In 2023, Eiger set up its own Shari’ah Board under the Chairmanship of Dr. Mohamed Elgari who had previously been the company’s Shari’ah Advisor from 2014.

The first meeting of the Board took place in Jeddah in November 2023 and now meets twice a year. The Board will monitor the Shari’ah compliance of the company’s commodity supply to its clients who deal in Murabaha and Tuwaraq commodity based transactions. The Board will also sign Fatwas that are required by our clients who may wish to present them to their own Shari’ah Boards. The Board conducts regular audits on the trades flowing through the Eiger Trading Platform and provides an Audit Certificate which is available for clients.

Credentials of the Board Members.

• Mohamed Ali Elgari (Saudi Arabia) – Chairman

Dr. Mohamed Ali Elgari graduated from the King Abdul-Aziz University in 1975 with a Bachelors in Economics. He then earned a Masters in Economics from the University of California in 1981 and a PhD in Economics in 1984 also from the University of California.

Commencing in 1985 Dr. Elgari has been an Expert at the Islamic Jurisprudence Academy, Organisation for Islamic Countries (OIC). From 2000 Dr Elgari has been a member of the Shari’ah Council of AAOIFI and a member of the Board of Trustees of AAOIFI.

Dr. Elgari is a member of various Shari’ah Boards of Islamic banks and Takaful companies including the Central Bank of Bahrain, Saudi National Bank, Alinma Capital, Aljazira Capital and the Dow Jones Islamic Markets Index.

In his long and distinguished career, Dr. Elgari also held the post of Director of the Centre for Research in Islamic Economics and is a former Professor of Islamic Economics at King Abdul-Aziz University in Jeddah.

In 2004 Dr. Elgari was awarded the Islamic Development Bank prize in Islamic banking and Finance. He has also been awarded the KLIFF Islamic Finance Award for the Most Outstanding Contribution to Islamic Finance (Individual) and Euromoney’s award for Outstanding Contribution to Islamic Finance.

• Mohamad Akram Laldin (Malaysia)

Prof. Akram holds a B.A. Honours degree in Islamic Jurisprudence and Legislation from the University of Jordan, Amman, Jordan and a Ph.D. in Principles of Islamic Jurisprudence (Usul al-Fiqh) from the University of Edinburgh, Scotland, United Kingdom.

He has presented many papers related to Islamic Banking and Finance and other Fiqh topics at national and international level and has conducted many training sessions particularly on Islamic Banking and Finance for different sectors since 1999. He is a registered Shari’ah Advisor for Islamic Securities with the Securities Commission of Malaysia and has acted as Shari’ah advisor in the issuance of many sukuks. In addition, he is also prolific author of academic works specifically in the areas of Islamic Banking and Finance. He is the recipient of Zaki Badawi Award for Excellence in Shari’ah Advisory and Research. Recipient of the Most Outstanding Individual Contribution to Islamic Finance during KLIFF 2016 organised by CERT. Winner of the 2017/1439H Malaysian Islamic Personality Award conferred by The Government of Malaysia on the occasion of the birthday of the Prophet Muhammad (peace be upon him). He was awarded The Panglima Jasa Negara (PJN), Commander of the Order of Meritorious Service which carries the title `Datuk’ on 06 June 2022 by the King of Malaysia.

Dr. Akram currently holds the following positions:

• Member of Bank Negara Malaysia Shari’ah Advisory Council,
• Member of MIFC Leadership Council, Chairman of Shari’ah Board of Employees Provident Fund Malaysia (EPF),
• Chairman of Shari’ah Supervisory Council of Labuan Financial Services Authority (FSA),
• Member of Internal Shari’ah Supervisory Committee, Dubai Islamic Bank,
• Member of Shari’ah Advisory Council International Islamic Financial Market (IIFM), Bahrain,
• Member of AAOIFI Public Interest Monitoring Consultative Committee (PIMCC),
• Member of First Abu Dhabi Bank (FAB) Internal Shari’ah Supervision Committee,
• Member Financial Regulation Advisory Council of Experts (FRACE), Central Bank of Nigeria,
• Member of Shari’ah Supervisory Board, Bank Muscat Meethaq Islamic Bank,
• Chairman of The Shari’ah Advisory Committee of Permodalan Nasional Berhad (PNB),
• Chairman of Shari’ah Advisory Committee for Shariah Compliant Fund (SACF) of Amanah Saham Nasional Berhad (ASNB),
• Member of Shari’ah Advisory Committee Lembaga Tabung Haji, Chairman of BOD of ASNB Wakalah Sdn Bhd
• Member of Institute of Corporate Directors Malaysia (ICDM).

Eiger Trading and Advisors Ltd. is honoured to welcome these gentlemen to the Eiger Shari’ah Board.