Chairman, Saudi Arabia
Dr. Mohamed Ali El-Gari is a name that needs no introduction in the world of Islamic Finance. For close to five decades, he has been the scholar that institutions turn to when they need not just a fatwa, but wisdom — the kind that bridges the timeless principles of Shariah with the complex realities of modern financial products.
Born in the holy city of Makkah, Saudi Arabia, Dr. El-Gari's academic journey took him from King Abdulaziz University in Jeddah, where he graduated with a Bachelor's in Economics in 1975, to the University of California, where he earned his Master's in Economics in 1981 and his PhD in Economics in 1984. It is this rare combination — a deep grounding in classical Islamic scholarship alongside rigorous Western academic training in economics — that has made him uniquely equipped to navigate the intersection of faith and western finance.
A Founding Voice in Islamic Finance
Dr. El-Gari's contribution to the architecture of modern Islamic finance cannot be overstated. He is a founding member of AAOIFI — the Accounting and Auditing Organisation for Islamic Financial Institutions — the Bahrain-based body whose standards govern Shariah-compliant financial practice across more than 45 countries. At AAOIFI, he has served not just as a scholar but as an institution-builder: as a member of the Shariah Committee, a member of the Board of Trustees, and as the head of the Shariah Standards Committee — the body responsible for setting the precise rules that determine what is and is not Halal in modern finance. If AAOIFI is the constitution of Modern Islamic finance, Dr. El-Gari is among its primary authors.
A Scholar Trusted by the World's Greatest Institutions
The true measure of a scholar's credibility is who trusts them with their most critical decisions. By this measure, Dr. El-Gari stands in a category of his own. His Shariah Board memberships span continents and institutions — from the Middle East's most established Islamic banks including Dubai Islamic Bank, Emirates NBD Bank, Saudi National Bank, and the Central Bank of Bahrain, to global financial powerhouses such as Société Générale, Citibank and HSBC. Perhaps most significantly, he has served on the Shariah committee of the S&P Dow Jones Islamic Indices — the benchmarks used by Islamic investors and fund managers worldwide to determine which equities are Halal. When the world's largest index provider needed a Shariah scholar, they called Dr. El-Gari.
Recognised Globally for a Lifetime of Contribution
Dr. El-Gari's lifetime of work has been recognised with the field's most prestigious honours. He is the recipient of the Islamic Development Bank Prize in Islamic Banking and Finance — the most distinguished academic award in the field. He has also received the KLIFF Islamic Finance Award for the Most Outstanding Individual Contribution to Islamic Finance, and Euromoney's award for Outstanding Contribution to Islamic Finance — the latter being one of the most recognised accolades in global financial publishing.
Why His Presence on Our Shariah Board Matters
For the Gold by Islamicly App, having Dr. El-Gari as the Chairman of our Shariah Supervisory Board is not a formality. It is a statement of intent. Every product feature, every transaction structure, every contractual relationship within this platform has been reviewed under the scholarly gaze of a man who has spent nearly fifty years ensuring that Muslims around the world can participate in financial life without compromising their faith.
When you save on Gold by Islamicly App, you save with the confidence that the man who helped write the global rules of Islamic finance has reviewed and approved the very structure through which your money moves.
At a Glance
| Category | Detail |
|---|---|
| Born | Makkah, Saudi Arabia |
| Bachelor's | Economics — King Abdulaziz University, 1975 |
| Master's | Economics — University of California, 1981 |
| PhD | Economics — University of California, 1984 |
| Most Notable Role | Founding Member, Shariah Committee & Board of Trustees, AAOIFI |
| Head of | AAOIFI Shariah Standards Committee |
Membership & Institutional Affiliation Profile
AAOIFI — Accounting and Auditing Organisation for Islamic Financial Institutions
Founding Member Member, Shariah Committee (Shariah Board) Member, Board of Trustees Chairman, Shariah Standards Committee
AAOIFI is the Bahrain-based international body that sets Shariah, accounting, auditing, governance, and ethics standards for Islamic financial institutions across 45+ countries. Being a founding member and simultaneously heading the Shariah Standards Committee makes Dr. El-Gari one of the literal authors of the rules that govern global Islamic finance.
Islamic Development Bank (IsDB) — Jeddah, Saudi Arabia
Shariah Board Member Recipient — IDB Prize in Islamic Banking and Finance
The Islamic Development Bank is the multilateral development bank serving 57 member states of the OIC. Its Shariah Board is among the most authoritative in the world.
Member – OIC International Islamic Fiqh Academy — Jeddah, Saudi Arabia
The supreme scholarly body of the Organisation of Islamic Cooperation, responsible for issuing collective Fiqh rulings on contemporary issues facing the global Muslim community.
Member – Islamic Fiqh Council — Muslim World League, Makkah
One of the most authoritative Shariah bodies in the world, whose rulings are followed by Muslim communities globally.
