(Executive Director, Amanah Finance Consultancy, UK)
Mufti Faraz Adam
Mufti Faraz Adam is a distinguished Islamic Finance and Fintech consultant based in the UK, with a reputation for providing expert Shariah advisory services across the globe. As the Executive Director of Amanah Finance Consultancy, he leads a world-renowned Shariah advisory firm, offering services to a wide range of Islamic financial institutions in the UK, US, Canada, Malaysia, Singapore, UAE, and other nations. His work spans various sectors within the Islamic economy, including Islamic banking, capital markets, Takaful, SME financing, and Islamic social finance.
Mufti Faraz's passion for Islamic economics is evident through his dedication to developing and refining the Islamic finance sector, ensuring compliance with Shariah principles while promoting innovation, especially in the fast-growing field of Fintech. His contributions are helping to bridge the gap between traditional Islamic finance and modern financial technologies, empowering individuals and businesses to benefit from Shariah-compliant financial solutions.
Education and Specializations:
Mufti Faraz Adam's journey in Islamic knowledge began with the completion of the rigorous six-year Alimiyyah program in the UK, which laid the foundation for his deep understanding of Islamic jurisprudence. Afterward, he further specialized in Islamic law by completing a Mufti course in Durban, South Africa. His thirst for knowledge continued with the pursuit of formal academic qualifications, leading to a Master's degree in Islamic Finance, Banking, and Management from Newman University in the UK.
In addition to his academic achievements, Mufti Faraz has embraced various professional certifications that augment his expertise in Islamic finance. These include the International Business Management Institute’s MBA Diploma, and a specialization in Fintech from the University of Michigan, reflecting his forward-thinking approach to merging traditional Islamic finance with cutting-edge technological innovations. Moreover, his completion of the ACCA Level 4 Qualification in Accounting and Business further solidifies his technical competence in the financial industry.
His industry qualifications include the Islamic Finance Qualification (IFQ), the Certificate in Islamic Finance and Economics (CIFE), and the Certified Shariah Advisor and Auditor (CSAA). These certifications validate his knowledge and proficiency in ensuring that financial products and institutions comply with Islamic principles.
Work and Contributions to Islamic Finance:
As the Executive Director of Amanah Finance Consultancy, Mufti Faraz plays a pivotal role in offering Shariah-compliant advisory services to some of the most significant Islamic financial institutions globally. His work touches on every aspect of the Islamic finance ecosystem, from banking and capital markets to insurance (Takaful) and SME financing.
Mufti Faraz's expertise extends into the innovative domain of Islamic Fintech. This rapidly evolving sector is becoming a major area of focus for Islamic finance practitioners due to its potential to provide inclusive financial solutions for underbanked Muslim populations globally. By advising fintech startups and established firms, he ensures that these new technologies adhere to Islamic financial principles while also enhancing their efficiency and accessibility.
One of his major contributions to the field of Islamic fintech is his book, Introduction to Islamic Fintech, which delves into the key concepts, challenges, and opportunities presented by the integration of Islamic finance and technology. His writing is a valuable resource for both industry professionals and academics seeking to understand this new frontier. In addition, Mufti Faraz has authored several research papers that tackle complex financial products and their compliance with Shariah, further establishing him as a thought leader in the industry.
Interest in Writing and Research:
Beyond his consulting work, he is deeply involved in academic and practical research. His research primarily focuses on Islamic financial products and their Shariah compliance, offering insights into how these can be adapted or innovated to meet contemporary challenges. His commitment to advancing Islamic finance is not just limited to the present; he is an active contributor to the future of the field through thought leadership, publications, and advisory services.
His book, Introduction to Islamic Fintech, stands as a testament to his foresight and understanding of the direction in which Islamic finance is headed. Additionally, his research papers are highly regarded within the Islamic finance community, shedding light on the intricacies of financial products and offering solutions for adhering to Islamic law while navigating complex modern economies.
Vision for the Future:
Mufti Faraz is passionate about driving the global growth and development of Islamic finance. He aims to further integrate Islamic principles with innovative financial solutions that address the needs of Muslim and non-Muslim populations alike. His vision is to enhance access to Shariah-compliant financial services globally, ensuring that Islamic finance remains competitive and adaptable in a rapidly changing financial landscape.
As a leading figure in Islamic finance, Mufti Faraz’s work continues to shape the industry and provide a pathway for future developments in both traditional and digital Islamic finance sectors.