First Energy Bank is guided by a Sharia’a Supervisory Board consisting of three distinguished scholars, they review the bank’s activities to ensure that all products and investment transactions comply fully with the rules and principles of Islamic Sharia’a.
His Eminence Shaikh Dr. Nedham YaqoobiChairman
Shaikh Dr. Nedham Mohamed Saleh Abdulrahman Yaqoobi is a well-known Shari’a Scholar and is recognized internationally. He is a member of the Shari’a council of the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) as well as a member of the Central Shari’a Supervisory Board of the Central Bank of Bahrain. He has contributed significantly to the creation of many AAOIFI Shari’a Standards and participated in numerous of Islamic finance and banking conferences around the world.
Shaikh Dr. Yaqoobi is on the Shari’a Supervisory Board of many regional and international Islamic financial institutions / Takaful companies (with the capacity of chairman or member) such as Bahrain Islamic Bank, Ithmaar Bank, Khaleeji Commercial Bank, GFH Financial Group B.S.C., Abu Dhabi Islamic Bank amongst many others.
Shaikh Dr. Yaqoobi has a BA in Economics & Comparative Religions from McGill University-Canada and is also a PhD holder. He has authored several books and delivered numerous lectures on Islamic Finance.
His Eminence is one of the pioneers in Islamic banking and he is a well-known Shari’a scholar in all fields of Islamic Banking and Fiqh Al Mu’amalat. In 2007, the King of Bahrain, His Majesty King Hamad Bin Isa Al Khalifa, awarded Sheikh Yaqoobi the Order of Merit in recognition of his services in Bahrain and abroad. Shaikh Dr. Yaqoobi has also received the Euromoney’s award for Innovation in Shari’a Supervision, as well as the Malaysian Islamic Banking award.
His Eminence Shaikh Dr. Mohamed ElgariMember
Shaikh Dr. Mohamed Ali Bin Ibrahim Elgari is a former Professor of Islamic Economics at King Abdulaziz University, Jeddah, Saudi Arabia and Former Director of the Center for Research in Islamic Economics, at the same university.
Shaikh Dr. Elgari is Chairman and member of numerous Shari’a Supervisory Boards of Islamic banks and Takaful companies worldwide. He is also an Expert at the Islamic Jurisprudence Academy of the OIC and the Islamic Jurisprudence Academy of the Islamic World League. And he is a member of the Board of Trustees of the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) and the Shari’a Council of the International Shariah Research Academy for Islamic Finance (ISRA), as well as a member of the Central Shari’a Supervisory Board of the Central Bank of Bahrain.
Shaikh Dr. Elgari has participated in various conferences and seminars, both locally and overseas. Extensive research in the field of Islamic economics and finance has led to a number of his works being published in recognized journals and presented at relevant conferences.
Shaikh Dr. Elgari holds a PhD in Economics from University of California, and he is an author of several books and research papers on Islamic Economics and Islamic Banking. Shaikh Dr. Elgari is the recipient of the Islamic Development Bank prize in Islamic Banking and Finance, KLIFF Islamic Finance Award for Most Outstanding Contribution to Islamic Finance (Individual) and Euromoney’s Award for Outstanding Contribution to Islamic Finance.
His Eminence Shaikh Dr. Osama BaharMember
Shaikh Dr. Osama Mohamed Saad Bahar is a prominent, highly-respected Shari’a scholar from the Kingdom of Bahrain.
Shaikh Dr. Bahar is currently the Head of Shari’a Coordination and Implementation at First Energy Bank, following earlier senior positions at Islamic banks in Bahrain, including Head of Shari’a Compliance at Al Salam Bank, Shamil Bank (currently Ithmaar Bank) and Shari’a Compliance Officer at Bank ABC Islamic.
Shaikh Dr. Bahar is also a member of the Shari’a Supervisory Board of International Investment Bank, Ithmaar Bank, Alizz Islamic Bank, Family Bank and Solidarity Bahrain amongst others. Additionally, he is the Shari’a Advisor of Bahrain Bourse and Global Banking Corporation.
Shaikh Dr. Bahar was awarded his PhD degree from Lahaye University in the Netherlands, his Masters Degree from Al Imam Al Ouzai University in Lebanon and his Bachelors degree in Islamic Shari’a from Emir Abdelkader University of Islamic Sciences in Algeria.