Dr. Ahmed Rufai

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.