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Muamalah Financial Consulting


Muhammad Zahid Abdul Aziz - President/Director


Zahid, holds a Bachelors Degree in Economics from University of Exeter, United Kingdom and MSc Islamic Banking & Finance (UIAM).After graduating with the first degree in 1977, he joined an International Accounting Firm, Arthur Young & Co., London Office. He returned to Malaysia in 1982 and joined Arab Malaysian Merchant Bank Kuala Lumpur. He joined Bank Islam Malaysia Berhad in 1990 where he pioneered and helped develop Islamic Corporate Banking specializing in Islamic Syndications and Sukuk Issuance. He left Bank Islam in September 2000 to form Muamalah Financial Consulting Sdn Bhd., an Islamic Financial Consultancy/Shariah Advisory company.

From July 2006 to March 2009 he was based in Riyadh as Head of Investment Banking/Sukuk Origination for AlBilad Investment Company Ltd, a CMA licensed wholly owned subsidiary of Saudi Arabia's Bank AlBilad.

In April 2009 he returned to Malaysia to resume his position at Muamalah Financial Consulting, an Islamic Finance and Islamic Capital Market Consultancy/Trainer based in Kuala Lumpur.


He held an appointment as Honorary Visiting Consultant on Islamic Banking and Finance for University Science Malaysia, Penang. In 2012 he graduated with an MSc Islamic Banking & Finance from International Islamic University Malaysia. He is a well known and popular International Trainer in Islamic Banking and Finance having taught in Dubai, Brunei, Korea, Singapore, Indonesia, Sri Lanka, Russia , Nigeria, Kazakhstan, as well as Malaysia.

With over 25 years experience in the Islamic Muamalat Industry he has recently been appointed a Subject Matter Expert Advisor to the Syariah Advisory Committee of Bank Islam Malaysia Berhad (BIMB), a function which requires him to attend all BIMB Shariah Advisory Council Meetings, as well as provide advice and consultancy as necessary to Bank Islam Malaysia Berhad itself. He is also Author of a new book titled "The Foams of the Waves of the Sea – The Case for an Islamic Monetary System." He is presently active as Principal Consultant of Muamalah Financial Consulting Sdn Bhd in setting up of Islamic Banks in Africa apart from giving public Talks on The Islamic Monetray System.

Experiences :


  1. Islamic Corporate Financing

  2. Arrangement of major Islamic Syndications / Sukuk issuances.

  3. Arrangement of International Islamic Syndications / International Sukuk issues.

  4. Lecturer at Islamic Banking Courses

  5. Invited Speaker for Central Bank, Securities Commission, Labuan Offshore Authority, courses and conferences.

  6. Invited Speaker at International Islamic Banking Forums and Conferences

  7. Teaches Islamic Corporate Financing, Islamic Legal documents, Islamic Stockbroking, Sukuk and Islamic Asset Backed Securitisation, Fundamental Muamalat and Islamic Financing Restructure in Public Courses organised by Muamalah Financial Consulting Sdn Bhd, a Malaysian Securities Commission approved ICM Syariah Advisory Company

  8. Sukuk/Islamic Capital Market/Islamic Investment Banking Consultant to various Islamic Banks, Bursa Malaysia, Petronas and other institutions.

Speaker/Presenter at the following Conferences:


October 1996   -         3rd Annual Dubai Forum on Islamic Banking and Finance.

                                Paper :  Infrastructure and Project Finance.

                                            Pooling of Funds for Syndicate Financing of  Large Scale Projects.

May 1997         -         International Conference on Islamic Banking & Finance,

                                (Securities Commission of Malaysia)

                                Paper:  Islamic Financing of Kuala Lumpur International Airport

November 1997 -        Second Asia Pacific Economic Cooperation (Export  

       Financing Institutions (Apec EFI) Meeting, KL)

                                Paper:  Islamic Financing for Infrastructure Projects.

December 1997 -        Marketing Strategies for Islamic Banks and Financial Institutions

                                Paper:  The Challenges of Marketing Islamic

                                           Corporate Financing Products.

