In 2023, Eiger set up its own Shari’ah Board comprising of three members:

• Mohamed Ali Elgari (Saudi Arabia)
• Sayed Mohammad Abdulrazzaq Al-Sayed Ibrahim Al-Tabtabaei (Kuwait)
• Mohamad Akram Laldin (Malaysia)

When forming the Board Dr. Elgari kindly agreed to be its Chairman as he had previously been the company’s Shari’ah Advisor from 2014.

The first meeting of the Board took place in Jeddah in November 2023 and is expected to meet twice a year going forward. The Board will monitor the Shari’ah compliance of the company’s commodity supply to its clients who deal in Murabaha and Tuwaraq commodity based transactions. The Board will also sign Fatwas that are required by our clients who may wish to present them to their own Shari’ah Boards.

Credentials of the Board Members.

 

• Mohamed Ali Elgari (Saudi Arabia) – Chairman

Dr. Mohamed Ali Elgari graduated from the King Abdul-Aziz University in 1975 with a Bachelors in Economics. He then earned a Masters in Economics from the University of California in 1981 and a PhD in Economics in 1984 also from the University of California.

Commencing in 1985 Dr. Elgari has been an Expert at the Islamic Jurisprudence Academy, Organisation for Islamic Countries (OIC). From 2000 Dr Elgari has been a member of the Sharia’h Council of AAOIFI and a member of the Board of Trustees of AAOIFI.

Dr. Elgari is a member of various Sharia’h Boards of Islamic banks and Takaful companies including the Central Bank of Bahrain, Saudi National Bank, Alinma Capital, Aljazira Capital and the Dow Jones Islamic Markets Index.

In his long and distinguished career, Dr. Elgari also held the post of Director of the Centre for Research in Islamic Economics and is a former Professor of Islamic Economics at King Abdul-Aziz University in Jeddah.

In 2004 Dr. Elgari was awarded the Islamic Development Bank prize in Islamic banking and Finance. He has also been awarded the KLIFF Islamic Finance Award for the Most Outstanding Contribution to Islamic Finance (Individual) and Euromoney’s award for Outstanding Contribution to Islamic Finance.

• Sayed Mohammad Abdulrazzaq Al-Sayed Ibrahim Al-Tabtabaei (Kuwait)

Prof. Altabtabaei has a Bachelor’s degree in Sharia’ah and Fundamentals of Al Din from Al Qassim University (1988) and a Master from the Higher Judicial Institute, Imam Muhammad bin Saud Islamic University (1993). Prof. Altabtabaei graduated with a Doctorate in 1996 from the Higher Judicial Institute, Imam Muhammad bin Saud Islamic University. The professor has been honoured by the Kuwait University for contributions to academic development and recognized for distinguished efforts by Imam Muhammad bin Saud University in 2014.

Prof. Altabtabaei has a wealth of professional experience:

• Chairman, Fatwa Committee, Ministry of AlOwqaf and Islamic Affairs, since 2013 AD.
• Former Chairman, Supreme Advisory Committee, overseeing the implementation of Islamic Sharia provisions in the Amiri Diwan, Kuwait.
• Acting Director, Kuwait University, for various periods.
• Former Dean, College of Sharia and Islamic Studies, Kuwait University.
• Chairman, Fatwa and Sharia Supervisory Board, Kuwait Finance House (KFH) Group.
• Former Director, Legal Department, Ministry of AlOwqaf and Islamic Affairs.
• Member, Advisory Board, Journal of the Saudi Council of Senior Scholars, since 2017
• Member, Board of Trustees, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Kingdom of Bahrain.
• Member, Islamic Jurisprudence Committee, Imam Muhammad bin Saud Islamic University, 2010
• President, International Conference on Contemporary Islamic Issues – State of Kuwait.
• Chairman, Islamic Financial Transactions Conference – State of Kuwait.

• Mohamad Akram Laldin (Malaysia)

Prof. Akram holds a B.A. Honours degree in Islamic Jurisprudence and Legislation from the University of Jordan, Amman, Jordan and a Ph.D. in Principles of Islamic Jurisprudence (Usul al-Fiqh) from the University of Edinburgh, Scotland, United Kingdom.

He has presented many papers related to Islamic Banking and Finance and other Fiqh topics at national and international level and has conducted many training sessions particularly on Islamic Banking and Finance for different sectors since 1999. He is a registered Shariah Advisor for Islamic Securities with the Securities Commission of Malaysia and has acted as Shariah advisor in the issuance of many sukuks. In addition, he is also prolific author of academic works specifically in the areas of Islamic Banking and Finance. He is the recipient of Zaki Badawi Award for Excellence in Shariah Advisory and Research. Recipient of the Most Outstanding Individual Contribution to Islamic Finance during KLIFF 2016 organised by CERT. Winner of the 2017/1439H Malaysian Islamic Personality Award conferred by The Government of Malaysia on the occasion of the birthday of the Prophet Muhammad (peace be upon him). He was awarded The Panglima Jasa Negara (PJN), Commander of the Order of Meritorious Service which carries the title `Datuk’ on 06 June 2022 by the King of Malaysia.

Dr. Akram currently holds the following positions:

• Member of Bank Negara Malaysia Shari’ah Advisory Council,
• Member of MIFC Leadership Council, Chairman of Shari’ah Board of Employees Provident Fund Malaysia (EPF),
• Chairman of Shariah Supervisory Council of Labuan Financial Services Authority (FSA),
• Member of Internal Shariah Supervisory Committee, Dubai Islamic Bank,
• Member of Shariah Advisory Council International Islamic Financial Market (IIFM), Bahrain,
• Member of AAOIFI Public Interest Monitoring Consultative Committee (PIMCC),
• Member of First Abu Dhabi Bank (FAB) Internal Shariah Supervision Committee,
• Member Financial Regulation Advisory Council of Experts (FRACE), Central Bank of Nigeria,
• Member of Shariah Supervisory Board, Bank Muscat Meethaq Islamic Bank,
• Chairman of The Shariah Advisory Committee of Permodalan Nasional Berhad (PNB),
• Chairman of Shariah Advisory Committee for Shariah Compliant Fund (SACF) of Amanah Saham Nasional Berhad (ASNB),
• Member of Shariah Advisory Committee Lembaga Tabung Haji, Chairman of BOD of ASNB Wakalah Sdn Bhd
• Member of Institute of Corporate Directors Malaysia (ICDM).

Eiger Trading and Advisors Ltd. is honoured to welcome these gentlemen to the Eiger Shari’ah Board.