AGEB Members


AGEB Members

Auditing, Governance Team

Mr. Farrukh Raza

Group CEO, IFAAS (Islamic Finance Advisory & Assurance Services) Co-founder, IFIN (Islamic FinTech), United Kingdom (Chairman)

Auditing, Governance Team

Dr. Walid Hegazy

Managing Partner& Co- Founder, Hegazy& Partners, Egypt (Deputy Chairman)

Auditing, Governance Team

Dr. Abdulbari Mashal

Founder and Managing Partner, Raqaba Group, United States of America

Auditing, Governance Team

Mr. Abdullah Almoqbel

Head of Financial and Economic Research, Capital Market Authority (CMA), Kingdom of Saudi Arabia

Auditing, Governance Team

Dr. Ahmet Albayrak

Deputy CEO, Kuveyt Turk Participation Bank, Turkey

Auditing, Governance Team

Dr. Ali Sartawi

Chairman of Shariah Supervisory Board, Palestine Islamic Bank, Palestine

Auditing, Governance Team

Mr. Ebrahim Sidat

(Former) Country Managing Partner and Chief Executive, Ernst & Young Ford Rhodes, Pakistan

Auditing, Governance Team

Ms. Ibtihal Alshamali

Governance Manager, Capital Markets Authority, Kuwait

Auditing, Governance Team

Mr. Mohamad Al-Midani

Lead Investment Specialist, Islamic Development Bank, Kingdom of Saudi Arabia

Auditing, Governance Team

Prof. Mohammad Kabir Hassan

Professor of Finance, The University of New Orleans, United States of America

Auditing, Governance Team

Mr. Moosa Khoory

Head of Internal Shari’ah Audit, Dubai Islamic Bank, United Arab Emirates

Auditing, Governance Team

Mr. Muhammad Muzammil Kasbati

Associate Partner, Ernst & Young - Middle East, Kingdom of Bahrain

Auditing, Governance Team

Mr. Sohaib Umar

Advisor, Islamic Financial Services Development, Central Bank of Bahrain, Kingdom of Bahrain

Auditing, Governance Team

Mr. Wael Merza

Islamic Finance Consultant, Saudi Arabian Monetary Authority (SAMA), Kingdom of Saudi Arabia

Auditing, Governance Team

Dr. Zahid Ur Rehman Khokher

Islamic Banking Expert, Central Bank of Oman, Oman

Mr. Farrukh Raza

Group CEO, IFAAS (Islamic Finance Advisory & Assurance Services) Co-founder, IFIN (Islamic FinTech), United Kingdom (Chairman)

Farrukh enjoys 15 years of extensive and diverse experience in Islamic finance industry. His contribution involves leading Islamic finance projects across 47 different jurisdictions that include policy level advisory to the governments of more than 20 countries across 4 continents, building the infrastructure for Islamic finance, and playing key roles in launching ground-breaking Islamic finance operations across several jurisdictions. He led IFAAS team in various high-profile projects, form the development of Islamic finance Masterplans, strategic blueprints and regulatory frameworks for several countries to launching over 150 products for institutional clients. He is actively contributing towards the industry’s thought-leadership through his work with the international standard-setting bodies, pushing Islamic finance to a higher degree of Shariah compliance, professionalism and inclusiveness. His latest venture is in FinTech space where he has co-founded IFIN, an Islamic FinTech solution aimed at redefining the Islamic finance industry.

Dr. Walid Hegazy

Managing Partner& Co- Founder, Hegazy& Partners, Egypt (Deputy Chairman)

Dr. Walid Hegazy has over 25 years of experience in representing and advising clients on transactions and disputes involving the commercial laws and regulations of many Middle East countries, including: Egypt, UAE, Saudi Arabia, Qatar and Libya. Dr. Hegazy main areas of expertise include Islamic banking and finance, project financing, corporate restructuring and corporate governance. Dr. Hegazy has S.J.D. (Doctor of Juridical Science) and LL.M. degrees from Harvard Law School. In 2011, Dr. Hegazy was named to the "Leading Lawyer 50" in the area of Islamic Finance by Lawyer Monthly Magazine. In 2015, he was selected for the Board of Ethics of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading standards-setting body for Islamic banks. Dr. Hegazy is the CO-Founder and secretary general of the Egyptian Islamic Finance Association. Some of his Publications: 1. “ISLAMIC LIABILITY RULES (DAMAN) IN THE PRACTICE OF CONTEMPORARY ISLAMIC. 2. FINANCE”, WISCONSIN INTERNATIONAL LAW JOURNAL – FORTHCOMING 2008. 3. “SHARIAH COMPLIANT PRIVATE EQUITY INVESTMENT”, FINANCIER WORLDWIDE – APRIL 2008. 4. “CONTEMPORARY ISLAMIC FINANCE BETWEEN SOCIO-ECONOMIC IDEALISM AND FORMAL COMPLIANCE”, CHICAGO JOURNAL OF INTERNATIONAL LAW – 2007.

