Osman Aurakzai

* House # 255, St # 6, Sector A, Askari 10, Lahore 54810, Pakistan.

Email: oaurakzai@msn.com ( {Cellular} (0092) 03304640327

Professional Attributes / Skills:

Central Banker with multi-dimensional international experience, in Islamic Banking; Sharia

governance, operational risk management, Sharia compliance, product policy, process
and procedure manuals etc.; having knowledge of all prevalent modes of Islamic finance
with expertise in financial product needs, development analysis and review, including
building of risk sensitive preventive, detective and corrective control environment and
structured finance out of the box solutions for corporate clients and Banking Institutions
e.g. developed linked Liabilities and Assets products to help ALCO in managing the
banking intermediation function more efficiently.
Career Summary
2009 to 2018 Head of Research & Development Centre, Bank Al Jazira, Jeddah, KSA
2007 to 2008 Senior Manager, BRS Ernst & Young Riyadh, Office, KSA
2006 to 2007 Deputed to Abdul Aziz Al Qasim Law Firm Subsequently to SRB, KSA
1993 to 2005 State Bank of Pakistan (SBP)
Divisional Head Shariah Inspection & Compliance at Islamic Banking Department.
Assistant Director Banking Policy Department (BPD), State Bank of Pakistan.
Assistant Director Banking Inspection Department, State Bank of Pakistan.
Accounts Officer Banking State Bank of Pakistan, Islamabad, Pakistan – OG-II
In-charge Leasing Sector, NBFI’s Regulation & Supervision Dept. SBP, Karachi,
Pakistan – OG-II

Previous Experience / Business Attachment Programme:

2009 – 2018
Head of Research & Development Centre, Bank Al Jazira, Jeddah, KSA. (Five Years Consecutive Outstanding
Reports – Objectives achieved along with rating can be provided on request)
1. Restructured the banks governance structure by developing a comprehensive Sharia Board Charter.
2. Reviewed several multimillion to billions of Riyal Treasury, Financial Institutions, Corporate and
Syndication transactions and added value by identifying Sharia issues and suggested alternative process
and procedures e.g.
• Saudi Arabian Mining Company (Maaden) 7 Billion • PT Natrindo Telepon Seluler (Axis) Indonesia
• Jabal Omar Development Co. (JODC) 2.5 Billion • Saudi Acrylates
• International Islamic Trade Finance Corporation • Madina International Airport Development Project
(ITFC) 100 Million USD Mudaraba facility. by General Authority of Civil Aviation (GACA).
• Al Ittefaq Steel Products Company SAR 239 Million • Al Attieh Steel Structuring and Documentation.
• Al Mourjan for Electricity Production Company • SADARA Chemical Co. (Chemical Complex)

3. Reviewed 38 Retail, Corporate and Treasury products and performed 47 contracts due diligence related to
policy and procedures; identified gaps, restructured processes and procedures to make them Sharia
compliant.
4. Identified customer’s needs and developed / proposed more than 21 new Sharia compliant solutions for
Retail, Corporate & Treasury to remove non Sharia compliant gaps in existing products and services.
5. Analysis of Banks Products and Services; prepared an accurate report and gave recommendations.
6. Prepared Annual Report write up for the Group performance every year and produced occasional
research report.
7. Assisting and coordinating with all stakeholders of the Bank to implement new generation of Islamic
Banking product and services.
8. Streamlined charity accounting system through proper classification of banks charity related accounts.
9. Annually filled IFSB Questionnaire related to Islamic Finance Development.

2007 – 2008
Senior Manager, Business Risk Services, Ernst & Young Riyadh, Office, Kingdom of Saudi Arabia.
• Reviewed and amended the Sharia Board Charter of a large Islamic bank in KSA.
• Developed three Financial Governance manuals for a large new bank in KSA.
• Gave Sharia consultancy support to other service lines at Ernst & Young;
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• Conducted the first Shari’a Review of a Bank in Saudi Arabia;

• Developed internal Shari’a risk assessment and audit work programs for a finance company.

