The Board of Principles for Islamic Finance (BPIF) plays a pivotal role in ensuring Sharia compliance within Kazakhstan Ijara Company (KIC). BPIF is entrusted with:
• interpreting and defining Sharia principles,
• verifying KIC's activities,
• ensuring compliance with Sharia in all transactions.
• issuing certificates and resolutions,
• offering opinions on KIC's financing policies, internal documents, and the adherence of Islamic financing agreements with Sharia requirements,
• advising KIC's shareholders, Board of Directors, and Management,
• endorsing Sharia policies and procedures while being accountable for all Sharia decisions made during its tenure.
The BPIF's meticulous approach and guidance contribute to KIC's commitment to upholding Sharia principles in its operations.
The members of BPIF are appointed by the decision of the KIC General Shareholders Meeting for a three-year term, starting from September 14, 2022, with the possibility of reappointment or replacement, subject to prior written notification to KIC from the Sharia Review Bureau.
Sh. Muhammad Ahmad
Shaikh Muhammad has over 10 years of experience as a Shari’a consultant and academic in various parts of Islamic finance.
He has worked predominantly in the financial services along with retail and investment banking and has expertise in corporate advisory and real-estate funds. Sheikh Muhammad works extensively with leading global and domestic financial institutions across the GCC. His work ranges from redesigning conventional Sukuk, to organizational structuring of funds in the banking, insurance and private equity sector. He procured his Masters (A’alamiyah) in Fiqh and Usool ul Fiqh from Jami’ah Ahsan Ul Uloom and procured Bachelors in Islamic sciences from Jamia Dar-ul-Uloom.
Dr. Salah Fahad Al Shalhoob
Shaikh Salah is a Sharia scholar who procured his PhD from Edinburgh University (UK) and Masters from Al Imam University (KSA). He has led a broad range of engagements in the US, Europe and the GCC with a focus on banking and investment products, real-estate acquisitions, Islamic Insurance management, listed securities and private equity fund. His product based experience spans sukuks, home mortgages, leasing, SME Financing and asset management transactions.
He is an Assistant Professor at Islamic & Arabic Studies College of Applied Studies at King Fahd University of Petroleum & Minerals & has written several research papers.
Mufti Irshad Ahmad Aijaz
Shaikh Irshad completed his Takhassus in Ifta, Phd in Jamia Dar-ul-Uloom; a leading institute of the world renowned Mufti Muhammad Taqi Usmani. He is also a candidate of M Phil in Islamic Finance & Banking. Apart from being a member of Shari’ah Advisors Forum formed by State Bank of Pakistan for developing and implementing Shari’ah Standards for Islamic Financial Institutions he also leads the Task force for Islamic alternatives for agricultural finance; and the Committee for review of AAOIFI Shari’ah standards on Mudarabah.
He is also a visiting faculty member of Iqra University, National Institute of Banking and Finance, a subsidiary of State Bank of Pakistan, Centre for Islamic Economic, and Sheikh Zayed Islamic Center.