Bringing Islamic Financing To Your Doorstep

About Us

5 Day Islamic Banking & Finance Programme @ Sunway Resort Hotel 27 June- 1July 2011
Islamic Equity Instruments/IECM & International IABS 27&28 April@PJ Hilton
Introduction to Islamic Economics & Introduction to Takaful 8 & 9 March PJ Hilton
Fundamental Muamalat & Islamic Corp Financing & Legal Docs
Latest Muamalah in the News
JV with Sabah Law Association- Islamic Corporate Financing & Legal Documents K Kinabalu 10 Aug 2010
Two Day International Sukuk Workshop June 2010
Internationally located Courses ( speaking for Redmoney)
11th & 12th May 2010 Sukuk Workshop JV with Malaysian Institute of Accountants @ PJ Hilton
Fundamental Muamalat Course & Islamic Financing Restructure Workshop 29 & 30 Sept PJ Hilton
13th & 14th April 2010 Fundamental Muamalat & Islamic Financing Restructure Courses
Islamic Corporate Financing & Islamic Legal Documents Course
Two Day International Sukuk Workshop
Islamic Financing Restructure Workshop
Writings on the Wall
Will the real Islamic finance please stand up.
Expatriate Anecdotes
2-day Islamic Bond & ICM Workshop
Kursus Pentadbiran Harta Secara Islam
About Us
Services Provided
Our Clients
Course Participants
Syariah Advisory
One-day ICM Course Module
One-day ICF Course Module
Islamic Corporate Financing & Islamic Legal Documentation
Muamalah Course dates
Courses Brochure
Syariah Broking and Modules of other Courses
Muamalah Soft Skills


comprises a team of former Islamic Bankers with a combined experience of over 30 years in Islamic Banking and Financing.       

Company Registration Number : 494989-H

Registered Address : 17-01, First Floor, D'Bayu, Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor, Malaysia

Correspondence Address : 17-01, First Floor, D'Bayu, Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor, Malaysia

Tel: +603 7842 5187, +6012 212 5405

  • Fax +603 7842 5201, +603 7847 3214
  • Email :

Directors :

  1. Muhammad Zahid Abdul Aziz
  2. Mohamed Zamani Abdul Aziz
  3. Associate Director : Mustafa Omar
  4. Associate Director : Abdul Rais Abdul Majid

Resident Consultants :

  • Muhammad Zahid Abdul Aziz BA Econ (Exeter)
  • Mustafa Omar BBA (IIUM, KL)
  • Assistant Consultant - Nur Anira Razak BBA (IIUM, KL)
  • Ustaz Md Zaki Abdul Manan - MA(UKM, KL), MPhil(London)
  • Abdul Rais Abdul Majid MBA (Manila) BSocSc (USM, Penang)
  • Mohamad Illiayas Seyed Ibrahim Master of Law (UM, KL), B Law (Spore), Dip Syariah Law & Practise (IIUM, KL) (Associate Consultant)

Syariah Panel For Sukuk :

  • Yg Bhg Dato' Ustaz Md Hashim Haji Yahya
  • Yg Bhg Dato' Ustaz Haron Din
  • Ustaz Md Zaki Ab Manan

Resident Syariah Adviser for Islamic Unit Trust Funds:

  • Ustaz Md Zaki Abdul Manan - MA Islamic Studies(UKM), MPhil(London)

Company Secretary

        .   Muhamad Hafidz Nuruddin

  • Legal Panel
  • Mohamad Illiayas & Co, Advocates & Solicitors - Level 7, Wisma MLS, 31, Jalan Tuanku Abdul Rahman, 50100 Kuala Lumpur
  • Azmi & Associates - 14th Floor, Menara Keck Seng, 203 Jalan Bukit Bintang, 55100 Kuala lumpur Malaysia 
  • Albar & Partners   - 6th Floor Faber Imperial Court, Jalan Sultan ismail,50250 KL
  • Hafidz & Co., Advocates & Solicitors - Unit 419, Block A, Kelana Business Centre, No. 97, Jalan SS 7/2, Kelana Jaya, 47301 Petaling Jaya, Selangor






En. Muhammad Zahid Abdul Aziz, aged 57, holds a Bachelors Degree in Economics from University of Exeter, United Kingdom. After graduating in 1977, he joined an International Accounting Firm, Arthur Young & Co., London Office. He returned to Malaysia in 1982 and joined Arab Malaysian Merchant Bank Kuala Lumpur. He joined Bank Islam Malaysia Berhad in 1990 where he pioneered and helped develop Islamic Corporate Banking specializing in Islamic Syndications and Islamic Bond Issuance. He left Bank Islam in September 2000 to form Muamalah Financial Consulting Sdn Bhd., an Islamic Financial Consultancy company. He has just returned from Riyadh where he was Sukuk and Islamic Investment Banking Consultant to a leading Islamic Bank.



