Exposing Shariah Advisors of the AAOIFI - Part 1
By Gary H. Johnson, Jr. | 11/29/09 | 01:04 PM EDT | 4 Comments
A Message to ACT! for America leaders,
Methodically researching the AAOIFI, the Accounting & Auditing Organization for Islamic Financial Institutions, is a difficult task. With nearly 200 members, the AAOIFI is working to solidify and standardize a regulatory and accounting standard for Islamic banks to bring them into competition with conventional western banks. The links between SCF and Jihadist terrorism is not a myth. The assault on both national and individual sovereignty by SCF is a phenomenon that has been developing in earnest for nearing two decades.
Unfortunately, there is no such thing as a shallow end in this pool of sharks. To understand it, you must dive in. The fact of the matter is there are relatively few Shariah Advisors in the SCF world and the regulatory mechanism has not fully standardized due to disputes between Shariah Scholars and jurists over the globe. Up till now, this lack of Advisors has limited the expansion of SCF into the mainstream; however, with the help of advisory groups, attorney and accounting firms, Shariah Compliant Finance schemes are reaching into Western markets with callous regularity.
Below, you will find a research survey into the Shariah Advisors which run the SCF world of Islamic banking. It is an initial survey of roughly half of the listings available for the members of the AAOIFI. It represents over 40 hours of direct independent research - and the nebulous and murky waters of SCF are without a doubt anything but transparent.
The methodology of extracting this information is still developing. I will not release the sources where this information was found. Those who recognize its value should consider the idea of paying me for my findings and research - a foreign concept in this day and age.
Recent Dubai World events place special emphasis on the realization that the DIFC via the Minhaj Advisory board is attempting to rise as the regulatory nexus of the SCF world.
The following list is a call for a new generation of researchers to rise and expose the beliefs, connections, teachings and methodology of the burgeoning regulatory side of SCF. ACT! for America and Stop Shariah Now have already put forward dramatic findings on SCF. The following findings are designed as the first step into exposing the entire SCF network of Advisors and Regulators, who are angling to become the most powerful men in the world.
I don't expect everyone to understand the magnitude of this undertaking at present; however, in time, perhaps organizations like ACT! for America will realize that more researchers would be willing to spend their time focusing on the effort if there was an incentive at the end of the day. 40 hours - I could have made 25 bucks an hour working a job - but instead, I invested my energies into researching and exposing SCF. Why would any sane person do such a thing?
Is ACT! for America willing to pay me to research? I don't yet know.
Is anyone in the entire publishing world interested in paying for strong research on SCF? At present, the answer is decidedly NO.
Fact - Capitalism will not save itself without the fuel of incentive based research.
Therefore, I consider the following an offering to Brigitte Gabriel's ACT! for America membership. Part 2 should be out by year's end. Perhaps Brigitte will soon recognize the power of incentive and the fact that the intellectual vacuum that is now present on matters of Jihad is precisely due to the unholy alliance of the liberal media and the activists of Shariah law who have a scissorlock monopoly on the print media...and awaken to the reality that young researchers without funding are rudderless volunteers in a crushing world of diplomatic influence peddlers and Islamic Supremacism.
We don't need the hope for change...we need the promise of solid pay for solid intellectual achievement to defeat this ideological enemy, my friends.
Best wishes and Happy Holidays.
Signed,
Gary H. Johnson, Jr. (November 29, 2009, 1:00pmEST)
___________________________
AAOIFI Shariah Supervisory Board
a) Shaikh Muhammad Taqi Usmani
b) Shaikh Abdullah Bin Sulaiman Al Manea
c) Shaikh Al Siddiq Mohamed Al Darir
d) Shaikh Ajeel Jasim Al-Nashmi
e) Shaikh Mohamed Ali Al Taskhiri
f) Shaikh Dr. Abdel Sattar Abdel Karim Abu-Ghuddah
g) Shaikh Nizam Yaquby
h) Shaikh Ahmad Ali Abdulla
i) Shaikh Dr. Mohd Daud Bakar
j) Shaikh Dr. Hussein Hamid Hassan
k) Shaikh Dr. Ali Mohi Eldinne Alqoradaghi
l) Shaikh Dr. Mohamed Ali Al Qari
m) Shaikh Yusuf Talal De Lorenzo
n) Shaikh Esam 'Anezi
o) Shaikh Dr. Mohammad Abdul Rahim Sultan Al Olamaa
p) Sheikh Ayashi Faddad
q) Shaikh Dr. Saleh Abdullah Al-Lihaidan
r) Dr. Mohamed Nedal Alchaar
____________________________
1) ABC Islamic Bank (E.C.)
