ENBD REIT (CEIC) Limited (ENBD REIT), the Shari’ah-compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced changes to the membership of its Fatwa and Shari’ah Supervisory Board (FSSB).

Dr. Mohamed Ali Elgari will be the new Shari'a Supervisory Board Chairman, with Amanie Group chairman Datuk Dr. Mohd Daud Bakar as Executive Member, and Dr. Muhammad Amin Ali Qattan and Dr. Osama Al Dereai as Member.

Dubai-based Amanie Advisors LLC (Amanie Advisors) is appointed to the Board, with mutual agreement for the termination of engagement of current FSSB members. The effective date of the change in FSSB membership is 1 September 2018. FSSB members hold a non-executive role within ENBD REIT’s governance structure and are independent of ENBD REIT.

Dr. Mohamed Ali Elgari will be ENBD REIT’s FSSB Chairman. He is a professor of Islamic Economics and the former Director of the Centre for Research in Islamic Economics at King Abdul Aziz University in Saudi Arabia. Dr. Elgari is an advisor to numerous Islamic financial institutions around the world and is on the Shari’a board of the Dow Jones Islamic Index.

Dr. Mohd Daud Bakar will be Executive Member of ENBD REIT’s FSSB. He was previously Deputy Vice Chancellor of the International Islamic University Malaysia and is currently Chairman of the Shari’ah Advisory Council at the Central Bank of Malaysia and the Securities Commission of Malaysia.

Dr. Muhammad Amin Ali Qattan and Dr. Osama Al Dereai will sit as Members of ENBD REIT’s FSSB. Dr. Qattan is a highly regarded Shari’ah scholar and is currently Director of the Islamic Economic Unit at the Centre of Excellence in Management at Kuwait University. Dr. Al Dereai is a renowned Shari’ah scholar and has extensive experience in teaching, consulting and research in the field of Islamic finance.
Amanie Advisors, as members of the FSSB, will provide guidance to Management and the Board of Directors on: Shari’ah structuring, review and endorsement; Shari’ah audit; Shari’ah governance matters; and Real Estate and financial transactions.

Amanie Advisors was founded in 2005 by Shari’ah scholar Dr. Mohd Daud Bakar. The company specialises in providing Shari’ah advisory services to a wide range of clientele including financial institutions, corporates and governments. The rationale for the change to ENBD REIT’s FSSB membership is that Amanie Advisors is located in Dubai International Financial Centre (DIFC), where ENBD REIT is headquartered, with strong local knowledge of both the regulatory and real estate market and working a Sunday-Thursday business week.

“We would like to thank the outgoing chairman Dr. Hussein Hamid Hassan and the other Shari’ah Board members for their wise counsel over the years, and the continued support that they have provided us—most recently in relation to the re-domiciliation and listing of ENBD REIT. Meanwhile, we are pleased to welcome Amanie Advisors to our FSSB. The Amanie Advisors team have extensive experience of diverse and specialized disciplines ranging from Shari’ah, investment banking, legal, economics and accounting, to risk, corporate finance and strategic planning. We are confident of the value that they will add to our Governance architecture,” said Tariq Bin Hendi, Chairman of ENBD REIT.

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