AAOIFI names new secretary general

GLOBAL: Following months of anticipation and the surprise announcement that AAOIFI’s outgoing secretary general, Dr Mohamad Nedal Alchaar, will leave the post to assume the position of Syria’s minister of economy and trade, the industry accounting body has announced the appointment of Dr Khaled Al Fakih as its new secretary general.

In announcing the decision, Shaikh Ebrahim Khalifa Al Khalifa, the chairman of AAOIFI’s board of trustees, expressed his confidence in Khaled’s ability to steer the organization to an even stronger position in discharging its responsibilities in developing and issuing standards for the global Islamic finance industry.

Currently the head of Islamic banking operations at Lebanon’s Bank Audi, Khaled’s experience covers Islamic law, risk management, audit and technical finance. He possesses a PhD in Islamic studies from Lebanon’s University of Saint Joseph; and an MBA in banking and finance.

He is also a certified financial risk manager, certified management accounted, certified internal auditor and certified financial services auditor. In addition, Khaled is a member of the Association of Banks in Lebanon’s (ABL) Islamic banking committee; and AAOIFI’s Shariah standards committee.

Khaled has also gained experience on the global scene, having participated in international initiatives in collaboration with the IMF, the Union of Arab Banks and the ABL.

Meanwhile, Mohamad Nedal will continue to oversee AAOIFI’s operations during the transition period leading up to the 1st February 2012, when Khaled’s appointment takes effect. The outgoing secretary general will also continue to serve as a member of the organization’s board of trustees.

SEE ISLAMIC FINANCE NEWS