Shaikh Ebrahim Bin Khalifa Al Khalifa said that the appointment had been made after carrying out the due process of selection and appointment.
“On behalf of AAOIFI and the Board of Trustees, I am pleased to welcome Dr. Al Fakih to his new role in AAOIFI and I am confident that Dr. Al Fakih will steer AAOIFI to an even stronger position to discharge our responsibilities in developing and issuing standards for the international Islamic finance industry,” he said.”
Dr. Al Fakih has extensive experience in banking and finance and unique combination of expertise in Islamic law, risk management, audit and technical finance. He holds a PhD in Islamic Studies from the University of Saint Joseph, Beirut, Lebanon, and MBA in Banking and Finance. Dr. Al Fakih is a Certified Financial Risk Manager (FRM), Certified Management Accountant (CMA), Certified Internal Auditor (CIA), and Certified Financial Services Auditor (CFSA). He is a member of the Islamic Banks Committee of Association of Banks in Lebanon (ABL) and AAOIFI Shari’a Standards Committee. He was also a member of venture capital and Islamic securitization study group as well as Islamic corporate governance study group at Central Bank of Lebanon in 2007. In addition, he has lectured on the principles of Islamic jurisprudence (Fiqh Al Mu’amalat) at Islamic University of Beirut’s Al Sharia College, and delivered seminars in different countries in collaboration with International Monetary Fund, ABL and Union of Arab Banks, covering major Islamic finance topics on principles of Islamic finance, structured finance, risk management and audit. He currently heads Bank Audi sal’s group Islamic banking operations.
“I am honoured for the trust and confidence that have been placed on me. I look forward to working with AAOIFI Board of Trustees, standards boards and institutional members to ensure that AAOIFI standards support the growth of the industry,” Dr. Al Fakih said.
AAOIFI has issued a total of 86 standards for international Islamic finance in the areas of accounting, auditing, ethics, governance, and Shari’a for international Islamic finance. It is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices.
Shaikh Ebrahim Bin Khalifa Al Khalifa also paid tribute to the sterling leadership and immense achievement of Dr. Mohamad Nedal Alchaar, the outgoing Secretary General who has assumed the position of the Minister of Economy and Trade of Syria. Dr. Alchaar will continue to oversee AAOIFI’s operations during the transition period before Dr. Al Fakih’s appointment takes effect on 1 February 2012. Dr. Alchaar will also continue to serve as a member of AAOIFI Board of Trustees.