Islamic Finance 

Mufti Ismail Ebrahim Desai resigns from Shariah board of Pegasus Agriculture

| 11 March, 2019

Johannesburg, South Africa, March 11, 2019: Mufti Ismail Desai, CEO of Global Islamic Financial Services Firm (PTY) LTD and reputed Shariah Advisor has officially resigned from the Shariah Board of Pegasus Agriculture, a major alternative investment and asset manager in the UAE.

Mufti Ismail Desai also confirmed that the Official Shariah Certification issued to Pegasus Agriculture has been revoked and terminated with immediate effect as of 10 March 2019.

Mufti Ismail advised when asked about the reason for the termination that “Pegasus Agriculture failed a periodic Shariah Audit and refused to grant access to the financial documents, processes and records of clients who signed up for the Shariah Investment Product of the company amidst allegations of financial misconduct and mismanagement by the firm. We hence terminated the certification of the company and advise clients with Pegasus Agriculture to immediately transfer or sell off assets currently held by Pegasus Agriculture.’’

Mufti Ismail Desai further commented “Clients who are currently holding Shariah Compliant assets with Pegasus Agriculture should demand an immediate explanation from the Management and transfer or sell off assets since we cannot maintain the Shariah Compliance of the company’s products anymore. “

Wayne Austin, CFO of Global Islamic Financial Services Firm advised when quipped about such a move by the firm “Global Islamic Financial Services Firm is a reputed and globally recognized Shariah Investment Bank lead by renowned industry experts and professional bankers. We take pride in ensuring that we deliver a very comprehensive and credible shariah certificate to the Public.

Thousands of GIFS Clients trust our certification based on our impeccable work ethic, integrity, professionalism and innovation. We cannot afford to lose this mutual bond of trust due to the unethical and irregular behaviour of Pegasus Agriculture”.

 

About Mufti Ismail Desai and Global Islamic Financial Services Firm

Mufti Ismail Desai is an internationally reputed Shariah scholar and Islamic finance expert who is a Shariah Advisor and member of Infinity's Shariah Supervisory Board. He currently serves as Shariah Advisor to various Islamic financial institutions, central banks and educational institutes around the world including Shariah Trainer and Auditor, HBZ Bank, Ethica Institute of Islamic Finance, Centre for Advanced Islamic Economics, UTL Financial Services, Al-Mabroor Investments, Bank of Malawi, Zimbali Capital, Hejaz Financial Services, Islamic Fintech Alliance, besides other Islamic investment firms and real estate funds around the world. Mufti Ismail has developed various Shariah auditing, governance and risk management standards for Islamic financial institutions and has issued several hundred expert legal opinions (fatwas) with a special focus on Islamic finance and economics. Mufti Ismail holds a Master's in Islamic Finance and a Master's in Islamic Theology from the Institute of Islamic Jurisprudence, Durban, South Africa. Mufti Ismail is the CEO of Global Islamic Financial Services Firm (PTY) LTD, a licensed investment bank under partnership in Dubai, UAE and South Africa. Global Islamic Financial Services Firm provides world class investment and corporate banking facilities, asset and wealth management, corporate bespoke advisory solutions and Shariah Advisory Services.

You may contact Mufti Ismail Desai: ceo@gifsrv.com or 0027 66 234 9000/0027 31 100 1284

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