A CRITICAL APPRAISAL OF THE CONTEMPORARY ISLAMIC FINANCE
PRACTICES IN LIGHT OF CONTRACTUAL IMPLICATIONS
(MUQTADA AL-ʿAQD) AND CONTRACTUAL OBJECTIVES (MAQSUD AL-ʿAQD)

Professor Dr Ali Al-Qaradaghi is a distinguished Islamic jurist and economist, currently serving as the President of the International Union of Muslim Scholars (IUMS). He is widely recognised for his expertise in Islamic commercial jurisprudence and serves on numerous Shariah boards around the world. He graduated with distinction from the Great Imam Abu Hanifa College in Baghdad and later earned both his MA and PhD, graduating with high distinction from the Faculty of Sharia and Law at Al-Azhar University. 

Dr Nizam Yaquby is a renowned Bahraini scholar and currently serves as Deputy Chairman of the Shariah Board of the IsDB Group. He holds degrees in Economics and Comparative Religion from McGill University and a PhD in Islamic Law. He is a member of numerous international boards, including the Sharia Council of AAOIFI, the Dow Jones Islamic Index, the Central Bank of Bahrain Shariah Committee, and the IIFM Shariah Council. 

Professor Aznan is the Chairman of the Shariah Advisory Council of the Securities Commission Malaysia (SC). He is also a professor at the IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM). He holds degrees from Al-Azhar University, Cairo University, and the University of Wales. He serves on several international Shariah boards. 

Dr Bashir Aliyu Umar is a member of the Shariah Committee of the International Islamic Liquidity Management Corporation (IILM) and the Council of Experts on Islamic Banking of the Central Bank of Nigeria (CBN). He previously served as Chairman of the Shariah Advisory Committee of Stanbic IBTC Bank and Special Adviser on Non-Interest Banking to the CBN Governor. He holds a BA, MA, and PhD in Hadith and Islamic Studies from the Islamic University of Madinah. 

Sheikh Dr Abdulbari Mishal is the Chairman of Raqaba Group and holds a PhD in Islamic Economics from Imam Mohammad Ibn Saud Islamic University. He is recognised for his expertise in Islamic auditing and consultancy, with extensive experience across the GCC region and the United States. Dr Abdulbari received bachelor’s degree in Shariah, master’s and PhD in Islamic Economics from Al-Imam Muhammad Ibn Saud Islamic University, Riyadh. 

Professor Dr Engku Rabiah is a leading Shariah scholar at IIiBF, IIUM, and the Deputy Chair of the Shariah Advisory Councils of both Bank Negara Malaysia (BNM) and the Securities,Commission Malaysia (SC). She specialises in Islamic commercial law and serves on the Shariah Committee of Bursa Malaysia. She holds an LLB (First Class Honours), an LLB (Shari’ah) (First Class Honours), and a Master of Comparative Laws (MCL) from IIUM.

Professor Dr Said Bouheraoua is the Director of the Centre of Excellence for Applied Shariah in Economics and Finance (CASHiEF) at ISRA Institute, INCEIF University and Chair of the Shariah Committees of MUFG Bank and Malaysian Life Reinsurance Group Berhad (MLRe). He holds two PhDs in Islamic law and Usul Fiqh and has published numerous books, book chapters, and articles in refereed journals. 

Professor Dr Younes Soualhi is a Senior Research Fellow at ISRA Institute, INCEIF University and Chair of the Shariah Committee of Al Rajhi Bank. He has extensive academic and practical experience, with a BA from Algeria and an MA and PhD degrees in Usul Fiqh from Malaysian universities. He also holds a Diploma in Human Sciences and has authored numerous scholarly articles and books in Islamic banking and finance.

Dr Sami al-Suwailem is the Acting Director General of the IsDB Institute. He holds a Master’s degree from Southern Illinois University and a PhD from Washington University in St. Louis. He is a renowned expert in Islamic economics and risk management and has served in several professional committees, including the Technical Committee of the Islamic Financial Services Board (IFSB) and the Economic Committee of Awqaf at the Ministry of Islamic Affairs in Riyadh. 

Mr Nasser Hideur is recognized for his contribution to the growth of  Islamic finance in Algeria. He has represented Al Salam Bank at major international platforms such as the Islamic Development Bank (IsDB) Annual Meetings in Algiers. There, he emphasized the importance of digitalization, inclusive economic development, and the integration of the informal sector into the formal economy. 

Dr Said Adekunle Mikail is an Associate Professor at INCEIF University and a Senior Researcher at ISRA Institute. He currently serves on the Shariah boards of IsDB Group and the Islamic Financial Services Board (IFSB). He holds a Bachelor’s degree in Shariah with First Class Honours from the Islamic University of Madinah and earned his Master of Comparative Laws and PhD in Law from the International Islamic University Malaysia (IIUM). He is a prolific author, having published in Scopus-indexed journals. 

Dr Azman bin Mohd Noor is a Senior Lecturer at the Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM). He holds a BA in Islamic Law from the Islamic University of Madinah, two Master’s degrees in Islamic Criminal Law (UKM) and Muamalat (IIUM), and a PhD in Islamic Law from the University of Edinburgh. He serves on several Shariah boards, including Al-Rajhi Bank Malaysia, Bank Rakyat, and AM MetLife Takaful, and is a member of AAOIFI and JAKIM expert panels. 