2006 – 2007
Head of Islamic Banking Consultancy Services Department – Deputed by State Bank of Pakistan to Abdul Aziz Al
Qasim Law Firm; subsequently to Sharia Review Bureau, Kingdom of Saudi Arabia.
• Submitted a risk based Monitoring, Supervisory and Inspection framework proposal for Islamic banking products to
the Saudi Arabian Monitory Agency SAMA.
• Proposed a housing finance framework for the kingdom in line with the research work results provided by the firm.
• Conducted a study on Takaful industry in Malaysia.
• Conducted horizontal, vertical and ratio analysis of corporate client’s while ascertaining their credit worthiness for
launching a Sukuk.
• Created an OD product for a KSA bank. Got client approval for 5 product structures for launching a Sukuk in KSA.
• Wrote a paper on “Introduction of Information Technology Governance in Islamic Financial Institutions” read at the
2nd International Conference on Risk Management Regulation & Supervision in Kuala Lumpur Malaysia.
• Assigned as Head of Operations at “Shariyah Review Bureau” (SRB) Jeddah, Kingdom of Saudi Arabia (Main
office of SRB registered at Bahrain). Independently, managed all SRB business activity and contracts in KSA. Got
the firm an ancillary services license from the Central Bank of Bahrain; advised the firm regarding screening
methodology for Shari'a compliant KSA equities etc.

2004 – 2005
Divisional Head Shariah Inspection & Compliance, State Bank of Pakistan (SBP)
• Conducted the first full fledged Shariah Audit of an Islamic Bank under State Bank of Pakistan’s mandate (Got
departmental commitment Award- 2005). Demonstrated planning, organizing, directing and controlling skills; made
specific, measurable and achievable objectives that were time bound to create the Shari’a Inspection Manual and
used it in a live Islamic Bank inspection with the help of my team and external and internal stake holders
• Analyzed customer accounts and detected unethical pyramid accounts of Murabaha loans in an Islamic Bank that
went unnoticed by regular Central Bank inspection.
• Evaluated and analyzed Islamic product proposals submitted by banks against essentials of Islamic financial
instruments.
• Played key role in setting up of the Islamic Banking Division later converted into a full fledged Islamic Banking
Department, State Bank of Pakistan (i.e the Central Bank of Pakistan).
• Made the draft process flow and accounting entries of the first Islamic 600 Million dollar Sukuk issued by the
Government of Pakistan.
• Instrumental in setting up a marketing campaign for State Bank of Pakistan, Islamic Banking department
“Promotion of Islamic Banking in Pakistan” as desired by the Director.
• Played key role in setting up and conducting of proceedings of the Shariah Board and got approval of essentials
and model agreements of all modes of Islamic Finance.
• Developed the evaluation criteria for setting up of Islamic Banking Branches.

2002 – 2004
Assistant Director, Islamic Banking Department, BPD, SBP.
• Worked as in-charge of Product Development Unit (Evaluated products proposed by Islamic Fin Institutions).
• Wrote a paper on Basel – 2 (Implications on Islamic Banks)
• Conducted a strengths, weaknesses, opportunities and threats analysis of the Islamic Banking industry. Main
findings of weakness and threats were non Shariah compliance and operational risks. Strengths and opportunities
included phenomenal growth in Islamic Finance and Muslim wealth around the world
• Key role in set up of the evaluation system for entertaining Islamic Banking Branch opening requests received
from conventional banks.
• Indicated conceptual errors in the SBP Annual Report review of Chapter 10 regarding Islamic Banking, because of
which corrections were made in time.
• Proposed a 2 day Islamic Banking Module and prepared 9 handouts as material to be distributed during the same.
Prepared FAQ’s to address Islamic Banking issues.
• Initiated a note to highlight the technical difficulties in launching the Ijara Bond proposed by a commercial Bank.
• Gave valuable suggestions in finalization of the Islamic Banking branch licensing policy.
• Instrumental in Selection of Auditor for Shariah Audit of an Islamic Bank.
• Demonstrated that Murabaha financing done by Islamic banking is not in conformity with the Islamic Ideals.
• Ably gave comments suggestions to various organizations and government agencies like AAOIFI/ICAP/ Islamic
Ideology Council / MOF(Budget proposal) etc.
• Wrote the first draft for State Bank of Pakistan’s Governor’s speech on war against terrorism – contribution of
Islamic banks (an international perspective).
• Gave technical comments on Islamic Financial Services Board (IFSB) preliminary research report on identification
and mitigation of risks in Islamic Financial Instruments.
• Motivated my colleagues, trainees and participants in Islamic Banking International seminars, workshops and local
courses I taught to develop innovative products that have real impact on the poor segment of the economy at the
same time to ensure risk management and Shari’a compliance. (Got highest rating of 5 as an Islamic Banking

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course instructor at the National Institute of Banking and Finance, Pakistan

2002
Assistant Director, Training Department, State Bank Pakistan.
• Executed a special assignment to update the Foreign Training database and to monitor the progress of reports
and presentation.
• Streamlined the foreign training database and provided management with the information about non-compliance of
instructions by the trainees because of which the submission of foreign training reports & presentations became a
serious business.
• Prepared the first ever budget for the training department.

