Sharia-Network of Scholars

Shariah Scholars in the GCC –
A Network Analytic Perspective

“This summary report (as of 31 December 2008) was prepared by Funds@Work AG in Frankfurt
on the basis of a comprehensive research that included over 120 active scholars and their
involvement in GCC and international Shariah boards. It only relates to some of the findings”. For
more details please contact Murat Ünal at murat_uenal@funds-at-work.com, Thank you”
www.funds-at-work.com
About Funds@Work AG • We are a research based strategy consultant with strong implementation skills
and have completed more than 100 projects in 14 countries over the last 7
years.
• Having consistently applied our scientific screening model to the individual

countries in Europe, the Gulf and beyond, for 7 years, we have accumulated a
wealth of insights that is unparalleled in the industry.
• We use dynamic network and social network analysis techniques and

visualize entire ecosystems and their market participants such as
investors across our core and strategic markets. We are in a position to
“virtually” see details that remain uncovered for others and update our
images of the markets and their participants on a daily basis.
• Ecosystem maps enable us to navigate our clients visually through the

complexities of individual markets, a methodology that is unique and
reflects the clear differentiation of our organisation, that is strongly
committed to scientific work in order to drive innovation which is
relevant for our industry.
2
Goal of our research • The aim of our work is to shed more light on the Shariah landscape and give
insights into Shariah scholars´ engagements in institutions in the Gulf
Cooperation Council and beyond
• We use network analysis techniques in order to highlight existing relations
• Our research involved screening all relevant institutions across the GCC and
beyond and their involvement in Sharia related activities
• We hereby analyse existing documents to get insights into Sharia boards and
their members as well as their links to institutions across the region. By mapping
existing relationships we get a solid overview of their involvement. Our 7 year
exposure to the GCC and related project experience form the basis for our
understanding of the Shariah market
• As Corporate Governance related topics will most likely play a more dominant
role in the Shariah market in the future, especially in the GCC, we would like to
highlight the structural situation in the current market in order to give industry
participants unique insights into the existing web of relationships (as of 31
December 2008).
3
Shariah scholars´engagement in
Our analysis covered the following number of players and
financial services organisations
countries:
• 131 companies from Bahrain, Dubai, Kuwait, Qatar, Saudi Arabia

and Abu Dhabi have been screened on their 498 Shariah Board
positions
• 121 Scholars from 19 different countries (Bahrain, Dubai, Kuwait,

Qatar, Saudi Arabia, UAE/Abu Dhabi, Malaysia, Sudan, Iran,
Pakistan, Yemen, Jordan, Tunisia, Lebanon, Turkey, South Africa,
Indonesia, and the UK) were identified based on legal documents
and other information highlighting their involvement in Shariah
Boards of various service and product providers as well as industry
bodies.
• In the following presentation and because of our focus on the GCC

only scholars from Bahrain, Dubai, Kuwait, Qatar, Saudi Arabia and
Abu Dhabi were taken into account plus Dr Daud Bakar from
Malaysia (22 board positions in the GCC) and Sheikh Muhammad
Taqi Al Usmani from Pakistan (8 board positions in the GCC)
because of their relevant positions
4
Shariah scholars´engagement in Our analysis covered the following number of players and
financial services organisations countries:
contd.
• This selection process leaves 94 scholars on 467 board positions

and it leads to an estimated number of 5 board positions per
scholar
• Disregarding all scholars with less then 3 actual board positions

leaves 400 positions for 38 scholars leading to 10,5 expected
board positions per scholar
• Looking at the Top 20 scholars (6 or more board positions) leaves

339 board positions, equaling 17 expected board positions per
scholar
• The Top 10 scholars (15 or more positions) share 253 positions

leading to 25,3 positions per scholar
5
Distribution of the board positions • The numbers indicate that about 54,18 (68)% of all
between the scholars shariah board positions throughout the GCC are shared by
only 11 (21) % of the active scholars if board positions
of the Top 10 (Top 20) are summed up.
• Shaikh Nizam Mohammed Saleh Yaquby (Bahrain), Shaikh

