Introduction
As I sit down to reflect on 2024, I’m filled with gratitude for the opportunities Allah has blessed me with to serve and contribute to the development of Islamic finance across the globe. Last year has been a remarkable journey of growth, learning, and impact – from boardrooms in Malaysia to conference halls in the United States, from policy discussions in Bangladesh to enlightening conversations with respected scholars like Sheikh Mufti Taqi Usmani in Pakistan. While the path hasn’t always been smooth, each experience has added a unique thread to the tapestry of last year’s story.
Walking the Path of Shariah Governance
Through our Shariah advisory and consultancy firms – Adl Advisory in Malaysia and IFA Consultancy in Bangladesh – we’ve had the privilege of extending our Shariah advisory services across the globe, alhamdulillah. Our diverse client base spans financial institutions, corporations, funds, and various Islamic fintech ventures, including crowdfunding platforms, digital wallets, blockchain initiatives, and robo-advisory services. Our work has taken us from North America (US and Canada) to Africa (South Africa), from Central Asia (Uzbekistan) to the Middle East (UAE and Turkiye), and across the Asia-Pacific region (Malaysia, Bangladesh, and Australia). This global reach has given us unique insights into how Islamic finance adapts to different cultural contexts and regulatory frameworks.
In Malaysia, a mature market for Islamic finance, I served on the Shariah committee of both an international bank and a Takaful company. Here, I witnessed the sophisticated integration of Islamic finance where conversations about fintech, sustainability, maqasid shariah and ethical finance flow naturally, and Shariah governance standards are held to the highest regard. The experience in Malaysia showed me how Islamic finance can thrive when supported by robust regulatory frameworks and market understanding.
In Bangladesh, my involvement was even more diverse, serving on Shariah boards of a regulatory body, a few full-fledged Islamic banks and Islamic windows, and a mutual fund. This market, while showing great potential, presented different challenges as we work on establishing stronger Shariah governance frameworks.
Global Outreach and Knowledge Sharing
Last year took me on an extensive journey of knowledge sharing – both physically and virtually – across the globe. My physical training sessions spanned multiple countries, each offering unique perspectives and experiences. In Bahrain, I conducted multiple AAOIFI capacity-building sessions in both English and Arabic, where the energy and enthusiasm of participants were truly inspiring. In Malaysia, I had the opportunity to conduct specialized training sessions, while in Bangladesh, I was actively involved in numerous professional development programs.
The virtual sphere allowed me to extend my reach even further. I conducted official Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) CPSS (Certificate of Proficiency in Shariah Standards) training sessions, which included specialized Training for Trainers programs. These sessions, conducted in collaboration with organizations like Adl Advisory, TAIF Digital Institute and IFA Consultancy (IFAC) helped develop the next generation of Shariah scholars and Islamic Finance experts. My virtual training calendar was particularly diverse and organised and reached audiences across Pakistan, Brunei, Canada, and various other countries.
Memorable International Engagements
My time in the United States was particularly impactful, conducting Halaqah sessions across three states that drew hundreds of attendees. These sessions covered queries and discussions from basic concepts to advanced topics about Islamic finance and halal business practices. In Houston, I co-presented a research paper on Islamic House Finance in North America, addressing the challenges and opportunities in making Shariah-compliant home ownership more accessible.
Another deeply meaningful journey took me to Pakistan, where I moderated a panel on Artificial Intelligence in Islamic Finance at an international conference. The highlight was meeting the respected Sheikh Mufti Taqi Usmani and visiting Darul Uloom Karachi and Jamia Binnori Town. I also had the privilege of spending quality time with Sheikh Nizam Mohammed Saleh Yaquby and gaining valuable insights from his extensive experiences in the industry. These visits provided valuable insights into the deep scholarly traditions that underpin our field, while the visit to Meezan Bank’s headquarters offered practical perspectives on Islamic banking implementation in Pakistan.
In Malaysia, I participated in the prestigious Kuala Lumpur Islamic Finance Forum (KLIFF) as a panellist, sharing recent developments in Shariah resolutions in Islamic Finance. This platform provided an excellent opportunity to engage with global leaders and discuss how Shariah principles are evolving to meet contemporary financial challenges.
Contributing to National Policy and Islamic Finance Education
Through the Center for Ethical Research and Thoughts (CERT), we submitted comprehensive policy recommendations to the new government of Bangladesh, covering areas such as Islamic Economics and Finance, Islamic Banking and Takaful, Shariah Governance, Waqf administration, and Zakat management.
