Shari'ah Board


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 has a diversified cross-functional management experience in Islamic Finance, Business Management and Operation, Project Management and Administration for more than two decades. He has hands-on experience of people and projects management, with a rich experience of working with board of directors and senior management of banks, regulators, auditors and legal counsels.

Alhamdulillah, he has exclusively served Islamic Financial Industry with institutions like World Bank-IFC, National Bank of Pakistan, ABL, Soneri Bank, NAFA, Askari General Insurance Company Takaful Window (AGICO), Emirates Global Islamic Bank now Al Baraka Bank Pakistan, UBL, Yasaar Ltd.-UAE & UK, Minhaj Advisory-UAE, Arif Habib for more than a decade now. He has structured several Sukuk including the largest Sukuk in Pakistan; a hundred billion Sukuk for Neelum Jhelum Hydro Power, Fatima Fertilizer, Fauji Fertilizer, Sitara Energy, Sitara Peroxide and IBL.

He also served as member of the Technical Committee for Developing Accounting & Auditing Standard for Islamic Financial Institution at Institute of Chartered Accountants of Pakistan (ICAP). As member of SAF at State Bank of Pakistan (SBP), he worked actively with SBP in matters pertaining to Islamic Banks including drafting of Shariah Standard on Shirkat-ul-Milk usually used for Housing Finance, Tawarruq, Commodity Murabahah, Treasury, Trade Finance and Agricultural Financing Products.

At ESAAC, he has the privilege to work on a project of World Bank-IFC for developing Islamic Re-Mortgage Finance. He has also worked with SECP team on Takaful Rules 2012 with its insurance division.

He possesses a unique combination of religious and contemporary education that is very relevant to Islamic Banking. He has strong communication skills combined with knowledge of several languages. He graduated and accomplished Masters in Business Administration (MBA) with specialization in Finance and Masters in Economics (MA) from IoBM and Karachi University respectively. He also completed traditional Islamic studies and graduated as a Mufti, achieving Masters in Islamic Studies (MA) and specializing in Islamic Jurisprudence (PGD-Mufti) from a leading Islamic School in Pakistan, Jamia-Tur-Rasheed. He has also accomplished Bachelors in Law and Legislation (LLB). This unique blend of educational combination gives him an edge upon many others to understand, correlate and align modern day banking practices with Shariah principles.

Beside this, he conducts courses and sessions on Islamic Banking, Capital Markets, Derivatives, Takaful and Risk Management in renowned Business schools like CBM, IBA and KUBS.

Mufti Bilal Ahmed Qazi (Shariah Board Member)

Mufti Bilal Ahmed Qazi has done his Al-Aalamiyyah (a degree recognized by the Higher Education Commission Pakistan as a Masters in Arabic and Islamic Studies) in 2003 from Jamia-tul-Uloom Ul-Islamiyah Banori Town. Then he completed his specialization in Islamic Jurisprudence from Jamia Darululoom Karachi. He has also completed his MBA from IBA (Institute of Business Administration) Karachi, Pakistan. Prior joining SBL Islamic Banking he used to work for Meezan Bank Ltd as Shariah Scholar. He was the Shariah Advisor of NAFA Islamic Mutual Funds and the Shariah Board Member Albaraka Bank. He is currently Shariah Board Member of Soneri Bank Islamic Banking and Summit Bank. He is also associated as Shariah Advisor with Shaheen & TPL Life Window Takaful Operations.

Mufti Muhammad Zahid (Resident Shariah Board Member-RSBM)

Mufti Muhammad Zahid completed his dissertation in Islamic Jurisprudence with outstanding record throughout his academic career, winning numerous awards. Well-versed in the sciences of Islamic Jurisprudence. He has done his Al–Aalamiyyah (a degree recognized by the Higher Education Commission Pakistan as a Masters in Arabic and Islamic Studies) in 2005 from Jamia Darul Uloom Karachi. Then he completed his specialization in Islamic Jurisprudence (Al-Takhassuss Fil Iftaa) in 2008 from the same institution i.e. Jamia Darululoom Karachi. Currently, He is pursuing his M.Phil degree in Islamic Studies at Quran-o-Sunnah Department from Karachi University.

Prior joining Soneri Bank Limited Islamic Banking he used to work for Pak-Qatar Family Takaful Ltd. as a Head of Shariah Compliance from 2008 till Oct-2016. He has been the Shariah Board Member of Pak-Qatar Family Takaful Ltd till Sep-2018.

Mufti Muhammad Zahid is a visiting faculty at Institution of Business Administration-IBA and Al-Emaan & Al-Hikmah Institute, Karachi. he focuses on presenting Islamic solutions to problems related to the modern existence, thereby applying his acumen in bringing the modern world abreast with the Shariah. He provides Islamic Finance, Takaful and Risk Management trainings on different forums. At the same time, he is responsible as Resident Shariah Board Member (RSBM) at Soneri Bank, Islamic Banking as well as serves as 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)

Sami Ullah graduated from Jamia Darul Uloom, Karachi. He obtained Shaha dat-ul-Aalamia (Masters in Arabic and Islamic Studies) from Jamia Darul Uloom, Karachi and Takhassus Fil fiqh il Muamlat (Specialization in Islamic Commercial Law from Jamia tur Rasheed Karachi. He has also completed his MBA (Finance) from University of Karachi and currently pursuing his MS Islamic Banking and Finance from Institute of Business Administration (IBA), Karachi.

He has about five years’ experience of working in the Islamic Banking Industry, along with approximately eight years’ experience of research and issuing Fatawa. He has drafted more than hundred fatawas regarding trade, banking, finance, inheritance etc. He has also conducted in depth research of several practical issues in Islamic Banking from Shariah aspect.

Contact Details of SCD Personals:
Mr. Raheel Bhagar – Head Shariah Compliance
Contact No. +92-21-35631296
Email: [email protected]