MCB Arif Habib Savings and Investments Limited ("MCBAH") is pleased to announce that it has appointed Shariah Supervisory Board under the Chairmanship of former Justice Mufti Muhammad Taqi Usmani for their existing as well as future Shaiah Compliant Mutual Funds, Voluntary Pension Schemes (VPS), Administrative Plans and Shariah Compliant Investment Advisory Mandates. Other members of the Shariah Supervisory Board are Dr Muhammad Zubair Usmani and Dr Ejaz Ahmed Samdani.
Former Justice Mufti Muhammad Taqi Usmani is a renowned figure in the field of Islamic Finance and Economics. Taqi Usmani has helped in pioneering the concept of Islamic Banking in Pakistan and has authored a number of books in Arabic, Urdu, and English on Islamic topics in addition to a large number of articles on Islamic Banking and Finance published in a number of journals and magazines.
Prominent positions currently held by former Justice Mufti Muhammad Taqi Usmani are Vice President of Shaykh-al-Hadith, Jamia Darul Uloom Karachi; Chairman, International Shariah Standard Council, Accounting and Auditing Organisation for Islamic Financial Institutions, Bahrain; Permanent Member & Vice Chairman, International Islamic Fiqh Academy, Jeddah, an organ of the OIC; Member of Islamic Fiqh Academy of Muslim World League, Makkah and Chairman of the Center for Islamic Economics, Pakistan.
Dr Muhammad Zubair Usmani is a qualified Fazil Dars-e-Nizami from Jamia Dar ul Uloom, Karachi (Wifaq ul Madaris Arabia), Takhassus Filfiqh (Mufti) from Jamia Dar ul Uloom, Karachi and Doctor of Philosophy holder in Islamic Finance from University of Karachi. He also holds Bachelor of Arts degree in Economics from University of Karachi and Masters of Arts in International Relations from University of Karachi.
Dr Muhammad Zubair Usmani is the author of the books including but not limited to Accounting and Auditing for Islamic Financial system, comparative study between Islam and Christianity and Ijarah (Islamic Leasing). Usmani's research papers have been published in various international journals and he has delivered research based lectures/presentations at different national and international seminars, forums, conferences and seminars. Usmani is a member of Shariah Board of State Bank of Pakistan besides being Shariah Advisor of MCB Islamic Banking Group and supervising various candidates for their Doctor of Philosophy studies.
Dr Ejaz Ahmed Samdani is an eminent Islamic economic scholar and a PhD/M. Phil from Karachi University. Dr Samdani has done his Masters of Arts in Islamic Studies and L.L.B. from Bahauddin Zakariya University and Sindh Muslim Government College respectively. Dr Samdani has issued more than three thousand fatawas on different Islamic topics especially in Islamic Finance and family law. He has written many books on different Shariah matters and his several research topics were published in various well renowned newspapers and magazines.
Current key positions held by Dr Samdani are Faculty member of Centre for Islamic Economics (CIE); member of Shariah Supervisory Board for JS Islamic Pension Fund; Shariah Advisor and member Shariah Supervisory Committee for Islamic Banking division of Habib Bank Limited; Vice Chairman of "Al Takhasuss fi Al Dhawa" in Jamia Darul Uloom, Chairman of Shariah Board of Maldives Islamic Bank and member of Shariah Supervisory Board of MCB Arif Habib Savings for all Islamic Funds. The Shariah Supervisory Board shall, on an ongoing basis, advice and gives guidance to MCBAH to ensure that all Islamic products, services, and related agreements of MCBAH comply with Shariah rules and principles. Particularly, before launching any new Shariah Compliant products and services; the Shariah Supervisory Board shall duly vet the related policies and agreements.
Apart from advising MCBAH on Shariah matters, the Shariah Board will give expert guidance in introducing and implementing new investment models and products based on international Shariah research. With the appointment of a Shariah Supervisory Board, the CEO of MCB-AH, Yasir Qadri mentioned that "Shariah Supervisory Board will greatly help us in structuring, designing and governance of Shariah compliant products in times to come, we feel honoured and privileged to work under the guidance of former Justice Mufti Muhammad Taqi Usmani, Dr Muhammad Zubair Usmani and Dr Ejaz Ahmed Samdani".-PR