Dr. Abdulbari Mashal

Founder and Managing Partner, Raqaba Group, United States of America

  • More than 25 years of experience in Shari'a Audit and Islamic Financial Consultations.
  • Chairman & member of Shari’a Boards for Islamic Financial Institutions since 2003.
  • Member of the Fiqh Council of North America
  • Expert at the International Islamic Fiqh Academy, Jeddah, KSA since 2002.
  • Academic credentials in Islamic Economics, Shari’a College at Al-Imam Muhammad Ibn Saud Islamic University, Riyadh, Saudi Arabia. (Bachelor 1987, Master 1992, Ph.D. 2002).
  • The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain:
  • Board Member of AAOIFI Governance and Ethics Board (AGEB) since December 2015.
  • Board Member of AAOIFI Shari’a Committees, 2007-2011.
  • Honorary Fellow Fellow and Arbitrator of the International Islamic Center for Reconciliation and Arbitration (IICRA), UAE.
  • Corporate Governance Expert at the Center for International Private Enterprise (CIPE), U.S. Chamber of Commerce, Washington, D.C. USA since 2006.
  • Certified Trainer, the General Council for Islamic Banks and Institutions, Bahrain since 2003.
  • Speaker at international Islamic finance conferences; AAOIFI Annual Shari’a Conferences, AAOIFI – World Bank Annual Conferences and ISRA International Shari’ah Scholars Forums.
  • Author of more than 60 research papers, 12 textbooks, and 200 articles in Islamic finance & Business Jurisprudence.

Mr. Abdullah Almoqbel

Head of Financial and Economic Research, Capital Market Authority (CMA), Kingdom of Saudi Arabia

More than 17-year experience in the field of economic research. I have worked for SAMA and the General secretary of the Supreme Economic Council. I represent the CMA in many committees, of which the Islamic Finance committee and the task force of the National saving committee. Interesting in Governance issues and policy development

Dr. Ahmet Albayrak

Deputy CEO, Kuveyt Turk Participation Bank, Turkey

Born in Istanbul, Turkiye in 1966, married and has 3 children. Dr. Albayrak graduated from Technical University of Istanbul as an industrial engineer in 1988. He received his MS degree (1993) from University of North Carolina at Pembroke in Organizational Leadership and Management, and PhD degree from Technical University of Istanbul, Management Department with his thesis on technology management in 2007. Joined in Islamic Banking Industry 30 years ago, Dr. Albayrak has been working for Kuwait Turkish Participation Bank as Executive Vice President (EVP) since 2005. Until October 2012 he led Banking Service Group (IT, Operations, Admin, HR & Strategy), being effective onward from same date, he was assigned to Treasury and International Banking Group of the Bank as EVP and Deputy CEO. He has two board memberships at two subsidiaries of KuwaitTurkish Participation Bank, namely KT Asset Management Co. (as Chairman of the Board) in Istanbul and KT Bank AG in Germany (as Deputy Chairman of the Board). He also served Turkish NGO’s and Waqf’s with different roles on their boards. Having a PhD as an Islamic Banker, he felt obliged to teach at the universities and wrote book chapters and articles on Islamic Banking specifically in Governance and Ethics. He is also editor of two books on Islamic Banking. Served Islamic Banking Association of Turkey within different committees including Treasury, HR, Ethics and Editorial Board for the Association’s publications.

Dr. Ali Sartawi

Chairman of Shariah Supervisory Board, Palestine Islamic Bank, Palestine

Dr. Ali Sartawi holds a Ph.D. in Legislation and Fiqh (Jurisprudence) from the University of Jordan. Upon his graduation, in 1997, he joined the Faculty of Law at An-Najah. Since then, he has assured a number of academic and administrative positions inside and outside the university. He served as the dean of the Faculty of Law and the dean of Faculty of Shariah. He also has held a number of advisory positions in several local institutions. He attended and participated in several conferences about Islamic finance. He has served as Minister of Justice in the Palestinian Government and he was a member in consulting committee for the Palestinian president. He is the head of the Department of Jurisprudence and Legislation. Moreover, he is the Chairman of the Supervisory at Takaful Insurance Company, Islamic Palestinian Bank and Palestinian Ijarah Company, where he is member of the Bank's Governance Committee too. Affiliations: Al Najah National University Assistant professor of civil comparative law Palestine Islamic Bank Chairman of Shariah supervisory board Member of Governance committee Palestine ljara company Chairman of Shariah supervisory board Al-Takaful insurance Chairman of Shariah supervisory board Palestinian Government Minister of Justice 2007 to 2008 Education Jordanian University Jurisprudence and legislation PHD 1992 to 1997 Jordanian University Jurisprudence and legislation MA 1988 to 1991 Jordanian University Jurisprudence and legislation PA 1985 to 1988

