Professor Datuk Rifaat Abdel Karim
Professor Rifaat has an international reputation as a leader and authority in the Islamic financial services industry (IFSI) at both at the professional and the academic levels. He has played a pioneering role in the development of Islamic finance. His leadership in the setting of accounting, auditing, governance, Shari’ah and regulatory standards, as well as in the development of high quality short-term financial instruments to facilitate liquidity management for Islamic financial institutions, has been highly instrumental in establishing the position of the IFSI in the mainstream of global financial services.
Professor Rifaat has served as the inaugural Secretary-General at both the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). During his terms in office at the AAOIFI and the IFSB, Professor Rifaat played a key role in the conception and development of standards and guidelines for the IFSI which have been a key catalyst in the establishment and integration of the IFSI within mainstream global financial services.
During the period October 2012 to December 2016, Professor Rifaat assumed the position of Chief Executive Officer of the International Islamic Liquidity Management Corporation (IILM), an international organisation established in October 2010 by central banks, monetary agencies and multilateral development organisations to facilitate liquidity management for Islamic financial institutions.
Professor Rifaat's contribution to the IFSI has been recognized by the many prestigious international awards that he has received during his career over three decades, which has been dedicated to high achievement in professional activities, as well as in research and academic work. These awards notably include the (inaugural) 2004 Euromoney Outstanding Contribution in the Development of Islamic Finance, the 2010 Islamic Development Bank Prize in Islamic Banking and Finance and the Royal Award for Islamic Finance 2016. In 2010, the King of Malaysia awarded Professor Rifaat the Royal Malaysian Honorary Award of Darjah Kebesaran Panglima Jasa Negara (P.J.N.), which carries the title "Datuk."
