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Shariah Supervisory Board

Shariah Strength

Successful implementation of the Islamic Banking model rests upon absolute adherence to the principles of Islamic Shariah. The foundations of a strong Shariah underpinning at Meezan Bank were laid from the beginning. A world-renowned Shariah Supervisory Board and a highly qualified and experienced in house Shariah Advisor are fundamental aspects of the Bank's core USP. The primary role of this Board is to maintain and further strengthen this commitment and to ensure strict Shariah-compliance in all areas of the Bank's operations.
 
Members of the Shariah Supervisory Board of Meezan Bank are Internationally-renowned scholars, serving on the boards of many Islamic banks operating in different countries.

 

Members of the Board

  • Justice (Retd.) Muhammad Taqi Usmani (Chairman)
  • Dr. Abdul Sattar Abu Ghuddah
  • Sheikh Essam M. Ishaq
  • Dr. Muhammad Imran Ashraf Usmani (Shariah Advisor)

Justice (Retd.) Muhammad Taqi Usmani (Chairman)



Justice (Retd.) Muhammad Taqi Usmani is a renowned figure in the field of Shariah, particularly in Islamic Finance. He currently holds advisory positions in a number of financial institutions practicing Islamic Banking and Finance.

 

Justice (Retd.) Muhammad Taqi Usmani has vast experience in Islamic Shariah, teaching various subjects on Islam for 39 years. He has served as a Judge in the Shariat Appellate Bench, Supreme Court of Pakistan from 1982 to 2002. He is also the Editor of the magazine Albalagh (a weekly publication of Jamia Darul Uloom, Karachi) as well as an active contributor of articles in leading Pakistani newspapers.

 

Justice (Retd.) Muhammad Taqi Usmani graduated from Punjab University, Pakistan in 1970 and also holds an LLB from Karachi University, Pakistan. Prior to these, he completed the Takhassus course, which is the specialization course of Islamic Fiqh and Fatwa (Islamic Jurisprudence) from Jamia Darul Uloom Karachi, Pakistan.

 

In March 2004, His Highness Sheikh Mohammad Bin Rashid Al Maktoum (Dubai Crown Prince and UAE Minister of Defense) presented a special award to Justice (Retd.) Muhammad Taqi Usmani in recognition of his lifetime service and achievement in Islamic Finance at the occasion of International Islamic Finance Forum, Dubai, which is one of the biggest events in the Islamic Finance Industry.

 

Current Board Memberships:

  • Chairman Shariah Board, Central Bank of Bahrain
  • Chairman Shariah Board, Abu Dhabi Islamic Bank, U.A.E.
  • Chairman Shariah Board, Meezan Bank Ltd., Karachi, Pakistan
  • Chairman Shariah Board, Dubai Bank, Dubai
  • Chairman Shariah Board, International Islamic Rating Agency, Bahrain
  • Chairman Shariah Board, Swiss Re-Takaful, Switzerland
  • Chairman Shariah Board, Pak-Kuwait Takaful, Karachi
  • Chairman Shariah Board, Pak-Qatar Takaful, Karachi
  • Chairman Shariah Board, BankIslami Pakistan, Karachi
  • Chairman Shariah Board, JS Investments Islamic Fund, Karachi
  • Chairman Shariah Board, JS Islamic Pension Savings Fund
  • Chairman Shariah Board, Arif Habib Investments – Pakistan International Element Islamic Fund, Karachi
  • Member Shariah Board, Arcapita Bank, Bahrain
  • Member Shariah Board, Islamic Corporation for the Development of the Private Sector (ICD), an organ of IDB Jeddah
  • Member Shariah Board, Guidance Financial Group, USA

Dr. Abdul Sattar Abu Ghuddah

 

Dr. Abdul Sattar Abu Ghuddah is the Advisor and Director, Department of Financial Instruments at Al-Baraka Investment Co. of Saudi Arabia. He holds a PhD in Islamic Law from Al Azhar University Cairo, Egypt. He is an active member of Islamic Fiqh Academy and the Accounting & Auditing Standards Board of Islamic Financial Institutions.