April 1998            -    International Conference on Islamic Investment & Challenges

                                (International Association of Islamic Banks)

                                Paper:  Corporate Financing and Securitization Issues & Challenges

August 1998      -       Workshop on Developing Islamic Financial Instruments for a Labuan International Islamic Money Market (ALIIMM)

                                (Labuan Offshore Authority)

Paper:   Method of Financing and Practical Issues in Structuring Islamic Financial Instruments

June 1999          -      Seminar on Islamic Banking and Finance for D8 and OIC Member Countries.

                                (Government of Malaysia and Central Bank of Malaysia)

                                Paper: Syndication and Securitization.

July 1999          -        Seminar on Islamic Capital Market (Securities Commission of Malaysia

                                Paper:  Islamic Financial Instruments and The Islamic Capital Market


Sept 2000          -       Seminar on Islamic Corporate Financing (Bank Islam Institute of Research & Training)

                                 Paper:  Islamic Syndications & Islamic Bonds


October 2000   -         World Class Islamic Finance Conference (Marcus Evans ICM Conferences)

                                Paper:  Economics of Islamic Banking From  A Practitioner’s View


July 2001    -             New Development’s in Malaysia’s Debt Capital Market.

                                Paper: Islamic Private Debt Securities Issues, Challenges and Analysis on Future Direction.


Sept 2001   -              Seminar on Islamic Private Debt Securities.

                                Paper: Issuance of Islamic PDS: Complying with SC Guidelines.


2001 onwards             Various Securities Commission/Bank Negara Malaysia

                                 In-House Seminars & Colloquiums.


2018/19    -                Provide consultancy in setting up an Islamic Bank in Nigeria.


Recent Events :


  1. IFN Roadshow in Singapore 2012 - Risks, regulatory and taxation support for Islamic Banking finance


  1. IFN Roadshow in Jakarta 2011 - Indonesia's Regulatory and Tax Agenda (2011);


  1. IFN Roadshow Brunei 2012 - Islamic Finance Regulatory and Infrastructure Development in Brunei. 


4. Investment Banking Consultant to various Islamic Banks, Bursa Malaysia, Petronas and other institutions

Ismail Aminuddin - Associate Director

Ismail has had over 32 years of working experience in the banking and finance industry (inclusive of 17 years dedicated to Islamic Finance). He holds a Diploma in Public Administration from University Technology MARA (UiTM), a Bachelors Degree in Business Administration from Ohio University, the USA, and a CIFP member of the Chartered Institute of Islamic Finance Professional.


Ismail was a former Accreditation Panel member of Finance Accreditation Agency Sdn Bhd (FAA) and former Syariah Committee Member of Deutsche Bank Malaysia (1 year), Kenanga Investment Bank Bhd (3 years) in Kuala Lumpur, and Shariah Advisor of Qays Re Global Ltd (Labuan), a Re-Insurance/Takaful company (3 years)


Ismail is also the President/Director of Eversolution Sdn Bhd, a software development company, a Director of Protac Insurance Brokers Sdn Bhd, a wholly-owned subsidiary of the Federal Government Statutory Body, RISDA.



Ismail took early retirement from banking in April 2010 and during his banking career, he held various positions in banking committees such as Chairman IBFIM's Examination Committee for Islamic Certified Credit Professional (CCP-i), a Member of the Board of Graduate Programme Studies of INCEIF, among the founder and Council Member of the Association of Chartered Islamic Finance Professionals (ACIFP and now known as CIIF)  and also among the founder member and Vice-Chairman of the Association of Islamic Banking Institutions in Malaysia (AIBIM), and a Member of various sub-committees set-up by Bank Negara Malaysia to review Islamic banking products and procedures.

Ismail's vast experience cover various aspects of banking such as branch banking, consumer, corporate and commercial banking, finance and accounts, credit evaluation, collection and recovery, operations, credit administration (inclusive of securities), product development and capital markets. Ismail last senior management position in his banking career prior his retirement was Chief Credit Officer.


