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Introduction IIFB
IIFB Members
Shariah Certification

Sharia Board
Members of IIFB

There are several forms of supervisory oversight in Islam: God’s oversight over His creations; self-control by a person; a person’s supervision of another person; and the accountability system in general. Within this broad framework of oversight, the Islamic financial Investments have adopted a rigorous system of self regulation in the form of Islamic Investment & Finance Board (IIFB) supervision.

The board is an independent and non-profit institute that is created by the trustees of Rahmani Foundation and shall be managed, governed and controlled by them under the adept leadership of MaulanaMohd. WaliRahmani. At present IIFB comprises of nine members, some of them being extremely prominent Ulema such as Maulana Khalid Saifullah Rahmani, General Secretary of Islamic Fiqh Academy- India. Maulana Fazlur Rahim Mujazzedi- Jaipur, Mufti Shoibullah Khan- Bangalore, Mufti Ejaz Arshad Qasmi, Mufti Ahmad Nadir Al-Qasmi, Mufti Mohd Yahya Qasmi, Mufti Anwarul Haque Qasmi, Mufti Riaz Ahmad Rahmani.

How IIFB Would Function?

Islamic Investment & Finance Board (IIFB) has appointed Mumbai based Pragmatic Wealth Management Pvt. Ltd (PWM) to do a deep and comprehensive research on Islamic Financial Products presented to them by financial institution for review. PWM will prepare a white paper (Report) and submit to the board, based on which the Board will form an opinion on the matters concerning Islamic Finance. To carry out research, supervision and monitoring Mr. Imtiaz Merchant, Managing Director, PWM has formed a committee and it consists of well qualified and trained muftis & experts with knowledge of Islamic jurisprudence. This Shariah committee will work under the complete supervision and guidance of the IIFB and would rigorously follow the Shariah Principles. The role of this board will be purely supervisory and the final authority will rest with the IIFB on all the matters relating to certification.

Objectives of IIFB
  1. Facilitate and ensure the operation of free and fair markets in the Islamic Financial Sector. And Ensure Shariah Compliance and effectiveness of corporate governance.
  2. Promote the development of standardized products through research and Comply with international accounting and auditing standards applicable to Islamic Financial Services.
  3. Take initiatives to integrate and strengthen domestic Islamic Financial Institutions and International Financial Systems.
  4. To scrutinize and audit the financial products and issue Shariah Certificates to the companies.
  5. To organize seminars and conferences in order to educate the people about the importance of Halal investments and its social and economic benefits.
  6. To assist institutions in the development and execution of new Shariah compliant products.

Maulana Mohammad Wali Rahmani (Chairman)

Maulana Mohammad Wali Rahmani is the Rector of Khanqah Rahmania Munger and the secretary of All India Muslim Personal Law Board and Sajjadah Nasheen of Khanqah Rahmani in Munger. He belongs to an illustrious family. He is a well reputed Islamic scholar and disciple and representative of his father Hazzrat Ameer Shariat Maulana Syed Shah Minnatullah Rahmani the First General Secretary of All India Muslim Personal Law Board. His grandfather Hazrat Maulana Syed Mohammad Ali Mungeri was the founder of Darul Uloom Nadwatul Ulema, Lucknow.

He received education from his father in Munger and Darul Uloom Deoband. He was appointed as rector of

Maulana Mohammad Wali Rahmani

Khanqah Rahmania Munger and Sajjada Nashin of the Khanqah after the demise of his father Hazzrat Maulana Minnatullah RahmaniHe takes prominent part in the establishment of various educational and welfare institutions for the upliftment of Muslim community. He advocates his endeavor to modernize Madaris education and to reorganize and structure the syllabus of institutions of Islamic learning and wants to refashion the Madaris in the light of changing scenario.

Maulana Mohammad Wali Rahmani has deep understanding of the issues confronting Muslim community in India and hence confronts many opponents in a scholarly and dignified manner. He is the Chairman of Sub-Committee National Monitoring Committee for Minority Education (NMCME) and the Chairman of Madrasa Modernization Committee set up by the Ministry of HRD. Besides that of Islamic Investment and Finance Board (IIFB) he also heads many organizations and institutions related to Muslim community

Apart from his contribution in various educational, social, political and religious organizations, his achievement as “Rahmani 30” is highly appreciated and will be written with golden words while composing the History of 20th Century’s Muslims of India.

Maulana Khalid Saifullah Rahmani (Hyderabad)

Maulana Khalid Saifullah Rahmani’s distinctiveness lies in his dynamic and versatile approach. Bestowed with multifaceted talents and skills, he has combined his in-depth understanding of Quran and Sunnah with a profound insight of modern knowledge disciplines and affairs. He has a unique capability of suggesting insightful Islamic solutions to the new-age problems without compromising on fundamental tenets of Islamic Shariah.

