Mufti Ehsan Waquar

Mufti Ehsan has a diversified cross-functional management experience in Islamic Finance, Business Management and Operation, Project Management and Administration for more than two decades. He has hands-on experience of people and projects management, with a rich experience of working with board of directors and senior management of banks, regulators, auditors and legal counsels.
Alhamdulillah, he has exclusively served Islamic Financial Industry with institutions like World Bank-IFC, National Bank of Pakistan, ABL, Soneri Bank, NAFA, Askari General Insurance Company Takaful Window (AGICO), Emirates Global Islamic Bank, Al Baraka Bank Pakistan, UBL, Yasaar Ltd.-UAE & UK, Minhaj Advisory-UAE, Arif Habib for more than a decade now. He has structured several Sukuk including the largest Sukuk in Pakistan; a hundred billion Sukuk for Neelum Jhelum Hydro Power, Fatima Fertilizer, Fauji Fertilizer, Sitara Energy, Sitara Peroxide and IBL.
He also served as member of the Technical Committee for Developing Accounting & Auditing Standard for Islamic Financial Institution at Institute of Chartered Accountants of Pakistan (ICAP). As member of SAF at State Bank of Pakistan (SBP), he worked actively with SBP in matters pertaining to Islamic Banks including drafting of Shariah Standard on Shirkat-ul-Milk usually used for Housing Finance, Tawarruq, Commodity Murabahah, Treasury, Trade Finance and Agricultural Financing Products.
At ESAAC (Ehsan Shariah Advisors and Consultants Private Limited), where he is the Chief Executive Officer and has the privilege to work on a project of World Bank-IFC for developing Islamic Re-Mortgage Finance. He has also worked with SECP team on Takaful Rules 2012 with its insurance division.
He possesses a unique combination of religious and contemporary education that is very relevant to Islamic Banking. He has strong communication skills combined with knowledge of several languages. He graduated and accomplished Masters in Business Administration (MBA) with specialization in Finance and Masters in Economics (MA) from IoBM and Karachi University respectively. He also completed traditional Islamic studies and graduated as a Mufti, achieving Masters in Islamic Studies (MA) and specializing in Islamic Jurisprudence (PGD-Mufti) from a leading Islamic School in Pakistan, Jamia-Tur-Rasheed. He has also accomplished Bachelors in Law and Legislation (LLB). This unique blend of educational combination gives him an edge upon many others to understand, correlate and align modern day banking practices with Shariah principles. Beside this, he conducts courses and sessions on Islamic Banking, Capital Markets, Derivatives, Takaful and Risk Management in renowned Business schools like CBM, IBA and KUBS.

Dr. Mufti Muhammad Yunas Ali

Dr. Mufti Muhammad Yunas Ali is a Resident Shari’ah Board Member (RSBM) of PMRC. He is a registered Shariah Advisor as per Shariah Advisor Regulations 2017 issued by SECP. Before the appointment as RSBM, he has been working as Senior Manager in Islamic Business of PMRC since 2018. He has more than 6 years’ experience of working in different Islamic Banks and Financial Institutions. He has been instrumental in developing Islamic business and products and also involved in reviewing and ensuring day-to-day Shari’ah compliance activities. His main responsibilities include Shari’ah compliance, Structuring Shari’ah-compliant Islamic mortgage products and Sukuk. He possesses a blend of theoretical strength with practical thinking and analytical ability.
Academically, he holds a PHD degree in Islamic Banking & Finance from University of Karachi. His Ph.D. dissertation titled “Shari’ah non-compliance risk and its impact on Islamic Banking”. He already possesses a Masters degree in Islamic Banking & Finance from Sheikh Zayed Islamic Center, University of Karachi. Religiously, he has completed Takhassus-fil-Fiqh wal-Ifta (Specialization in Islamic Jurisprudence and Fatwa Writing) and also completed Al-Shahadul Aalamiyyah (Equivalent to Masters in Arabic and Islamic Sciences) from Tanzeem-ul-Madaris Ahle-Sunnat Pakistan and got 3rd position in all Pakistan. He has over 17 years of experience in the field of Research & Ifta. He has a remarkable academic record and written various booklets and research papers which are published in HEC approved journals as well.
He is also a visiting lecturer in Sheikh Zayed Islamic Centre of University of Karachi, Islamic Learning Department – Faculty of Islamic Studies in University of Karachi, Al. Manaar Islamic Research Centre, and Jamiah Dar-ul-Uloom Memon Karachi MA Jinnah Road.

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