A hands-on person in supervising product development (product development department was under his supervision in all the Islamic banks he had worked with), Ismail was directly involved in designing new Islamic banking products (deposit, financing, trade finance and treasury), preparation of product operation manuals (including process 's flow), system specifications for product software development (including preparing Request For Proposal), prepared test-plans and was also directly involved in system testing as user for Islamic product software. In all, he has worked with five (5) banking system i.e. 1 conventional and 4 Islamic.


Ismail commendable achievement in Islamic Finance's experience encompasses the establishment of for two (2) new Islamic banks (transferring an anchor Bank's Islamic window operation to a full-fledged Islamic banking subsidiary and an International Islamic Bank) and two (2) Islamic banking windows i.e. for a Finance Company and currently advising a Labuan based International European Bank. In 2018/19 also a project team in setting up an Islamic Bank in Nigeria.


Ismail is also a frequent speaker in local and international seminars/ workshops and had conducted trainings amongst others, at INCEIF, ISRA, Consumer Associations and a number of universities. He has also conducted training programs for the Central Bank, Bar Council and Judges, Accounting and Auditing firm and various government-linked companies.

Non-related to banking, Ismail has been directly involved as a Consulting Director since 2014 to set-up a Pharmaceutical Plant for Inhalation products (metered dose inhaler) which completed in January 2018 and now in process of undertaking validation/production for registration with the National Regulatory Pharmaceutical Agency (NPRA) of Malaysia, and commercialized in Q4/2023. In Eversolution (and its related companies) is active in banking digital software (focus in mobile banking solution) and has successful delivered mobile banking solutions to some major banks in Malaysia. 

Abdul Rais Abdul Majid - Associate Director


Abdul Rais holds a Master’s Degree in Business Administration from the Asian Institute of Management (AIM) , Manila, Philippines and a Bachelor’s Degree in Social Science from University Sains Malaysia (USM) Penang.


From 2002 to 2004, Abdul Rais was the Chief Executive Officer of the International Islamic Fifnancial Market (IIFM), an international organised based in Bahrain, which was established as a stardard setting body to regulate and encourage the creation of global trading of Islamic capital market instruments.


Prior to this (in year 2000), Abdul Rais was with Bank Muamalat Malaysia Berhad as Senior Vice President/ Head of International Banking and Head of Investment Banking. 

Abdul Rais joined the financial services sector more than thirty years ago upon graduation from Universiti Sains Malaysia, Penang. He served in various capacities, mostly at international locations, at Bank Bumiputra Malaysia Berhad. 

After serving as Head of Financial Institutions Department inKuala Lumpur, he was assigned to New York as General Manager of BBMB New York branch in early1993, and subsequently as Chief Executive Officer of BBMB International Bank (L) Ltd and CEO of BBMB International Trust Limited in Labuan in 1996.  He joined Bank Muamalat Malaysia Berhad, Malaysia’s second full-fledged Islamic bank in 2000 where he was responsible for setting up and heading the Investment Banking Division until he was selected by an international panel of central bankers to set up and head the IIFM.


Abdul Rais has presented a number of papers on Islamic capital markets and risk management at international conferences in London, Bahrain, Dubai, Doha, Jeddah Singapore, Kuala Lumpur,Jakarta, Brunei and other locations.


Wan Kamarul Zaman Wan Yaacob - Associate Director


Wan Kamarul Zaman, is an Advocate and Solicitor practicing in the legal firm of Messrs Abu Talib Shahrom based in Kuala Lumpur, Malaysia. He holds a LLB (Hons) Degree from the University of London and CLP (Malaya) as well as an M.Sc (A.Econs) and B.Sc. Degree from Louisiana State University, USA.


He has also acted as advisor for several  public listed companies and private entities undertaking privatization and corporate finance exercises, namely, stock exchange listing, mergers and acquisition, divestment as well as international fund raising through debt and equities placement as well as loan syndication. He also sit on the Board of several companies both listed and unlisted, including as a Director in Muamalah Financial Consulting, Inc and a Partner of Messrs Abu Talib Shahrom, Advocates & Solicitors.