a) Sheikh Nizam Yaquby - Chairman
b) Mufti Barkatullah
c) Mufti Muhammad Nurullah Shikder
2) Absa Islamic Bank
a) Mufti Ashraff Qureishi
b) Dr. Yunoos Osman
c) Sheikh Tauha Karaan
3) Abu Dhabi Islamic Bank
a) Sheikh Muhammad Taqi Al Uthmani - Chairman
b) Dr. Abdul Sattar Abu Ghudda
c) Dr. Jasem Ali Al Shamsi
d) Sheikh Nizam Muhammad Yaqoubi
e) Sheikh Osaid M.A. Kailani
4) Accountants & Auditors Association, UAE
***Still Searching for AAOIFI Advisory connections***
5) AIG Takaful-Enaya
a) Mohamed Ali Elgari
b) Justice Mufti Muhammad Taqi Usmani
c) Mohammed Nizam
6) Al Aman Investment Company
a) Dr. Essa Zaki Shaqra - Chairman
b) Dr. Abdul Sattar Abu Ghuddah
c) Sheikh nizam M.S. Yaquby
d) Dr. Abdul Aziz Al-Qassar
7) Al Bukhary Foundation
***Still Searching for AAOIFI Advisory connections***
8) Al Meezan Bank
a) Justice (Ret'd.) Muhammad Taki Usmani - Chairman
b) Dr. Abdul Sattar Abu Ghuddah
c) Sheikh Essam M. Ishaq
d) Dr. Muhammad Imran Ashraf Usmani - Advisor
9) Al Rajhi Banking & Investment Corporation
***Still Searching for AAOIFI Advisory connections***
10) Al Ritaj Investment Co.
a) Dr. Abdul Aziz Khalifah Al-Qassar - Chairman
b) Dr. Essam Khalaf Enezi
c) Mr. Abdul Sattar Ali Al-Qattan
d) Mr. Essam M. Ishaq
11) Al Safa Islamic Bank - (Qatar Commercialbank)
a) Sheikh Abdul Aziz Al Khulaifi
b) Dr. Mohammed Al Elgari
c) Dr. Abdul Sattar Abu Ghuda
12) Al Salam Bank
a) Dr. Hussain Hamid Hassan - Chairman
b) Dr. Ali Mohuddin Al'Qurra Daghi
c) Shaikh Adnan Abdulla Al Qattan
d) Dr. Mohamed Abdulhakim Zoeir
13) Al Amin Bank (OCBC Al-Amin)
a) Dr. Mohd Daud Bakar - Chairman
b) Dato Seri Setia Haji Metussin Bin Haji Baki
c) Mr. H J Ismail Bin Syed Ahmad
14) Al-Baraka Islamic Investment Bank (Albaraka Investment Group)
a) Shaikh Dr. Abdul Sattar Abu Ghuddah - Chairman
b) Shaikh Abdullah bin Suleiman Al Mannea
c) Shaikh Dr. Abdulatif Al Mahmood
d) Shaikh Dr. Abdulaziz Bin Fowzan Al Fawzan
e) Dr. Ahmed Mohyedeen
15) Al-Baraka Turkish Finance House
***Still searching for additional Shariah Advisors for Turkish arm of Albaraka***
16) Al-Tawfeek Co.