 

Dr. Abdul Sattar teaches Fiqh, Islamic studies and Arabic in Riyadh and has done a valuable task of research and compiling information for the Fiqh-Encyclopedia in the Ministry of ‘Awqaf’ and Islamic Affairs, Kuwait. He has been a member of the ‘Fatwa’ Board in the same Ministry from 1982 to 1990.



Other positions currently held:

 

  • Member Board, Dow Jones Islamic Market Indexes, USA
  • Member Board, UBS, Switzerland
  • Member Board Guidance Financial Group, USA
  • Member Board, Saudi American Bank, Saudi Arabia
  • Member Supervisory Board, First Islamic Investment Bank, Bahrain

 

 

Sheikh Essam M. Ishaq

 

Born in Bahrain Sheikh Essam M. Ishaq graduated in Political Science from McGill University, Montreal, Canada. Currently he is teaching Fiqh, Aqeeda and Tafseer courses in Bahrain. He holds the position of Advisor at Discover Islam, Bahrain. He holds position of Director in a number of Business and Educational institutions, which include:

 

  • Al Baraka Islamic Bank, Bahrain
  • Bahrain Development Bank, Bahrain
  • Discover Islam, Bahrain
  • Middle East Traders, Bahrain
  • Zawaya Property Development, Bahrain
  • Al Iman Islamic School, Bahrain
  • Muslim Educational Society, Bahrain

 

Dr. Muhammad Imran Ashraf Usmani
Shariah Advisor & Group Head - PDSC

 

Dr. Muhammad Imran Usmani, son of Justice (Retd.) Mufti Muhammad Taqi Usmani, holds an LLB, M. Phil, and Ph. D. in Islamic Finance and graduated as a scholar with specialization (Takhassus) in Islamic Fiqh and fatwa from Jamia Darul-Uloom, Karachi.

 

Dr. Muhammad Imran Usmani, Shariah Advisor and Group Head of the Product Development & Shariah Compliance Department (PDSC) at Meezan Bank, is responsible for R&D and Product Development of Islamic banking products, advisory for Shariah-compliant banking and supervision of Shariah Audit & Compliance.

 

Dr. Imran Usmani has served as an advisor / member of Shariah Boards of several renowned institutions since 1997 which includes the State Bank of Pakistan, HSBC - Amanah Finance, UBS - Switzerland, Guidance Financial Group USA, Lloyds TSB Bank - UK, Japan Bank for International Cooperation (JABIC), Credit Suisse Switzerland, RBS Global, Old Mutual Albarakah Equity & Balanced Funds South Africa, AIG Takaful, ACR Retakaful Malaysia, Capitas Group USA, Bank of London And Middle East Kuwait, BMI Bank Bahrain, Al Khaliji Bank Qatar, Sarasin Bank Switzerland, DCD group Dubai and other Mutual and Property funds, Takaful Companies and international Sukuk etc. He is also an Executive Committee Member of AAOIFI (Dubai) and Shariah Supervisory Board of International Islamic Financial Market (IIFM) Bahrain and International Center for Education in Islamic Finance (INCEIF) Malaysia, Institute of Business Administration (IBA), Karachi and Center for Islamic Economics (CIE), Karachi.

 

Dr. Imran Usmani is the author of numerous publications related to Islamic finance and other Shariah-related subjects. He has presented papers in numerous national and international seminars and has delivered lectures at academic institutions including Harvard, LSE, LUMS and IBA. Dr. Usmani is also the head of Hira Foundation School, a project of Jamia Darul Uloom Karachi to provide a high standard education from Montessori level to University level combining conventional modern academics with Islamic teachings. He also serves as a lecturer of different subjects of Shariah and is amongst the administration board of Jamia Darul-Uloom, Karachi. He is a visiting faculty member at Karachi University and IBA. He has also been leading Friday khuthbah and prayer at a Jamia Mosque for 20 years.


 

 

 

 

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