Head of Research & Development
Bank Al Jazira
Total years of experience :32 years, 4 Months
• Restructured the banks governance structure by developing a comprehensive Sharia Board Charter.
• Structured several products and services and reviewed many multimillion to billion dollar Treasury, Financial Institutions, Corporate and Syndication transactions and added value by identifying Sharia issues and suggested alternative process and procedures.
• Evaluated the retail products in general and Credit Card process and procedures in particular; identified gaps, restructured processes and procedures to make them Sharia compliant.
• Identified customer’s needs and developed / proposed eight new Sharia compliant solutions.
• Analysis of Banks Products and Services; prepared an accurate report and gave recommendations.
• Preparation of Annual Progress report and presentation for the Group Head.
• Assisting and coordinating with all stakeholders of the Bank to implement new generation of Islamic Banking product and services.
• Streamlined charity accounting system and recovered 1 million dollar worth of charity and got it transferred to the banks charity account
Offering end to end consultancy services in Islamic Finance to corporate and financial institutions. Making operational manuals for Islamic Banks and financial institutions. Conducting Sharia Audit of Banks. Assisting financial institutions in product development and review of Islamic products and services.
1. Making of the annual business plan.
2. Making job proposals for clients identified by the CEO.
3. Performing Sharia Review of product or services etc.
4. Looking after day to day issues.
5. Acquiring data from independent sources, needed for performing Sharia screening Analysis of corporate equities listed around the globe.
6. Performing any other assignment given by the CEO (e.g. preparing a file for requirements of an ancillary services license for the Shariyah Review Bureau)
1. Preparing Shariah Compliance proposals for corporate clients.
2. Islamic product reengineering and research work.
3. Designing sukuk structures for corporate clients.
4. Conversion of conventional products into Islamic products.
5. Drafting Shariah compliance policies for financial institutions.
• Selected/promoted on merit among the 56 eligible candidates for promotion under the newly implemented performance management system (PMS).
• worked as incharge of Product Development and Shariah Inspection Unit.
• Arranged the first Islamic Banking Video Conference with the collaboration of Islamic Development Bank Jeddah.
• Arranged the first two meetings of the SBP Shariah Board, took minutes of the meetings and implemented decisions after approval. looked after the Shariah Board Secretariat.
Currently on 2 years deputation to Saudi Arabia
• Wrote a paper on Basel - 2 (Implications on Islamic Banks)
• Have set up evaluation system for entertaining Islamic Banking Branch opening requests received from conventional banks (MCB, BOK, HBAGZ & BAF).
• Indicated conceptual errors in the SBP Annual Report review of Chapter 10 regarding Islamic Banking, because of which corrections were made in time.
• Proposed a 2 day Islamic Banking Module and prepared 9 handouts as resource material.
• Prepared FAQ’s to address Islamic Banking issues.
• Initiated a note to highlight the technical difficulties in launching the Ijara Bond proposed by Meezan Bank.
• Gave valuable suggestions in finalization of the Islamic Banking branch licensing policy.
• Instrumental in Selection of Auditor for Shariah Audit of Meezan Bank.
• Demonstrated that Murabaha financing done by Islamic banking is not in conformity with the Islamic Ideals.
• Ably gave comments suggestions to various organizations and government agencies like AAOIFI/ICAP/ Islamic Ideology Council / MOF(Budget proposal) etc.
• Wrote the first draft for SBP Governor speech on War Against Terrorism - Contribution of Islamic Banks (An International Perspective).
• Gave technical comments on Islamic Financial Services Board (IFSB) preliminary research report on identification and mitigation of Risks in Islamic Financial Instruments.
• Prepared talking points for the Deputy Governor, on world Islamic Banking Conference 2003.
• Prepared talking points for the Governor’s key note at Woodrow Wilson Center, Washington, USA on Islamisation and the Pakistani Economy.
• I was given a special assignment to update the Foreign Training database and to monitor the progress of reports and presentation. I not only streamlined the F.T. database but also provided management with the information about non-compliance of instructions by the trainees because of which the submission of FT reports & Presentations became a serious business.
• Prepared the first ever budget for the training department.
• 4 Level Kirkpatrick training evaluation model proposed for implementation in SBP has been implemented.
• Inspected Prime Commercial Bank Ltd. Indicated critical weaknesses in controls, the Bank management was highly impressed and during a meeting indirectly offered me a job with twice the pay I was getting, that I declined.
• Evaluated and identified serious false reporting of Government Securities through which liquidity shortfalls were concealed during the Special Inspection of Prudential Commercial Bank Ltd.
• As SBP representative I conducted a special audit of Pakistan Industrial and Commercial Leasing Ltd. with the nominated auditors of Securities & Exchange Commission of Pakistan. Major findings were a bogus guarantee on the basis of which an ADB loan was obtained and two fake leases issued by management.
• Worked as in-charge of leasing sector in Pakistan for one year.
• Inspected HBL & UBL for three months while I was working at Central Directorate Karachi.
• I was posted at Islamabad Office where I have worked in all sections of the office including more than a year as Accounts Officer General Banking.
• Gave innovative ideas for disposal of Prize Winning Bonds and credit to Government Account. Cleared 10 years old accumulated work in six months.
• Teaching Management of Business to A-Level classes.
The company is a subsidiary of Trafalgar House Group, U.K
Selected as the only graduate trainee from Pakistan in 1990 and worked in the following departments:-
• Estimation Department: Three Months.
• Material Control: Six Months.
• Stock Checking & Control: One Month.
• Accounts: Six Months.
During this period various reports submitted regarding suggestions for improving the working of different departments were highly appreciated by the British Management. (Obtained driving license during my stay at Dubai).
Became Diplomaed Associate of The Institute of Bankers (DAIBP) in 1998.
MBA in First Division with 66% marks. Major subject studied were Accounting, Finance, Economics and Marketing. Completed eight weeks internship at PIA Head Office, Karachi Airport. Briefed about organization set-up and functions of different Departments of the Corporation such as Marketing, Finance, Corporate Planning, Administration, Airport Services and PIA Training Centre.
