An internationally-renowned Islamic finance expert, Dr. Humayon Dar, has been appointed as the new Director General of the Islamic Research and Training Institute (IRTI), a member of the Islamic Development (IDB) Group based in Jeddah, Kingdom of Saudi Arabia.
Dr. Dar is a seasoned academic, shari'ah advisor, Islamic economist, and advocate for Islamic banking and finance. He previously served as Chairman of HD-Edbiz Group of Companies, a London-based financial consultancy firm, where he developed a global financial advisory business for Islamic financial institutions, government agencies, regulators and multilateral organisations.
In a statement on his appointment, Dr. Dar expressed his desire to transform IRTI into a global center of excellence for research, training and capacity building in line with the IDB Group's mission of fostering comprehensive human development in its member countries.
He added: "It is indeed a great honour and privilege for me to be appointed as Director General of IRTI, a position that in my opinion puts the holder in the centre of all the important development activities in Islamic finance. I am thankful to the leadership of the IDB, particularly, H. E. Dr. Bandar Hajjar, President of the Bank for putting their confidence and trust in me."
Dr. Dar has played leading roles in a number of Islamic financial initiatives in Europe and the Middle East. He is a member of Board of Directors of Finance Accreditation Agency (FAA), a global accreditation organization set up by Bank Negara Malaysia and Securities Commission Malaysia.
He is a Visiting Professor at a number of universities around the world, and had served as an Honorary Senior Visiting Fellow at Cass Business School, City University London. He was also instrumental in the development of a number of academic and professional qualifications in Islamic banking and finance.
He has also served as a Managing Director at Deutsche Bank (as CEO of its Islamic finance subsidiary) where he built a reputation for structuring the most innovative faith-based financial products. He has advised global financial institutions like Allianz, MSCI Barra, Nasdaq and local banks like Hong Leong Islamic Bank in Malaysia, and Abu Dhabi Commercial Bank in the UAE.
Dr. Dar founded the Global Islamic Finance Report (GIFR), the oldest such annual document on Islamic banking and finance in the world; the Global Islamic Finance Awards (GIFA), which has become the most prestigious Islamic finance awards program worldwide; and the Islamic Finance Review (ISFIRE), a bi-monthly magazine on Islamic banking and finance published from London.
He holds a PhD and MPhil in Economics from Cambridge University, and MSc in Economics (with specialism in Islamic Economics) from the International Islamic University, Islamabad, Pakistan.