Prior to joining Messrs Abu Talib Shahrom, he was a career banker (1982 - 2006) attached to several financial institutions in Malaysia.  During his tenure in the Malaysian financial sector, he has been involved in almost all aspects of banking activities viz corporate finance and advisory, corporate banking and loan syndication, origination and placement of private debt securities (both Islamic and conventional), treasury and money market dealings as well as loan recover and debt restructuring.  His last position in Banking (2006) was Acting CEO of Affin Discount.

He has also acted as advisor for several  public listed companies and private entities undertaking privatization and corporate finance exercises, namely, stock exchange listing, mergers and acquisition, divestment as well as international fund raising through debt and equities placement as well as loan syndication. He also sit on the Board of several companies both listed and unlisted. He is also a Director of Muamalah Financial Consulting, Inc (Labuan)


He is licensed by Securities Commission, Malaysia under the Capital Market Services Act 2007, that enable him to advise on Corporate Finance matter such as fund raising, mergers and acquisition, corporate/ debt restructuring as well as on matter relating to bonds and sukuk issuance.


He is the Chairman of a boutique corporate advisory firm, Sadec Advisers Sdn Bhd.


Latest major transaction undertaken in 2011 and 2012 under his advisory firm were as follows:-


  • Involved in the arrangement of three (3) Public and Private Partnership (PPP) programs between the Malaysian Government and the private sector for the development of University campuses in Malaysia totaling RM1Billion.

  • Advised and arranged the implementation and completion of the RM3.0Billion Sukuk Issuance for a Malaysia Government Linked Corporation (GLC).

  • Participated in some stage of works in relation to a business and asset sales transaction involving two (2) listed entities on Bursa Malaysia with a combined value between RM3 to 5Billion.



Mohamad Tahir - Associate Director


Tahir holds a Diploma in Banking Studies (UiTM), BSc & MBA (Management and Organization) University New Haven Connecticut, USA. He is also a Certified Risk Professional (BAI Center for Certification, USA). Tahir has over 33 years of experience in the banking and finance industry (inclusive 15 years in Islamic Banking) among others include:

  • Director Risk Management- Islamic Corporation for the Development Private Sector, Islamic Development Bank Group, Jeddah, Saudi Arabia;

  • Board Risk Management Committee - International Islamic Liquidity Management Corporation (IILM), Kuala Lumpur;

  • Chief Risk Officer - Asian Finance Bank, Kuala Lumpur, Malaysia;

  • Chief Risk Officer - Sofinco Saudi Fransi, Riyadh, Saudi Arabic;Chief Risk Officer - Asian Finance Bank, Kuala Lumpur;

  • General Manager- Hong Leong Islamic Bank, Kuala Lumpur, Malaysia.

  • General Manager Risk Management Group, Bank Islam, Kuala Lumpur, Malaysia,

  • Board of Director, BIMB Trust Limited, FT Labuan

  • Director Credit Management - Bank Simpanan Nasional, Kuala Lumpur, Malaysia.

  • Senior Vice President/ Head Risk Management - Sourthern Bank Berhad, Kuala Lumpur, Malaysia.

  • Vice President Head Credit Risk Managemet Division - Bank Utaman Berhad, Kuching, Sarawak, Malaysia.



His work in Credit/Financing and Risk Management covers all aspects of Credit, Operational, Market and Sharia which include development of policy, procedures, guidelines, processes, credit rating/scoring models, credit administration & control, credit recovery, credit approval and compliance.

Ibrahim Shahbudin - Associate Director

Ibrahim graduated in Business Studies from University Teknologi MARA (UiTM) Malaysia and has over 25 years working experience in Banking and Finance banking industry (under both Islamic and conventional banking). He is currently, a Certified Trainer accredited by the Malaysian Human Resource Development Fund (HRDF)

He started his banking career with Maybank and later joined other local banks namely Bank Islam Berhad, Affin Bank Berhad, EON Bank Berhad and before his retirement from banking he was with Bank Simpanan Nasional, a national savings Bank which is wholly owned by the Ministry of Finance of Malaysia, appointed to handle Islamic banking financial products, system development and operations. He was also responsible to design and conduct training on Islamic Banking for all levels of BSN's staff.

