Islamic Finance gif
GIF MAGAZINE RECOGNISES THE MOST INFLUENTIAL PEOPLE WITHIN ISLAMIC FINANCE
The influential people featured in this list range from CEOs and directors to heads of department and executives. They are all leaders within the industry, and were chosen based on the changes and impact they have made throughout their careers according to the research gathered. GIF Magazine presents the first listing of its kind, and our process is still in its infancy. The 20 most influential people in the Islamic finance industry have been placed in alphabeti- cal order in this listing; there are no specific numbers assigned or ordering by influence. The information was collected from a range of sources, including the internet, interviews, LinkedIn information, business contacts and the GIF Magazine database. Global Islamic Finance Magazine would like to thank and congratulate the people who are featured in the list. The people highlighted in this article are set to mould the future of the Islamic finance industry.
Abdul Aziz Al Ghurair is a member of the Board of
Abdul Aziz Al Ghurair Job Role: CEO and Chairman, Mashreq Bank Country: Dubai
Trustees at the UAE Higher Colleges of Technology. He holds a place on our list because of his level of exposure and the impact he has made on the Islamic finance industry. Chairman of Masafi, and Co-Chairman of the Arab Business Council (World Economic Forum), Mr Ghurair previously sat on the Board of Directors for various companies such as Emaar, Dubai Investments, Visa International and MasterCard. He has also been a member of the Constitutive Council for GCC Leaders and the President of Knowledge Fund.
He has huge exposure in the media locally, region- ally and worldwide, appearing in all kinds of media organisations, publications, TV and radio shows. As CEO, he participated as a speaker and panel- list in an estimated ten conferences during 2011. He has earned Mashreq bank many international accolades, including the “Best CEO” Award from CEO Middle East Magazine in 2008, the “Lifetime Achievement” Award from the Arab Bankers Asso- ciation of North America, USA. In 2008, the “Best CEO” Award in recognition of his support for the Emiratisation initiative in UAE from the National Career Fair in 2008, and the “Lifetime Achieve- ment” Award from Euromoney in 2008.
Impact on the Islamic finance industry Mr Ghurair supports many charitable organisa- tions, both locally and internationally. He has played a vital role in providing advice and sugges- tions to the UAE’s financial and banking industry.
Ahmad Mohamed Ali Al Madani Job Role: President, Chairman and Board of Executive Directors, Islamic Development Bank Country: Saudi Arabia
Ahmad Mohamed Ali Al Madani earns a place on
our listing for his passion for worldwide develop- ment, and the impact he has made on the Islamic finance industry. He has a total of 23 years experi- ence, focusing on global development and he has hands-on experience in tackling development is- sues within the Organisation of the Islamic Confer- ence member countries. Mr Madani has published many articles, speeches, lectures and working pa- pers, covering topics such as Islamic economics, banking and education.
Impact on the Islamic finance industry Ahmad Mohamed Ali Al Madani is able to focus on the issues that arise in the activities of the Islamic Development Bank, and with his experience and qualifications he is also able to manage the chal- lenges that the bank brings. He has made an im- pact on the industry by helping to create a strong base for the mission of the bank and its develop- ment.
He has also helped Arab countries to overcome the global financial crisis, which had an impact on all sectors.
In his own words “The impact of Mashreq Al-Islami on the Islamic finance industry is both qualitative and quantita- tive.
• We have effectively replicated all possible wholesale and retail banking products and services on the Islamic format; our custom- ers can now enjoy same level of efficiency and service standards which they have been used to from Mashreq, if they so prefer to use our Islamic products and services. • Mashreq Al Islami has become one of the leading domestic Islamic windows and is an integral part of Mashreq’s drive to be a full service bank. • Mashreq Al Islami is fully transparent and discloses all its original Shariah Fatwas on its web site for customers comfort. • Based on the Mashreq’s treasury and capital market’s strength, Mashreq Al Islami’s treas- ury and structured products now being used by few fully licensed Islamic banks.
The Islamic banking industry has recognised our effort and for this we have own two “Best Islamic Window” awards in December 2010 and in June 2011”
In his own words “Islamic finance tries to ensure health in the finan- cial system by introducing risk-sharing and linking the growth of credit to the growth of the real sec- tor in the economy. In addition, some speculative transactions which aggravate risk unnecessarily without adding any real value to the economy and are termed as gharar (deceptive risk) in Islamic fiqh are also prohibited in Islamic finance. This will help curb the extension of credit for speculative purposes. In addition, sale of debt is also prohib- ited in Islamic finance to ensure that the creditor evaluates the debt proposal carefully and does not pass on the risk to an unsuspecting third party. The ability to shift the risk of default to others by selling the debt leads to laxity in the evaluation of debt proposals and to excessive lending. The truth of these principles of Islamic finance became vin- dicated during the financial crisis when Islamic banks were generally able to maintain their health and strength while other banks were exposed to serious problems”
2012 April Global Islamic Finance 19
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88