Dr. Abdul Satar Abdul Karim Abu Ghuddah (Saudi Arabia)
and Dr. Mohammed Eid Elgari (Saudi Arabia) alone make
up 50% of the positions of the Top 10 or 26% of the
total amount of board memberships in the GCC
• In the following, we will provide different and profound

network analysises on the interdependencies and the
linkage between the different companies and scholars
within and throughout the relevant countries
6
Well known Shariah
Scholars and their
network of
relationships
7
Saudi Abu Internat
Top 20 Scholars Rang Scholar Bahrain Dubai Kuwait Qatar ∑
Arabia Dhabi ional
Shaikh Nizam Mohammed Saleh
and their Shariah Board memberships at 1
Yaquby (B)
19 4 6 2 1 3 11 46
various institutions in the individual countries
(including international providers) Shaikh Dr. Abdul Satar Abdul Karim
2 9 5 11 2 4 1 13 45
Abu Ghuddah (S)
3 Dr. Mohammed Eid Elgari (S) 7 3 5 1 7 0 8 31
4a Dr. Abdulaziz Khalifa Al Qassar (K) 2 0 18 0 0 1 1 22
4b Shaikh Dr. Mohd Daud Bakar (M) 6 4 2 1 0 0 9 22
Shaikh Abdulla Bin Sulaiman Al

6 7 2 0 0 9 1 1 20
Manea(S)
7 Shaikh Dr. Hussein Hamid Hassan (D) 6 6 0 0 0 3 4 19
Shaikh Dr. Ali Mohi Eldinne Al

8 4 5 2 3 0 0 3 17
Qaradaghi (S)
9 Dr. Essa Zaki Essa (K) 1 0 15 0 0 0 1 17
10 Shaikh Ajeel Jasim Al Nashmi (K) 4 4 5 0 0 1 1 15
8
Top 20 Scholars (cont.) Saudi Abu Internat
Rang Shaikh Bahrain Dubai Kuwait Qatar ∑
Arabia Dhabi ional
11 Sheikh Dr. Khalid Al Mathkour (K) 2 0 11 0 0 0 1 14
Dr. Mohamed Abdul Razzaq Al

12 0 0 11 0 0 0 1 12
Tabatabai (K)
13a Mr. Abdul Sattar Ali Al Qattan (K) 1 2 4 1 0 0 1 9
13b Sheikh Ahmed Bazie Al Yassen (K) 1 0 7 0 0 0 1 9
15a Shaikh Esam Mohammed Ishaq (B) 4 1 1 0 0 0 2 8
15b Shaikh Yusuf Talal De Lorenzo (S) 1 3 1 0 0 0 3 8
15c Sheikh Muhammad Taqi Al Usmani (P) 4 0 0 0 0 1 3 8
Sheikh Dr. Mohammad Fawzi Faidullah

18 1 0 5 0 0 0 1 7
(K)
19a Sheikh Dr. Issam Khalaf Al Inzi (K) 1 0 4 0 0 0 1 6
Dr Abdullah bin Muhammad Al

19b 0 0 0 0 5 0 1 6
Mutlaq (S)
# Companies 27 14 37 5 10 6 17 120
9
Top 20 Scholars
Some major assumptions can be

derived from the provided data
(graph and table):
1) Local Hero Effect:

Most of the scholars have most of
their positions within their country
of origin (e.g. Yaquby ~45% of all
mandates in Bahrain, Qassar ~82%
in Kuwait, etc); The execptions are
Abu Ghuddah (Saudi Arabia) and
Qaradaghi (Qatar);
This chart is a visual representation

of the previous table. The red dots
indicate the Shariah scholar linking
them to individual countries.
The numbers on the links indicate

the amount of positions they pursue
with locally registered companies
10
Scholar Boardpositions (∑20 Companies) % of companies serving
Top 20 Scholars and their Shaikh Nizam Mohammed Saleh

11 55,00%
involvement in „international“ Yaquby (B)
entities with origin outside the Shaikh Dr. Abdul Satar Abdul
GCC 13 65,00%
Karim Abu Ghuddah (S)
Dr. Mohammed Eid Elgari (S) 8 40,00%
Dr. Abdulaziz Khalifa Al Qassar

