Mufti Ismail Ebrahim Desai

(Chairman, SSC)

Mufti Ismail Ebrahim Desai currently serves as Shariah Advisor to various Islamic financial institutions and educational institutes around the world including Ethica Institute of Islamic Finance (UAE), Pegasus Agriculture (UAE), Shariah Review Bureaux (Bahrain), Infinity Consultants (India), HBZ Islamic Bank (RSA), Al-Mabroor Investments (RSA), Mettle Finance (RSA), Hejaz Financial Services (Australia), founder and executive director – Russian Islamic Finance Council (7 000 members), Lendcor (RSA), Centre for Advanced Islamic Economics (Pakistan) and a number of Islamic Banks and investment entities. Mufti Ismail has developed various Shariah auditing, governance and risk management standards for Islamic financial institutions and has issued several thousand expert legal opinions (fatwas) with a special focus on Islamic finance and economics. Mufti Ismail has attended and delivered papers at international conferences and has created the first ever Shariah Compliant models for leveraged/structured finance and currency trading. He currently holds a Master’s in Islamic Finance, Master’s in Islamic Theology, Banking qualification and other honorary academic qualifications.

Professional History
  • Shariah Advisor to Ethica Institute of Islamic Finance (UAE)
  • Shariah Advisor to Pegasus Agriculture (UAE)
  • Shariah Advisor to Shariah Review Bureaux (Bahrain)
  • Shariah Advisor to Infinity Consultants (India)
  • Shariah Advisor to HBZ Islamic Bank (RSA)
  • Shariah Advisor to Al-Mabroor Investments (RSA)
  • Shariah Advisor to Mettle Finance (RSA)
  • Shariah Advisor to Hejaz Financial Services (Australia)
  • Founder and executive director – Russian Islamic Finance Council (7 000 members)
  • Shariah Advisor to Lendcor (RSA)
  • Shariah Advisor to Centre for Advanced Islamic Economics (Pakistan)
  • Master’s in Islamic Finance
  • Master’s in Islamic Theology
  • Banking & honorary academic qualifications

Sajjad Ashraf Usmani

(Member SSC)
  • Jamia Darul-Uloom Karachi
  • Takhassus (Specilizaiton) in Islamic Jurisprudence under the supervision of Mufti Taqi Usmani sb.
  • IBA (Institute of Business Administration) – Course on Anatomy of Sukuk, Islamic Banking & Finance
  • M.B.A from Iqra University (in progress)
  • M.A Economics & Finance – Karachi University
  • Jamia Darul – Uloom Karachi – Dars-s-Nizami (Certified Equivalent to M.A )
  • Jamia Darul-Uloom, Karachi – Hifzul Quran
  • AAOIFI Shariah Standard course under the supervision of his paternal uncle the Grand Mufti Taqi Usmani (Darul Uloom, Karachi )
  • Written more than 300 Fatawas
  • Written Thesis on Interest, Gambling, Wagering & Leasing (Ijarah) on the Fatawas of his Grand Father, Grand Mufti of Pakistan, Mufti Muhammad Shafi’ Usmani Sb.
  • Shariah Advisor of PAK KUWAIT TAKAFUL
    • To develop & Review new products.
    • To ensure overall company’s Shariah Compliance.
    • To advise the company regarding Shariah related issues.
    • Internal Auditing functions to check and verify correct implementation of the guidelines.
    • To review the commercial agreement(s) of Enterprises in respect of Shariah Compliance.
    • Monitoring of investment management procedures.
    • Coordination with the External Shariah Auditors.
    • To promote Islamic ethics and moral code among the employees.
    • To train the sale staff and permanent staff regarding Takaful and its practices.
  • Associated with A.F. FERGUSON (PWC Pakistan) as Shariah Consultant & Auditor.
  • Conducting Shariah Audit in Meezan Bank, Faisal Bank, MCB Islamic, UBL Ameen& Bank Islami.
    • Responsibility to supervise whole Shariah Audit activity.
    • To develop work programs for all prevailing products in Islamic Banks.
    • To train the teams regarding Shariah Audit for Islamic Banks & Takaful and their practices.
  • Shariah Advisor of Fotile Ltd . A Musharakah & Mudaraba based company:
    • To develop Musharaka structure. Musharakah agreement.
    • To develop Mudarab + Musharakah structure. Profit distribution mechanism.
    • Financing arrangement with financial institutions & documentation
    • Intergroup lending & borrowing.
    • Supply chain functions and its documentation.
    • Sales & Marketing functions and its documents.
    • Zakat mechanism for shareholder of the company.
  • Shariah Advisor at Arifhabib group & power cement (a subsidiary of Arif Habib Group) for their financial transactions:
    • Financing arrangement with financial institutions.
    • Brokerage and capital market related processes.
    • Handling client investment portfolios.
    • Sponsors loans and its documentations.
    • Intergroup lending & borrowing.
    • Supply chain functions and its documentation.
    • Sales & Marketing functions and its documents.
    • Human functions and its documentations.
    • Export & Import documentations.
    • Companies own Investments.
  • Faculty member at Darul Ifta Jamia Darul Uloom Karachi (2010 to till date).
    • To give Islamic ruling as Fatwa Writer ( Mufti ). Under the supervision of Mufti Taqi Usmani.
    • To give lecture on Fiqh ( Islamic jurisprudence) , Islamic economics, Islamic History & Arabic language.
  • Faculty member at CIE (Centre for Islamic Economics):
    • Islamic Economics.
    • Islamic Financial system.
    • AAOIFI Shariah standards.
    • Islamic law of Contract.
  • Visiting faculty member of PAFKIET.
    • Lectured on the topic of ‘Islamic Law of Contract, interest (Riba), Uncertainty (Gharar), Gambling,
    • Islamic Modes of Financing, Sources of Shariah, Takaful and Risk management.
  • Manager for a publishing house, “Idara-e-Islamiat” Karachi branch (2007-till date).
    • Looking after all the publishing related matters.
    • Managing local and international sales.
    • Looking after all the financial matters of the branch.