First Abu Dhabi Bank appoints Dr Salim Al-Ali as chairman of internal Shari’ah supervision committee

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First Abu Dhabi Bank appoints Dr Salim Al-Ali as chairman of internal Shari’ah supervision committee
First Abu Dhabi Bank appoints Dr Salim Al-Ali as chairman of internal Shari’ah supervision committee

Dr. Al-Ali’s appointment follows a thorough approval process by the UAE Central Bank’s Higher Shariah Authority.

Abu Dhabi, July 8, 2024: First Abu Dhabi Bank (FAB) has appointed Dr. Salim Al-Ali as Chairman and Executive Member of its Internal Shari’ah Supervision Committee (ISSC), the first time the role has been held by an Emirati national. Dr. Al-Ali’s appointment follows a thorough approval process by the UAE Central Bank’s Higher Shariah Authority (HSA) and is for a three-year term until May 2027. The ISSC members have also agreed to appoint Dr. Mohamed Akram Laldin as Deputy Chairman.

Dr. Salim Al-Ali has been a member of the ISSC since 2020 and brings a unique set of qualifications to his new role as the first Emirati to lead the committee. His appointment aligns with FAB’s ambition to include more Emirati nationals at senior levels within the bank. UAE nationals make up more than 40% of FAB’s workforce, moving towards a goal of 50% by 2026, with Emiratis accounting for a third of FAB’s group executive management positions.

Dr. Al-Ali provides a wealth of Shari’ah and Islamic banking knowledge and experience that will enrich FAB Islamic’s banking operations and strategic initiatives, providing Shari’ah expertise and vision that will be pivotal in navigating the evolving Islamic banking regulatory landscape. As a respected scholar and specialist in Shari’ah and Islamic financial transactions law, Dr. Al-Ali is well-versed in the legal and regulatory issues affecting Shari’ah compliance for Islamic banking, Islamic financial markets, Islamic capital markets, and takaful.

He is an assistant professor of Shari’ah and Islamic Studies at the UAE University, with wide experience in consulting, teaching, and academic research in Islamic finance in different jurisdictions, including Malaysia, the UAE, and the UK. He holds a PhD in Islamic Financial Law from the University of London and a Master of Islamic Banking and Finance from the International Islamic University of Malaysia. In addition to FAB, he sits on internal Shari’ah supervision committees for several local and international banks.

FAB offers a comprehensive range of Islamic banking products, covering consumer, business, and investment banking needs. FAB’s ISSC supervises the Islamic banking business of the FAB Group, including its international branches and subsidiaries. It consists of qualified Shari’ah scholars who are responsible for reviewing and ensuring that Islamic banking products, services, and operations comply with Shari’ah principles.

Dr. Al-Ali replaces Dr. Mohd Daud Bakar, who has served as the Chairman of the ISSC for the past decade. Under Dr. Bakar’s stewardship, FAB Islamic has grown substantially and strengthened its reputation as a leader in the Islamic banking sector.

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