3 new IGC members

INCEIF today welcomes 3 new members of the INCEIF Governing Council. They are Nizwa Bank of Oman Chief Executive Officer Dr. Jamil El-Jaroudi, Gatehouse Bank of UK Chief Executive Officer Mr Richard Thomas OBE and IIUM Institute of Islamic Banking and Finance  Distinguished Academic Fellow Haji Mustapha Hamat.
Dr. Jamil El-Jaroudi has over 35 years of financial experience, commencing in 1976 as a consultant with Booz Allen & Hamilton in the UAE and Kingdom of Saudi Arabia. Since 1982, Dr. Jaroudi has held various senior executive roles with Al-Mawarid Group, Saudi Arabia and in 1996, he co-established the Middle East Capital Group in Lebanon, the region’s first merchant bank with a pan-Arab focus. In Bahrain, Dr. Jaroudi has held senior positions with DMI Trust, the Islamic Investment Company of the Gulf (“IICG”), and Shamil Bank. He then was involved in the establishment of Arab Finance House in Lebanon in 2002 before returning to Bahrain in 2006 to set up and assist in the development of Elaf Bank.  He was appointed as the CEO of Nizwa Bank in March this year.


Dr. Jamil El-Jaroudi

Dr. Jaroudi holds an MBA from Columbia University and a Ph.D. from Kellogg School, Northwestern University, USA. He is a Board member of the Beirut Islamic University, and a member of the Board of Trustees of the Lebanese American University Institute of Family Businesses.

Mr Thomas became CEO of Gatehouse Bank in August 2009 following the merger of the bank with Global Securities House UK Limited (a subsidiary of The Securities House). He is a veteran in the field of Shariah-compliant finance, with over 30 years’ experience in the sector. Prior to joining The Securities House group of companies, he was Head of Islamic Financial Services at the Arab Banking Corporation in London (“ABCIB”), as well as CEO of ABCIB Islamic Asset Management Limited and Alburaq. He also held senior positions related to Islamic financial services at United Bank of Kuwait and Saudi International Bank in London. Richard is also the UK Trade & Investment’s Special Representative for Kuwait, assisting in the Government’s policy on the promotion of bilateral business and trade development between these countries and a Fellow of the Chartered Institute for Securities & Investment. In 2011, Her Majesty Queen Elizabeth II bestowed Richard with the honour of OBE, for civic excellence in duties for the UK Islamic finance industry.


Mr Richard Thomas OBE

An accountant by profession, Haji Mustapha has over 30 years’ experience in the banking and finance industry, with 23 years in the Islamic banking field. His major contributions to the industry include the setting up of the first Shariah-based bank in Malaysia. His involvement in the industry started long before the incorporation of the first Shariah-based bank in Malaysia. He was deeply involved in laying the framework for the implementation of Shariah-based banking system in Malaysia as well as internationally.


Haji Mustapha Hamat

Prior to joining IBFIM as its CEO, he was the Senior Consultant at the Malaysian Accounting Standards Board (MASB) developing among others, Islamic Accounting Standards for the country. Prior to his stint at MASB, he was the General Manager of the Finance Division and later the Retail Banking Division of Bank Islam Malaysia Bhd. (BIMB), the first Islamic bank in Malaysia. He has an MBA from Brunel University, UK in 1990. He holds a post-Graduate Diploma in Accounting and a Bachelor in Economics from the University of Malaya.

INCEIF also wishes to record our sincere gratitude and thanks to 3 IGC members whose tenure has ended. They are Tan Sri Andrew Sheng, Datuk Khatijah Ahmad and Dr Ishrat Hussain.

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