Experience :

  1. Islamic Corporate Financing
  2. Arrangement of major Islamic Syndications / Bond issues.
  3. Arrangement of International Islamic Syndications / International Bond issues.
  4. Lecturer at Islamic Banking Courses
  5. Invited Speaker for Central Bank, Securities Commission, Labuan Offshore Authority, courses and conferences.
  6. Invited Speaker at International Islamic Banking Forums and Conferences.


Speaker/Presenter at the following Conferences:


October 1996- 3rd Annual Dubai Forum on Islamic Banking and Finance.

Paper:Infrastructure and Project Finance.Pooling of Funds for Syndicate Financing of Large Scale Projects.


May 1997-International Conference on Islamic Banking & Finance,(Securities Commission of Malaysia)

Paper :Islamic Financing of Kuala Lumpur International Airport


November 1997 - Second Asia Pacific Economic Cooperatio(Export Financing Institutions (Apec EFI) Meeting,Kuala Lumpur)

Paper   : Islamic Financing for Infrastructure Projects.


December 1997 -  Marketing Strategies for Islamic Banks and Financial Institutions

Paper:The Challenges of Marketing Islamic Corporate Financing Products.


April 1998 - International Conference on Islamic Investment & Challenges(International Association of Islamic Banks)

Paper:Corporate Financing and SecuritizationIssues & Challenges


August 1998 - Workshop on Developing Islamic Financial Instruments for a Labuan International Islamic Money Market (ALIIMM)(Labuan Offshore Authority)

Paper:Method of Financing and Practical Issues in Structuring Islamic Financial Instruments


June 1999-Seminar on Islamic Banking and Finance for D8 and OIC

Member Countries(Government of Malaysia and Central Bank of Malaysia)

Paper:Syndication and Securitization.


July 1999 - Seminar on Islamic Capital Market

(Securities Commission of Malaysia)

Paper:Islamic Financial Instruments and The Islamic    Capital Market


Sept 2000 - Seminar on Islamic Corporate Financing

(Bank Islam Institute of Research & Training)

Paper: Islamic Syndications & Islamic Bonds


October 2000 - World Class Islamic Finance Conference

(Marcus Evans ICM Conferences)

Paper:  Economics of Islamic Banking From A Practitioner’s View


July 2001  -   New Developments in Malaysia’s Debt Capital Market.

Paper: Islamic Private Debt Securities Issues, Challenges                                                         and Analysis on Future Direction.


Sept 2001    Seminar on Islamic Private Debt Securities.

Paper: Issuance of Islamic PDS: Complying with SC Guidelines.


2001 onwards  - Various SC/Central Bank of Malaysia In-House 

                             Seminars & Colloquiums 




Mr. Mustafa Omar, aged 37, holds a Bachelor’s Degree in Business Administration (Second Class Upper) from the International Islamic University Malaysia. He is a very experienced Islamic Corporate Banker having spent 7 years in the Corporate Banking Division of Bank Islam Malaysia Berhad, prior to joining Muamalah Financial Consulting. His experiences include Credit Processing for Corporate Financing requirements of clients covering Project Financing Working Capital Financing, Leasing and Asset Acquisition. He was also responsible for arranging major syndications. Part of his job included advising customers on cash flow projections and appropriate financing structure to meet their needs. He is a regular lecturer at Islamic Banking Courses and Seminars in Malaysia. Internationally, he has lectured on training courses for the Islamic Bank of Brunei. Presently based in Riyadh as Sukuk and Islamic Investment Banking Consultant to a leading Islamic Bank.





Ustaz MD Zaki Ab Manan, aged 56, holds a Masters Degree in Syariah from Universiti Kebangsaan Malaysia and a Master in Philosophy/PhD from the school of Oriental and African Studies, University of London. Starting his Career at the Islamic Research Center, Islamic Division, Prime  Minister's Department. Ustaz Zaki's working experience spans the Islamic Religious Department, Wilayah Persekutuan Kuala Lumpur, Islamic Advancement Department Kota Kinabalu , Sabah, Publications Department of the Islamic Advancement Department of Malaysia, and the Islamic Training Institute of Malaysia. A Specialist Syariah researcher in Halal foods, capsules, cosmetics and other animal products, Ustaz Zaki actively participates in TV and Radio Forums as well as giving Lectures at Government Departments and INTAN. He has also attended and presented papers at International Islamic Seminars and Forums. Ustaz Zaki also advises Koperasi Muslimin Malaysia on its business activities.