Dubai Islamic Bank — Dubai, UAE
Member, Fatwa and Shariah Supervisory Board
The world's first fully-fledged Islamic bank, established in 1975. One of the most prestigious Shariah board positions in Islamic banking globally.
Emirates NBD — Dubai, UAE
Member, Shariah Supervisory Board
One of the largest banking groups in the Middle East and North Africa by total assets.
Saudi National Bank (SNB) — Riyadh, Saudi Arabia
Member, Shariah Supervisory Board
The largest bank in Saudi Arabia by assets, formed through the merger of NCB and Samba Financial Group.
National Commercial Bank (NCB) — Jeddah, Saudi Arabia (now Saudi National Bank)
Member, Shariah Supervisory Board Keynote Speaker — Future of Islamic Business Banking Seminars (annual)
Dr. El-Gari's relationship with NCB predates its merger into SNB, spanning decades of Shariah advisory work with what was Saudi Arabia's largest bank.
Central Bank of Bahrain — Manama, Bahrain
Member, Shariah Supervisory Board
The regulatory authority overseeing Bahrain's financial sector, which is the Gulf's leading Islamic finance hub.
S&P Dow Jones Islamic Indices — New York / Chicago, USA
Chairman, Shariah Supervisory Board
The world's leading index provider's Islamic indices — used as the global benchmark for Shariah-compliant equity investing. Includes the Dow Jones Islamic Market Index (DJIM), which covers equities across 69 countries. The most widely referenced Islamic finance index globally.
Société Générale — Paris, France
Member, Shariah Supervisory Board
One of France's and Europe's largest financial groups, with significant Islamic finance operations. Dr. El-Gari's presence on a major French bank's Shariah board reflects the global reach of his authority.
Shariah Advisor – HSBC Amanah — Global
The Islamic banking arm of HSBC, one of the world's largest banking groups. HSBC Amanah operates across the Middle East, Asia, and Europe.
Freddie Mac — USA
Shariah Advisor
Dr. El-Gari advised Freddie Mac — one of the two largest US government-sponsored mortgage enterprises — on structuring Shariah-compliant mortgage products for the American Muslim market. This is one of the most notable crossover appointments between mainstream Western finance and Islamic Shariah advisory.
Shariah Advisor – Al Rajhi Bank — Riyadh, Saudi Arabia
The world's largest Islamic bank by capital and one of the largest banks in Saudi Arabia. Al Rajhi is the institution that many consider to have defined the retail Islamic banking model.
Shariah Advisor – Kuwait Finance House (KFH) — Kuwait
One of the world's largest Islamic financial institutions and the second largest bank in Kuwait.
Academic Contributor / Advisor – Harvard Islamic Finance Project — Cambridge, Massachusetts, USA
Harvard Law School's Islamic Finance Project, one of the most prestigious academic centres for the study of Islamic finance in the Western world.
King Abdulaziz University — Jeddah, Saudi Arabia
Past Professor of Islamic Economics (decades of academic tenure)
His home institution where he graduated in 1975 and returned to teach — the same university where he shaped generations of Islamic economists and finance scholars.
Awards & Honours
| Award | Awarding Body | Significance |
|---|---|---|
| IDB Prize in Islamic Banking and Finance | Islamic Development Bank | The most prestigious academic and professional award in Islamic finance |
| KLIFF Islamic Finance Award — Most Outstanding Contribution to Islamic Finance (Individual) | Kuala Lumpur Islamic Finance Forum | Voted by the global Islamic finance industry |
| Euromoney Award — Outstanding Contribution to Islamic Finance | Euromoney Publications | One of the most recognised awards in global financial publishing |
| Honorary Doctorates | Multiple institutions | Recognised across the Islamic world |
Published Works — Subject Areas
Dr. El-Gari is also known in scholarly circles as a prolific author — he has written extensively on topics including Islamic insurance (Takaful), Islamic mortgages, and the jurisprudence of financial derivatives. He has taught at King Abdulaziz University for decades and is widely cited in academic literature on Islamic economics. His scholarly opinion carries particular weight on questions of modern financial instruments precisely because he combines the fiqh training of a classical scholar with the technical fluency of a PhD economist.
Islamic insurance (Takaful) — jurisprudential foundations Islamic mortgage structures — comparative analysis The jurisprudence of financial derivatives in Islamic law Sukuk (Islamic bonds) — structures and Shariah standards Zakat on financial assets — contemporary applications Islamic banking — theory and practice Gold and precious metals in Islamic economics Currency exchange (Sarf) in contemporary Islamic finance Financial futures and options — an Islamic perspective Profit and loss sharing as an alternative to interest
Dr. El-Gari does not merely lend his name to Islamicly. Every transaction structure, every contractual relationship, and every product feature has been reviewed under his direct scholarly supervision — giving users the confidence that their investments meet the highest standards of Shariah compliance.
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