Executive Summary
Currently, Sheikh Dr. Ahmed Rufai is the Acting Chief Executive Officer as well as the Head of Shari‘ah Compliance & Standards Development for the Kingdom of Bahrain based international standard-setting body, the International Islamic Financial Market (IIFM) for nearly fifteen (15) years, in addition to being a member of the Management Team focusing on the standardisation of Shari’ah-compliant financial contracts and product templates.
Dr. Ahmed is also a member of the Internal Shari’ah Supervisory Committee of the First Abu Dhabi Bank (FAB), a member of Shari’ah Supervisory Board (SSB) Meethaq Islamic Bank -Bank Muscat, special Shari‘ah Advisor to the Waikato Muslim Association in Hamilton -New Zealand and a member of Halal Committee for the federation of Islamic Associations of New Zealand (FIANZ).
At IIFM, Dr. Ahmed contributed significantly in the development and publication of sixteen (16) comprehensive documentation and product confirmation standards as well as related guidance notes that have been adopted by the Islamic Financial Institutions in many jurisdictions across four (4) key areas which are provided as following:
(i) Liquidity Management;
(ii) Hedging;
(iii) Sukuk;
(iv) Trade Finance; and
(v) IIFM Annual Sukuk Reports
Dr. Ahmed also contributed notably in preparing discussion papers for IIFM consultative meetings, as well as in the compilation of the IIFM Annual Sukuk Reports. In addition, I play the active roles in seminars, workshops and consultative meetings organized by IIFM in many jurisdictions worldwide.
Education
Doctor of Philosophy
- Master Degree in Islamic Law of Transactions and Islamic Insurance (takaful) - Faculty of Shariah and Economics - University of Malaya, Malaysia – 2002.
- Ph.D. in Islamic Law of Transactions and Islamic Insurance (takaful) - Faculty of Shariah and Economics - University of Malaya, Malaysia - 2006.
Bachelor of Shari’ah
- Bachelor’s Degree in Shari‘ah (i.e., the Islamic Law) - Islamic University of Madinah, Kingdom of Saudi Arabia -1993.
High/Secondary School
- High/Secondary School education from Al-Azhar and then continued studies in Islamic Jurisprudence and Islamic History at the faculty of education - Al Azhar University Cairo, Egypt – 1981 - 1989.
Professional Experience
First Abu Dhabi Bank (FAB):
As a Member of the First Abu Dhabi Bank (FAB) Internal Shariah Supervision Committee (ISSC), I have been advising FAB on various products such as Sukuk, treasury products, trade finance, Islamic syndications and bilateral Murabahah transactions.
Among others, my role is to review documentation and terms and conditions of the aforementioned products to ensure they are compatible with the rules and principles of Islamic Shari’ah, AAOIFI Shariah standards, Higher Shariah Authority resolutions and other relevant regulatory requirements in the UAE.
Meethaq Islamic Bank – Bank Muscat
As a Member of the Meethaq Islamic Bank -Bank Muscat Shari’ah Supervisory Board (SSB), I have been advising the Bank on various products such as Sukuk, treasury products, trade finance, Islamic syndications and bilateral Murabahah transactions etc.
Among others, my role is to review documentation and terms and conditions of the aforementioned products to ensure they are compatible with the rules and principles of Islamic Shari’ah and other relevant regulatory requirements in the Sultanate of Oman.
International Islamic Financial Market (IIFM):
Contributed to the development of the Islamic financial industry worldwide through working for nearly fifteen (15) years with IIFM focusing on the standardisation of Shari’ah-compliant financial contracts and product templates.
Participated in the preparation, market consultation and Shari’ah discussions with respected renowned scholars of the IIFM Shari’ah Board, for all these important standard master agreements in my capacity as head of Shari’ah compliance.
The Islamic finance industry has enthusiastically adopted these standards in their day-to-day activities which has significantly contributed in the continuous and meaningful progress in addressing the critical factors such as reducing costs, shortening negotiation time and minimizing operational risk arising from financial transactions through development of standard Shari’ah-compliant financial documentation and product confirmation.
