Mr. Khalid Hamad Abdul-Rahman Hamad
Executive Director of Banking Supervision, Central Bank of Bahrain
& Chairman, International Islamic Financial Market (IIFM)

Mr. Khalid Hamad has held several senior posts at the Central Bank of Bahrain (CBB).

His current responsibilities include supervision of all banking institutions, including Islamic banks, licensed by the CBB, as well as inspection of all financial institutions, comprising banks, insurance firms and capital market players.

Mr. Hamad began his career in 1987 with the Bahrain Monetary Agency, the predecessor of the CBB. From 1990 till 2003, he served as Acting Director, Inspection and then as Director, Banking Supervision. In 2003, he joined Ernst & Young in Bahrain, serving as Senior Consultant on Risk Management & Regulatory Services. He rejoined the CBB in his current post in February 2006.
Mr. Hamad is Chairman of the International Islamic Financial Market (IIFM), Member of the Technical Committee of the Islamic Financial Services Board (IFSB), Chairman of the Waqf Fund for Research, Education and Training in Islamic Finance and an Associate Member of Toronto Strategic Leadership. He has also served on a number of national and regional committees, including the GCC Banking Supervision Committees, Arab Banking Supervision Committee and Offshore Group of Banking Supervisors.

Mr. Hamad has a Bachelors Degree in Business Administration from the University of Portland, USA and a Strategic Leadership and Executive Management Program certificate from the University of Columbia, New York.

Chief Executive Officer

Mr. Ijlal Ahmed Alvi has extensive experience in the financial services sector spanning over 25 years with international and middle-eastern financial institutions, with the last decade focusing on standard-setting in the Islamic Financial Services Industry as the Chief Executive Officer and Secretary to the Board of IIFM where he has been influential in initiating standardization of Islamic financial contracts & product templates globally.

Mr. Alvi manages IIFM’s market consultations, global working groups, Shari’ah guidance and legal reforms towards developing unified Islamic standard agreements and guidance notes for specific products covering Islamic hedging, liquidity management, capital market, trade finance and corporate finance. He also manages IIFM’s market awareness programs by organizing various specialized seminars and technical workshops across the globe.

Mr. Alvi has been part of several international working committees/task-forces and currently is a member of the International Monetary Fund (IMF) External Advisory Group on Islamic finance, Working Group Member of AAOIFI FAS on Wa’ad & Khayar, OIC Member States Stock Exchanges Forum etc.

Mr. Alvi also participates as an expert in technical events hosted by regulators & others such as Securities Commission Malaysia, Central Bank of Bahrain, Bank Indonesia, State Bank of Pakistan, Central Bank of Turkey, The World Bank, Islamic Development Bank,  etc. He has contributed a number of articles/papers and commented on various topics in financial news, journals and forums such as Havard/LSE workshop. He has also reviewed books and papers on Islamic finance and is a regular speaker at major Islamic finance conferences worldwide.

During his tenure so far, IIFM has signed MoU’s with international organizations such as ISDA, ICMA, IRTI, ISRA, IBRD (The World Bank), Borsa Istanbul etc. which have had resulted into a number of Islamic  marker unification initiatives.

Mr. Alvi holds a Master’s in Finance from Golden Gate University, California, USA.

Head of Compliance

Dr. Ahmad Rufai is currently the Head of Compliance to the International Islamic Financial Market (IIFM) in Bahrain. Prior to this he was a  Shari ‘ah Advisor to Crescent Financing Company in Hamilton, New Zealand, where he was responsible for ensuring Shari ‘ah compliance of the company’s transactions and products. His previous professional experience includes also Special Shari ‘ah Advisor to the Waikato Muslim Association and the community in Hamilton, New Zealand, Islamic jurisprudence lecturer at the Saudi Arabia International School in Kuala Lumpur, Malaysia, also worked as person in charge of its public relation affairs. He has played a significant and key role in the dissemination of key standard master agreements for the International Islamic Financial Market (IIFM) as well as in the dissemination of its Sukuk reports (first, second and third editions). The Master agreements include:

  • Interbank Unrestricted Master Investment Wakalah Agreement & its Operational Guidance Memorandum.
  • ISDA/IIFM Tahawwut (Hedging) Master Agreement.
  • Mubadalatul Arbaah (i.e. profit rate swap: PRS) for the Mu ‘addal Ribh Thabit (fixed profit rate: FPR) & Mu ‘addal Ribh Mutaghayyer (floating profit rate: FLPR) Legs, Wa’ad based and Involving a Single & Two Sales Structures.
  • Master Agreement for Treasury Placement (MATP) this consists of Master Murabahah Agreement & Master Agency Agreement for the Purchase of Commodities.   

He has written numerous related articles among which: The Adverse Impact of Riba (Interest) on Individual and Society: A Concise and Comprehensive Study. Published by Faculty of Social Sciences and Humanities, Universiti Kebangsaan Malaysia (Journal of Social Sciences and Humanities). The sources of Islamic legislation and the complete recognition of the independence of thought in Islam, Islamic Economic System: Basic Principles and Fundamentals, both articles were published in the ‘Alim Journal, Sukuk Al-Istithmar (An ‘Arabic Term of Investment Sukuk) Meaning and types, published in the IIFM Sukuk Report 3rd edition, Theory and Application of Islamic Insurance, Getting Rid of Interest (Riba) Money Received from a Riba-Based Bank, Zakah Payment:  What Should be Done, Exposing ‘Awrah for the purpose of Medical Treatment: The Islamic Guidelines, published by International Islamic Information & Daawah Centre (IIDAC) Malaysia, etc.

He completed his Ph.D. in Islamic Law of transactions and Islamic Insurance at University of Malaya, Malaysia in 2006. He obtained his Bachelor degree in Islamic Law at the Islamic University of Madinah, in the Kingdom of Saudi Arabia.  Prior to that, he studied Islamic jurisprudence and Islamic history at Al-Azhar University in Cairo, Egypt in 1982 to 1989.