Ibrahim banking experience covers retail operations (front and back office), all areas of Trade Finance Operations (including sales), product development and was directly involved in the setting up of several full-fledged Islamic banking branches.


Abdul Rahman Ali - Associate Director

Rahman graduated from Mara University Of Technology Malaysia in Business Administration has over 37 years' experience in both conventional and Islamic banking. He started his banking career with Standard Chartered Bank (10 years) and later joined Bank Islam for 27 years until his retirement.

A hands-on person, his banking career covers managing branches and regional offices be it on human resources, deposit, remittances, banking operations, trade finance operation, credit administration, credit recovery and monitoring sales performances.

After his retirement from banking in 2011, he took up the position as General Manager of Koperasi Kakitangan Bank Islam Holdings Bhd (a co-operative society) until 2015, undertaking business of financing, retails businesses, property development for members and staff of Bank Islam.

He is also actively involved in Amal Foundation, an NGO operating on humanitarian mission worldwide. Had been to various countries assisting refugees.



Associate Consultant


Mohamad Illiayas bin Sayed Ibrahim


Mohamad Illiayas graduated with a Bachelor of Laws (Hons) from National University of Singapore and was called to the Malaysian Bar on 12 March 1988 and the Singapore Bar on 13 October 1991.  He subsequently obtained the Master of Laws degree from the University of Malaya and the Diploma in Syariah Law & Practice from the International Islamic University Malaysia.  He is an Associate Member of the Chartered Institute of Arbitrators, U.K. and the Center for International Legal Studies, Salzburg, Austria.


He first practised law with Messrs Zain & Co. and Messrs Mohamed Ismail & Co. as a Legal Assistant.  In 1994, he was made a partner of Messrs Mohamed Ismail & Co.  He remained in Messrs Mohamed Ismail & Co. until 1996, when he established his firm Mohamad Illiayas & Co. (now renamed Illiayas).


Mohamad Illiayas has extensive experience in advising various clients in exercises ranging from Banking & Islamic Banking, Takaful (Islamic Insurance), Corporate, Commercial and Dispute Resolution.


Amongst his notable assignments include:


(a)        handling all aspects of Banking, Takaful (Islamic Insurance), Re-takaful, Corporate and Commercial matters;


(b)        specializing in Islamic Banking and Finance since 1992;


(c)        preparing the pioneer sets of Islamic Banking and Finance financial documents for various financial institutions including for Bai’ Bithaman Ajil, Murabahah,

            Mudharabah, Musyarakah, Ijarah and Qardhul Hasan transactions;


(d)        handling Islamic bonds and Islamic equity transactions; and


(e)        vetting Corporate, Commercial and Information Technology documents for clients including Bank Islam Malaysia Berhad and Syarikat Takaful Malaysia



He has presented papers on Islamic Banking and Finance, Company Law and Property Law since 1994 at conferences, seminars and workshops organized by Islamic Banking and Finance Institute Malaysia (IBFIM), Institut Kefahaman Islam Malaysia (IKIM), Asia Business Forum, Center for Research and Training (CERT), Center for Management Technology, the Bar Council Malaysia and Monash University (Malaysia). 


He was a member of the Syariah Laws Committee, Bar Council Malaysia from 1997 until 2004 and a member of the Corporate & Commercial Laws Committee, Bar Council Malaysia in 2005.He is presently a member of the Islamic Finance Committee, Bar Council Malaysia.


Prior to reading law, he worked as an Audit Assistant at Messrs Hanafiah, Raslan and Mohamad (then affiliated with Touche Ross International), Chartered and Public Accountants, Kuala Lumpur from 1979 to 1982. 



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