The Shariah Board of BankIslami consists of three renowned and distinguished Shariah scholars namely Justice (R) Mufti Muhammad Taqi Usmani, Prof. Dr. Fazlur Rahman and Mufti Irshad Ahmad Aijaz. Mufti Irshad Ahmad is also the Shariah Adviser of the Bank who works full-time with the management and guides them in issues pertaining to the Shariah. Please click on the following names to view the details of our Shariah Board members:
Justice (R) Muhammad Taqi Usmani is the Chairman of Shariah Supervisory Board of the Bank.
He is a renowned Islamic Scholar of Pakistan and has held a number of positions in board of prestigious Islamic institutions.
Presently, he is the Permanent member of International Islamic Fiqh Academy, Jeddah, Vice President of Darul Ulloom Karachi, Chairman International Shariah Standard Council of Accounting and Auditing Organization of Islamic Financial Institutions (AAOFI), Bahrain; Chairman of Shariah Board Bahrain Monetary Agency (BMA), Bahrain; Chairman of Shariah Board, Abu Dhabi Islamic Bank, UAE; Chairman of Shariah Board, Meezan Bank, Pakistan; Chairman of Shariah Board, Islamic House of Britain plc, UK; Chairman of Shariah Board, HSBC Amanah Finance, Dubai.
Muhammad Taqi Usmani obtained his 'Takhassus' (Specialization in Islamic Fiqh and Fatwa) degree, equivalent to PhD, from Darul Ulloom Karachi in 1961.
He also holds a Master's degree from Punjab University in Arabic Literature and LLB degree from Karachi University
Muhammad Taqi Usmani has served as a Judge of Shariat Appellate Bench, Supreme Court of Pakistan from 1982 to 2002 and Judge of Federal Shariat Court of Pakistan from 1980 to 1982.
He has written a number of books and articles on Islamic Banking and Finance in Arabic, Urdu and English.
Professor Dr. Fazlur Rahman is the member of Shariah Supervisory Board of the Bank.
He is a renowned scholar and has over 30 years of teaching experience in various countries of the world including Malaysia and Saudi Arabia.
Presently, he is the Director of Islamic Guidance Trust and Shariah Adviser of Atlas Asset Management's Atlas Islamic Fund.
He is also a faculty member of Sir Syed University in Karachi.
He has contributed several articles on interest, Muslim personal laws, and human rights etc. Moreover, one of his writings, "a study of commercial interest from the point of view of Fiqh and History", is of great repute in literary circles and has been extensively quoted by Federal Shariah Court in its Judgment in 1991 and again in 1999.
Mufti Irshad Ahmad Aijaz is appointed as the full time Shariah Adviser to the Bank.
He comes from a leading family of scholars. His father, Maulana Muhammad Ashfaque Ahmad, is better known for translating in English the famous ‘Tafseer e Usmani’.
He graduated from Jamia Uloom Islamiyyah, Binnori Town, Karachi and he has done his Shadat-ul-Aalamia (Masters in Arabic and Islamic Studies) from there as well.
Afterwards, he completed his Takhassus fi al-Iftaa (Specialization in Islamic Jurisprudence and Fatwa) from Jamia Darul Uloom, Karachi.
Mufti Irshad Ahmad is well versed in Islamic economics. Mufti Irshad has passed an Islamic economics course “Contemporary Business and Banking and its critical evaluation in the light of Shariah” from the Centre for Islamic Economics, Jamia Darul Uloom, Karachi.
Mufti Irshad has also recently completed his MBA program from (AMI) Iqra University, Karachi.
He is also presently associated with Iqra University as Lecturer in Islamic Studies and is enrolled in the MPhil program with specialization in Islamic Finance at (AMI) Iqra University, Karachi.