About
In compliance with the State Bank of Pakistan’s regulation, Shariah Board (SB) for Soneri Mustaqeem Islamic Banking has been formed and effective since 27th October 2015.
The Shariah Board is comprised of Five qualified Shariah Scholars namely Mufti Ehsan Waquar Ahmad (Chairman Shariah Board), Mufti Bilal Ahmed Qazi (Shariah Board Member), Mufti Syed Abid Shah (Shariah Board Member), Mufti Sami Ullah (Shariah Board Member) & Mufti Muhammad Zahid (Resident Shariah Board Member-RSBM).
Mufti Ehsan Waquar Ahmad (Chairman Shariah Board)
Mufti Ehsan Waquar Ahmad has extensive and diverse cross-functional experience in Islamic Finance, Business Management, Operations, Project Management, and Administration spanning over two decades. He possesses hands-on expertise in managing people and projects, with a wealth of experience working with boards of directors and senior management of banks, regulators, auditors, and legal counsels.
Alhamdulillah, he has exclusively served the Islamic Financial Industry, collaborating with esteemed institutions such as the World Bank-IFC, Securities & Exchange Commission of Pakistan (SECP), National Bank of Pakistan(NBP), ABL, NAFA (now NBP Funds), Pakistan Mortgage Refinance Company (PMRC), Soneri Bank, KT Bank – Pakistan, Askari General Insurance Company- Windows Takaful Operations (AGICO), Emirates Global Islamic Bank (now Al Baraka Bank Pakistan), United Bank Limited(UBL), Yasaar Ltd (UAE & UK), Minhaj Advisory (UAE), and Arif Habib for more than a decade. He has structured several Sukuk, including the largest Sukuk in Pakistan—a hundred billion Sukuk for Neelum Jhelum Hydro Power—as well as Sukuk for Fatima Fertilizer, Fauji Fertilizer, Sitara Energy, Sitara Peroxide, and IBL. In addition to his extensive career in the Islamic Financial Industry, Mufti Ehsan currently serves as the Vice Chancellor of Al Ghazali University.
He has also served as a member of the Technical Committee for Developing Accounting & Auditing Standards for Islamic Financial Institutions at the Institute of Chartered Accountants of Pakistan (ICAP). As a member of SAF at the State Bank of Pakistan (SBP), he actively contributed to matters pertaining to Islamic Banks, including drafting Shariah Standards on Shirkat-ul-Milk (usually used for Housing Finance), Tawarruq, Commodity Murabahah, Treasury, Trade Finance, and Agricultural Financing Products.
At ESAAC, Mufti Ehsan had the privilege of working on a World Bank-IFC project for developing Islamic Re-Mortgage Finance. He also collaborated with the SECP team on Takaful Rules 2012 with its insurance division. His unique combination of religious and contemporary education is highly relevant to Islamic Banking. He has strong communication skills combined with several languages. He graduated with a Master’s in Business Administration (MBA) specializing in Finance from IoBM and a Master’s in Economics (MA) from Karachi University. Additionally, he completed traditional Islamic studies and graduated as a Mufti, earning a Master’s in Islamic Studies (MA) and specializing in Islamic Jurisprudence (PGD-Mufti) from Jamia-Tur-Rasheed, a leading Islamic school in Pakistan. He also holds a Bachelor’s in Law and Legislation (LLB). This unique blend of educational backgrounds allows him to understand, correlate, and align modern banking practices with Shariah principles.
Moreover, he conducts courses and sessions on Islamic Banking, Capital Markets, Derivatives, Takaful, and Risk Management at renowned Business schools such as CBM, IBA, and KUBS.
Mufti Bilal Ahmed Qazi (Shariah Board Member)
Bilal Ahmed Qazi is a distinguished scholar with a robust educational foundation in Islamic studies and finance. He earned his Al-Aalamiyyah (Master’s in Islamic Studies and Arabic) from Jamiah-tul-Uloom Ul-Islamiyah, Banori Town, and pursued specialization in Islamic Jurisprudence at Jamia Darululoom Karachi. Complementing his religious education, he attained an MBA with majors in Finance and Marketing from the Institute of Business Administration (IBA), Karachi. Further solidifying his expertise, he is a Certified Shariah Advisor and Auditor (CSAA) and a Certified Islamic Professional Accountant (CIPA), accredited by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Mufti Bilal has an extensive career in Islamic finance, currently serving as a Shariah Board member for Bank Makramah and Soneri Bank Ltd. His earlier roles include serving as a Shariah scholar for Meezan Bank Ltd, where he played a pivotal role in converting HSBC Pakistan into an Islamic bank and facilitating its merger with Meezan Bank. His experience spans working with Al Baraka Bank Ltd, NAFA Islamic Mutual Funds, Shaheen Takaful, and TPL Life Takaful. Additionally, Mufti Bilal has contributed to academia as a faculty member and Shariah advisor at Jamia Darululoom Karachi, alongside engaging with various business schools as a visiting lecturer.
