Dr Hurriyah El Islamy

Product Structuring; Islamic Banking and Capital Market; Retail, Investment and Universal Banking; Legal Advisory; Shariah Advisory; Investment and Investment Portfolios; Governance; Shariah Governance; Islamic Finance; ESG; Fintech; Cross-border Transactions/Investments.

• GMCA, Judge Business School, Cambridge University, United Kingdom (2022)

• PhD in Law, University of Strathclyde, United Kingdom (2007)

• Master of Comparative Laws, International Islamic University, Malaysia (1999) Comparative Law of Banking, Islamic Law of Obligations, Islamic Law of Banking & Securities; earned full credits (4) for these subjects
• LLB (Hons), Law and Shari`ah, International Islamic University, Malaysia (1998) Best Overall LL. B Student

• UNIVERSITY OF CAMBRIDGE – Driving Entrepreneurial Capability: How to Harness Innovation and Agility (2022)
• NEW YORK INSTITUTE OF FINANCE – Corporate Finance & Valuation Methods Professional Certificate (2021)
• CAPITAL MARKET PROFESSIONAL CERTIFICATION BOARD – Certified Risk Professional (2021)
• UNIVERSITY OF CAMBRIDGE – Finance & Accounting for non-financial managers (2021)
• UNIVERSITY OF CAMBRIDGE – Business Analytics: Decision Making Using Data (2021)
• UNIVERSITY OF CAMBRIDGE – Circular Economy and Sustainability: Impact on Business Models. Finance and Investments (2020)
• HARVARD LAW SCHOOL – Leadership in General Counsel (2019)
• HARVARD LAW SCHOOL – Negotiation and Leadership (2012)
• HARVARD LAW SCHOOL – The Art of Saying No (2012)
• INTERNATIONAL ACADEMY OF FINANCIAL MANAGEMENT – Master Compliance Professional (2009)
• BAHRAIN INSTITUTE OF BANKING AND FINANCE – Basel II (Advanced) (2009)

• Tokoh Alumni IIUM (Best Alumni IIUM Award) (International Islamic University Malaysia, 2020)
• Bank Indonesia Tokoh Penggiat Ekonomi Keuangan Syariah Terbaik – Penggiat dan Professional Keuangan Syariah Nasional dan International (Bank Indonesia’s Award as the Best Islamic Economics Finance Proponent – National and International Islamic Finance Proponent and Professional) (Bank Indonesia, 2018)
• Named as Penggiat Ekonomi Keuangan Syariah Terbaik Global (The Best Global Islamic Economy and Finance Professional) (Bank Indonesia, 2017)
• University Postgraduate Research Scholarship (University of Strathclyde, Glasgow, United Kingdom)
• Campbell Burns Research Scholarship (University of Strathclyde, Glasgow, United Kingdom)
• Dato’ Nik Abdul Rashid Award (Best Overall LL. B Student) (International Islamic University, Kuala Lumpur, Malaysia)
• Certified Teaching Practice (Very Good)
• Best Participant for Press and Journalism Course

• Board Member, Ethis Global
• Board of Trustee, Responsible Finance & Investment (RFI) Foundation;
• Islamic Finance News (IFN) Global Advisory Board Member;
• Finance Accreditation Agency (FAA) Accreditation Panel Member (Assessor);
• Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Master Trainer, Islamic Crowdfunding Standard Working Group, Centralised Shariah Board Working Group;
• Dewan Syari’ah Nasional, Majlis Ulama Indonesia (DSN-MUI);
• Shariah Board and Strategic Adviser, Islamic Fintech Alliance;
• (Former) Badan Pelaksana, Badan Pengelola Keuangan Haji (Investasi & Kerjasama Luar Negeri, Hukum & Kepatuhan);
• (Former) Supervisory Committeee, Awqaf Properties Investment Fund, Islamic Development Bank
• (Former) International Monetary Fund (IMF) Expert in Islamic Finance and Capital Markets;
• (Former) Astana International Financial Centre (AIFC) Advisory Council on Islamic Finance (ACIF);
• (Former) Director, Group Head Shariah & Governance, Group Head Islamic Legal & Capital Markets, CIMB Group
• (Former) Director, Head of Legal and DMLRO, Capinnova Investment Bank Bahrain;
• (Former) Head of AML & Compliance and Legal Counsel, Kuwait Finance House Bahrain;
• (Former) Chairperson, Audit and Legal, Bahrain Association of Bankers;
• Author of Articles, Book Chapters and Books on Islamic Finance, Islamic Banking and Capital Markets, Islamic Fintech, Cryptocurrencies, Privacy and Data Confidentiality.

BPKH

• Secured (with the parliament, regulator and Ministry of Finance) and ensured the law and regulations on the tax exemption for BPKH’s placement and investment adding not less than IDR1.2 trillion per year to BPKH’s profitability.
• Led BPKH’s first investment abroad in a form of 10,000 Awqaf Properties Investment Fund (APIF) units investment and secured, for Indonesia, APIF’s commitment of USD65 million investment in Indonesia.
• Innovated ground breaking Shariah compliant structure with Capital Protection and Floor for the investment while providing the opportunity for upsize through wa’ad concept.
• Represented BPKH in the team that successfully defended and obtained the judgment from the Constitutional Court in favour of the law regulating the management of Hajj fund.
• Introduced GCG and ensured compliance with the law establishing BPKH by drafting, discussing, negotiating and ensuring the issuance of the Government Regulations no 5 of year 2018, the Presidential Decree No 110 of year 110, 19 regulations (duly gazetted) and 36 internal regulations.