Mr. Ebrahim Sidat

(Former) Country Managing Partner and Chief Executive, Ernst & Young Ford Rhodes, Pakistan

Ebrahim Sidat is a fellow member of the Institute of Chartered Accountants of Pakistan having qualified Chartered Accountancy in 1969. He retired in July 2014 as the Country Managing Partner and Chief Executive of Ernst & Young Ford Rhodes (EY Pakistan)- a member of Ernst & Young Global Limited, the position he held for over 40 years since inception of the Firm. Mr. Sidat served as President of the Institute of Chartered Accountants of Pakistan for two terms, (1989-90 and 1990-91) and was a member of the Institute's National Council from 1975 to 1993. He has been actively involved with the work of its various committees and has served as the first Chairman of the Accounting and Auditing Practices Committee.   He was the President of SAARC Accountancy Bodies- the South Asian Federation of Accountants (SAFA) for 1994 term. He chaired the Task Force and coordinated with the Securities and Exchange Commission of Pakistan  (SECP) for developing the first  Code of Corporate Governance (CCG) in Pakistan in 2002 and again  chaired in 2012 under the auspices of the Pakistan Institute of Corporate Governance (PICG) resulting in the Revised CCG 2012.To further align with international best  practices, he chaired again a Task Force of PICG which has formulated the current Code of Corporate Governance 2017 forming part of the corporate regulations. He served for over a decade as a member of the Central Shariah Board of the State Bank of Pakistan. He also served as a member of:
  1. The Policy Board of theSECP;
  2. Accounting and Auditing Standards Board of AAOIFI.
  3. Experts’ Committee of SECP on Demutualization and Integration of Stock Exchanges in Pakistan.
  4. Resource Mobilization and Tax Reforms Commission, Government of Pakistan and served as Chairman of the Committee of the Tax Reforms Commission on Direct Taxation.
  5. Corporate Laws Commission, Government of Pakistan.
  He chaired for several years the Committee for development of Islamic Accounting Standards, constituted by the Institute of Chartered Accountants of Pakistan (ICAP). He also served as a member of the Commission on Islamization of Economy, Government of Pakistan since inception until 1997. He appeared as an expert before the Supreme Court of Pakistan to present his views on Riba (interest) in connection with its famous Judgement on Riba and also, served as a Member of the Commission for transformation of economy, Government of Pakistan. He also served on:
  1. Committee of the Ministry of Finance/Corporate Law Authority, for review of the Companies Ordinance, 1984
  2. Committee of the Ministry of Finance/Corporate Law Authority, for review of the Securities and Exchange Ordinance, 1969
  3. Task force on the restructuring of the Corporate Law Authority
  4. Steering Committee of the Commission on Higher Education, appointed by the President of Pakistan
Mr Sidat has completed his first term (2016-2019) as a member of Governance and Ethics Board (AGEB) of AAOIFI and has again been recently reappointed for the second term of four years Mr. Sidat has, over the years made presentations in Conferences and Seminars on the subject of corporate finance, corporate laws, corporate governance, professional ethics, taxation, accounting and auditing, Islamic banking and finance and various other subjects of professional interest.

Ms. Ibtihal Alshamali

Governance Manager, Capital Markets Authority, Kuwait

Ms. Ibtihal is currently the Director of Corporate Governance Section in the Supervision Sector at the Capital Markets Authority- Kuwait. She Contributes in:
  • Prepare, review and develop corporate governance rules issued by the Capital Markets Authority.
  • Awareness-raising programs, workshops and activities in the field of corporate governance provided by the Capital Markets Authority to persons dealing at Boursa Kuwait, the public and those concerned with the implementation of corporate governance.
  • Continuous communication with parties concerned with the implementation of corporate governance during the preliminary period before the provisions of corporate governance came to force.
  • Review and develop executive Bylaws of the Capital Markets Authority in general and corporate governance in particular.
  Prior to joining the Capital Markets Authority, she worked for 17 years at the Central Bank of Kuwait in the supervision sector. Ms. Ibtihal Al-Shamali holds a Bachelor’s degree in Accounting from Kuwait University.