Mufti Bilal’s expertise encompasses a wide array of Islamic finance domains, including product development, Sukuk structuring, treasury and liquidity management, and Shariah compliance mechanisms. He specializes in Shariah audits, advisory for Islamic mutual funds and Takaful, and structuring for interest-free banking conversions. His contributions to the conversion of conventional banks into Islamic institutions include developing accounting frameworks, IT integration plans, and core banking software evaluations. Proficient in Arabic and English, Mufti Bilal is also skilled in designing and delivering Islamic banking and insurance training programs.
Mufti Muhammad Zahid (Resident Shariah Board Member-RSBM)
Mufti Muhammad Zahid has attained remarkable achievements in his academic journey, particularly in Islamic Jurisprudence, where he excelled consistently, earning numerous accolades. His educational milestones include obtaining an Al–Aalamiyyah degree in Arabic and Islamic Studies in 2005 from Jamia Darul Uloom Karachi, recognized as a Masters by the Higher Education Commission Pakistan. Further specializing in Islamic Jurisprudence (Al-Takhassuss Fil Iftaa), he completed his studies in 2008 at the same institution.
Continuing his pursuit of knowledge, Mufti Muhammad Zahid achieved an M.Phil. Degree in Islamic Studies at Karachi University’s Quran-o-Sunnah Department and is currently dedicated to his doctoral studies in Islamic Studies at Karachi University.
Before joining Soneri Bank Limited Islamic Banking, Mufti Muhammad Zahid served as the Head of Shariah Compliance at Pak-Qatar Family Takaful Ltd. from 2008 until October 2016, maintaining his role as a Shariah Board Member until September 2018.
In addition to his corporate responsibilities, Mufti Muhammad Zahid shares his expertise as a visiting faculty member at the Institution of Business Administration-IBA and Al-Emaan & Al-Hikmah Institute, Karachi. His focus lies in offering Islamic solutions to contemporary challenges, bridging the gap between the modern world and Shariah principles. Mufti Muhammad Zahid actively conducts training sessions on Islamic Finance, Takaful, and Risk Management on various platforms.
Presently, Mufti Muhammad Zahid serves as the Resident Shariah Board Member (RSBM) at Soneri Bank, Islamic Banking, and holds the position of Shariah Board Member at TPL Life & Shaheen, Window Takaful Operations.
Mufti Syed Abid Shah (Shariah Board Member)
Mufti Syed Abid Shah is a recognized Shariah Scholar and researcher having strong comprehension of all aspects of Islamic Law, specialized in Islamic Jurisprudence and Islamic Finance. He has done his Al-Aalamiyyah (a degree recognized by the Higher Education Commission Pakistan as a Masters in Arabic and Islamic Studies) and Al-T’akhassus fi al-Iftaa’ (specialization in Islamic Jurisprudence) from Jamia Darul Uloom, Karachi. Further he is currently pursuing his M.Phil. degree from Karachi University.
He is associated with Jamia-tur-Rasheed, Karachi as a senior Mufti in Darul Iftaa and lecturer in department of Fiqh ul Muamlat. He has been teaching Islamic studies including Fiqh and Fatwa for years. He has undertaken research work in various topics including economic thoughts in Islam, modern economic, Islamic banking & finance and Halal Food Standards. His research works include Islamic Laws of trade & Business in the light of Majallatul Ahkam Al-Adaliya (The Ottoman Law of Economics), Sell & Purchase of Money in Islam” under the supervision of Mufti Muhammad Taqi Usmani and Basic Islamic Laws/Principles regarding Halal & Haram.
Mufti Sami Ullah (Shariah Board Member)
With over a decade of specialized experience in Islamic Banking and Finance, Sami ullah holds a Shahadat ul Aalamiyyah degree along with a specialization in Islamic fiscal jurisprudence (Takassus fi fiqh ul Muamlat) and an MS in Islamic Banking & Finance from IBA-Karachi, where he graduated with second position. his deep-rooted expertise encompasses Shariah compliance, product structuring, audit, and in-depth research on various Islamic financial issues, including publishing work in reputable international journal.
His role as a Member of the Shariah Board at Mustaqeem Islamic Banking, Soneri Bank Limited, allows him to provide comprehensive Shariah guidance, including compliance reviews, clarification on Shariah aspects of products, and oversight on branch conversions from conventional to Islamic banking. Previously, he served as a Shariah Scholar in the Shariah Compliance Department, where he was responsible for reviewing financial structures, conducting compliance checks, and developing training material to facilitate Shariah learning.
he conducts Islamic banking and finance training across various platforms, bringing a hands-on approach to Shariah-compliant product development, transaction structuring, and compliance review. Driven by a commitment to advancing Shariah-compliant financial solutions, he aims to deepen professionals’ understanding of Islamic finance principles and promote ethical, Shariah-aligned practices within the industry.
Contact Details of SCD Personals:
Mr. Raheel Bhagar – Head Shariah Compliance
Contact No. +92-21-35631296
Email: [email protected]