From 2002 to 2004, Mr. Abdul Rais was the Chief Executive Officer of the International Islamic Financial Market (IIFM), an international organization based in Bahrain, which was established as a standard setting body to regulate and encourage the creation and global trading of Islamic capital market instruments.


Prior to this, he was at Bank Muamalat Malaysia Berhad as Senior Vice President/Head of International Banking and Head of Investment Banking.


Mr. Abdul Rais joined the financial services sector more than thirty years ago upon graduation from Universiti Sains Malaysia, Penang. He served in various capacities, mostly at international locations, at Bank Bumiputra Malaysia Berhad. After serving as Head of Financial Institutions Department in Kuala Lumpur, he was assigned to New York as General Manager of BBMB New York branch in early1993, and subsequently as Chief Executive Officer of BBMB International Bank (L) Ltd and CEO of BBMB International Trust Limited in Labuan in 1996.  He joined Bank Muamalat Malaysia Berhad, Malaysia’s second full-fledged Islamic bank in 2000 where he was responsible for setting up and heading the Investment Banking Division until he was selected by an international panel of central bankers to set up and head the IIFM. 


Mr. Abdul Rais has presented a number of papers on Islamic capital markets and risk management at international conferences in London, Bahrain, Dubai, Doha, Jeddah Singapore, Kuala Lumpur, Jakarta, Brunei and other locations.


Mr. Abdul Rais holds a Master’s Degree in Business Administration from the Asian Institute of Management, Manila, Philippines and a Bachelor’s Degree in Social Science from University Sains Malaysia in Penang, Malaysia.


Mohamad Illiayas bin Seyed Ibrahim


Mohamad Illiayas graduated with a Bachelor of Laws (Hons) from National University of Singapore and was called to the Malaysian Bar on 12 March 1988 and the Singapore Bar on 13 October 1991.  He subsequently obtained the Master of Laws degree from the University of Malaya and the Diploma in Syariah Law & Practice from the International Islamic University Malaysia.  He is an Associate Member of the Chartered Institute of Arbitrators, U.K. and the Center for International Legal Studies, Salzburg, Austria.


He first practised law with Messrs Zain & Co. and Messrs Mohamed Ismail & Co. as a Legal Assistant.  In 1994, he was made a partner of Messrs Mohamed Ismail & Co.  He remained in Messrs Mohamed Ismail & Co. until 1996, when he established his firm Mohamad Illiayas & Co. (now renamed Illiayas).


Mohamad Illiayas has extensive experience in advising various clients in exercises ranging from Banking & Islamic Banking, Takaful (Islamic Insurance), Corporate, Commercial and Dispute Resolution.


Amongst his notable assignments include:


(a)        handling all aspects of Banking, Takaful (Islamic Insurance), Re-takaful, Corporate and Commercial matters;


(b)        specializing in Islamic Banking and Finance since 1992;


(c)        preparing the pioneer sets of Islamic Banking and Finance financial documents for various financial institutions including for Bai’ Bithaman Ajil, Murabahah, Mudharabah, Musyarakah, Ijarah and Qardhul Hasan transactions;


(d)        handling Islamic bonds and Islamic equity transactions; and


(e)        vetting Corporate, Commercial and Information Technology documents for clients including Bank Islam Malaysia Berhad and Syarikat Takaful Malaysia Berhad.


He has presented papers on Islamic Banking and Finance, Company Law and Property Law since 1994 at conferences, seminars and workshops organized by Islamic Banking and Finance Institute Malaysia (IBFIM), Institut Kefahaman Islam Malaysia (IKIM), Asia Business Forum, Center for Research and Training (CERT), Center for Management Technology, the Bar Council Malaysia and Monash University (Malaysia). 


He was a member of the Syariah Laws Committee, Bar Council Malaysia from 1997 until 2004 and a member of the Corporate & Commercial Laws Committee, Bar Council Malaysia in 2005.He is presently a member of the Islamic Finance Committee, Bar Council Malaysia.


Prior to reading law, he worked as an Audit Assistant at Messrs Hanafiah, Raslan and Mohamad (then affiliated with Touche Ross International), Chartered and Public Accountants, Kuala Lumpur from 1979 to 1982. 







Muamalah Financial Consulting Sdn Bhd(494989-H)
17-1, First Floor, D'Bayu, Jalan Serambi U8/21,
Bukit Jelutong, 40150, Shah Alam, Selangor, Malaysia 
Tel:+603 7842 5187, +6012 212 5405 Fax:+603 7842 5201, +603-7847 3214
email :