Amanie Advisors Fatawa

UIF is honored to have received the approval from Amanie Advisors, a leading Sharia advisory firm specializing in Islamic Finance. Partnering with this internationally recognized group of experts for our Sharia Supervisory Board and with Raqaba for ongoing internal advisory and audit puts UIF’s Sharia advisory function in a league of its own.

This structure is in accordance with AAOIFI standards on Sharia governance. UIF’s residential “Installment Sale”, “Lease to Own” and “Declining Balance” programs have been independently approved by Amanie Advisors who are also members of AAOIFI.

Residential Installment Sale Fatawa
Residential Lease to Own Fatawa
Residential Declining Balance Partnership Fatawa

The following Amanie Scholars have approved UIF’s programs:

Dr. Mohamed Ali Elgari 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 the recipient of the Islamic Development Bank Prize in Islamic Banking and Finance and holds the KLIFF Islamic Finance Award for Most Outstanding Contribution to Islamic Finance (Individual).

He is a member on the editorial board of several academic publications in the field of Islamic Finance and Jurisprudence, among them Journal of the Jurisprudence Academy (of the IWL), Journal of Islamic Economic Studies (IDB), Journal of Islamic Economic (IAIE, London), and the advisory board of Harvard Series in Islamic Law, Harvard Law School.

Dr. Elgari is also an advisor to numerous Islamic financial institutions throughout the world and is notably on the Shariah board of the Dow Jones Islamic index as well as a member of the Islamic Fiqh Academy and the Islamic Accounting & Auditing Organisation for Islamic Financial Institution (AAIOFI).


Ph.D. Economics, University of California, USA

Dr. Bakar is the Chairman of the Amanie Group and was previously the Deputy Vice-Chancellor at the International Islamic University Malaysia. He is currently the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia and the Shariah Supervisory Board of The International Islamic Liquidity Management Corporation (IILM).

Dr Bakar has published a number of articles in various academic journals and made many presentations in various conferences around the globe. Dr. Mohd Daud Bakar is a Shariah board member of the Dow Jones Islamic Market Index (New York), Muzn Islamic Banking (The National Bank of Oman), BNP Paribas (Bahrain), Morgan Stanley (Dubai), Bank of London and Middle East (London), amongst other financial institutions.


Ph.D., University of St. Andrews, Scotland
Bachelor of Shariah (Fiqh wa Usuluhu), Kuwait University, Kuwait
Bachelor of Jurisprudence (external), University of Malaya, Malaysia

Dr. Qattan is a highly regarded Shariah Scholar and is currently the Director of Islamic Economics Unit, Centre of Excellence in Management at Kuwait University.

Not only is he an accredited trainer in Islamic Economics, he is also a lecturer as well as a prolific author of texts and articles on Islamic economics and finance.

He also serves as the Shariah advisor to many reputable institutions such as Ratings Intelligence, Standard & Poors Shariah Indices, Al Fajer Retakaful amongst others.


Ph.D. Islamic Banking, Birmingham University, UK
B.A. Islamic Economics, Al-Imam University, Riyadh, Saudi Arabia

Dr. Osama Al Dereai is a Shariah scholar who has extensive experience in teaching, consulting and research in the field of Islamic finance.

Dr. Al Dereai is a Shariah board member of various financial institutions which include the First Leasing Company, Barwa Bank, First Investment Company and Ghanim Al Saad Group of Companies amongst others.


Ph.D. Islamic Transactions, University of Malaya (Malaysia)
MA, International Islamic University Malaysia
B.Sc. Hadith Al Sharif, International Islamic University of Medina