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| Sheikh Nizam Yaquby has the ability to simplify complex issues |
Sheikh Nizam Yaquby is one of the most powerful people in Islamic finance yet he maintains a low-key profile. He works from the back of an electronics shop in Manama’s souq in Bahrain. To call his space an office is to exaggerate greatly. He sits at a worn-out desk. He doesn’t even have a door. Despite this humble existence, Yaquby is one of the most revered scholars in the industry. He is also one of the most highly sought after. He sits on the advisory boards of numerous financial institutions, including HSBC Amanah, Citi-Islamic, Abu Dhabi Islamic Bank, Bahrain Islamic Bank and Dow Jones Islamic Index. He is also a member of the Bahrain Monetary Agency Shariah board and AAOIFI Shariah council and the newly formed Islamic Rating Agency’s Shariah council.
Three things make Yaquby stand out, according to Iqbal Khan, former chief executive of HSBC Amanah and the previous winner of this award. The first is that he is one of the few Islamic scholars to combine a deep understanding of economics and finance with a deep understanding of Shariah law.