2000 - 2002
Assistant Director, Banking Inspection Department, State Bank Of Pakistan, Central Directorate, Karachi.

• Inspected a Commercial Bank; indicated critical weaknesses in controls, the Bank management during a meeting
made a lucrative offer that I declined.
• Used risk based CAMELS approach for Inspection of conventional banks. Demonstrated analytical and logical
skills to detect statutory liquidity shortfalls errors and omissions and proposed preventive and corrective measures
for future compliance.
• Evaluated and identified serious false reporting of Government Securities through which liquidity shortfalls were
concealed during the Special Inspection of a Commercial Bank.
• As SBP representative conducted a special audit of a Leasing company with the nominated auditors of Securities
& Exchange Commission of Pakistan. Major findings were a bogus guarantee on the basis of which an
international institutional loan was obtained and two fake leases issued against it by management.

1993 – 2000
Officer Grade II, State Bank of Pakistan.
• Worked as in-charge of leasing sector in Pakistan for one year.
• Inspected two largest banks in Pakistan for three months while working at the Central Directorate Karachi.
• Posted at Islamabad Office, worked in all sections of the office including more than a year as Accounts Officer
General Banking.
• Gave innovative ideas for disposal of Prize Winning Bonds and credit to Government Account. Cleared 10 years
old accumulated work in six months.
• Created an electronic “Banking Almanac” help file containing all rules and regulations for conducting inspections
efficiently.

1990 – 1992
Cleveland Bridge and Engineering Middle East Pvt. Ltd. - Dubai (A subsidiary of Trafalgar House Group, U.K).
Selected as the only graduate trainee from Pakistan in 1990 and worked in the following departments:-
• Estimation Department: Three Months.
• Material Control: Six Months.
• Stock Checking & Control: One Month.
• Accounts: Six Months.
During this period various reports submitted regarding suggestions for improving the working of different departments
were highly appreciated by the British Management.

Professional Qualifications
1988 University of the Punjab, Lahore, (Pakistan) - MBA (Finance)
1998 Diplomaed Associate of "The Institute of Bankers Pakistan") DAIBP
2005 CISA (Certified Information System Auditor) Qualified the exam conducted by the Information
System Audit & Control Association (USA).
2005 Diploma in “Islamic Banking & Finance” from Centre of Islamic Economics (CIE) Karachi.

Computer Skills
1. MIS package analysis for management in 1991 (MIS Development).
2. Microsoft Office 2000/XP. (Word, Excel, P. Point etc.)
3. Visual Basic 6 (Project On Payment System / Clearing House)
4. HTML Help Workshop (Completed nine projects).

Honours and Achievements

2005 – Awarded cash prize for departmental commitment at SBP.
2005 – MCB Bank issued a letter of appreciation for helping in establishing their first Islamic banking branch.
2016 – Letter of Appreciation received from the General Council for Islamic Banks and Financial Institutions.

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Research Papers
1. A Practitioners view of Issues in Implementing Sharia Board Guidelines in Islamic Banks
2. Impact of Basel II on Islamic Banks
3. Introduction of IT Governance in Islamic Financial Institutions.

Professional Engagements
1. Selected as a speaker at the 8th Global Islamic Microfinance Forum to be held on 24th & 25th of November,
2017.
2. Speaker at the 2016 Trading GCC - FOW Futures & Options World in partnership with Nasdaq Dubai.
3. Advisor to the IFN Islamic Finance Forum Saudi Arabia 2016
4. Advisor to the conference for the 7th and 8th World Islamic Retail Banking Conference (i.e. for 2015 and 2016)
5. Selected as speaker at the 5th, 6th and now 7th Global Islamic Microfinance Forum 2016.
6. Speaker at the 4th Global Islamic Micro-Finance Forum held on 1st and 2nd November, 2014 at Dusit Thani
Hotel, Dubai, UAE presented my opinion on “Analysing the PLS Based Mit Ghamr Savings Bank created for
the Alleviation of Poverty – Focusing on Religion as a Catalyst”.
7. Speaker at the 3rd Global Islamic Micro-Finance Forum held on 6th October, 2013 at Dusit Thani Hotel, Dubai,
UAE Presented my opinion on “Islamic Micro Finance in the Light of Divine Socio Economic Framework”.
8. SpeakerattheIslamicInvestmentSummit,heldatParkHyatt,Jeddah,KSAheldon30thNov–1stDecember,2010;
Presented “Islamic Portfolio Management including Sharia compliant screening process and
diversification as a risk management tool”.
9. DeliveredlecturesasguestspeakeratPAFKIETs,SoneriBank,NationalInstituteofBankingandFinance,Karachi, Islamic
Banking Investment Summit Jeddah KSA and Information Systems Audit & Control Association Jeddah, Chapter.
10. Ex.President,CliftonGarden2WelfareAssociation.