Inheriting rich scholarly traditions from his family of reputed scholars, Maulana Rahmani had the

Maulana Khalid Saifullah Rahmani

opportunity to learn and practice Islamic jurisprudence under the aegis of famous Islamic jurists like Maulana Minnatullah Rahmani and Moulana Mujahid-ul-Islam Qasmi. He has written more than 50 books on a wide range of topics and pioneered more than fifteen institutions of Islamic education, research and jurisprudence across the country.

Maulana Rahmani has pioneered a new paradigm in Islamic education by introducing specialization and super specialization. He has tried to introduce new disciplines in Madrasa education by linking education to practical affairs like Dawah, Media.

His wide reach and broad outlook has made him respectable across all the sections and sects of Muslim community in India.

Maulana Fuzailu Rahman Hilal Usmani (Punjab)

Mufti Fuzailur Rehman Hilal Usmani is an eminent scholar. He hails from a family which commands a special distinction in knowledge and learning that is his family heritage.

Mufti Usmani basically belongs to Deoband, traces his genealogy to one of the four distinguished caliphs of Islam, Hazrat Usmani Ghani (May Allah be Pleased With Him). His forefathers were the founders of Darul Then he left for Saudi Arabia for further studies at Madina University and then Azhar University, Cairo, Egypt. He also got Diploma in Arabic Language from Muslim University, Aligarh, India.

Maulana Fuzailu Rahman Hilal Usmani

After the completion of his formal education, he worked at Darul Uloom Deoband as a professor of Arabic & Persian language for 12 years. In 1973, he was entrusted with the responsibility of grand Mufti of Punjab State.

Hilal Usmani has pioneered many Islamic education and popularly Darussalam Islamic Centre, Malerkotla. He composes a wide profile by his vast contribution through Founder Member of All India Muslim Personal Law Board, Founder Member of Islamic Fiqh Academy India, Member of All India Muslim Majlis-E-Mushawarat, Member of All India Milli Council and member of Advisory Board, Darul Uloom (Waqf) Deoband and Patron of Mujamma-E-Islami, Morocco and many organizations across the country. He has attended many International conferences in India beside in Saudi Arabia, Morocco, Russia and Thailand.

Usmani has written a number of articles and papers with the editorship and patronage of several esteemed magazines and monthlies besides which he has more than sixty books to his credit on a wide range of topics and languages. One of his rare accomplishments is that he has done extensive codification of the Islamic laws and other important Islamic Jurisprudence issues. His most popular book is “Roohul Qur’an, the Translation and Commentary of the Holy Qur'an. Mufti Usmani is serving for the betterment of economic dimension of the Muslim community.

Maulana Fazlur Raheem Mujaddidi (Jaipur)

Maulana Mohammad Fazlur Rahim Mujaddedi is the son and successor of Maulana Shah Mohammad Abdur Rahim Mujaddidi as well as the successor of another great Sufi Hazrat Maulana Shah Hidayat Ali Mujaddidi. Inheriting rich scholarly traditions from his Sufi family he got religious education and perceived god-gifted skill in both Islamic and Modern education.

Maulana Mujaddedi has been the member of All India Muslim Personal Law Board, All India Waqf Council and member of the Aligarh Muslim University Court and chairman and founder of Jamea-Tul-Hidaya that is the first residential Islamic University which introduced technical and modern education in Madrasas.

Maulana Fazlur Raheem Mujaddidi

With the cherished dream of fulfilment of modern primary education among Muslim, he floated another trust named Maulana Abdur Rahim Educational Trust that handled a series of English medium schools under Imam Rabbani Public School that are recognized by the State Government Educational Board.

Unlike other scholars, Maulana Mujaddedi has many social grounds for the betterment of Muslim community. Realizing the need to increase Muslim representation in the Indian Administration, an independent body the “Crescent Academy for Civil Services Exams” was formed in 2001. In 2002, the Foundation for Civil Liberties, a Human Rights Organization was formed for Human rights, education and Judicial Redress and the same year he established the Crescent Academy Aligarh at Ayesha Cottage. Motivated with the results of the Aligarh Centre, he established three new centres at Lucknow and Delhi. Under the mass awareness program for Civil Services Exams he started “Talent Hunting Programme” and in 2006 another Centre “Strive for Educational Enhancement” was formed for the cause of modern primary to senior secondary education. Maulana Mujaddedi has vast field of his valuable services through many platforms and sources.