a) Sheikh Dr. Abdul Sattar Abou Ghodda - Chairman
b) Sheikh Abdallah Bin Sulaiman Almanih
c) Dr. Ahmad Moheiddine
17) Amana Investments Limited
a) Justice M. Taqi Usmani (Mufti)
b) Moulavi M.I.M. Rizvi (Mufti)
c) Moulavi M.M.A. Mubarek
18) Amlak Finance PJSC
a) Dr. Hussain Hamid Hassan (Chairman)
b) Sheikh Mohammed Abdul Razak Al Sidiq
c) Dr. Mohammed Abdul hakim Zoeir
19) Animal Resources Bank
a) Dr. Mahmoud Mustafa Elmekki - Chairman
b) Mr. Suleiman Hamid Ahmed
c) Mr. Mohamed Ibrahim Mohamed
d) Mr. Nazar Mohamed Abdel-Rahman
20) Arab Finance House
a) Sheikh Dr. Abdel Sattar Abou Gheddeh - President
b) Sheikh Nizam Yaakoubi
c) Sheikh Walid Hadi
d) Sheikh Amine El Kurdy (Kourdi)
e) Sheikh Ahmad Taleb
21) Arab Ghambian Islamic Bank
***still searching for Shariah Advisors at AGIB***
22) Arab Islamic Bank
***still searching for this Palestinian Bank's Shariah Advisory Board***
23) Arbah Capital
a) Sheikh Yousuf Abdullah Al-Shubaili
b) Sheikh Abdul Rahman Abdullah Alsanad
c) Sheikh Abdul Mohsin Bin Zaid Almosed
24) Arcapita Bank
a) Shaikh Abdullah Sulaiman Al Meneea - Chairman
b) Dr. Abdul Sattar Abdul Kareem Abu Ghuddah
c) Justice Muhammad Taqi Usmani
d) Shaikh Essam Mohamed Ishaq
25) Aref Investment Co.
a) Dr. Hassan AlShathli - Chairman
b) Dr. Abdulhamid Al B'ali
c) Dr. Eesa Zaki
26) Association of Collective Investment (Stanlib)
a) Dr. Mohammad Hashim Kamali - Chairman (Chairman CIMB as well)
b) Sheikh Seraj Hendricks
c) Faizal Ahmad Manjoo
27) Association of Sudanese Insurance & Reinsurance Companies
a) Mwlana / Khlaf Alla El Rasheid
b) Dr. / El Tahir Abd Elkharim Sati
c) Dr. / Tarig Abd Elftah Mohamed
28) Aviation Lease and Finance Co. Ltd. (ALAFCO)
***Still searching for Shariah Advisory Scheme data and connections to ALAFCO***
29) Al Aman Investment Company
a) Dr. Essa Zaki Shaqra - Chairman
b) Dr. Abdul Sattar Abu Ghuddah
c) Sheikh Nizam M. S. Yaquby
d) Dr. Abdul Aziz Al-Qassar
30) Al Salam Bank
a) Dr. Hussain Hamed Hassan - Chairman
b) Dr. Azzeddine Bin Zeghiba - Vice Chairman
c) Dr. Mohammed AbdulHakeem Zoeir
d) Dr. Aboubaker Lachehab
e) Dr. Al-Ayachi Al-Saddak Fedad
31) Allen & Overy LLP
***This Organization is a top tier Attorney service favored by SCF entities***
32) A'ayan Leasing and Investment Company
a) His Eminence Sheikh Ahmed Bazie Al-Yaseen - Chairman
(Sharia Opinion and Control Panel)
b) Prof. Dr. Sheikh Mohamed Fawzi Faid Allah
c) Prof. Dr. Sheikh Ahmed Al-Hajji Al-Kurdi
d) Dr. Mohamed Abdul Razzaq Al-Tabatabai
33) Al Shamal Islamic Bank
***Still searching for SSB & Sudan HSSB***
34) Albaraka Bank Limited
***Still researching Shariah Advisory board connection to Albaraka Group***
35) B.E.S.T. (Salama Group)
a) Dr. Mohammed Daud Bakar - Chairman
b) Dr. Mohammed Ameed Qattan
c) Sheikh Dr. Abdullah bin Abdulaziz Al Musleh
