About
LABUAN IBFC
The Midshore International Business and Financial Centre in Asia Pacific
Shariah Supervisory Council
The Shariah Supervisory Council (SSC) was set up in 2002 and comprises renowned Malaysian and international Islamic finance scholars. The SSC reviews and ensures the compatibility of proposed financial instruments with Shariah requirements. It also advises Labuan FSA on the development of Islamic jurisprudence principles. The members of the SSC are appointed by the Authority, and comprise the following:
1. Datuk Dr Mohd Daud Bakar
Founder and Group Chairman, Amanie Advisors
2. Dr Mohamed Ali Elgari Bineid
Professor of Islamic Economics, King Abdulaziz University, Jeddah
3. Dr Engku Rabiah Adawiah binti Engku Ali
Associate Professor of Ahmad Ibrahim Kuliyyah of Laws, International Islamic University Malaysia, member of the Shariah Councils of the Central Bank of Malaysia and Securities Commission of Malaysia
4. Mr. Sheikh Nizam Yaquby
International Shariah Scholar
5. Assoc. Prof. Dr. Mohamad Akram Laldin
Executive Director, International Shariah Research Academy for Islamic Finance (ISRA)
6. Assoc. Prof. Dr. Syed Musa Syed Jaafar Al-Habshi
Associate Professor, International Islamic University Malaysia (IIUM)

1. Datuk Dr Mohd Daud Bakar
Founder and Group Chairman, Amanie Advisors
Datuk Dr Mohd Daud Bakar is the Founder and Group Chairman of Amanie Advisors, a global boutique Shariah advisory firm with offices located in Kuala Lumpur, Dubai, Luxembourg, Cairo, Kazakhstan, Oman, Australia, South Korea, Dublin and Tunis. He is also the Founder and Chairman of Amanie Nexus Sdn Bhd (Kuala Lumpur). He is currently the Chairman of the Shariah Advisory Council of the Central Bank of Malaysia, the Shariah Advisory Council of the Securities Commission of Malaysia and the Shariah Supervisory Council of Labuan Financial Services Authority.

In addition, Datuk Dr Mohd Daud is also a member of the Shariah Board of Dow Jones Islamic Market Index (New York), The National Bank of Oman, Financial Guidance (USA), BNP Paribas (Bahrain), Morgan Stanley (Dubai), Bank of London and Middle East (London), Noor Islamic Bank (Dubai), Islamic Bank of Asia (Singapore) and other financial institutions both locally and abroad.

Currently, he is the Adjunct Professor (Islamic Finance) for the Asia Graduate School of Business of UNITAR International University and Adjunct Professor for the Islamic Business School of Universiti Utara Malaysia. Prior to this, he was the Deputy Vice-Chancellor at the International Islamic University Malaysia.

Datuk Dr Mohd Daud received his first degree in Shariah from the University of Kuwait, a Bachelor of Jurisprudence from the University of Malaya, and obtained his PhD from the University of St Andrews, UK.

As one of the most respected individuals in the Islamic finance industry, Datuk Dr Mohd Daud has published a number of articles in various academic journals and conferences both locally and abroad. In recognition of his many contributions in the Shariah field, in 2014 he was named recipient of the “Tokoh Perdana” award in conjunction with Malaysia’s Maulidur Rasul 1435 Hijrah/2014 (Prophet Muhammad’s birthday) celebration. The award, presented to him by the current Yang di-Pertuan Agong of Malaysia, is one of the highest awards recognising Malaysians for their outstanding contribution to society.

2. Dr Mohamed Ali Elgari Bineid
Professor of Islamic Economics, King Abdulaziz University, Jeddah
Dr Mohamed Ali Elgari Bineid was formerly a Professor of Islamic Economics and Director of the Centre for Research in Islamic Economics at King Abdulaziz University, Jeddah, Saudi Arabia. He is an Expert at the Islamic Jurisprudence Academy of the Organisation of the Islamic Conference (OIC) and the Islamic Jurisprudence Academy of the Islamic World League, and a member of the Shariah Council of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOFI). He is a member of the editorial board of several academic publications in the field of Islamic finance and jurisprudence.

Dr Elgari is member of numerous Shariah boards of Islamic banks and takaful companies worldwide. He authored several books in Islamic finance and published articles on the subject both in Arabic and English. He is also a frequent speaker in conferences worldwide. Dr Elgari is the recipient of the Islamic Development Bank prize in Islamic banking and finance for the Islamic year 1424H (2004).

3. Dr Engku Rabiah Adawiah binti Engku Ali
Associate Professor of Ahmad Ibrahim Kuliyyah of Laws, International Islamic University Malaysia, member of the Shariah Councils of the Central Bank of Malaysia and Securities Commission of Malaysia
Dr Engku Rabiah Adawiah binti Engku Ali is currently an Associate Professor at the International Islamic University Malaysia’s (IIUM) Institute of Islamic Banking and Finance (IIiBF). She obtained her LLB (first class honours) and LLB (Shariah) (first class honours) from IIUM. Shortly thereafter, she successfully completed her Master in Comparative Laws (MCL) from the same university. In 1998, she was conferred with a PhD in law from the University of Aberdeen.

