,pp.2-19,2003
  • Is the Islamic Insurance a commercial Insurance, J.KAU : Islamic Econ. Vol. 22,No.1,pp.,2009
  • The Islamic Insurance Theory: mutual Risk Sharing , J.KAU : Islamic Econ. Vol. 21,No.1,pp.,2010
  • Gharar Management in Islamic Insurance, , J.KAU : Islamic Econ. Vol. 23,2011,No.2,pp.( ),2010
  • The Fundamentals and The Methodology of Islamic Quranic Economics, J.KAU : Islamic Econ. J.KAU : Islamic Econ. Vol. 24,No.1,pp.2011
  • The Economic Justification for rhe prohibition of Riba Alfadel and Riba Alnaseea, J.KAU : Islamic Econ. J.KAU : Islamic Econ. Vol. 24,No.2,2011
  • The state of art of Islamic Economics Knowledge, The First International Conference on Emerging Financial Market : conventional Vs Islamic views ,17-18 Nov 2015 ,University of Sukekda University, Algeria
  • The Islamic Paradigms and The Methodology of Islamic Economics &Islamic Finance, The seminar of Profit Sharing Banking and Islamic Financial Instruments, Moroccan Islamic Economic Association,21-22 Jan.2016
  • Evaluation and correction of deficiencies of Islamic Finance from Behavioral Economics prospective , The First international Conferencefor Islamic Banking & Finance,UQU,6-7 March 2016

Publish Books

  • Principle .of Statistical Analysis by Using Excel
  • Islamic Education IIII : Islamic Economics
  • Statistical Applications in Management and Humanities
  • The Islamic methodology for Islamic Economic Knowledges ( in progress)
  • The Islamic Normative Economics ( in progress)
  • Islamic political economic ( in progress)

Sadaqat Ullah Khan, Deputy Chief Executive Officer

Senior Shariah Execution Advisor
Islamic Banking & Finance

Mr. Sadaqat is a Passionate Islamic Banking & Finance Professional and seasoned banker with a balanced mix of conventional and Islamic banking exposure in senior management cadres spanning over four decades with reputed banks in the United Arab Emirates.
He served & contributed to improving the Shariah Compliance level within the Islamic banking business activities in his multi capacities such as “Head of Shariah Training” & leaded Shariah Audit teams at Dubai Islamic Bank; as SEVP- Head of Sharia Advisory, Audit and Execution at “Centre of Islamic Banking & Economics”; as the Dp. Head of “The Unified Committee of Islamic Banks” for Shariah Screening of Equities UAE; and also as “Senior Shariah Audit Consultant”. Besides, he is also serving the community as “Managing Director” of a Medical Centre in the UAE.
His diversified & enviable banking experience with Shariah expertise includes; over 16 years with the Islamic banking industry, mainly with Dubai Islamic Bank and Dar Al Sharia Islamic Finance Consultancy. He holds strong command of the Shariah-Compliant processes and practical aspects of the Islamic financing, investments, and Mudaraba deposits transactions, encompassing the banking operations pertinent to the Trade Financing, Corporate banking, SMEs & Consumer financing, Treasury & Investments, Syndication financing & Sukuk. Besides, he is highly proficient in managing the Shariah Audit, Shariah non-compliance risk assessment & mitigation, Customized Shariah Training, Mudaraba Profit Distribution Mechanism, Implementation of the AAOIF Shariah Standards & Islamic Financial Accounting Standards in IFIs, and Islamic IT Systems/Fintech, etc.
He is an “AAOIFI Certified Islamic Professional Accountant”. In addition, besides holding professional qualifications in Accounting & Finance, Mr. Sadaqat holds Banking Diploma and various Islamic banking certificates, conducted various training workshops on Islamic Banking and participated in several Conferences, Summits & Webinars on Islamic Banking & Finance.

Layachi Sadek Feddad (Algerian)

Advisor

  • 28 years’ experience in the Islamic Development Bank Group(IsDBG) in Jeddah.
  • Senior Researcher – Islamic Development Institute (IsDBI)-IsDB.
  • Acting Director of the Consulting Services Division – IsDBI, (2011-2013)

Education:

  1. PhD in Islamic Economics (1993) Umm al Qura University (Holy Makkah).
  2. Masters (1987) in Islamic Economic, Umm al Qura University (Holy Makkah).
  3. Bachelor of Shari’ah (Major Fiqh and Usul) (1982): Faculty of Shari’ah, Umm al Qura University (Holy Makkah)

 

Academic Background:

  • Preparing Books & research, studies and training bags in Islamic financial transactions, Awqaf and zakat.
  • A certified trainer at the IsDI.
  • Member of the Training Materials and Trainers Accreditation Committee at the General Council of Islamic Banks and Financial Institutions – Bahrain. (CIBAFI)

Professional Experience:

  • Head of the team preparing the model law for Awqaf, its explanatory memorandum and its executive regulations
  • Editor-in-chief of the Journal of Islamic Economic Studies in Arabic issued by the IsDI (3 years).

Membership of Shari’a Committees and Bodies:

  1. Member of the Shari’a Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOFI)-Kingdom of Bahrain. (Since the establishment of the Council until 2015)
  2. Member of the Shari’a Council of the Islamic International Rating Agency – Bahrain (Since the establishment of the Council until its termination)
  3. Member and Chairman of the Executive Committee of the Shari’a Supervisory Board for Rating and Supervision of the CIBAFI. (Since the establishment of the Council until its termination)
  4. Expert at the International Islamic Fiqh Academy affiliated with OIC, in Jeddah.
  5. Member of the Unified Sharia Supervisory Board of Al Baraka Banking Group – Bahrain.
  6. Vice Chairman of the Sharia Supervisory Board – Al Salam Bank Algeria.
  7. Member of the Sharia Supervisory Board, Al Baraka Bank Algeria.
  8. Member of the Sharia Supervisory Board, Al Baraka Bank Egypt.

Member of the Sharia Committee of Thimar Fund – United Gulf Company- Tunisia