36) Badr-Forte Bank
***Russian Islamic Bank - lost license with Russian Central Bank in 2006***
37) Bahrain Development Bank
***Still Searching for Shariah Advisors***
38) Bahrain Islamic Bank
a) Rev. Shaikh Dr. Abdul Latif Mahmood Al Mahmood - Chairman
b) Rev. Shaikh Mohammed Jaffar Aljuffairi
c) Rev. Shaikh Adnan Abdulla Al Qattan
d) Rev. Shaikh Nedham Mohamed Saleh Yacoubi
e) Rev. Shaikh Dr. Essam Khalaf Alonazi
39) Bait al Mall Saving Investment
***Still Searching for Shariah Advisors***
40) Balance Finance
***Australian Real Estate Firm with limited exposure***
41) Bank Al Jazira
a) Sheikh Abdullah bin Sulaiman Almonee - Chairman
b) Dr. Muhammad bin Saeed Alghamdi
c) Dr. Abdullah bin Muhammad Almutlaq
d) Dr. Hamza bin Hussain Alfe'ar
e) Dr. Muhammad Alali Algari
f) Dr. Abdulsattar Abu Ghoudda
42) Bank Indonesia
***Still filtering information available***
43) Bank Islam Malaysia Berhad
a) Dr, Ahmad Shahbari - Chairman
b) Mohd Bakir Haji Mansor
c) Dato' Daud Muhammad
d) Dr. yusof Ramli
e) Mohd Izwadi Mat Hassan
44) Bank Melli Iran
***Iran Banks seem to be ran by the Islamic Establishment of the Vileyat al Faqih***
45) Bank Muamalat
a) Tn. Haji Azizi bin Che Seman - Chairman
b) Dato' Haji Md Saleh bin Haji Md @ Ahmad
c) Assoc. Prof. Dr. Mohamad Sabri bin Haron
d) Y.M Engku Ahmad Fadzil bin Engku Ali
46) Bank of Khartoum, Sudan
***Still Searching for Shariah Advisory Board***
47) Bank Saderat
***Iranian Bank - Shariah Advisory source from Ayatollah Khameini?***
48) Banque Al-Baraka D'Algiere
***Information is sparse on this Al Baraka branch***
49) Barwa Bank
a) Dr, Esam Khalaf Al-Enezi
b) Sheikh Essam M. Ishaq
c) Dr. Osama Qais S. Al Dereai
50) BLOM Development Bank, Lebanon
a) H.E. Sheikh Abdel Sattar Abou Ghidda - President
b) H.E. Sheikh Amin Kurdi
c) H.E. Sheikh Hussein Khushin
51) BMB Islamic UK Limited
a) Dr. Hussain Hamid Hassan
b) Dr. Ali Al-Quradaghi
c) Dr. Abdul Sattar Abu Ghuddah
d) Dr. Mohamad Daud Bakar
e) Dr. Abdulaziz Fawzan Saleh Alfawzen
f) Dr. Mohammad Qaseem
g) Dr. Humayon Dar
52) Cairo & Alexandria Stock Exchange, Egypt
***still searching for SSB***
53) Capital Intelligence LTD
***An Emerging Market Indexing organization based in Cyprus***
54) Central Bank of Bahrain
***Still researching Bahrain Finance Harbor***
55) Central Bank of Syria
***Still researching Syrian Banking Community***
56) Centre of Excellence in Management, College of Business Admin - Kuwait University
***University's Islamic Finance Department ran by Dr. Mohammad Al-Qattan***
57) Ceylinco
a) Ash-Shaikh M.I.M.Rizwe.
b) Ash-Shaikh H.Abdul Nazar.
c) Ash-Shaikh M.M.A.Mubarak.
d) Ash-Shaikh M.A.M.Lafar.
e) Ash-Shaikh Fazil Mohamed Farook.
f) Ash-Shaikh M.Murshid Mulaffar.
g) Ash-Shaikh M.H.M.Yoosuff.
h) Ash-Shaikh Niyas Mohamed.
