Mr. Sadaqat is a Passionate Shariah Expert in Islamic Banking & Finance and Seasoned Professional, with a balanced mix of conventional and Islamic banking exposure in the senior management cadres spanning over Four Decades with reputed banks in the United Arab Emirates. His diversified & enviable experience includes 14 years with Dubai Islamic Bank, where he managed /supervised the Shariah Audit & Compliance and Coordination functions in liaison with the “Fatwa & Sharia Supervisory Board” of bank and – as the “Head of Sharia Trainings DIB” – developed the tailor-made product specific & function-based exclusive trainings for various departments of the bank.
He was also responsible for the Sharia review & examination of the bank’s “Mudaraba Profit Distribution” amongst the depositors and shareholders, besides developing the Islamic Accounting Policy and Procedures, designing the General Ledger Chart of Accounts for Islamic Products & Services, conducting Sharia review of the periodical & “Group Annual Financials Reports” and providing the essential Sharia guidance to Finance officials in order to ensure its Sharia Compliance.
During his illustrated Islamic banking career, Mr. Sadaqat, as the Dp. Head of “The Unified Committee of Islamic Banks” for Sharia Screening of Equities UAE, played a leading & vital role in developing & introducing the first “UAE’s Islamic index” comprising of Sharia compliant listed equities, based on the “AAOIFI Sharia Standards” and Sharia Board guidance. Likewise, he also managed the “Purification of Dividends” from the Haram (non-permissible) Income on Investments, calculation of corporate Zakat payable by the Bank & its Shareholders.
Additionally, he also performed Sharia review of the Policy and Procedures, SOPs and Operational Manuals, Documentation/Agreements/Contracts for the various products & Services, Corporate & Syndicated Financing, Islamic Investment Funds and Sukuk, , Forex and Treasury funding and placement & Commodity products, Takaful products, conducting the gap analysis for Islamic core IT banking systems before implementation and proving Sharia guidance to the bank personnel for execution of the transactions, in line with Fatawa (Sharia pronouncements) issued by the Sharia Board.
Mr. Sadaqat holds strong command on the Sharia financing and investment aspects from a practical standpoint gained through the years of direct interaction, supervision and guidance from the respected members & Chairman of the Fatwa and Sharia Supervisory Board of Dubai Islamic Bank.
He is an AAOIFI Certified Islamic Professional Accountant. In addition, besides holding the professional qualifications in Accounting & Finance, Mr. Sadaqat holds Banking Diploma and various Islamic banking certificates, conducted various training workshops on Islamic Banking and participated in several conferences and summits on Islamic Banking & Finance.