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Islamic finance award for RUSD Bank's Chairman
KLIFF, the Kuala Lumpur Islamic Finance Forum, held its annual meeting recently under the auspices Minister for the Malaysian Prime Minister's Office Y.B Tan Sri Nor Mohamed Yakcop The KLIFF is an influential organization promoting global dialogue for development of the Islamic finance industry in terms of products and legislation and has held annual meetings since 2004.
The KLIFF's premier award is the "Most Outstanding Individual Contribution to Islamic Finance," which went to Dr. Saleh J. Malaikah, Chairman of RUSD Investment Bank Inc. Dr. Malaikah is also Chairman of RUSD Group, a Saudi Arabian group having strong presence and footings in Islamic financial markets ranging from investment and commercial bank, takaful and re-takaful companies and consumer leasing companies besides other interests in real estate and other industrial sectors
Dr. Malaikah's leadership and contributions to the Islamic finance industry have been recognized several times during the past two decades. Some of these included restructuring of the takaful model from being based on the concept of mutuality to wakala and/or modaraba contract, enabling the takaful industry to takeoff into the realm of today's success.
He was also behind the resurrection of the dormant concept of the Rusd (Islamic trust) with modifications to meet the current needs of Muslim communities to preserve wealth for their future generations.
He had pioneered some modern Islamic investment instruments by leading the introduction of the first Shariah-compliant global equity fund, which was based on zero leverage and cleansing of interest income and thus paving the way for today's myriad of Shariah equity funds across the globe, the first Shariah real estate development fund, ijara financing and the first sukuk issuance to the modern world.
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