Mr. Mohamad Al-Midani

Lead Investment Specialist, Islamic Development Bank, Kingdom of Saudi Arabia

Lead Investment Specialist, Islamic Development Bank, Kingdom of Saudi Arabia Mohamad has served in the Islamic Development Bank (IsDB) since year 2001 in several duties. He is currently Lead Investment Specialist in the Islamic Financial Sector Development Dept. handling investments in Islamic financial institutions. He led a team in the Equity Investment Division, which managed a portfolio of USD 1.5 billion and processed new investment. He also held the position of Lead Investment Specialist and of Lead Internal Auditor in the Internal Audit Department. Mohamad represented IsDB on the board of directors of several companies including Islami Bank Bangladesh, Bank Muamalat, Raysut Cement. He is currently serving on the board of Kuwait Turk Participation Bank and United Bank of Albania.   Before joining IDB, Mohamad was Finance Manager at Shareek, a real estate Company of Dallah Group also located in Jeddah. He also worked with Ernst and Young on external audit and management consulting assignments.   In Canada, Mohamad worked for Canada Economic Development (a Government of Canada organization) in an audit post. He also worked for Moore Stephens Hyde Houghton, which is a renowned audit and consultancy firm. He was also a senior staff in S.A. Husain and Co., an accounting, auditing and consultancy firm.   Mohamad obtained the Chartered Accountancy designation from the Canadian Institute of Chartered Accountants in 1995. He has a graduate degree from Concordia University (Montreal, Canada), in accountancy.   Mohamad is fluent in English, French and Arabic

Prof. Mohammad Kabir Hassan

Professor of Finance, The University of New Orleans, United States of America

Professor Dr. M. Kabir Hassan is Professor of Finance in the Department of Economics and Finance in the University of New Orleans. He currently holds three endowed Chairs-Hibernia Professor of Economics and Finance, Hancock Whitney Chair Professor in Business, and Bank One Professor in Business- in the University of New Orleans. Professor Hassan is the winner of the 2016 Islamic Development Bank (IDB) Prize in Islamic Banking and Finance.  Professor Hassan received his BA in Economics and Mathematics from Gustavus Adolphus College, Minnesota, USA, and M.A. in Economics and Ph.D. in Finance from the University of Nebraska-Lincoln, USA respectively.   Professor Hassan is a financial economist with consulting, research and teaching experiences in development finance, money and capital markets, Islamic finance, corporate finance, investments, monetary economics, macroeconomics, Islamic banking and finance, and international trade and finance. Professor Hassan has done consulting work for the World Bank, International Monetary Fund, African Development Bank, Transparency International-Bangladesh (TIB), Islamic Development Bank, United Nations Development Program (UNDP), Government of Turkey and many private organizations. Professor Hassan has been elected a Board Member of Ethics and Governance Committee and Education Board of the Accounting and Auditing Organization for the Islamic Financial Institutions (AAOIFI).

Mr. Moosa Khoory

Head of Internal Shari’ah Audit, Dubai Islamic Bank, United Arab Emirates

Moosa Tariq Khoory is currently Head of Sharia at Dubai Islamic Bank and a member of the Sharia Standards Committee reporting to AAOIFI’s Sharia Board. He is also a member in the Fatwa & Sharia Supervisory Board of Amlak Finance. He has founded the “Sharia Departments Forum”, the first of its kind in the UAE, where Sharia Departments of Islamic banks and financial Institutions in the UAE discuss the practical issues of their profession. Moosa holds Master’s Degree in Islamic Law & Legal Theory from University of Sharjah.

Mr. Muhammad Muzammil Kasbati

Associate Partner, Ernst & Young - Middle East, Kingdom of Bahrain

Muzammil is a Fellow Chartered Accountant with over 23 years of consulting and audit experience with several industry sectors. He is one of the senior most resource of EY’s Islamic finance technical advisory desk as well as an experienced External Sharia Compliance auditor working with EY teams and clientele across the MENA region. Muzammil also assists technical queries with respect to Islamic banking raised by EY’s global teams. Muzammil had been assisting numerous Islamic institutions in enhancing their product structures, policies and procedures, internal controls, risk and governance frameworks. He also regularly assists financial institutions in the implementation of new accounting standards under both IFRS and AAOIFI frameworks and is well respected in the banking and finance industry. Currently he is collaborating with EY teams on engagements that involve investment acquisition, exits, mergers and acquisitions. He is also helping EY teams in various digital transformation projects in the government and public sectors including working on small scale digital banking projects. He works with senior finance professionals both in conventional and Islamic setup and is one of their trusted advisor. Muzammil also collaborates with AAOIFI as working group member for new standards and regulators on upgrading regulatory frameworks. He also assisted the Waqf Fund in enhancing CIPA study material. Muzammil is currently working in enhancing his academic profile by undertaking exams of few professional institutions globally.

