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01 january 2014
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Fatwa and Shari'a Supervisory Board

The Dubai Financial Market (DFM) Fatwa and Shari'a Supervisory Board is comprised of leading Islamic scholars who have extensive experience and expertise in legal, financial and banking-related matters.
View the list of Fatwa & Shari'a Supervisory Board members and their biographies below:

Dr. Hussein Hamed Hassan

Chairman and Executive Member
Shari’a and Fatwa Supervisory Board
Dubai Financial Market

Graduated from the Faculty of Law, Cairo University, BA in 1959, with a Diploma in Private Law & Shari’a Diploma in 1961, 1962.

Graduated from the Faculty of Shari’a, Al-Azhar University in 1960, with a Ph.D. in 1965.

Master’s Degree in Comparative Law, International Institute of Comparative Law, University of N.Y., USA in 1965.

Established and chaired various Islamic universities and faculties in different parts of the world including, Makkah, Islamabad, Kazakhstan and Libya.

Dr. Hussein has been an Advisor to the President of the Republic of Kazakhstan (at whose request he participated in preparing the constitution of Civil Codes framework for Kazakhstan in 1992, and Islamic Banking Law in 2008), President of the Islamic Republic of Pakistan, Prime Minister of the Republic of Kyrgyzstan, President of the Islamic Conference of the Muslim World and General Secretary of the Muslim World League, Saudi Arabia. Dr. Hussein is also the President of the US Muslim Jurists Association.

Dr. Hussein is the Chairman of Shari’a Supervisory Boards of numerous Islamic financial institutions, including Dubai Islamic Bank, Emirates Islamic Bank, Sharjah Islamic Bank, Amlak, Tamweel, National Bonds, Liquidity Management Centre, AMAN Takaful Company, Islamic Development Bank, and others.

Dr. Hussein has converted conventional banks into Islamic and the exchange, DFM as the world’s first Islamic stock exchange. He has introduced many landmark innovative products to the Islamic Finance industry, including the world’s first: Convertible Sukuk, Multi-class Sukuk, Securitisation Sukuk, Currency and Rate Swaps, Personal Finance, IPO Finance, and others.

He has also supervised the grand plan of translating 200 Islamic books into different languages and is the author of 21 books on Islamic law, Islamic finance, Islamic economics, Islamic art, Islamic social studies, besides writing over 400 extensive articles on these subjects. He has been instrumental in translating the Holy Quran into the Russian language.

Dr. Abdul Sattar Abdulkareem Abu Ghuddah

Chairman Deputy and Member
Shari’a and Fatwa Supervisory Board
Dubai Financial Market

Ph.D. in Islamic Shari’a (Jurisprudence) - Al-Azhar University

Held several positions, including the following:

  • Legal Consultant to the Dallah Al Baraka Group and Director of Financial Instruments, Research and Development department.
  • Teacher of modern jurisprudence and hadith in the religious institute, Kuwait.
  • Member of the Islamic Fiqh Academy in Jeddah since its inception.
  • Expert in the Islamic Fiqh academy of the Muslim World League in Mecca.
  • Member of the International Zakat legitimacy since its inception.
  • Member of the General Authority of Fatwa in the Ministry of Awqaf between the years of 1982 to 1990.
  • Member of the Accounting Standards Board, and Board Member of the Accounting and Auditing Organization for Islamic Financial Institutions.
  • Chairman and member of several Shari’a Supervisory Boards of Islamic financial institutions (banks, investment institutions, insurance, leasing and investment).

Dr. Mabid Ali Al-Jarhi

Member and Secretary
Shari’a and Fatwa Supervisory Board
Dubai Financial Market

B. A. Economics, Cairo University, M. A. Economics, University of Illinois, resident graduate studies, UCLA and a Ph.D. Economics, USC.

Member of the Egyptian Constitutional Committee.

Visiting Professor of Economics, College of Islamic Studies, Hamad Ben Khalifa University.

Previously:

  • Financial Expert & Head of Training, Emirates Islamic Bank, until 2011.
  • President of the International Association for Islamic Economics, until 2011.
  • Director of the Islamic Research and Training Institute, IRTI-IDB, until 2003.
  • Chief of Research and Senior Economist, Technical Editor of the Joint Arab Economic Report, Secretary General, Council of Governors of Arab Central Banks, Arab Monetary Fund, until 1996.
  • Director of Economic and Policy Planning, Islamic Development Bank (IDB), until 1979.
  • Economist at the Institute of National Planning, Cairo, until 1976.
  • Taught economics at American and Egyptian universities.
  • Participated in establishing several Islamic banks, and in introducing Islamic banking laws.
  • Published research in Economics and Islamic Economics.
  • Former author of a yearly economic report on Islamic finance in the UAE and the Gulf.