We also created Islamic Microfinance Solutions that comply with Shari’ah Law to help economically vulnerable Muslim families to develop their livelihoods. We have found that the needs of these families are largely underserved by the microfinance market. To bridge this gap, we offer Murabha (buying and selling), Mudaraba (investment), Ijarahah (leasing facility, Diminishing Musharaka Partnership), Salam (deferred delivery sale facility), and Wakalah (working capital – agency model).

 

This  financial system which operates according to Islamic law (which is called sharia) and is, therefore, sharia-compliant. Just like conventional financial systems, Islamic finance features banks, capital markets, fund managers, investment firms, and insurance companies. However, these entities are governed both by Islamic law and the finance industry rules and regulations that apply to their conventional counterparts. Islamic economics is based on core concepts of balance, which help ensure that the motives and objectives driving the  Islamic finance industry are beneficial to society. These considerations include promoting justice in all economic activities, remembering that all people have mutual responsibility for all others, and using the earth’s resources wisely.

 

Panel

Ash-Sheikh Arif Abdeen - Sharia Scholar

Ash-Sheikh Arif Abdeen is a licentiate in Arabic and Islamic studies at Ibnu Abbas Arabic College, Galle. functioning as In-House Shari’ah Supervisor at a leading Islamic Financial Institution and Shari’ah Board member at an Islamic Micro Finance institution.
He holds B.A Degree in University of Peradeniya and has extensive industry experience and more than 06 years in lecturing of Islamic studies and Islamic Banking & Finance in various institutions.

Mr. Fairoze Burah - Sharia Advisory Board Member

Mr. Mohamed Fairoze Burah served as the Vice President – Administration at Amana Bank PLC from 2006 to 2014. He was a Corporate Management Team (CMT) Member in the formation and establishment of Amana Bank in 2010/2011, which was the country’s first commercial bank operating on the principles of Islamic Banking.

Mr. Fairoze Burah has been holding the positions of General Manager, Group General Manager Human Resources & Administration and Group Human Resources Manager in reputed groups of companies engaged in diversified businesses in Sri Lanka. He has over 30 years’ management experience in Sri Lanka and in overseas employment.

He holds a Master of Business Administration (MBA) specializing in Human Resources Management from the Postgraduate Institute of Management University of Sri Jayewardenepura, Sri Lanka. He is a Professional Member of the Association of HR Professionals (HRP) Sri Lanka, a Member of The Management Club (TMC), which is under the auspices of the Institute of Chartered Management UK, Sri Lanka Branch, Life Member of the Sri Lanka National Association of Counselors (SRILNAC), Life Member of the PIM Alumni University of Sri Jayewardenepura, Life Member of the of the Association of Professional Bankers, Sri Lanka, was an Executive Committee Member of the Sri Lanka – Malaysian Business Council which is under the auspices of The Ceylon Chamber of Commerce, from 2006 to 2014. He is a Senior Lecturer and the founder Course Director for the Certificate and Diploma Course in Islamic Banking & Finance at the Institute of Bankers Sri Lanka (IBSL), which is under the auspices of the Central Bank of Sri Lanka. He is also a Senior Lecturer and a Resource person for selected subjects and many professional programs/seminars workshops at the IBSL. He is a Lecturer/Assessor in the Career Guidance program conducted by the Association of Human Resources Professionals for the undergraduates of the Faculty of Science University of Colombo Sri Lanka. He is also a visiting lecturer for MBA/BSc programs at the Horizon Campus Malabe Sri Lanka. He is a keen contributor to the social welfare community developments and holds key responsible honorary positions and also an All Island Justice of Peace. He is an alumnus of D.S. Senanayake College, Colombo 7

Farzuhan Marlin - Senior Advisor Strategy & Development

A well-seasoned Human Resource Professional turned Business Leader and Strategic Developer with a successful track record in orchestrating start-ups as well as elevating organizational performance through skillful Strategic Management, counting over 24 years of corporate experience with 17 years experience at Senior Managerial and Board Level positions spanning over 30 industries with an international exposure covering South Asia, Far East Asia, Middle East & Africa

Specialties: Strategic Management, Organisational Renewal, Organisation Restructuring & Turnaround Management, Strategic Human Resource Management, Talent Management, Human Resource Development, Compensation & Benefits Management

Story of Progress
Asar Ahamed Nafwan