Muscat: Pakistanis are also contributing in the development of Islamic Finance industry globally as a young Pakistani man has recently joined a leading global consultant, Ernst & Young, to assist its Islamic Finance division in the Sultanate of Oman.
According to the announcement made by Ernst & Young, a young Pakistani, Shahid Jabbar Mughal, has been appointed as a Senior Manager to its Islamic Financial Services team in the Sultanate of Oman.
The Islamic Financial Services team caters to the specific needs of both Islamic and conventional financial institutions requiring Islamic financial advisory services, working across sectors and advising on banking, capital markets, insurance/takaful, asset management, regulatory and government matters.
Shahid Jabbar Mughal belongs to Pakistan and is an expert in Islamic banking models having previously served as VP and Head of Credit Risk Control in addition to acting as Team Leader for Credit Administration in Corporate Banking Group and Islamic Banking Division for a leading commercial bank in Pakistan before joining Ernst and Young. He is an Associate member of the Institute of Cost and Management Accountants of Pakistan (ICMAP) and also an Associate of the Institute of Bankers of Pakistan (IBP).
Office Managing Partner of Ernst & Young Oman, Sridhar Sridharan, said, “Ernst & Young is at the forefront of developing technologically advanced systems to further implement and develop Shariah-compliant banking. We are pleased to welcome Shahid on board; expanding our team reflects our commitment to furthering our Islamic finance offering in the region. Islamic finance is a key growth area and plays an integral role in supporting Oman’s economic and financial institutions.”
Shahid joined Ernst & Young in 2007 as a senior member of the organization’s Islamic banking team. He specializes in Operating Models, Supply Chain & Operations and Shariah Governance, working with start-ups in the Gulf Cooperation Council (GCC).
Partner of Global Islamic Banking Excellence Center at Ernst & Young, Ashar Nazim, said, “Islamic banking was first introduced in Oman in 2010 and we believe the industry could grow by $6-10 billion over the next four years. The introduction of Shariah-compliant finance has provided unique opportunities for both the financial services sector and for consumers in Oman. A number of banks in the Sultanate offer both Shariah-compliant and conventional banking products and services. Substantial government spending and planned stimulus measures will create further opportunities for Islamic banks to expand, primarily in the retail sector.”