Professional Membership
Ex Member of the Institute of Internal Auditors (USA)
Member of the Information Systems Audit & Control Association (USA)

Corporate Training / Courses

1. Attended several online webinars related to banking and finance during 2013 to 2017 to save training costs.
2. Coaching Skills Course 28th to 29th May 2013 held at Bank Al Jazira Training Centre, Jeddah, KSA.
3. AAOIFI – World Bank Annual Conference on Islamic Banking and Finance 3rd and 4th December, 2012 Bahrain.
4. Program for Advanced Leadership & Management course from 15th to 27th January, 2011, MILE, Madina, KSA.
st nd
5. Think Smart Program for senior management dated 1 and 2 December, 2012, Bank Al Jazira, Jeddah, KSA.
th th
6. Program for Advanced Leadership & Management course from 15 to 27 January, 2011, MILE, Madina, KSA.
st th
7. Project Management Workshop 21 to 24 February, 2010 Bank Al Jazira, Jeddah, KSA.
th th
8. Islamic Treasury Products & Finance 8 to 10 March, 2010 Bank Al Jazira, Jeddah, KSA.
9. Selling and negotiating skills 3 days Senior Managers Training at Dubai in June, 2008.
10. Attended the Sukuk and Islamic Capital Markets course conducted by Islamic Finance training, Malaysia held at
th th
the Four Season’s hotel, Riyadh, Saudi Arabia on 16 & 17 of September, 2006.
At NIBAF, Karachi
11. Managing E-Business Systems and Resources from March 28 – April 1, 05
12. Corporate Governance from April 25-29, 05
13. Advanced Auditing Module from May 02-06, 05.
14. Leadership & Management Development Program from 7th to 18th June, 04.
15. Financial Services Product Knowledge from Marketing Perspective (March 25-26,2004) at IBP Karachi.
16. International Course on “Monetary & Fiscal Policies” arranged by (NIBAF), Islamabad 20-24 Oct, 03
17. IFSB Risk Identification Workshop held on 3rd October, 2003 at Renaissance Hotel, Kuala-Lumpur Malaysia.
18. International Conference on Islamic Banking Risk Management, Regulation and Supervision from September 30 to
October 2, 2003 at Jakarta, Indonesia.
19. Course on “The New Basel Capital Accord” held from 19th to 21st June, 2003 at IBP, Karachi.
20. Islamic Banking and Takaful System in Malaysia training by experts from BNM/Financial Sector of Malaysia from
27th to 31st Jan, 2003.
21. Seminar on Accounting, Auditing and Governance Standards for Islamic Financial Institutions on 21-12-2002 held
at Karachi.
22. IBA-HBL Conference on Banking & Finance 2002 held on 16th & 17th March, at Marriott Hotel, Karachi.
23. Course in MS Access held from 02 – 07 September, 2002 at NIPA Karachi.
24. CIRC and Asset Backed Securitisation seminar held on 23, Oct, 01 at ICAP.
th th
25. Pakistan Economy, Monetary Mgt and FX Mgt from 20 Aug to 12 Oct, 2001 at NIBAF, Islamabad.
26. Change Management Dissemination Workshop – SBP on 27, Jan, 01.
27. Obtained 87% Marks in Visual Basic 6 Computer Course for advanced programmers from March to May, 2000
organised by the International Islamic University, IBD.
28. Audit Methodology Course held in April, 1995 at the Bankers Training Institute, State Bank of Pakistan, Karachi.
29. Seminar on Leasing, held in August, 1994 at the Pakistan Development Banking Institute, Karachi.

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