Bml Islamic

Shari'ah Advisory Committee

Shari’ah Advisory Committee (SAC) of BML Islamic consists of renowned international and local scholars who provide continued support and supervision, and have a permanent check on contracts, transactions, and procedures. SAC consists of:

Sheikh Mahomed Shoaib Omar (Chairman)

Sheikh Mahomed Shoaib Omar has studied the authoritative works of fiqh (Islamic Jurisprudence and Law), across the four authoritative Sunni schools of fiqh, and has specialized in Fiqh Al Muqarin (comparative analysis between Islamic and secular law), and the application of fiqh to contemporary situations and Islamic commercial and financial transactions. He has been guided by his revered teacher, the distinguished jurist, Mufti Taqi Usmani, over the years, in relation to the solution of complex issues, in the field of Islamic Finance. He completed his LLB at the University of Kwazulu/Natal in 1979 and studied Arabic and Islamic Law under Mufti Taqi Usmani in 1982, who is one of the top Shari’ah Advisors in the industry. He was also a student of Qadhi Mujahidul Islam, the founder of the Islamic Fiqh Academy of India. In 1995, he was granted right of appearance in the High and Constitutional courts of South Africa.

Sheikh Mahomed Shoaib Omar serves as a member of the Shari’ah Board of Albaraka Bank SA. He practices as an attorney and has authored over ten books and numerous articles in Islamic Law and Commerce. He has been with BML Islamic since January 2013 as a member and the Chairman of the Shari’ah Advisory Committee. He was reappointed for a 3rd term on 31st January 2017.

Dr. Ziyaad Mahomed

Dr. Ziyaad Mahomed holds a PhD from International Centre for Education in Islamic Finance (INCEIF), BA (Hons) Business (Finance) from Anglia Ruskin University, United Kingdom, and MBA from MANCOSA, Republic of South Africa. He is also a CIFP and Certificate in Islamic Law holder from INCEIF and University of KwaZulu-Natal, Durban, respectively.

During Dr. Ziyaad Mahomed’s career, he has gained experience in almost all sectors in the Islamic finance & investment industry including Sukuk, regulatory frameworks, Takaful modelling, Private Equity Fund Structuring and Risk Management. He has trained and advised financial institutions in more than 15 countries including Austria, Ethiopia, Mauritius, Nigeria, Oman and South Africa. Since 2006, he has also consulted and/or trained more than 7,000 Finance Professionals and Islamic Scholars in most disciplines within the Islamic Finance sector in Africa, Europe and the Middle East. In addition to Shari’ah advisory, he has extensive experience in regulatory frameworks for Islamic banking, Takaful and Islamic capital markets in Africa. He is also the recipient of numerous global awards for his unique Islamic social finance – fintech modelling techniques which are being tested in South East Asia and Africa. He is an ardent researcher in the field of Islamic jurisprudence and finance, accredited with a number of publications on various topics in the sector.

Dr. Ziyaad Mahomed currently works as an Associate Professor at INCEIF, Malaysia. He also serves as the Chairman of HSBC Amanah Shari’ah Committee since 2017. He has been with BML Islamic since January 2013 as a member of the Shari’ah Advisory Committee. He was reappointed for a 3rd term on 31st January 2017.

Sheikh Mufti Yusuf Suliman

Sheikh Mufti Yusuf Suliman is one of the few Scholars in South Africa accredited by AAOIFI as Shari’ah Advisor and Auditor. He also holds Certificates in Qadha (adjudication) from Jamiatul-Imaam, Riyadh, Saudi Arabia, and Imarat Shari'ah, Patna, Bihar, India, and has completed Iftaa (issuance of verdicts) at Darul Uloom Zakariyya, Lenasia, South Africa. He developed the Islamic Banking training material for all South African Banks, having been contracted by BANKSETA.

Sheikh Mufti Yusuf Suliman previously served on the Shari’ah Boards of the Momentum Investment Cluster including RMB and Advantage. He serves as Head of Shari'ah for Standard Bank. He also served in this capacity for Barclays Africa Islamic banking. He was also appointed as Acting Managing Director of Absa Islamic Banking in 2013. He serves on the Shari’ah Boards of the Element Investment Managers, Alexander Forbes, Shari'ah Investments Ltd (Malawi), Takaful Africa and Melville Douglas. He is also a consultant to numerous Islamic Financial Institutions including FNB Securities and Investec Bank. He has been with BML Islamic since January 2013 as a member of the Shari’ah Advisory Committee. He was reappointed for a 3rd term on 31st January 2017.

Dr. Ismail Nizam

Dr. Ismail Nizam holds a PhD from International Islamic University Malaysia (IIUM) in Business Administration (Islamic Banking and Finance), MSc in Finance (Islamic Finance from IIUM) and a BA (Honors) Business (Finance). He was selected as the best student in Finance in the 25th Convocation, IIUM, (Bachelor of Business Administration, Finance). Dr. Nizam is a Certified Shari’ah Advisor & Auditor by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Since 2011 Dr. Nizam has been a freelance researcher, consultant and a corporate trainer in Maldives and Malaysia. He has written and published number of publications on various topics in the sector including areas such as Maqaasid Al-Shari’ah (Higher Objectives of Shari’ah), Risk management, Motivation & Satisfaction and etc.

Currently Dr. Nizam serves as a senior lecturer and Head of MBA Programs (Academic Affairs) at FTMS College Malaysia. He is also a visiting lecturer to Islamic University of Maldives, where he trains Master’s students on Islamic Banking & Finance. He was appointed as a member of the Shari’ah Advisory Committee on August 2017.