This year marked a significant expansion of my academic involvement as I joined a reputable public university Universiti Sains Islam Malaysia in Malaysia as a visiting lecturer. This role has allowed me to contribute to both research initiatives and classroom sharing, helping shape the next generation of Islamic finance professionals. The academic environment has provided a valuable platform to bridge theoretical knowledge with practical industry insights.
On the educational front, I continue to manage the Centre for Islamic Economics Studies (CIES) in Bangladesh where we run a specialized two-year Takhassus program in Ifta and Fatwa. This program represents our commitment to developing Shariah scholars who can navigate both traditional Islamic jurisprudence and modern financial complexities. The combination of my university role and CIES responsibilities has created valuable synergies in developing comprehensive Islamic finance education.
Navigating Challenges and Growth
The year brought its share of challenges, both personal and organizational, testing our commitment to the principles we hold dear. These challenges have been valuable learning experiences, shaping our approach to Islamic finance and governance.
As an individual Shariah board member, I faced several difficult situations. In some boards, expressing opinions on Shariah compliance met with resistance, while in others, I found myself struggling to get adequate space for open discussion of critical issues. There were instances where management showed reluctance to implement Shariah-compliant solutions, creating a challenging environment for effective governance.
A particularly concerning challenge has been the difficulty in making sound Shariah decisions due to the composition of some boards. Unfortunately, on some boards, I often found myself working alongside members who had an inadequate understanding of fiqh muamalat and modern Islamic finance practices. This lack of expertise among board members made it challenging to have meaningful technical discussions or make well-informed Shariah decisions. Some committee members remained completely silent during crucial deliberations, while others struggled to engage with the complexities of modern Islamic banking and finance. In the regulatory sphere, particularly in developing markets, I faced challenges with irregular meeting schedules.
These operational issues highlighted the need for stronger institutional frameworks and more robust governance structures. The absence of comprehensive Shariah governance requirements from some central banks has created significant gaps in the overall Shariah governance, making it challenging to implement effective Shariah oversight. These experiences led me to make the difficult decision to resign from one board in 2023, and I’ve identified several others where I may need to step down if positive changes don’t materialize.
During my meaningful meeting with Sheikh Mufti Taqi Usmani, I sought his guidance about these challenges. His wisdom was clear and principled:
Continue serving on boards where entities show commitment to islah (transformation and following our guidance), but leave those that don’t show the commitment and resist implementing Shariah compliance measures.
Sheikh Nizam Yaquby also shared similar wisdom. This guidance has become a cornerstone in evaluating my board commitments.
On the organizational front, some of our entities faced their own set of challenges. In what should be a collaborative space focused on advancing Islamic finance, we encountered situations where some industry colleagues attempted to edge us out of the market through unethical practices. Despite this competitive pressure and unprofessional behaviour, we’ve maintained our commitment to collaboration, recognizing that this field is not just a business but a form of dawah – a calling to serve the greater good of the ummah.
A persistent challenge has been the misconception about the role of Shariah advisors. Many clients and their investors/customers expect us to serve as business consultants and guarantors of financial success, when our primary responsibility is advising on Shariah compliance. I frequently find myself explaining that while a business may be perfectly Shariah-compliant, this doesn’t automatically guarantee its profitability – and vice versa. This misunderstanding often leads to unrealistic expectations and unnecessary tensions in our professional relationships.
Looking Forward
As we step into 2025, I carry with me the lessons learned from every challenge and success of the past year. Our focus remains on strengthening Islamic finance frameworks, improving Shariah governance, and building bridges between traditional Islamic principles and modern financial innovations. Above all, we continue to view our work not just as a professional endeavor, but as a form of dawah – a responsibility to serve the ummah and uphold the principles of our faith.
Throughout my journey, I consistently emphasize two fundamental principles across all my teams – ikhlaas (sincerity, doing everything solely for Allah’s pleasure) and istiqamah (steadfastness despite challenges).
These principles are not just words but the cornerstone of our approach to Islamic finance. Even when faced with difficulties or resistance, it’s this commitment to ikhlaas that keeps us focused on our true purpose, and istiqamah that gives us the strength to persevere. As we move forward, I continue to aspire to embody these values myself and inspire them in all my team members.
I am deeply grateful to my partners, colleagues, collaborators, and clients, who have contributed immensely to our journey. Without their trust, support, and shared commitment to excellence, many of our achievements last year would not have been possible. InshaAllah, with sincere intentions and unwavering dedication, we commit ourselves to continuous improvement in serving our ummah and upholding the principles of our deen.
Contact Adl Advisory and IFA Consultancy (IFAC) for Shariah Advisory, Shariah Review, Shariah Audit, and training services. Support our Centre for Islamic Economics Studies (CIES) through your edu-waqf to advance education and research in Islamic finance.
