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Gatehouse Bank appoints head of Shari’ah advisory and compliance

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Points of Essence:

  • UK based Gatehouse Bank recently announced the appointment of Mufti Muhammad Nurullah Shikder as its head of the Bank’s Shariah advisory and Shariah compliance. Shikder will oversee the day to day transactions of the Bank to ensure compliance with the Shariah as well as provide training in the related areas. He was previously with Dubai Islamic Bank and currently sits on on the Shariah Board of other financial institutions.

By: Staff Writer

Gatehouse, Dubai Islamic Bank, Shari'ah board, advisor, appointments,

Mufti Muhammad Nurullah Shikder previously spent three and half years with Dubai Islamic Bank in the Shari'ah Coordination Department and worked closely with Dr. Hussain Hamid Hassan, Chairman of the DIB Shari'ah Board.

Gatehouse Bank, a Shari’ah-compliant wholesale investment bank based in the UK, has appointed Mufti Muhammad Nurullah Shikder as head of Shari’ah advisory and Shari’ah compliance.

Gatehouse Bank said its Shari’ah Advisory and Shari’ah Compliance Department will be providing Shari’ah services in the following core areas:

Shari’ah Advisory:

• Assisting with the structuring of Shari’ah compliant products and offerings and issuing the relevant Fatwa;

• Reviewing transaction documentation in accordance with the principles of Shari’ah;

• Providing general Shari’ah consultancy/advice on an on-going basis.

Shari’ah Audit & Compliance:

• Providing Shari’ah audit services;

• Reviewing executed transaction documents to ensure continuous Shari’ah compliance;

• Preparation of Shari’ah auditor’s reports.

Shari’ah Training & Research:

• Delivering training on Shari’ah compliant financing techniques, products, services and transactions to clients;

• Carrying out research in the field of Shari’ah compliant products, techniques and services in order to develop innovative products.

The banks said each core area will have dedicated team members to cater for the needs of the bank’s clients to ensure an efficient and streamlined service.

Prior to joining Gatehouse, Muhammad spent three and half years with Dubai Islamic Bank in the Shari’ah Coordination Department and worked closely with Dr. Hussain Hamid Hassan, Chairman of the DIB Shari’ah Board.

Muhammad has been involved in many transactions where innovative structuring and documentation was essential, including Sukuk, Islamic funds, Islamic syndications and other corporate and retail products. He was also a trainer in Islamic banking and finance for Dubai Islamic Bank and other financial institutions in Dubai. He regularly attends and speaks at Islamic finance seminars and conferences.

In addition to being a member of Gatehouse’s Shari’ah Supervisory Board, Muhammad also sits on the Shari’ah Boards of Lloyds TSB, Alburaq of Arab Banking Corporation and Scottish Widows Investment Partnership (SWIP).

Source: http://www.cpifinancial.net

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Written by Suapi Shaffaii

October 29, 2008 at 8:30 pm

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