Shariah Supervisory Board

Guidance Financial Group has assembled one of the most respected groups of Islamic scholars to its Shariah Supervisory Board. These scholars meet regularly with Guidance management to review all proposed Guidance plans for new companies and investment programs with regard to their compliance with Shariah law. They also monitor all financial products and services managed or advised by Guidance to assure their continued compliance with Shariah ethical practices.

Guidance’s Supervisory Board
  • Justice (Ret.) M. Taqi Usmani (Chairman) read lessread full biography
    Justice Usmani is Vice President of Dar Al Uloom Karachi, the former Deputy Chairman of the Islamic Fiqh Academy and a former member of the Supreme Court of Pakistan. He is also Chairman of the Shariah supervisory boards of Guidance Financial Group, Saudi American Bank and Citi Islamic Investment Bank; Vice Chairman of the Shariah supervisory board of Abu Dhabi Islamic Bank; and member of the Shariah supervisory boards of Al-Baraka Group and First Islamic Investment Bank, among others. Justice Usmani holds Alimiyyah and Takhassus degrees from Darul Uloom, Karachi, an M.A. degree from Punjab University and an L.L.B from Karachi University.
  • Dr. Abdul-Sattar Abu-Ghuddah read lessread full biography
    Dr. Abu Ghuddah is a member of the Shariah Supervisory Board of Guidance Financial Group. He is also a director of the Department of Financial Instruments at Al-Baraka Investment & Development Company, a member of its Shariah Supervisory Board and Shariah Advisor to the parent company, Dallah Al-Baraka Group. He is an active member of the Islamic Fiqh Academy and of the Accounting and Auditing Standards Boards of Islamic Financial Institutions. He has taught Islamic jurisprudence in Riyadh and Kuwait. From 1982 to 1990 he was a member of the Fatwa Board in the Ministry of Islamic Affairs in Kuwait. He formerly lectured in the Faculty of Law and Shariah at Kuwait University. Dr. Abu Ghuddah obtained B.A. degrees in Islamic Shariah and in Law from Damascus University and then went on to earn his M.A. in Shariah and Hadith and his Ph.D. in Shariah and Comparative Fiqh from Al-Azhar University.
  • Shaykh Nizam Yaquby read lessread full biography
    Shaykh Yaquby has contributed important original research on many aspects of modern Islamic finance and is considered one of the world's leading experts in the field. He is a member of the Shariah supervisory boards for several Islamic financial institutions, including Guidance Financial Group, KSBC Amanah, Citi Islamic Investment Bank and the Abu Dhabi Islamic Bank. Since 1976, he has taught tafsir, hadith and fiqh in Bahrain. He is also the author of several articles and publications on Islamic finance and other sciences in English and Arabic. Shaykh Yaquby received his M.S. in Finance from McGill University in Montreal. He was educated in the classical Shariah sciences in his native Bahrain and in Makkah.
  • Dr. Mohd Daud Bakar read lessread full biography
    Dr Mohd Daud Bakar is an established Shariah scholar with wide experience in teaching and research. His areas of specialisation included Islamic Legal Theory, Islamic Banking and Finance, Islamic Law of Zakah and Islamic Medical Law. Besides his teaching and research assignments, Dr. Bakar provides Shariah consultancy, structuring and advisory services to various Islamic financial institutions. Dr. Mohd Daud Bakar is currently the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia and the Labuan Financial Services Authorities. Dr. Mohd Daud was previously the Deputy Vice-Chancellor at the International Islamic University Malaysia. Dr. Mohd Daud is a Shariah board member of various financial institutions, Dow Jones Islamic Market Index (New York), The National Bank of Oman, Morgan Stanley (Dubai), Bank of London and Middle East (London), Noor Islamic Bank (Dubai), Jadwa-Russell Islamic Fund (Saudi Arabia), Salama Islamic Insurance, amongst many others. Dr. Bakar obtained his Bachelor of Shariah from the University of Kuwait in 1988 and a Ph.D. from the University of St. Andrews, Scotland.
  • Dr. Mohamed A. Elgari read lessread full biography
    Dr. Elgari is the director of the Centre for Research in Islamic Economics at King Abdulaziz University in Saudi Arabia, where he also serves as an Associate Professor of Islamic Economics. Dr. Elgari advises numerous Islamic financial institutions worldwide and is the author of important research on the Shariah aspects of Islamic banking. Dr. Elgari is an expert at the Islamic Fiqh Academy and a member of the Academic Committee at the Islamic Development Bank. Dr. Elgari is also a professor of Islamic Banking at the Bahrain Institute of Banking and Finance and the editor of Review of Islamic Economics. Dr. Elgari received his Ph.D. in Economics from the University of California.
  • Shaykh Yusuf Talal DeLorenzo read lessread full biography
    Shaykh DeLorenzo is considered a leading authority on Islamic finance in the United States. He has translated over twenty books from Arabic, Persian, and Urdu for publication, including a three-volume Compendium of Legal Rulings on the Operations of Islamic Banks. He is a member of the Shariah supervisory boards of several financial institutions, including Guidance Financial Group, Dow Jones Islamic Markets, Wafra Investment Advisory Group and Oasis Crescent Funds. Shaykh DeLorenzo has served as secretary of the Fiqh Council of North America and was also an advisor on Islamic education to the government of Pakistan. Following a university education in the United States, Shaykh DeLorenzo studied the classical Shariah Sciences with scholars in Pakistan.
  • Dr. Muhammad Imran Ashraf Usmani read lessread full biography
    Dr. Usmani has carried out extensive research in his area of expertise, Islamic finance, and his book, A Guide to Islamic Banking, is well known and regarded as a manual of Islamic Banking. In addition to his position on the Shariah Supervisory Board of Guidance Financial Group, he is a Shariah advisor or Shariah supervisory board member to several institutions, including State Bank of Pakistan, Meezan Bank, UBS, Credit Suisse, HSBC Amanah and Lloyds T.S.B. Dr. Usmani conducts training sessions and lectures in Jamia Darul Uloom, Karachi and the Institute of Business Administration, Karachi (IBA). He holds an M.A. and a Ph.D. in Islamic Finance and M.A. (Arabic and Islamic Studies) as well as Alimiyyah and Takhassus degrees, with a specialization in Islamic Jurisprudence, from Jamia Darul Uloom, Karachi.

The results are principled investment products for investors and more harmonious and equitable relations between all parties of a financial transaction.