Islamic Finance is one of the fastest-growing segments of the financial systems worldwide, extending across the Middle East, South East Asia, Africa and Europe. It promotes, develops and applies Islamic law, principles, and traditions to financial, banking and business transactions and encourages investment companies to operate in line with Shariaa Law. Introduced in the Middle East over 40 years ago, the Islamic banking market today is worth more than US$1.5 trillion worldwide.
Bank Audi recognizes that today’s corporate needs require a creative, solution-oriented partner in finance. The Islamic Banking Division represents its dedication to providing innovative banking solutions that uphold clients’ beliefs and moral codes.
The division adopts a stakeholder-focused approach, with an emphasis on creating long-lasting relationships based on the dynamic and ever-changing needs of clients and the marketplace. Bank Audi is a leader in the Egyptian privately-owned banking sector in Islamic Finance, boasting a full-fledged Shariaa board and an expanding list of Shariaa-compliant solutions, including:
- Bilateral Islamic Financing
The Shariaa-compliant financial products that Bank Audi provides include Mudaraba, Murabaha, and LC Murabaha. The tenor of these solutions is flexible in a way to align the bank's offerings with the clients' needs. In the Mudaraba solutions, Bank Audi acts as a quasi-investment partner for clients in expanding corporate operations to meet their needs and expand their share of the market. Under Murabaha, clients needing funding for raw materials and the purchase of goods including capital goods are provided financing by having Bank Audi act as the interlocutor between the supplier and the ultimate client .
- Syndicated Islamic Financing
Bank Audi is active in underwriting Shariaa-compliant syndicated facilities. Due to the nuances of syndicated facilities, the spectrum of financial solutions offered is broader and includes Ijara and Istisnaa facilities.
- Dr. Khaled Al Faqih
Dr. Khaled Al Faqih has extensive experience in Islamic banking along with Islamic jurisprudence and its application in finance methodologies, audit and risk management. Dr. Faqih holds a Ph.D. in Islamic studies from Saint Joseph University in Beirut - Lebanon and a Master's Degree in Finance and Banking. He also holds certifications in Financial Risk Management (FRM), Certified Management Accounting (CMA), Certified Internal Auditor (CIA), and a Certificate of Financial Services Auditing (CFSA).
Furthermore, Dr. Al Faqih is a member of the Committee of Islamic Banks within the Association of Banks in Lebanon, and the Legitimacy of the Council of Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI). He also served in the Governance, Partnership and Securitization in Islamic Financial Institutions at the Central Bank of Lebanon in 2007 prior to serving on Bank Audi Egypt’s Shariaa Board. He is currently the Secretary General of the AAIOFI.
- Dr. Nedham Yaqoobi
Shariaa scholar from Bahrain, internationally renowned consultant and Shariaa expert of Islamic Finance Law. Member of the Central Bank of Bahrain Shariaa Council, AAOIFI Shariaa Council, Islamic Rating Agency, Dow Jones Islamic Index Shariaa Board, and many other Islamic financial and banking institutions.
Sheikh Nedham has been teaching Islamic law and related subjects in Bahrain since 1976 and has given lectures all around the world. He was recently appointed adjunct professor of Islamic Law and Finance at the International Islamic University Malaysia.
- Dr. Hussein Hamed Hassan
Dr. Hussein helped establish the International Islamic University in Islamabad in 1979 after Pakistan announced the adoption of Islamic law, and was appointed member of the Board of Trustees at the University, for which he served as Chairman for fourteen years. He also contributed in establishing the Nursultan Mubarak Islamic University in Kazakhstan and was appointed member of the Board of Trustees.
Dr. Hussein boasts extensive advisory experience. He served as a legal and economic advisor to the President of Kazakhstan and as an economic advisor to Prime Minister of Gergestan, and was assigned to develop a long-term Investment Plan for the state, preparing feasibility studies for major development projects in anticipation of international investment conferences. He also served as an advisor to the Secretary General of the Muslim World League in Mecca and was appointed advisor to the President of Cairo University.
Dr. Hussein contributed to the development of Islamic banking since its inception, supervising the Shariaa International Islamic Bank, and was selected member of the Board of Directors to oversee the investment banking sector. He was also appointed as an expert for the International Union of Islamic Banks and served as member of the High Authority for Fatwa and Shariaa Supervisory. He currently serves as Chairman of the Fatwa and Shariaa Supervisory Board for Dubai Islamic Bank and the Liquidity Management Center in Bahrain; and sits on the Fatwa and Shariaa Supervisory Board for the National Islamic Bank of Sharjah, and International Development Bank. Dr. Hussein also contributed to the preparation of the Egyptian civil law in accordance with the provisions of Islamic law, the preparation of the application of Islamic Shariaa laws in Pakistan, and participated in the modification of the Pakistani banking system to be Shariaa compliant.