1 5,00%
(K)
Shaikh Dr. Mohd Daud Bakar (M) 9 45,00%
Shaikh Abdulla Bin Sulaiman Al

1 5,00%
Manea (S)
Shaikh Dr. Hussein Hamid Hassan
4 20,00%
(D)
Shaikh Dr. Ali Mohi Eldinne Al
3 15,00%
Qaradaghi (Q)
Dr. Essa Zaki Essa (K) 0 0,00%
Shaikh Ajeel Jasim Al Nashmi (K) 1 5,00%
11
Scholar Boardpositions (∑20 Companies) % of companies serving
Top20
Top 20Scholars
Scholars andand their
their Sheikh Dr. Khalid Al Mathkour (K) 1 5,00%
involvement in „international“
involvement in international Dr. Mohamed Abdul Razzaq Al
entities with origin outside the
companies ctd. 1 5,00%
GCC, contd. Tabatabai (K)
Mr. Abdul Sattar Ali Al Qattan (K) 1 5,00%

On the following pages we will
highlight some relevant scholars´ Sheikh Ahmed Bazie Al Yassen (K) 1 5,00%
individual networks of
Shaikh Esam Mohammed Ishaq
organisations they work with. 2 10,00%
(B)
The following network overviews Shaikh Yusuf Talal De Lorenzo (S) 3 15,00%
represent 10 out of 126 we looked
Sheikh Muhammad Taqi Al
at in detail. 3 15,00%
Usmani (P)
Sheikh Dr. Mohammad Fawzi
1 5,00%
Faidullah (K)
Sheikh Dr. Issam Khalaf Al Inzi (K) 1 5,00%
Dr Abdullah bin Muhammad Al

1 5,00%
Mutlaq (S)
∑ Positions 66
12
Shaikh Nizam Yacuby
The following network

overview shows his
involvement in the individual
companies across the GCC and
internationally, mentioning also
the names of the Bahrain Dubai
(4)
organisations. (19)
The numbers in brackets show Kuwait

the overall positions in the (6)
relevant country
Qatar
(2)
Intern.
(11)
Abu Dhabi Saudi

(3) Arabia
(1)
13
Shaikh Dr Abdul
Satar Abu Guddah

overview shows his
involvement in the individual
companies across the GCC
Bahrain Dubai
and internationally, (9) (5)
mentioning also the names
of the organisations. Kuwait
(11)
The numbers in brackets
show the overall positions in
the relevant country
Intern.
(12)
Qatar
(2)
Saudi
Abu Dhabi
Arabia
(1)
(4)
14
Dr. Mohammed
Eid Elgari
The following
network overview
Dubai
shows his (3)
involvement in the
Bahrain
individual companies (7)
across the GCC and
Kuwait
internationally,
(5)
mentioning also the
names of the
organisations.
The numbers in
Intern.
brackets show the (7) Qatar
overall positions in (1)
Saudi
Arabia
(8)
Abu Dhabi
(0)
15
Shaikh Dr Mohd.
Daud Baker

overview shows his
involvement in the Dubai
individual companies (4)
across the GCC and Bahrain

Kuwait
internationally, (6)
(2)
mentioning also the
names of the
organisations.
show the overall
positions in the relevant
country Intern.
Qatar
(1)
(9)
Abu Dhabi Saudi

(0) Arabia
(0)
16
Dr Abdulaziz Khalifa
Al Qassar
The following network Dubai

(0)
overview shows his
involvement in the
individual companies
Bahrain
across the GCC and (2)
internationally, mentioning
also the names of the
Kuwait
organisations. (18)
show the overall positions
in the relevant country
Intern.
(1)
Abu Dhabi
(1)
Saudi Qatar
Arabia (0)
(0)
17
Shaikh Abdula Bin
Sulaiman Al Manea
The following network overview

shows his involvement in the
individual companies across the
GCC and internationally,
Dubai
mentioning also the names of (2) Kuwait
the organisations. Bahrain (0)
(7)
The numbers in brackets show
the overall positions in the
relevant country
Qatar
(0)
Intern.
(1)
Saudi
Arabia
Abu Dhabi
(9)
(1)
18
Shaikh Dr Hussein
Hamad Hassan

overview shows his
involvement in the
individual companies Dubai
Bahrain
across the GCC and (6) (6)
internationally, mentioning
also the names of the
Kuwait
organisations. (0)
show the overall positions
in the relevant country
Intern. Qatar
(4) (0)
Abu Dhabi Saudi

