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Overview |
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Introduction IIFB |
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IIFB Members |
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Shariah Certification |
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Members of IIFB
There are several forms of supervisory oversight in Islam: God’s oversight over His creations; self-control by a person; a person’s supervision of another person; and the accountability system in general. Within this broad framework of oversight, the Islamic financial Investments have adopted a rigorous system of self regulation in the form of Islamic Investment & Finance Board (IIFB) supervision.
The board is an independent and non-profit institute that is created by the trustees of Rahmani Foundation and shall be managed, governed and controlled by them under the adept leadership of MaulanaMohd. WaliRahmani. At present IIFB comprises of nine members, some of them being extremely prominent Ulema such as Maulana Khalid Saifullah Rahmani, General Secretary of Islamic Fiqh Academy- India. Maulana Fazlur Rahim Mujazzedi- Jaipur, Mufti Shoibullah Khan- Bangalore, Mufti Ejaz Arshad Qasmi, Mufti Ahmad Nadir Al-Qasmi, Mufti Mohd Yahya Qasmi, Mufti Anwarul Haque Qasmi, Mufti Riaz Ahmad Rahmani.
How IIFB Would Function?
Islamic Investment & Finance Board (IIFB) has appointed Mumbai based Pragmatic Wealth Management Pvt. Ltd (PWM) to do a deep and comprehensive research on Islamic Financial Products presented to them by financial institution for review. PWM will prepare a white paper (Report) and submit to the board, based on which the Board will form an opinion on the matters concerning Islamic Finance. To carry out research, supervision and monitoring Mr. Imtiaz Merchant, Managing Director, PWM has formed a committee and it consists of well qualified and trained muftis & experts with knowledge of Islamic jurisprudence. This Shariah committee will work under the complete supervision and guidance of the IIFB and would rigorously follow the Shariah Principles. The role of this board will be purely supervisory and the final authority will rest with the IIFB on all the matters relating to certification.
Objectives of IIFB
- Facilitate and ensure the operation of free and fair markets in the Islamic Financial Sector. And Ensure Shariah Compliance and effectiveness of corporate governance.
- Promote the development of standardized products through research and Comply with international accounting and auditing standards applicable to Islamic Financial Services.
- Take initiatives to integrate and strengthen domestic Islamic Financial Institutions and International Financial Systems.
- To scrutinize and audit the financial products and issue Shariah Certificates to the companies.
- To organize seminars and conferences in order to educate the people about the importance of Halal investments and its social and economic benefits.
- To assist institutions in the development and execution of new Shariah compliant products.
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Maulana Mohammad Wali Rahmani (Chairman)
Maulana Mohammad Wali Rahmani is the Rector of Khanqah Rahmania Munger and the secretary
of All India Muslim Personal Law Board and Sajjadah Nasheen of Khanqah Rahmani in
Munger. He belongs to an illustrious family. He is a well reputed Islamic scholar
and disciple and representative of his father Hazzrat Ameer Shariat Maulana Syed
Shah Minnatullah Rahmani the First General Secretary of All India Muslim Personal
Law Board. His grandfather Hazrat Maulana Syed Mohammad Ali Mungeri was the founder
of Darul Uloom Nadwatul Ulema, Lucknow.
He received education from his father in Munger and Darul Uloom Deoband. He was
appointed as rector of
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Khanqah Rahmania Munger and Sajjada Nashin of the Khanqah after the demise of his
father Hazzrat Maulana Minnatullah RahmaniHe takes prominent part in the establishment
of various educational and welfare institutions for the upliftment of Muslim community.
He advocates his endeavor to modernize Madaris education and to reorganize and structure
the syllabus of institutions of Islamic learning and wants to refashion the Madaris
in the light of changing scenario.
Maulana Mohammad Wali Rahmani has deep understanding of the issues confronting Muslim
community in India and hence confronts many opponents in a scholarly and dignified
manner. He is the Chairman of Sub-Committee National Monitoring Committee for Minority
Education (NMCME) and the Chairman of Madrasa Modernization Committee set up by
the Ministry of HRD. Besides that of Islamic Investment and Finance Board (IIFB)
he also heads many organizations and institutions related to Muslim community
Apart from his contribution in various educational, social, political and religious
organizations, his achievement as “Rahmani 30” is highly appreciated and will be
written with golden words while composing the History of 20th Century’s Muslims
of India.
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Maulana Khalid Saifullah Rahmani (Hyderabad)
Maulana Khalid Saifullah Rahmani’s distinctiveness lies in his dynamic and versatile
approach. Bestowed with multifaceted talents and skills, he has combined his in-depth
understanding of Quran and Sunnah with a profound insight of modern knowledge disciplines
and affairs. He has a unique capability of suggesting insightful Islamic solutions
to the new-age problems without compromising on fundamental tenets of Islamic Shariah.