***Ceylon's Advisors are localized in the ACJU***
58) Citi Islamic Investment Bank
a) Dr. Nazih Hammad (President)
b) Dr. Mohammed Eid Elgari
c) Sheikh Nizam Yaquby
59) Clifford Chance LLP
***Top Tier UK Law Firm favored by SCF companies***
60) Commercial Bank International
***Fully owned subsidiary of Temasek Holdings - still searching for Temasek SSB***
61) Commercial bank of Dubai
a) Hussain Hamed Hassan Chairman
62) Credit Card Services, Lebanon
***Still researching firm activities and relations with AAOIFI***
63) Crescent Standard Investment Bank
***Defaulted Pakistani bank, bailed out by The IGB Group, renamed Innovative Investment Bank - still in process of paying off scandalous off the books investments***
64) Dallah Albaraka Group
a) Abdulsattar Abu Ghodah - Chairman
b) Abdullah Suleiman Al Munae
c) Abdullatif Al Mahmoud
d) Ahmad Mohyedeen
e) Ezzedine Khoja
65) Dubai Islamic Bank (alislami)
a) Prof. Dr. Hussein Hamid Hassan - Chairman
b) Prof. Dr. Ali Mohioaldin Al Karadaghi
c) Prof. Dr. Ajil Jassem Alnashmi
d) Sheikh Mohammed Abdul Razak Alsidiq
e) Dr. Mohammed Abdul Hakim Zoeir
66) Dar AL-Maal Al-Islami Trust, Switzerland
***Firm under investigation for terror ties to Al Qaeda 9/11***
67) Deloitte & KassimChan Malaysia
***Global Accounting Firm favored by Islamic Finance Advisors***
68) DLA Piper Middle East LLP
***Top Tier Global Law firm favored by SCF companies***
69) Dubai Financial Services Authority
***DFSA is Dubai's coordinating body for local/regional/int'l SCF Regulation***
70) Dubai International Finance Centre (Minhaj Advisors)
a) Sheikh Dr. Abdul Sattar Abu Ghuddah
b) Dr. Mohammad Abdul Rahim Sultan Al Olama
c) Dr. Muhammad Amin Qattan
d) Dr. Yousef Abdullah Al-Shubaily
e) Sheikh Abdul Sattar Ali Kattan
f) Dr. Ebrahim Ali El Shal El Tenaiji
Resident g) Sheikh Amin Fateh Amer
h) Dr. Ezzedine Khoja
i) Dr. Mohd Daud Bakar
j) Dr. Monzer Kahf
k) Dr. Abdul Bari Meshaal
l) Sh. Osaid M. AL Kailani
m) Sh. Moh'd Younis Bayrekdar
n) Sh. Hamad Jaser
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Comments
The advisory boards you have listed must have been painstaking research in an area (as you say) is not transparent. I pray that an organization like ACT! for America indeed picks up your services. There are other anti-jihadists out there who may be interested as well. Daniel Pipes or David Horowitz comes to mind.
Organizations like ACT and Daniel Pipes, and all not for profits are having a hard time raising money. It's not a question of not wanting to pay, its the lack of resources. Go to FrontPage Magazine and other media outlets....submit to World Net Daily, etc. they pay for articles written on topics like this.
I am really impressed by the amount of hard work that has been put in doing the research on the Shari'a Advisors of AAOIFI. There are available databases which would have assisted in compiling the information and reducing the amount of effort (e.g. IFIS etc). What I am confused about is linking the Islamic Finance with Terrorism? From a religious perspective, the principles of Islamic finance are uniform across all the major religious scriptures and hence Islamic finance intends to promote a framework which is in-effect how the conventional banking should have been, for example: i. Free of interest ii. Sharing of risk and rewards (unlike conventional banks, which keep the rewards and transfer all the risks) iii. removing un-necessary uncertainity and ambiguities iv. Forbid gambling and speculation (the mess created by derivatives is a classic example) v. Working towards the benefit of local communities On these principles, Islamic finance offers retail products (e.g. credit card, mortgages etc) as well as investment banking products (e.g. funds, Sukuk etc). In summary, you can invest in same project or asset class either in a conventional or Islamic manner. There is an option, but no compulsion. With regards to the source of Islamic finance, the funds in the Islamic world are predominantly the western money that has flown into the Islamic World for the oil payments. The investors in the Islamic world have developed a preference of Islamic investments over conventional that does not mean that they are using the money to fund terrorism. It means, that they want to invest in more ethical way where risk and rewards are shared between all parties and a business loss (not due to fraud or similar reasons) is accepted as a loss and the obligor is not chased for their money and interest. I hope this helps. Regards
It is 100% conventional banking under the Islamic cover. The scholars are only getting bread and butter at the expense of structuring the same transaction look like sale and purchase but at the heart it is only said to be trade or sharing but infact it is the time value of money which is driving the industry. Islamic or conventional both have interest rate as the bench mark avoiding business risk in all its forms. Hope it clears the misunderstanding further.
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