Dr  Osaid Muhammad Adeeb Kailani is the Global Head of Shari’ah at Abu Dhabi Islamic Bank Group and a member of the AAOIFI Shari’ah Board. He holds a PhD in Comparative Islamic Jurisprudence, a Postgraduate Diploma in Islamic Shari’ah, and a Bachelor’s degree in Shari’ah and Law. He has held multiple international Shariah advisory positions and actively contributes to global Islamic finance governance and standard-setting bodies

Sheikh Abdul Sattar Ali Qattan is the General Manager of Shura Sharia Consultancy. He holds a Bachelor’s degree in Shariah from Imam Muhammad bin Saud Islamic University and a Higher Diploma in Comparative Fiqh from Kuwait University. He is actively involved in Shariah advisory and arbitration within Islamic financial institutions and contributes to the development of Shariah governance frameworks and Islamic financial standards. 

Prof. Dr Abdulrahman Al-Kilani is a professor of Shariah and Islamic jurisprudence at the University of Jordan. He specializes in Fiqh, Usul al-Fiqh, and Islamic legal theory, and is active in teaching and research in Islamic law and Islamic economics. He holds a PhD in Islamic Jurisprudence, a Master’s degree in Shariah or Islamic Studies, and a Bachelor’s degree in Shariah from the University of Jordan. 

Sheikh Prof. Dr. Abdulmajeed Muhammad Al-Soswa is a Professor at the Faculty of Shariah and Law, Sana’a University, and serves as the Chairman of the Shariah Supervisory Board of Tadhamon Islamic Bank. He is a specialist in Islamic jurisprudence, Shariah governance, Islamic finance, and commercial law, with extensive contributions through research and publications. He holds a Bachelor’s and Master’s degree in Shariah and Law from Sana’a University and a Ph.D. in Fiqh and Usul al-Fiqh from Cairo University, Egypt. 

Prof. Dr. Abdulrazzaq Abdulmajeed Alaro is a Professor of Islamic Law at the University of Ilorin, Nigeria, and a Shariah consultant and internationally certified arbitrator specializing in Islamic banking, Islamic insurance (Takaful), and Islamic capital markets. He holds an LL.B (First Class), LL.M in Islamic Law, Ph.D. in Islamic Law, and Barrister-at-Law (BL) qualification. 

Assoc. Prof. Dr Mustafa Omar Mohammed is an Associate Professor at the Department of Economics, International Islamic University Malaysia (IIUM), with more than 20 years of teaching experience. His research focuses on Maqasid al-Shariah, Islamic banking and finance, waqf, zakat and Islamic microfinance, and he has published extensively in these areas. He holds Bachelor’s and Master’s degrees in Economics from IIUM and a PhD in Finance from Universiti Sains Malaysia (USM). He has also undertaken research, consultancy and training for various Islamic finance institutions and organisations internationally. 

Sheikh Dr Ahmed bin Abdulaziz Al-Haddad is a distinguished Shariah scholar, the Chairman of the Higher Shari’ah Authority of the Central Bank of the UAE. He also serves as Grand Mufti and Director of the Ifta Department in Dubai and is a member of several prominent national and international Islamic scholarly bodies. He obtained his Bachelor’s, Master’s and PhD degrees in Islamic Law from Umm Al-Qura University and has extensive expertise in Islamic jurisprudence, fatwa and Shariah governance for Islamic financial institutions.

Dr Oni Sahroni is a prominent Indonesian scholar specialising in contemporary Fiqh al-Muamalat and Islamic finance. He currently serves as a member of the Fatwa Division of the National Sharia Council of the Indonesian Council of Ulama (DSN-MUI) and has extensive involvement in Shariah advisory and supervision within Indonesia’s Islamic financial industry. He obtained his Bachelor’s, Master’s and PhD qualifications in Shariah and Comparative Fiqh, specialising in Fiqh Muamalah, from Al-Azhar University, Cairo. He is also a prolific author on Islamic finance, including works on maqasid, riba, gharar and contemporary fiqh muamalah.

Dr. Ismail Halitoğlu is an Islamic finance and participation banking professional based in Istanbul, Türkiye. He currently serves as Assistant Head of Participation Banking Compliance at Kuveyt Türk Participation Bank, where he has worked for more than 18 years, and also serves as a trainer in Islamic (Participation) Finance. He is an AAOIFI Certified Shari’ah Adviser and Auditor (CSAA) and previously served on the advisory boards of İskan Gayrimenkul and Neova Sigorta. He holds a PhD in Economics from Uludağ University and pursued postgraduate studies in Theology at Marmara University. 

Associate Professor Dr Zeynelabidin Hayat is an Associate Professor at the Institute of Islamic Economics and Finance, Marmara University, and Vice Chair of the Shariah Advisory Committee of Hayat Finans Bank. He previously served as a Visiting Associate Professor at INCEIF University, and as a member of the Shariah Advisory Committee of Aktif Bank. He holds a PhD in Islamic Law (Fiqh) and has authored several books and numerous academic articles on Islamic banking, Islamic capital markets, Sharīʿah governance, and contemporary Islamic financial transactions. He has presented his research at numerous international conferences and scholarly forums and is actively engaged in international research projects and scholarly contributions to encyclopedic works in Islamic economics and finance.