(3) Arabia
(0)
19
Shaikh Dr. Ali Mohi
Eldinne Al Qaradaghi

overview shows his
Dubai
involvement in the (5)
individual companies across Bahrain
(4) Kuwait
the GCC and internationally, (2)
of the organisations.
Qatar
Intern.
(3)
(3)
Abu Dhabi
(0) Saudi
Arabia
(0)
20
Dr Essa Zaki Essa

overview shows his
involvement in the individual Dubai
companies across the GCC (0)
and internationally, Bahrain

(1)
of the organisations. Kuwait
The numbers in brackets (15)

Intern.
(0)
Qatar
(0)
Abu Dhabi
(0) Saudi
Arabia
(0)
21
Shaikh Ajeel Jasim Al
Nashmi

overview shows his
Dubai
involvement in the individual (4)
companies across the GCC and
Bahrain
internationally, mentioning also (4)
the names of the
Kuwait
organisations. (5)
The numbers in brackets show
the overall positions in the
relevant country
Qatar
(0)
Intern.
(1)
Saudi
Abu Dhabi Arabia
(1) (0)
22
Summary • Network Analysis and proper research of the individual scholars´ involvements
provides very interesting insights into the Shariah landscape
• In this paper we have only focussed on selected information and have not
dwelved into the myriad of network related information such as commonalities
of board memberships of individul Shariah Scholars
• Although we only focus on snapshots of information we are convinced that the

enclosed information can be of help in getting a solid idea of the Shariah
landscape in the GCC and beyond and help in formulating future Governance
standards to assist the industry to thrive to the next level of development.
• Thanks for your interest
23
Authors Murat Ünal studied Business Administration and graduated from the University of Adelaide/Australia (with research in
Asia/Pacific) with a Bachelors Degree in Commerce (B.Com).
He worked for an international management consulting firm after his studies and joined the mutual fund/financial services
business in 1998 acting finally as a Management Committee member for a local Asset Manager where he was mainly
responsible for integrated marketing, sales and PR.
As Head of Investment Marketing and Sales within Citibank Northern Europe (focusing on Belgium & France) in Brussels he
managed the third party fund business (CitiChoice) and brokerage activities.
Before Murat founded Funds@Work at the end of 2001, which he now represents as the responsible board member, he took
over the bank marketing business at Fidelity Investments for a short period of time.
Murat has a Master of Business Administration degree (M.B.A) from the Kellogg School of Management/USA in joint
cooperation with WHU/Germany and its network programs at Tel Aviv University/Israel and Hong Kong University of Science
and Technology/China).
Murat also holds a Master of Laws (LL.M.) degree from the School of Law at Northwestern University (NLaw) in Chicago.
As part of his Doctoral studies at Instituto de Empresa (IE) in Madrid he is further working on the model-based markt
intelligence which makes Funds@Work so unique. The dissertation´s focus will be on combining "Social Network Analysis" as
well as "Network Analysis" with the "Ecosystems" view applied to the investment industry.
Christopher Ley has been studying Business Administration since October 2004 focussing on Finance and International
Accounting/Auditing at Johannes Gutenberg-University in Mainz.
He has also completed his Master of Business Administration (M.B.A) studies as a full time 1-year exchange student
at Colorado State University-Pueblo in the US.
At Funds@Work he is involved as a researcher in our strategic markets and assists his team members focussing on the core-
markets.
24
Disclaimer The information in this document has been derived from sources (e.g. websites of providers, legal documentation of Shariah
funds and solutions) believed to be accurate as of 31 December 2008. It should not be considered as a comprehensive
statement on any matter and should not be relied upon as such.
Funds@Work nor any of its employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility
arising in any other way for errors or omissions in this document. Its purpose is to serve as a starting point and provide
information into a very relevant subject matter.
25

