First Energy Bank is guided by a Sharia’a Supervisory Board consisting of three distinguished scholars, they review the bank’s activities to ensure that all products and investment transactions comply fully with the rules and principles of Islamic Sharia’a.
Sheikh Nizam Mohammed Saleh Yaqubi
Sheikh Nizam Mohammed Saleh Yaqubi is a well-known Sharia’a Scholar and is recognized internationally. He is on the Sharia’a Supervisory Board of many Islamic financial institutions such as The Accounting and Auditing Organization for Islamic Financial Institutions, Khaleeji Commercial Bank, Shamil Bank, Bahrain Islamic Bank, and Executive member of Gulf Finance House, Abu Dhabi Islamic Bank, and a member of the Sharia’a Supervisory Boards of many other leading Islamic banks. He has contributed to the creation of many AAOIFI Sharia’a standards, participated in many Islamic finance and banking conferences around the world.
Sheikh Nizam is one of the pioneers in Islamic banking. He is a well-known Sharia’a scholar in all fields of Islamic Banking and Fiqh Al Mu’amalat.
Sheikh Dr. Mohamed Ali bin Ibrahim Elgari
Dr. Mohamed Ali bin Ibrahim Elgari is an Islamic Economics Professor at the King Abdulaziz University in the department of Economics and Administration.
In addition to his position at the King Abdulaziz University, he is affiliated with a number of organizations and financial institutions. Among them being a member of the Sharia’a committees at the National Commercial Bank, Islamic Citibank, Arab National Bank and the Dow Jones Islamic Index. Dr. Elgari is also on the editorial boards of several Islamic journals, and an advisory member on the Harvard Series on Islamic Law. He also held the title of director of the Centre for Islamic Economics Research.
Dr. Elgari has participated in various conferences and seminars, both locally and overseas. Extensive research in the field of Islamic economics and finance has lead to a number of his works published in recognized journals and presented at relevant conferences. Among them being topics on fiscal deficit in Islamic economics, setting up Sharia’a compliant credit cards and banking systems, role of Islamic mutual fund and risk management, and issues facing Islamic banks and investments.
A handful of Dr. Elgari’s research is expected to be published in the future. Dr. Elgari holds PhD in Economics from the University of Berkley, California.
Sheikh Dr. Osama Mohammed Saad Bahar
Sheikh Bahar is a prominent, highly-respected Sharia’a scholar from Bahrain.
He is currently Head of the Sharia’a Compliance and Advisory at First Energy Bank, following earlier senior positions at Islamic banks in Bahrain including Head of Sharia’a Compliance at Al Salam Bank and, before that, Sharia’a Compliance Officer at ABC Islamic Bank.
Sheikh Bahar is also a Member of the Sharia Supervisory Board of the Global Banking Corporation, International Investment Bank, Allianz Global Investors, Allianz Takaful (Bahrain), International Tharawat and Family Bank; and Sharia Advisor for Sakana Holistic Housing Solutions and Reef (Real Estate Finance).
Sheikh Bahar was awarded his Doctorate degree from Lahaye University in Holland, his Master Degree from Al Emam Al Awzae University in Lebanon and his Bachelor degree in Islamic Sharia’a from Prince Abdul Qader University of Islamic Studies in Algeria.