Inheriting rich scholarly traditions from his family of reputed scholars, Maulana
Rahmani had the
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opportunity to learn and practice Islamic jurisprudence under the
aegis of famous Islamic jurists like Maulana Minnatullah Rahmani and Moulana Mujahid-ul-Islam
Qasmi. He has written more than 50 books on a wide range of topics and pioneered
more than fifteen institutions of Islamic education, research and jurisprudence
across the country.
Maulana Rahmani has pioneered a new paradigm in Islamic education by introducing
specialization and super specialization. He has tried to introduce new disciplines
in Madrasa education by linking education to practical affairs like Dawah, Media.
His wide reach and broad outlook has made him respectable across all the sections and sects of Muslim community in India.
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Maulana Fuzailu Rahman Hilal Usmani (Punjab)
Mufti Fuzailur Rehman Hilal Usmani is an eminent scholar. He hails from a family
which commands a special distinction in knowledge and learning that is his family
heritage.
Mufti Usmani basically belongs to Deoband, traces his genealogy to one of the four
distinguished caliphs of Islam, Hazrat Usmani Ghani (May Allah be Pleased With Him).
His forefathers were the founders of Darul Then he left for Saudi Arabia for further
studies at Madina University and then Azhar University, Cairo, Egypt. He also got
Diploma in Arabic Language from Muslim University, Aligarh, India.
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After the completion of his formal education, he worked at Darul Uloom Deoband as
a professor of Arabic & Persian language for 12 years. In 1973, he was entrusted
with the responsibility of grand Mufti of Punjab State.
Hilal Usmani has pioneered many Islamic education and popularly Darussalam Islamic
Centre, Malerkotla. He composes a wide profile by his vast contribution through
Founder Member of All India Muslim Personal Law Board, Founder Member of Islamic
Fiqh Academy India, Member of All India Muslim Majlis-E-Mushawarat, Member of All
India Milli Council and member of Advisory Board, Darul Uloom (Waqf) Deoband and
Patron of Mujamma-E-Islami, Morocco and many organizations across the country. He
has attended many International conferences in India beside in Saudi Arabia, Morocco,
Russia and Thailand.
Usmani has written a number of articles and papers with the editorship and patronage
of several esteemed magazines and monthlies besides which he has more than sixty
books to his credit on a wide range of topics and languages. One of his rare accomplishments
is that he has done extensive codification of the Islamic laws and other important
Islamic Jurisprudence issues. His most popular book is “Roohul Qur’an, the Translation
and Commentary of the Holy Qur'an. Mufti Usmani is serving for the betterment of
economic dimension of the Muslim community.
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Maulana Fazlur Raheem Mujaddidi (Jaipur)
Maulana Mohammad Fazlur Rahim Mujaddedi is the son and successor of Maulana Shah
Mohammad Abdur Rahim Mujaddidi as well as the successor of another great Sufi Hazrat
Maulana Shah Hidayat Ali Mujaddidi. Inheriting rich scholarly traditions from his
Sufi family he got religious education and perceived god-gifted skill in both Islamic
and Modern education.
Maulana Mujaddedi has been the member of All India Muslim Personal Law Board, All
India Waqf Council and member of the Aligarh Muslim University Court and chairman
and founder of Jamea-Tul-Hidaya that is the first residential Islamic University
which introduced technical and modern education in Madrasas.
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With the cherished dream of fulfilment of modern primary education among Muslim,
he floated another trust named Maulana Abdur Rahim Educational Trust that handled
a series of English medium schools under Imam Rabbani Public School that are recognized
by the State Government Educational Board.
Unlike other scholars, Maulana Mujaddedi has many social grounds for the betterment
of Muslim community. Realizing the need to increase Muslim representation in the
Indian Administration, an independent body the “Crescent Academy for Civil Services
Exams” was formed in 2001. In 2002, the Foundation for Civil Liberties, a Human
Rights Organization was formed for Human rights, education and Judicial Redress
and the same year he established the Crescent Academy Aligarh at Ayesha Cottage.
Motivated with the results of the Aligarh Centre, he established three new centres
at Lucknow and Delhi. Under the mass awareness program for Civil Services Exams
he started “Talent Hunting Programme” and in 2006 another Centre “Strive for Educational
Enhancement” was formed for the cause of modern primary to senior secondary education.
Maulana Mujaddedi has vast field of his valuable services through many platforms
and sources.