Mufti Shuabullah Khan (Bengaluru)

Maulana Mohammad Shoibullah Khan, the rector of Jamia Islamia Masihul Uloom, is a highly respected scholar and enjoys the patron-status of over 50 Madrasas across India. After getting specialization in Islamic law and Jurisprudence, he is currently rendering Islamic services through Imamat and Kitabat in Bangalore with teaching Islamic Shariah in Jamia Islamia Masihul Ulom Bangalore. Besides that he also has authored over 50 books on a wide range of topics in both Urdu and Arabic languages. Earlier he has completed Fazilat and Ifta (Islamic jurisprudence) from Jamia Ashraful Uloom Gangoh, UP. He also received SLLC in English medium.


Maulana Shoibullah composes a wide profile by his vast contribution for comparative religion, Hadid and Tafseer, Fiqh and specially Islamic Shariah. He is the editorial member of “Islamic Vision” (English Monthly Magazine, Bangalore)

Mufti Ahmad Nadir Qasmi

Mufti Ahmad Nadir Qasmi belongs to a religious family. He received his primary education at home and he got secondary education at Baitul Ma’arif Allahabad UP. After getting basic and secondary Islamic education, he pursued his education at Darul Uloom Deoband and got specialization degree in Islamic law and Jurisprudence from Imarat Shariah Bihar. Then he did research in Fiqh at Sabeel-al-Salam Hyderabad. He completed his Fazilat from Jamia Deniyat Deoband UP. At present, he is doing his M.A. in history from Maulana Azad University Hyderabad.

Mufti Ahmad Nadir Qasmi

Mufti Riyadh Ahmad Qasmi has deep understanding of Islamic Jurisprudence particular Fiqh-ul-Muamlat as he composed many articles to elaborate the Shariah Laws before the modern age. He is currently writing Fatawas, and rendering Islamic services through educational and social works. He participated in various Fiqhi seminars and public programme.

Besides being a member of the Islamic Investment and Finance Board (IIFB) he works as a Mufti in Islamic Fiqh Acadmy India.

Mufti Aijaz Arshad Qasmi

Mufti Aijaz Arshad Qasmi is well known for his reputed journalism and online Fatwa (Shariah ruling) across the globe. Bestowed with multifaceted talents and skills, he has combined his in-depth understanding of Islamic Fiqh and Shariah norms with a profound insight of modern knowledge disciplines and affairs. He has a unique capability of suggesting the Indian Muslims’ problems to the mainstream media.

Mufti Aijaz Arshad Qasmi

With the rich scholarly traditions, Mufti Aijaz Arshad accomplished many honorable posts in the Asia’s largest University Darul Uloom Deoband. He also composed many books on wide range of topics and hundreds of articles on Current Affairs (Social, Political, Educational, and Religious etc.) published in all the leading news papers (dailies, weeklies, fortnightlies and monthlies). He is well-versed in Shariah norms as he is carrying Fatwa Responsibilities for the web site www.onlinefatwa.org and Qaza responsibilities for Family Help Line New Delhi as well as preaching and teaching responsibilities in the well-known organization Islamic Peace Foundation of India, New Delhi.

Earlier he completed Hisfazilat and Islamic jurisprudence courses from Darul Uloom Deoband and then B.A Urdu Hon. Jamia Millia Islamia New Delhi and Mass Media (Urdu) from J. N. U. New Delhi.

Mufti Aijaz Arshad Qasmi’s distinctiveness encourages many honourable posts in his credit as his wide reach and broad outlook has made him very compatible for many religious and political posts across the country.

Mr. Imtiaz Merchant

Mr. Imtiaz Merchant, 47 years of age, founded and promoted Pragmatic Wealth Management (PWM) in the year 2008 and serves as its Managing Director. He is a well known Market analyst (Technical and Fundamental) and has served as full-fledged consultant and Market Expert (Advisor) to various. He is well-versed with the Islamic Finance Market and the Shariah Compliance norms for investments. He has put in years of extensive effort into understanding the principles of Islamic Finance and has been in constant discussions with Muftis, Ulema and Islamic Finance scholars and expert.

Mr. Imtiaz Merchant

He attended various seminars on Islamic Finance held in India and has also been speaker on Islamic Investment in various conferences in Mumbai, India. Designing, Delivering, and Marketing Mission-Critical Shariah Compliant financial products requires a combination of relentless focus and well-tuned business instincts. In his years of thought leadership in the industry, Mr. Merchant has consistently demonstrated his ability to deliver both.

Mr. Merchant’s primary objective as Managing Director of PWM is to Develop, Promote and Market Islamic Finance products that would help Shariah Compliant investors create wealth Ethically, Efficiently and Profitably.