Ernst & Young appoints Shahid Mughal to its Islamic Financial Services team in Oman

Muscat, 04 December 2012: Ernst & Young announced the appointment of Shahid Jabbar Mughal as Senior Manager to its growing Islamic Financial Services team in Oman. The Islamic Financial Services team caters to the specific needs of both Islamic and conventional financial institutions requiring Islamic financial advisory services. The team works across sectors and advises on banking, capital markets, insurance/takaful, asset management, regulatory and government matters.

Commenting on the appointment, Sridhar Sridharan, Office Managing Partner, Ernst & Young Oman, said: “Ernst & Young is at the forefront of developing technologically advanced systems to further implement and develop Shar’ia-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 Shari’a Governance, working with start-ups in the GCC.

Ashar Nazim, Partner, Global Islamic Banking Excellence Center at Ernst & Young, said: “Islamic banking was first introduced in Oman in 2010 and we believe the industry could grow by $6 - 10 billion USD over the next four years. The introduction of Shari’a-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 Shari’a-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.”

Shahid 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).