Sharia-Network of Scholars

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Shariah Scholars in the GCC –

A Network Analytic Perspective

• Having consistently applied our scientific screening model to the individual

• We use dynamic network and social network analysis techniques and

• Ecosystem maps enable us to navigate our clients visually through the

• We use network analysis techniques in order to highlight existing relations

• 131 companies from Bahrain, Dubai, Kuwait, Qatar, Saudi Arabia

• 121 Scholars from 19 different countries (Bahrain, Dubai, Kuwait,

• In the following presentation and because of our focus on the GCC

• This selection process leaves 94 scholars on 467 board positions

• Disregarding all scholars with less then 3 actual board positions

• Looking at the Top 20 scholars (6 or more board positions) leaves

• The Top 10 scholars (15 or more positions) share 253 positions

• Shaikh Nizam Mohammed Saleh Yaquby (Bahrain), Shaikh

• In the following, we will provide different and profound

3 Dr. Mohammed Eid Elgari (S) 7 3 5 1 7 0 8 31

4a Dr. Abdulaziz Khalifa Al Qassar (K) 2 0 18 0 0 1 1 22

4b Shaikh Dr. Mohd Daud Bakar (M) 6 4 2 1 0 0 9 22

Shaikh Abdulla Bin Sulaiman Al

7 Shaikh Dr. Hussein Hamid Hassan (D) 6 6 0 0 0 3 4 19

Shaikh Dr. Ali Mohi Eldinne Al

9 Dr. Essa Zaki Essa (K) 1 0 15 0 0 0 1 17

10 Shaikh Ajeel Jasim Al Nashmi (K) 4 4 5 0 0 1 1 15

11 Sheikh Dr. Khalid Al Mathkour (K) 2 0 11 0 0 0 1 14

Dr. Mohamed Abdul Razzaq Al

13a Mr. Abdul Sattar Ali Al Qattan (K) 1 2 4 1 0 0 1 9

13b Sheikh Ahmed Bazie Al Yassen (K) 1 0 7 0 0 0 1 9

15a Shaikh Esam Mohammed Ishaq (B) 4 1 1 0 0 0 2 8

15b Shaikh Yusuf Talal De Lorenzo (S) 1 3 1 0 0 0 3 8

15c Sheikh Muhammad Taqi Al Usmani (P) 4 0 0 0 0 1 3 8

Sheikh Dr. Mohammad Fawzi Faidullah

19a Sheikh Dr. Issam Khalaf Al Inzi (K) 1 0 4 0 0 0 1 6

Dr Abdullah bin Muhammad Al

Some major assumptions can be

1) Local Hero Effect:

This chart is a visual representation

The numbers on the links indicate

Top 20 Scholars and their Shaikh Nizam Mohammed Saleh

Dr. Mohammed Eid Elgari (S) 8 40,00%

Dr. Abdulaziz Khalifa Al Qassar

Shaikh Dr. Mohd Daud Bakar (M) 9 45,00%

Shaikh Abdulla Bin Sulaiman Al

Dr. Essa Zaki Essa (K) 0 0,00%

Shaikh Ajeel Jasim Al Nashmi (K) 1 5,00%

Mr. Abdul Sattar Ali Al Qattan (K) 1 5,00%

Sheikh Dr. Issam Khalaf Al Inzi (K) 1 5,00%

Dr Abdullah bin Muhammad Al

The following network

The numbers in brackets show Kuwait

Abu Dhabi Saudi

The following network

The following network

across the GCC and Bahrain

Abu Dhabi Saudi

The following network Dubai

The following network overview

The following network

Abu Dhabi Saudi

The following network

The following network

and internationally, Bahrain

show the overall positions in

The following network

• Although we only focus on snapshots of information we are convinced that the