Finance & Capital Market

Arcapita appoints new shari’ah board member

Arcapita is a global Shari’ah compliant alternative investment manager, with offices in Bahrain, Atlanta (US), London (UK) and Singapore.

Dr Al Shubaily holds a Ph.D. of Comparative Jurisprudence and Shari’ah and is a professor in the Higher Judicial Institute at Al Imam Mohammed Ibn Saud Islamic University.

He has published several research papers on capital protection, investment services in Islamic jurisprudence and Zakat on commercial debts.

Dr Al Shubaily serves on the shari’ah board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

He also serves as chairman or a member of several other Shari’ah Supervisory Boards of Islamic banks and financial institutions in Saudi Arabia and the wider region.

Welcoming the appointment, Abdulaziz Hamad Aljomaih, the chairman of Arcapita board, said: “Our shari’ah supervisory board is led by renowned scholars and practitioners with diverse schools of thought in Islam."

"It reviews and monitors Arcapita’s investments to ensure they comply with shari’ah principles and Dr Al Shubaily will add considerable experience to our supervisory board," he stated.

On the new role, Dr Al Shubaily said: "Arcapita has established itself as a global leader in Shari’ah-compliant alternative investments, playing a prominent role in bringing sophisticated alternative investments to Shari’ah-conscious investors."

"I look forward to joining the supervisory board as the firm pushes forward with its robust pipeline of Shari’ah-compliant investments across international markets," he added.-TradeArabia News Service