Islamic Banking
CIMB Group Strengthens its Islamic Banking And Finance Operations with New Appointment
By Press Release
Jun 16, 2006, 22:53

CIMB GROUP STRENGTHENS ITS ISLAMIC BANKING AND FINANCE OPERATIONS WITH NEW APPOINTMENT

CIMB Group today announced the appointment of Sheikh Nizam Yaqubi on the CIMB Shariah Committee effective from 1 June 2006. He succeeds Associate Professor Dr. Engku Rabiah Adawiah who retired early this year after 2 years of service on the committee.

Sheikh Nizam Yaqubi is a Bahrain national and is a highly successful businessman. He also sits on various Shariah Supervisory Boards including the Dow Jones Islamic Market Indexes (DJIM), the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the International Islamic Financial Market (IIFM). He is the author of several articles and publications on Islamic finance and other sciences, in English and Arabic. Sheikh Nizam Yaqubi was educated in the classical Shariah in his native Bahrain and in Makkah under the guidance of eminent scholars, including Shaikh Abdulla al-Farisi, Shaikh Yusuf al-Siddiqi, Shaikh Muhammed Saleh al-Abbasi, Shaikh Muhhamed Yasin al Fadani (Makkah), Shaikh Habib-ur-Rahman A. Zaini (India), Shaikh Abdulla bin Al-Siddiq Al-Ghumar (Morocco), and others. He has a BA in Economics and Comparative Religion and M.SC. in Finance from McGill University, Montreal, Canada. Currently, he is a PhD candidate, University of Wales in Islamic Law.

“Sheikh Nizam’s enthusiasm, wide-ranging Shariah knowledge, and background in business is a significant boost to our Islamic banking and finance efforts,” says Badlisyah Abdul Ghani, Head of CIMB Islamic. “We were particularly keen to bring on board someone who is not only competent in Shariah but also have practical experience in business and strong appreciation of economics. Our customers will derive enormous benefits from his understanding of their business needs.”

Sheikh Nizam is the third foreign Shariah scholar on the CIMB Shariah Committee. He joins Professor Dr. Mohammad Hashim Kamali (Canadian), a prolific and influential writer of Islamic banking and finance with over 20 books to his credit; and H.E. Professor Hafiz El Zaki (Sudanese), an ex-Minister of Law and Chief Justice of Sudan. Other members of Shariah Committee within the CIMB Group includes Associate Professor Dr. Ahmad Hidayat bin Buang, Mohd Nai’m Bin Haji Mokhtar, Dr. Ismail Mohd@ Abu Hassan, Dr. Shafaai Bin Musa, Associate professor Dr. Abdul Karim bin Ali and Dr. Wan Sabri Wan Yusof.

The CIMB Shariah Committee’s role is to assist the Board and top management of CIMB Group in formulating strategies and generating policies that will help the Group in its efforts to expand the Islamic banking and finance operations internationally. All appointment to the CIMB Shariah Committee is made pursuant to BNM/GPS1, Guidelines on the Governance of Shariah Committee for Islamic Financial Institutions.

About CIMB Group

CIMB Group is the holding company of the Malaysian investment and commercial banking arms of Bumiputra-Commerce Holdings Berhad, Malaysia’s second largest financial services group. CIMB Group comprises of 12 major subsidiaries, Commerce International Merchant Bankers Berhad, CIMB Discount House Berhad, CIMB Securities Sdn Bhd, CIMB (L) Limited, CIMB Futures Sdn Bhd, PT CIMB-GK (Indonesia), CIMB Private Equity Sdn Bhd, CIMB Principal Asset Management Berhad, CIMB Real Estate Sdn Bhd CIMB-GK Pte Ltd and Bumiputra-Commerce Bank Berhad and Commerce Tijari Bank Berhad. CIMBG’s Islamic banking and finance businesses are undertaken by its dedicated Islamic banking and finance franchise, CIMB Islamic.


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