Karachi, PAKISTAN, 12th September 2024: Mashreq Pakistan, a part of Mashreq which is the leading financial institution in the MENA region, has announced the formation of the Shariah Board for its operations in Pakistan. Dr. Ahcene Lahsasna has been appointed as Chairman Shariah Board, Mufti Muhammad Abdullah as Resident Shariah Board Member and Mufti Imtiaz Alam as Shariah Board Member.
Mashreq’s recent In-Principle Approval from the State Bank of Pakistan to launch Islamic banking operations, coupled with the appointment of a distinguished Shariah Board mark a significant milestone in its Pakistani market expansion. This move highlights Mashreq Pakistan’s commitment to bringing innovative, agile and tailored financial solutions that are Shariah compliant, addressing Pakistani consumers’ unique needs.
Commenting on these pivotal appointments, Muhammad Hamayun Sajjad, CEO, Mashreq Pakistan, said: “ Mashreq’s presence as a progressive international bank and its role as a catalyst for Pakistan’s future growth is steadily gaining momentum. We are poised to offer Islamic banking in the country, aspiring to deliver the best Islamic Banking solutions with an ambition to exceed customers’ expectations. I am delighted to welcome our distinguished Shariah Board members as they join Mashreq Pakistan. They have joined us at a pivotal moment and will play an important role in driving the launch, followed by the expansion of Mashreq’s Islamic banking services in the country. Their expertise in Shariah compliance and Islamic finance will be instrumental in our mission to deliver cutting-edge, Shariah-compliant financial solutions.”
Dr. Ahcene Lahsasna, Chairman Shariah Board, Mashreq Pakistan
In this critical role, Dr. Ahcene Lahsasna as Chairman will lead the Shariah Board and ensure that all of Mashreq Pakistan’s Islamic banking products and services are Shariah compliant.
Dr. Lahsasna brings over two decades of experience in Islamic finance to Mashreq Pakistan. He holds two PhDs – one in Islamic Law and Jurisprudence from the International Islamic University Malaysia, and another in Banking and Finance from the University of Malaya. As a registered Shariah advisor at Bank Negara Malaysia and the Securities Commission Malaysia, Dr. Lahsasna’s expertise is recognized globally.
Dr. Lahsasna said: “Joining Mashreq Pakistan as the Chairman of the Shariah Board is an honor. Mashreq’s innovative spirit perfectly complements the dynamic nature of Islamic finance, and I’m eager to guide the development of industry-leading Shariah-compliant solutions that meet regulatory standards and resonate with Pakistani consumers’ values and aspirations. This is a chance to demonstrate how Islamic banking can be a catalyst for both economic progress and social well-being.”
Mufti Imtiaz Alam, Shariah Board Member, Mashreq Pakistan
As a Shariah Board Member, Mufti Imtiaz Alam will contribute to the overall guidance and supervision of Mashreq Pakistan’s Islamic banking operations.
Mufti Imtiaz Alam completed his Shahadat-ul-Aalamia and Al-Takhassus Fil Ifta (Specialization in Islamic Jurisprudence) from Jamia Darul Uloom, Karachi, and holds a Master’s in Commerce from the University of Karachi. With over a decade of experience in Islamic Banking and Takaful.
Mufti Imtiaz Alam said: “I’m excited to be part of this ground-breaking journey, where we have the opportunity to redefine Shariah-compliant banking for the digital age. Our goal is to create a seamless blend of ethical finance and modern convenience, setting new benchmarks for Islamic banking not just in Pakistan, but globally.”
Mufti Muhammad Abdullah, Resident Shariah Board Member, Mashreq Pakistan
Mufti Muhammad Abdullah as Resident Shariah Board Member will play a key role in the day-to-day operations of Mashreq Pakistan’s Islamic banking services, ensuring continuous adherence to Shariah principles.
Mufti Abdullah brings over 14 years of experience in Shariah compliance, and Shariah board roles. He holds the esteemed Shahadat-ul-Aalamia and Al-Takhassus Fil Fiqh Al Islami (specialization in Islamic Jurisprudence), along with multiple master’s degrees in various disciplines of social and management sciences.
Mufti Muhammad Abdullah said: “Mashreq Pakistan presents a unique opportunity to bridge the gap between modern banking and Islamic principles. I am thrilled to be part of this journey, and as a Resident Shariah Board Member, I look forward to contributing to the development of a robust Islamic banking framework that serves the Pakistani market effectively.
