Corporate Structure
Institute of Islamic Banking and Insurance is registered as a not-for-profit company limited by guarantee in England & Wales (United Kingdom) under Company Number 2981339 given on 30 September 2009. The Institute has charitable objects and is seeking charity status with the Charity Commission in the United Kingdom.
Institute of Islamic Banking and Insurance was previously the trading name of The Islamic Teachings Limited.
The Institute was founded in London in 1990 as the result of vision of the founder and chairman, late Mr Muazzam Ali, aimed at creating a a wider base of knowledge and understanding of the Islamic financial system and helping in the exchange of information between the Islamic and other financial systems through continuing professional education, training, research, conferences, seminars and publications and for the sustainability of an Islamic financial system.
Until 1994 the Institute was operating under the umbrella of the International Centre of Iislamic Studies in London (ICIS), a charity established by late Mr Muazzam Ali. With greater challenges emerging, in 1994 the Institute of Islamic Banking and Insurance became the trading name of The Islamic Teachings Limited. In September 2009 the company name was changed to Institute of Islamic Banking and Insurance.
The Institute has chosen to be set up as a company limited by guarantee with charitable objects to enable the Institute to meet its widening role in the implementation of the vision of its founder.
Governance
Since the passing away of the Founder and Chairman in 2005, the management has been working on a programme of developing a range of corporate governance policies to ensure the Institute is run effectively. Corporate governance is the framework of accountability to members, stakeholders and the wider community, within which organisations lead and conduct their functions, and take decision to achieve their objectives. Good governance leads to good management, good performance, good stewardship of members, public and donors money, good public engagement and ultimately good outcomes.
The Executive Team is the body charged with governance of the Institute and ensuring the effective management of its property and affairs to enable the effective implementation of the strategic plans and the Institute mission statement and charitable objects.
The Institute has also set up various international advisory groups whose members bring unique knowledge and skills which complement the knowledge and skills of the Board Members and the Executive Team.
Executive Team
Chaiman (position presently vacant)
Vice Chairman
Director General
The Director General is presently assisted by the following key positions for the delivery of the Institute's strategic and operational plans and ensuring the financial discipline to the Institute's operations and staff.
-
Financial Controller and Fund Raising Coordinator
-
Programme Development Coordinator
-
Online Education and Assessment Coordinator
-
Learning Management Systems Coordinator
-
IT and Website Coordinator
-
Research Coordinator
-
Tutors
Advisory Groups
There are four informal advisory groups whom the Institute can approach for guidance on particular aspects of the expertise of the members.
Academic Advisory Group
Professor Rodney Wilson
(
Chairman
)
Centre for Middle Eastern and Islamic Studies,
University of Durham - UK
Dr M. Fahim Khan
Head, Training Division, Islamic Research and Training Institute,
Islamic Development Bank, Jeddah, Saudi Arabia.
Joseph Connolly
US Commissioner for UK-US Fulbrights;
Distinguished Visiting Professor of Management, ENPC, Paris, France,
former Global Research Head and Executive Director Strategy UBS AG Wealth Management London and Zurich, former SVP and Global Head Research, Citibank New York, USA, Honorary Fellow IIBI
Islamic Banking Advisory Group
Mr Omar Ali
(
Chairman)
Former Chief Executive DMI Group,
Geneva, Switzerland
Mrs Stella Cox
Managing Director, DDCAP Limited UK.
Mr Iqbal Khan
Former founding CEO, HSBC Amanah,
Advisor to the Chairman HSBC Holdings, UK
Warren Edwards
CEO,
Delphi Risk Management, UK, Honorary Fellow IIBI
Takaful (Islamic Insurance) Advisory Group
Mr Ajmal Bhatty
(
Chairman)
Former global head of Takaful for HSBC Amanah
Mr Iqbal Asaria
Consultant, Afkar Consultancy,
London, UK
Shari'ah Advisory Group
Mr Justice Taqi Usmani
(
Chairman)
Vice Chairman, International Islamic Fiqh Academy,
Jeddah, Saudi Arabia & Judge Shariat Appellate Bench,
Supreme Court of Pakistan, Karachi, Pakistan
Mr Sheikh Yusuf Talal De Lorenzo
Shari'ah scholar of various Islamic Institutions including
Dow Jones Islamic Index - USA
Dr Imran Usmani
Shari'ah scholar of various Islamic Institutions
Funding
The Institute is primarily funded by the course and training fees, sponsorship, donations and Qard Hasan. A key priority for the Institute is to maximise its funding streams from its services, sponsorship and donations to strengthen its areas of work, contribute to improvement of quality of its services and research and subsidise course fees in for deserving cases.