Born in Syria, Dr Mohamed Nedal Alchaar is today the secretary general of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the voice of Sharia-compliant regulation. As such, he is one of the men most responsible for shaping the future of Islamic finance.
The global economic crisis has drawn Islamic finance into the mainstream as Western institutions attempt to tap into deposits from the Islamic world by courting Islamic financial firms, which remain relatively unscathed by the subprime mortgage crisis.
And as the sector grows, the role of the AAOIFI becomes ever more vital, as it seeks to ensure that Islamic finance practices remain within the tenets of Sharia law. Dr Alchaar and his colleagues will have their work cut out and are sure to provoke controversy along the way – but then the powerful have always divided opinion.
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