Dr Khaled Al Fakih Appointed as AAOIFI Secretary by alicejenny


									Press Release

Manama, Kingdom of Bahrain
20 December 2011

                  Dr. Khaled Al Fakih Appointed as AAOIFI Secretary General

                                            Dr. Khaled Al Fakih

H. E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board of Trustees of Accounting and
Auditing Organisation for Islamic Financial Institutions (AAOIFI), has announced the appointment of
Dr. Khaled Al Fakih as the new Secretary General of AAOIFI.

H. E. Shaikh Ebrahim Bin Khalifa Al Khalifa said that the appointment had been made after carrying
out the due process of selection and appointment. He added “on behalf of AAOIFI and the Board of
Trustees, I am pleased to welcome Dr. Al Fakih to his new role in AAOIFI and I am confident that
Dr. Al Fakih will steer AAOIFI to an even stronger position to discharge our responsibilities in
developing and issuing standards for the international Islamic finance industry.”

Dr. Al Fakih has extensive experience in banking and finance and unique combination of expertise in
Islamic law, risk management, audit and technical finance. He holds a PhD in Islamic Studies from
the University of Saint Joseph, Beirut, Lebanon, and MBA in Banking and Finance. Dr. Al Fakih is a
Certified Financial Risk Manager (FRM), Certified Management Accountant (CMA), Certified
Internal Auditor (CIA), and Certified Financial Services Auditor (CFSA). He is a member of the
Islamic Banks Committee of Association of Banks in Lebanon (ABL) and AAOIFI Shari’a Standards
Committee. He was also a member of venture capital and Islamic securitization study group as well
as Islamic corporate governance study group at Central Bank of Lebanon in 2007. In addition, he has
lectured on the principles of Islamic jurisprudence (Fiqh Al Mu’amalat) at Islamic University of
Beirut’s Al Sharia College, and delivered seminars in different countries in collaboration with
International Monetary Fund, ABL and Union of Arab Banks, covering major Islamic finance topics
on principles of Islamic finance, structured finance, risk management and audit. He currently heads
Bank Audi sal’s group Islamic banking operations.

Commenting on the appointment, Dr. Al Fakih said “I am honoured for the trust and confidence that
have been placed on me. I look forward to working with AAOIFI Board of Trustees, standards boards
and institutional members to ensure that AAOIFI standards support the growth of the industry”.

AAOIFI has issued a total of 86 standards for international Islamic finance in the areas of accounting,
auditing, ethics, governance, and Shari’a for international Islamic finance. It is supported by over 200
institutional members, including central banks and regulatory authorities, financial institutions,
accounting and auditing firms, and legal firms, from over 45 countries. Its standards are currently

                           AAOIFI, P.O. Box 1176, Manama, Kingdom of Bahrain
                              Tel: +973 – 1724 4496 Fax: +973 – 1725 0194
followed by all the leading Islamic financial institutions across the world and have introduced a
progressive degree of harmonisation of international Islamic finance practices.

H. E. Shaikh Ebrahim Bin Khalifa Al Khalifa also paid tribute to the sterling leadership and immense
achievement of Dr. Mohamad Nedal Alchaar, the outgoing Secretary General who has assumed the
position of the Minister of Economy and Trade of Syria. Dr. Alchaar will continue to oversee
AAOIFI’s operations during the transition period before Dr. Al Fakih’s appointment takes effect on 1
February 2012. Dr. Alchaar will also continue to serve as a member of AAOIFI Board of Trustees.

For more information, please contact:
 Mr. Khairul Nizam, Deputy Secretary General, AAOIFI
    Office: +973 – 1724 4496; Mobile: +973 – 3974 5528; e-mail: aaoifi@batelco.com.bh
 Ms. Zahra Haram, Public and Media Relations Manager, AAOIFI
    Office: +973 – 1724 4496; Mobile: +973 – 3616 6334; e-mail:zahra@aaoifi.com

                           AAOIFI, P.O. Box 1176, Manama, Kingdom of Bahrain
                              Tel: +973 – 1724 4496 Fax: +973 – 1725 0194

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