Mr. Sohaib Umar

Advisor, Islamic Financial Services Development, Central Bank of Bahrain, Kingdom of Bahrain

Sohaib is a senior Islamic finance professional with 25 years of diverse experience in central banking, advisory, private equity and capital markets. He is currently working as Advisor, Islamic Financial Services Development with the Central Bank of Bahrain (CBB). In this role he is responsible for recommending and overseeing new strategic initiatives and regulations by the CBB in Islamic banking, Takaful and capital markets. He is also serving as administrator of the Waqf Fund, a CBB-supervised endowment for Islamic finance training, education and research. Previously, he worked as Executive Manager at Ernst & Young Bahrain in their global center of excellence in Islamic finance advisory.   Sohaib started his professional career in equity brokerage as a research analyst. He became head of research for CLSA Emerging Markets Pakistan office and was later transferred to their head office in Hong Kong where he spent the next two years. He came back to Pakistan in 2002 as CEO of TMT Ventures, a venture capital company which invested in promising start-ups in technology, media and telecom sectors. He served on the boards of investee companies, overseeing strategy and accelerating growth.   Sohaib has an MBA in Finance and is also a CFA. He contributes regularly to Islamic finance thought leadership. He is serving as a member of the Governance & Ethics Board of AAOIFI, the leading standard setting body for Islamic finance industry. He is also on the board of a listed pharmaceutical company as an independent director.

Mr. Wael Merza

Islamic Finance Consultant, Saudi Arabian Monetary Authority (SAMA), Kingdom of Saudi Arabia

Have 23 years of experience in the financial sector (Central bank, Social Bank, Commercial & Islamic bank and Investment house, that covers various areas such as management, business development, project management, Islamic finance, savings plans, financial literacy strategy, wealth management and sales. In addition to other skills such as research, training and financial analysis. Member of NCB Capital team who planned and launched “Platinum” project - Aramco thrift plan in 2015. Holds MBA / Finance (first honor) from the University of Business and Technology (UBT) and Bachelor degree in Economics from the Arab Open University (AOU). In addition, I have many professional certifications such as ICertIM from CISI (UK), CPFP from the Institute of Banking in Riyadh (IOB), CME1, TOT, and other certificates.

Dr. Zahid Ur Rehman Khokher

Islamic Banking Expert, Central Bank of Oman, Oman

Dr. Zahid is currently working for Central Bank of Oman in Muscat where he advises on Islamic finance policy, regulations and governance framework, including interactions with international institutions. He is an accomplished Islamic finance expert, with a career spanning over 22 years in financial sector regulation and supervision, standard setting and advisory. In his previous assignment as Acting as well as Assistant Secretary General (Technical and Research) of the Islamic Financial Services Board, he spearheaded the rolling out of global regulatory reforms for Islamic banking, takaful, Islamic capital market and financial inclusion sectors, where he supervised over 15 IFSB standards and Technical Notes, 10 working papers and five annual flagship IFSI Stability Reports. He also steered the formal launch of global Islamic finance database project, called PSIFIs, covering regulatory macro-level data from over 24 jurisdictions. Dr. Zahid has contributed as the member of working groups and committees of the global bodies, including Basel Committee’s Consultative Group (BCG), IMF, IFSB, IAIS, AAOIFI, IASB and others. Similarly, he has planned and successfully executed joint initiatives for awareness, capacity building and publications with numerous multilateral organizations, financial sector regulators and supervisors. He is a Certified Training Professional from FAA and has conducted trainings in over 15 countries, including for the IMF and World Bank staff, and been a panelist in more than 20 international conferences across the world. His research has been published in several accredited journals and other industry publications. He is a PhD in Islamic finance from International Islamic University, Malaysia and holds Chartered Islamic Finance Professional (CIFP) from INCEIF, Malaysia. He holds master’s degrees in Business Administration, Computer Science as well as Statistics. He has attended over 30 trainings in leadership, management and financial sector policy, including those organised by MIT Sloan Executive Education, ICLIF Leadership and Governance Centre, Financial Stability Institute and others.