Mohamed Karrat

A distinguished academic and consultant specialising in Comparative Law, Islamic Finance, Waqf, and Sharia Governance, with over 18 years’ experience spanning teaching, research, product development, and strategic consultancy for governments, leading universities, financial institutions, and international organisations. Widely recognised for pioneering Sharia-compliant financial solutions, including sukuk structuring, waqf modernisation, and governance frameworks that bridge classical jurisprudence with contemporary market needs. A trusted speaker at global forums, an active Sharia board member, and a key contributor to international regulatory and policy initiatives shaping the Islamic finance industry worldwide.

• Development of Islamic Banking Operations: Designed technical mechanisms for participative banks to integrate with the Payment Guarantee Fund of the Moroccan Electronic Clearing System (GSIMT). Contributed to research, proposals, and solutions for building a Sharia-compliant stock-market index. Prepared Sharia guidelines and manuals for Islamic banking products. Developed a Maqāṣid-based standard model for deferred-payment sales (Bayʿ bil-Ajal). Conducted study, discussion, and issued a fatwa on profit-rate swaps in accordance with the International Islamic Financial Market (IIFM) standards in collaboration with Mashreq Islamic Bank (Egypt / UAE).
• Development of International and Domestic Financing & Investment Mechanisms: Participated in structuring investment-agency (Wakālah) agreements to channel funding from parent banks to participative banks. Contributed to a study with proposals and solutions for international trade finance for the Professional Association of Moroccan Banks (GPBM).
• Enhancing Financing for Services, Benefits, and SMEs: Contributed to developing an e-Murābahah product. Assisted in designing the “Salam for Telecom Airtime” product for the Islamic Development Bank. Introduced and implemented a financing line product with regulatory controls for Bank Al Yousr. Developed a crowdfunding product for a Belgian company. Created an alternative to conventional factoring for a German firm. Drafted Murābahah contracts for services and benefits, including education, health, travel, consultancy, and studies, for the Professional Association of Moroccan Banks (GPBM). Participated in structuring micro-finance products using partnership contracts for Inma Micro-Enterprise Support, Kenitra, Morocco.
• Establishing Sharia-Compliance Monitoring: Co-authored the Sharia Governance Manuals for Bank Al Yousr, Dar Al-Aman Bank, and Bank Assafa. Developed Sharia compliance rules for Bank Al Yousr. Took part in a Global Scholars Interview Session with Sharia experts and Islamic-finance professionals on Sharia-Non-Compliance (SNC) in financial contracts, for the Central Bank of Malaysia.
• Activating Monetary-Policy Instruments: Participated in structuring investment-agency (Wakālah) arrangements as tools for liquidity management. Provided consultancy and proposals on funding participative banks by their parent banks.

• Contributed to drafting the Sharia Governance Manual for Bank Al Yousr, Dar Al Aman, and Bank Assafa.
• Developed Sharia compliance guidelines for Bank Al Yousr.
• Participated in conducting Sharia audits for Umnia Bank.
• Participated in conducting Sharia audits for Bank Al Yousr.
• Performs quarterly Sharia compliance audits on Al-Amin Investment Fund in Morocco.
• Contributed to the Sharia audit of the Collective Investment Fund (OPCVM) managed by Maghribia Titrisation.
• Reviews and evaluates annual Sharia audit reports for Mashreq Islamic Bank (Dubai) and Bank Al Yousr (Morocco).
• Reviewed and discussed the Risk Governance Framework for Islamic banks at Mashreq Islamic Bank.

• Conducted Sharia compliance audits of Murābahah contracts for Bank Assafa (Morocco).
• Audited Murābahah and Ijārah contracts for the Cooperative of Islamic Financial Services (Coop Halāl), Spain.
• Reviewed and audited a lease-to-own (Ijārah Muntahiyah bi-Tamlīk) contract for a real-estate company in the Netherlands.
• Conducted Sharia compliance audit of a lease-to-own (Ijārah Muntahiyah bi-Tamlīk) contract for Fynanch, Netherlands.

