7th APRIL 2015 - Vol.XXXVIII No.018
Business News

Al Fakih named AAOIFI secretary general

MANAMA: The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced the appointment of Dr Khaled Al Fakih as its new secretary- general.

Chairman Shaikh Ebrahim bin Khalifa Al Khalifa said that the appointment had been made after carrying out the due process of selection.

"On behalf of AAOIFI and the board of trustees, I am pleased to welcome Dr Al Fakih to his new role and I am confident that he will steer the organisation to an even stronger position to discharge our responsibilities in developing and issuing standards for the international Islamic finance industry," he added.

Dr Al Fakih has extensive experience in banking and finance and a unique combination of expertise in Islamic law, risk management, audit and technical finance.

He holds a PhD in Islamic Studies from the University of Saint Joseph, Beirut, Lebanon, and an MBA in banking and finance.

He is a Certified Financial Risk Manager, Certified Management Accountant, Certified Internal Auditor and Certified Financial Services Auditor.

He is a member of the Islamic Banks Committee of Association of Banks in Lebanon (ABL) and the AAOIFI Sharia Standards Committee.

He was also a member of the venture capital and Islamic securitisation study group as well as the Islamic corporate governance study group at the Central Bank of Lebanon in 2007.

Dr Al Fakih has lectured on the principles of Islamic jurisprudence at the Islamic University of Beirut's Al Sharia College and delivered seminars in different countries in collaboration with International Monetary Fund, ABL and Union of Arab Banks, covering major Islamic finance topics on principles of Islamic finance, structured finance, risk management and audit. "I am honoured for the trust and confidence that have been placed on me," he said.

Shaikh Ebrahim also paid tribute to the sterling leadership and immense achievement of outgoing secretary- general Dr Mohamad Nedal Alchaar, who has assumed the position of the Minister of Economy and Trade of Syria.

He will continue to oversee AAOIFI's operations during the transition period before Dr Al Fakih's appointment takes effect on February 1. He will also continue to serve as a member of AAOIFI board.

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