The documents I have worked on includes Sukuk Documentations such as Sukuk Al-Ijarah and Sukuk al Mudarabah, Treasury Products’ Documentations such IPRS, ICCS, FX Forward based on TMA, and Money markets deposits…etc. The summary list of the standards is provided below:
List of IIFM Published Standard as of the Year 2022
Standard No. (1) - IIFM Master Agreements for Treasury Placement (MATP)
Standard No. (2) - ISDA/IIFM Tahawwut (Hedging) Master Agreement (TMA)
Standards No. (3 & 4) - ISDA/IIFM Mubadalatul Arbaah (Islamic Profit Rate Swap) – Single & Two Sales (PRS)
Standard No. (5) - Interbank Unrestricted Master Investment Wakalah Agreement (UMWA)
Standard No. (6) - Master Collateralized Murabahah Agreement (MCMA)
Standard No. (7) - Islamic Cross-Currency Swap (Wa'ad-based and involving a Two Sales structure Himaayah Min Taqallub As ‘aar Assarf (ICCS)
Standard No. (8) - Islamic Foreign Exchange Forward (Wiqayah Min Taqallub As'aar Assarf) (Single Binding Wa'ad based structure) (IFX)
Standard No. (9) - Islamic Foreign Exchange Forward (Wiqayah Min Taqallub As'aar Assarf)
Standard No. (10) - 2017 Credit Support Deed for Cash Collateral (VM)
Relating to the ISDA/IIFM Tahawwut Master Agreement (CSD)
Standard No. (11) - IIFM-BAFT Master Unfunded Participation Agreement for Trade Finance Transactions (MUPA)
Standard No. (12) - IIFM-BAFT Master Funded Participation Agreement for Trade Finance Transactions (MFPA)
Standard No. (13) - IIFM Sukuk Al Ijarah Standard Document Templates
Standard No. (14) - Perpetual Mudarabah Sukuk Tier1 (IIFM Sukuk Al Mudarabah Standard Document Templates)
Standard No. (15) - IIFM IBOR Transition Shari‘ah Compliant Structuring Solutions for Murabahah and Ijarah Transactions
Standard No. (16) - ISDA/IIFM Bilateral Amendment Agreement
Crescent Financing Company – New Zealand:
Shari‘ah Advisor to Crescent Financing Company in Hamilton, New Zealand, where I was responsible for ensuring Shari‘ah compliance of the company’s transactions and products.
Waikato Muslim Association – New Zealand:
Serving as a special Shari‘ah Advisor to the Waikato Muslim Association in Hamilton until today.
Hamilton Jami‘a Masjid/Mosque – New Zealand:
The Imam and Khatib of the Hamilton Jami‘a Masjid/Mosque
921 Heaphy Terrace, Claudelands, Hamilton 3214, New Zealand.
The federation of Islamic Associations of New Zealand (FIANZ):
Halal Committee Member until today.
Saudi Arabia International School in Kuala Lumpur:
Islamic jurisprudence lecturer and person in charge of public relation affairs at the Saudi Arabia International School in Kuala Lumpur - Malaysia. For more than 10 years.
Publications
As an expert of the Islamic finance with academic background, I have published the below articles on various topics related to Islamic finance such as Shari’ah rulings and regulations for the issuance and trading of various types of Sukuk and Islamic Insurance. The full list of the publications is provided below:
- “The Adverse Impact of Riba (Interest) on Individual and Society: A Concise and Comprehensive Study”. Published by the Journal of Social Sciences and Humanities of Universiti Kebangsaan Malaysia.
- “The Sources of Islamic Legislation and the Complete Recognition of the Independence of Thought in Islam”. Published by the ‘Alim Journal.
- “Islamic Economic System: Basic Principles and Fundamentals”. Published in the ‘Alim Journal.
- “Sukuk Al-Istithmar (An ‘Arabic Term of Investment Sukuk) – Meaning and Types” Published in the IIFM Annual Sukuk Report (3rd Edition).
- “Shari‘ah Rulings and Regulations for the Issuance and Trading of Sukuk Al-Ijarah” Published in the IIFM Annual Sukuk Report (7th Edition).
- “Shari‘ah Rulings and Regulations for the Issuance and Trading of Sukuk Al-Mudarabah/Al-Muqaradah”. Published in the IIFM Annual Sukuk Report (8th Edition).
- “Issuance, Trading and Redemption of Investment Sukuk”. Published in the IIFM Annual Sukuk Report (9th Edition).
- “IIFM Published Sukuk Standards - Al-Ijarah and Al-Mudarabah Tier 1: Considerations and Significance”. Published in the IIFM Annual Sukuk Report (10th Edition).
- “IIFM’s Role and Contribution in Facilitating Sukuk Development and Issuance Globally”. Published in the IIFM Annual Sukuk Report (11th Edition).
- “Exposing ‘Awrah for the Purpose of Medical Treatment: The Islamic Guidelines”. Published by International Islamic Information and Daawah Centre (IIDAC) Malaysia.
- “Theory and Application of Islamic Insurance”. “Getting Rid of Interest (Riba) Money Received from a Riba-Based Bank”. Zakah Payment: What Should be Done” etc.
اللهم صل وسلم وزد وبارك على نبينا وحبيبنا محمد. اللهم صل عليه وسلم