She has lectured in the areas of both Shariah and civil law, particularly on the subject of company law, Islamic banking and finance, and Islamic capital market at both undergraduate and postgraduate levels. Currently, she is teaching Islamic capital markets to Masters students at IIiBF. Her research interest is in Islamic capital markets, Islamic banking and finance, Islamic insurance or takaful, Islamic law of transaction, company law and securities regulation. Her publications include books, articles in local and international journals and periodicals, and chapters in books and proceedings. She has presented at various conferences, seminars, workshops and in-house training programmes on the topic of Islamic banking, finance and capital markets.

She had also served as a Shariah Committee Member to a number of financial institutions in the past. She is a member of the Shariah Advisory Council of the Central Bank of Malaysia and Labuan Financial Services Authority (Labuan FSA); and an independent Shariah Adviser for Islamic securities (sukuk) issuance, approved by and registered with the Securities Commission of Malaysia. She is also a member of the Shariah Board of Labuan Re and Amanah Ikhtiar Malaysia, the Shariah adviser for Danajamin, a member of the Board of Directors at the Malaysian Institute of Islamic Understanding and a member of the investigation tribunal for the Malaysian Bar Council. She also served as a member of the Shariah Board to Khazanah in relation to two of its exchangeable sukuk that had been issued by Rafflesia Capital Ltd and Cherating Capital Ltd.

4. Mr. Sheikh Nizam Yaquby
International Shariah Scholar
Mr Sheikh Nizam Yaquby hails from Bahrain and is a very successful businessman. He sits on several Shariah supervisory boards, including that of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the International Islamic Financial Market and the Dow Jones Islamic Market Indexes.

In Malaysia he is also a member of the CIMB Islamic Shariah Committee. He has authored several articles and publications on Islamic finance, both in English and Arabic. He has a Bachelor of Arts in Economics and Comparative Religions, and a Master of Science in Finance from McGill University, Canada.

He also received guidance in classical Shariah from prominent scholars such as Sheikh Abdulla al-Farisi, Sheikh Yusuf al-Siddiqi, Sheikh Muhammed Salehal-Abasi and Sheikh Muhammed Yasinal-Fadani.

5. Assoc. Prof. Dr. Mohamad Akram Laldin
Executive Director, International Shariah Research Academy for Islamic Finance (ISRA)
Associate Professor Dr Mohamad Akram Laldin is a member of the Central Bank of Malaysia’s Shariah Advisory Council, HSBC Amanah Malaysia’s Global Shariah Advisory Board, Yassar Limited’s Shariah Advisory Board, EAB London’s Shariah Advisory Board, and HSBC Insurance Singapore’s Islamic Advisory Board. He is a Shariah adviser to ZI Syariah Advisory Malaysia and other Shariah boards. He is also an Associate Consultant at the International Institute of Islamic Finance (IIIF) and was formerly the Chairman of HSBC Amanah Malaysia and HSBC Takaful Malaysia’s Shariah Committee.

Assoc Prof Dr Akram has extensive research experience, particularly in the area of Islamic finance; he has presented many papers at domestic and international levels and conducted related training sessions for different sectors.

Prior to assuming his current role at the International Shariah Research Academy for Islamic Finance (ISRA), he was teaching and doing research at the International Islamic University Malaysia (IIUM), where previously he was head of the university’s Fiqh and Usul Department and Deputy Dean for Academic Affairs. In addition, he also served as a visiting lecturer at the University of Sharjah, United Arab Emirates.
Assoc Prof Dr Akram holds a Bachelor of Arts in Islamic Jurisprudence and Legislation from the University of Jordan, Amman and a PhD in Principles of Islamic Jurisprudence (Usul al-Fiqh) from the University of Edinburgh, Scotland, UK.

6. Assoc. Prof. Dr. Syed Musa Syed Jaafar Al-Habshi
Associate Professor, International Islamic University Malaysia (IIUM)
Associate Professor Dr Syed Musa Syed Jaafar Al-Habshi is an Associate Professor at Universiti Tun Abdul Razak, Kuala Lumpur and also a fellow consultant with the International Institute of Islamic Finance Inc providing advisory, research and training services to the Islamic financial services industry. He also serves as an independent Non-Executive Director at a number of takaful and retakaful companies, which are subsidiaries of a public-listed national re-insurance company.

After completing a Bachelor of Business Administration (Honours) from the International Islamic University Malaysia (IIUM), he obtained a Doctor of Business Administration (Accounting and Finance) from Strathclyde University, UK in 1994.

On the international front, he has served as a Board Member of the Accounting and Auditing Organisation for Islamic Financial Institutions’ (AAOIFI) Accounting and Auditing Standards Board in Manama, Bahrain and was directly involved in setting reporting, auditing and governance standards for Islamic financial institutions. He also acts as a consultant to the Islamic Financial Services Board (IFSB), where he was involved in the development of the IFSB BASEL Pillar III framework for the Islamic financial services industry.
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