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Mufti Shuabullah Khan (Bengaluru)
Maulana Mohammad Shoibullah Khan, the rector of Jamia Islamia Masihul Uloom, is
a highly respected scholar and enjoys the patron-status of over 50 Madrasas across
India. After getting specialization in Islamic law and Jurisprudence, he is currently
rendering Islamic services through Imamat and Kitabat in Bangalore with teaching
Islamic Shariah in Jamia Islamia Masihul Ulom Bangalore. Besides that he also has
authored over 50 books on a wide range of topics in both Urdu and Arabic languages.
Earlier he has completed Fazilat and Ifta (Islamic jurisprudence) from Jamia Ashraful
Uloom Gangoh, UP. He also received SLLC in English medium.
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Maulana Shoibullah composes a wide profile by his vast contribution for comparative
religion, Hadid and Tafseer, Fiqh and specially Islamic Shariah. He is the editorial
member of “Islamic Vision” (English Monthly Magazine, Bangalore)
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Mufti Ahmad Nadir Qasmi
Mufti Ahmad Nadir Qasmi belongs to a religious family. He received his primary education
at home and he got secondary education at Baitul Ma’arif Allahabad UP. After getting
basic and secondary Islamic education, he pursued his education at Darul Uloom Deoband
and got specialization degree in Islamic law and Jurisprudence from Imarat Shariah
Bihar. Then he did research in Fiqh at Sabeel-al-Salam Hyderabad. He completed his
Fazilat from Jamia Deniyat Deoband UP. At present, he is doing his M.A. in history
from Maulana Azad University Hyderabad.
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Mufti Riyadh Ahmad Qasmi has deep understanding of Islamic Jurisprudence particular
Fiqh-ul-Muamlat as he composed many articles to elaborate the Shariah Laws before
the modern age. He is currently writing Fatawas, and rendering Islamic services
through educational and social works. He participated in various Fiqhi seminars
and public programme.
Besides being a member of the Islamic Investment and Finance Board (IIFB) he works
as a Mufti in Islamic Fiqh Acadmy India.
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Mufti Aijaz Arshad Qasmi
Mufti Aijaz Arshad Qasmi is well known for his reputed journalism and online Fatwa
(Shariah ruling) across the globe. Bestowed with multifaceted talents and skills,
he has combined his in-depth understanding of Islamic Fiqh and Shariah norms with
a profound insight of modern knowledge disciplines and affairs. He has a unique
capability of suggesting the Indian Muslims’ problems to the mainstream media.
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With the rich scholarly traditions, Mufti Aijaz Arshad accomplished many honorable
posts in the Asia’s largest University Darul Uloom Deoband. He also composed many
books on wide range of topics and hundreds of articles on Current Affairs (Social,
Political, Educational, and Religious etc.) published in all the leading news papers
(dailies, weeklies, fortnightlies and monthlies). He is well-versed in Shariah norms
as he is carrying Fatwa Responsibilities for the web site www.onlinefatwa.org and
Qaza responsibilities for Family Help Line New Delhi as well as preaching and teaching
responsibilities in the well-known organization Islamic Peace Foundation of India,
New Delhi.
Earlier he completed Hisfazilat and Islamic jurisprudence courses from Darul Uloom
Deoband and then B.A Urdu Hon. Jamia Millia Islamia New Delhi and Mass Media (Urdu)
from J. N. U. New Delhi.
Mufti Aijaz Arshad Qasmi’s distinctiveness encourages many honourable posts in his
credit as his wide reach and broad outlook has made him very compatible for many
religious and political posts across the country.
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Mr. Imtiaz Merchant
Mr. Imtiaz Merchant, 47 years of age, founded and promoted Pragmatic Wealth Management
(PWM) in the year 2008 and serves as its Managing Director. He is a well known Market
analyst (Technical and Fundamental) and has served as full-fledged consultant and
Market Expert (Advisor) to various. He is well-versed with the Islamic Finance Market
and the Shariah Compliance norms for investments. He has put in years of extensive
effort into understanding the principles of Islamic Finance and has been in constant
discussions with Muftis, Ulema and Islamic Finance scholars and expert.
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He attended various seminars on Islamic Finance held in India and has also been
speaker on Islamic Investment in various conferences in Mumbai, India. Designing,
Delivering, and Marketing Mission-Critical Shariah Compliant financial products
requires a combination of relentless focus and well-tuned business instincts. In
his years of thought leadership in the industry, Mr. Merchant has consistently demonstrated
his ability to deliver both.
Mr. Merchant’s primary objective as Managing Director of PWM is to Develop, Promote
and Market Islamic Finance products that would help Shariah Compliant investors
create wealth Ethically, Efficiently and Profitably.
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