Aside to the tasks for BPKH, her expertise was also sought and Dr Hurriyah El Islamy was part of the task force that developed the country’s Cash Wakaf Linked Sukuk. She also developed some sukuk structures including Musyarakah structure, for Bank Indonesia Shariah Economy Department, as alternative source of funding for the country national cross region road projects.

CIMB Group

• Successfully executed several sukuk projects including the sovereign sukuk and commercial sukuk in the UK, Hong Kong, Turkey, Malaysia, Indonesia.
• Successfully executed the sale of Islamic financing portfolio to another institution (first batch USD155 million).
• Improved the Group Islamic structured products, funds structure, products structure and the legal documents for wholesale, investment, asset management, treasury, capital markets, consumer and commercial banking.
• Innovated Bancatakaful.
• Developed the improved model of Shariah Governance Framework; improved the Shariah review function and the Shariah function vis-à-vis other business enablers such as group audit, group risk, group compliance. Represented CIMB Group and led the nationwide Islamic deposit products transition to ensure compliance with the Islamic Financial Services Act.

Capinnova Investment Bank (CIB)

• Successfully led the process of private equity acquisition and developed the structure and mechanism that allowed CIB to book the profit for the previous financial year.
• Successfully led the process of converting a corporate finance deal to equity acquisition, acted as liaison between the shareholders and leading the process to rectify corporate governance issues within the subject entity.
• Successfully led the process to close a project.
• Substantially improved bankwide procedures and internal practice (in line with the Labour Law requirements) by, among others, introducing the Code of Ethics, the Disciplinary Code and amendment to the existing internal procedures.
• Improved the business turnover and CIB’s overall activities by introducing standard templates for its activities, reducing the preparation time, providing expedient response and effective negotiation with stakeholders.

Kuwait Finance House Bahrain (KFHB)

• Reformed and introduced new Commodity Murabaha Agreement; Musawama; Ijara Mausufa Bizzimma (Arabic) and Vehicle Murabaha.
• Successfully led the process of Private Placement Memoranda in the following areas: Telecom (USD250 million), Aviation (USD200 million) and Real Estate Development (USD100 million).
• Ensured the successful execution of a syndicated financing facility (USD240 million); investment restructuring; private equity acquisition, post-acquisition, structure and restructure, assignment, novation, transfer and sale, equity and debt management, financing, etc; real estate projects including fixed income generating assets, real estate development, technology park development, building construction, lease over industrial land, assignment of right to lease, assignment of build operate transfer agreement, securities perfection, release of securities (including a pledge of oil rig), lease of equipment, equity raising, debt restructuring, information technology (IT) financing, wireless telecommunication system financing, engineering system financing, etc.
• Took up legacy issues and successfully rectified the matters and obtained the clearance from the CBB including KFHB’s legacy issue and those of KFHB’s fund companies (regularized them and brought them in line with the CBB requirements). I substantially improved the relationship between KFHB and the CBB in term of reporting, public disclosure, timely response, etc.
• Improved KFHB’s treasury and DCM products and services and ensured the successful process of KFHB’s first Tier 2 capital increase of USD256 million.

Qays Zu’bi Attorneys and Legal Consultants

• Incorporated a Regional Takaful Company (authorized capital of USD500 million) which shareholders include major financial institutions and a government institution from Bahrain, Kuwait, Saudi Arabia, and Qatar.
• Incorporated an Islamic Investment Company (authorized capital of USD140 million) which shareholders include a GCC entity, member of GCC royal families and GCC VIPs.
• Successfully delivered special tasks for major international corporations based in the USA including Harscho, Coca Cola, Microsoft, Citibank, etc.
• Created Private Banking Activities Guidelines for an International Banking Consortium
• Successfully executed special tasks for the Office of the Crown Prince, the Royal Court, the LMRA.

Central Informatics Organisations (CIO) [Government of Bahrain]

• Successfully represented CIO in the Kingdom’s Labour Market Reform and the IT Reform, delivered pivotal role in unifying the vision and executing it; delivered, among others: the draft Decree for the establishment of eGovernment Agency (Arabic) the Identity Card Law (Arabic), the Amendment to the Central Population Registry Law (Arabic), relevant provisions as part of the Amendment to the Traffic Law and its by-law (English & Arabic), the by-law for the Identity Card Law, the Resolution to Appoint the Central Informatics Organisation as the Certification Service Provider (Arabic), the Resolution on the Government E- Commerce Regulations, the eGovernment legal framework and the initial draft of the eGovernment Agency Law, the Data Protection Law and the Computer Crimes Law.
• Successfully executed, coordinated and delivered projects in cross discipline subjects and interests including for the Ministry of Health, Ministry of Finance, Ministry of Interior, the Economic Development Boards and the Labour Market Reform Authority.
• Successfully negotiated, on behalf of the Government of Bahrain, the IT solution for the Kingdom resulting in the total saving of USD2.9 million for better and more comprehensive solution than initially offered.
• Reformed the national tender process (Law, Policy and Procedures, Tender documents and documentation, etc).
• Substantially improved CIO’s policies and internal process and developed data confidentiality and data integrity system

26 Years

hurriyah@hgcfirm.com