• Provided a Sharia-based study on developing a telecom airtime-financing product using Salam contracts, in collaboration with the Islamic Development Bank’s Product Development Centre and Al-Maali Consultancy.
• Developed a Murābahah product for raw materials and labour financing for Al Yousr Participative Bank.
• Designed a diminishing partnership model for movable assets, ensuring compliance with Sharia and Moroccan civil law.
• Proposed an alternative Sukuk structure based on the Bayʿat Ahl al-Madīnah contract as a substitute for Ijārah-based Sukuk, for Maghribia Titrisation.
• Adapted the lease-to-own (Ijārah Muntahiyah bi-Tamlīk) contract from conventional practice in Morocco to make it Sharia-compliant.
• Drafted a service Murābahah contract aligned with Sharia opinions and Moroccan legislation for participative banks, under Al-Maali Consultancy.
• Participated in structuring investment agency (Wakālah bi-l-Istithmār) agreements for funding channels from parent companies to banks.
• Contributed to structuring diminishing partnership contracts for real estate and movable assets for Moroccan participative banks, initiated by Al Yousr Bank.

• Assisted in preparing LC application for several insurance companies in Morocco.
• Assisted in drafting governance frameworks for Takaful Insurance Companies, including Sanlam Takaful, Al-Maghribia Takaful, Takaful Cooperative Insurance Company, Wafa Takaful, and Central Reinsurance Company (SCR).
• Assisted in the development of new Takaful insurance products.
• Drafted standard contract templates for Royal Insurance Company and the above Takaful firms, covering products such as bank-card insurance, life and total-disability insurance, savings insurance, and risk-based insurance products.
• Provided staff training programmes for insurance companies in Morocco and Algeria.
• Prepared a study on the religious (Sharia) aspects of marketing Takaful products.

• Provided Sharia advisory services to the International Federation of Red Cross and Red Crescent Societies (IFRC) regarding the establishment of a Zakat Fund.
• Contributed to a feasibility study on establishing a national Zakat institution in Morocco, in collaboration with Al-Maali Consultancy.
• Participated in drafting and reviewing certain Zakat-related standards, including standards on auditing, management, and governance, for Finopolis Foundation.
• Supervised and contributed to the preparation of a Corporate Zakat Guide for Bank Assafa.
• Conducted audit and compliance review of the by-laws to ensure their alignment with Zakat collection and distribution requirements for SOS Children’s Villages Morocco and Al-Hujn Association.
• Reviewed the fundraising procedures to ensure its alignment with Zakat collection and distribution principles for SOS Children’s Villages Morocco and Al-Hujn Association.
• Served as Sharia Advisor to Al-Hujn Association and SOS Children’s Villages Morocco.

• Advised the Moroccan government on a sovereign sukuk issuance.
• Assisted in structuring investment sukuk with Al-Maali Consulting Group team for Attijari Titrisation and Bank Assafa.
• Conducted a review of sovereign sukuk using repo-based products in Morocco in partnership with the Islamic Finance Advisory & Assurance Services (IFAAS).
• Contributed to research and issuance of fatwas on a wide range of sukuk transactions issued or participated in by Mashreq Islamic Bank, including but not limited to: Damac Sukuk – UAE Business Group Sukuk – India Dar Al-Arkan Sukuk – KSA ARADA Sukuk – UAE Project Hibiscus – Warba Bank Tier-1 Sukuk – Kuwait Project Green – UTICO Sukuk – UAE Project Safa – Ahli United Bank (AUB) Sukuk – Bahrain Project Firefly – Al-Baraka Tier-2 Sukuk – Bahrain Sovereign Sukuk for the Saudi Public Investment Fund (PIF) through a Wakalah-based structure Kuwait International Bank Sukuk with participation of UAE-based banks Cenomi Sukuk Programme – KSA Tier-1 Capital Sukuk – Qatar International Islamic Bank Dukhan Bank Sukuk Programme – Qatar Warba Bank Sukuk – Kuwait Government of Sharjah Sovereign Sukuk – Flamingo Project– UAE Mashreq Islamic Bank Sukuk – UAE Ajman Bank Sukuk – UAE Multi-tier Sukuk Programme – Binghatti Developers, Oracle Project– UAE

• Prepared a study on the best international practices related to sovereign guarantees for financing individuals and companies for the Moroccan Central Guarantee Fund (CCG), in collaboration with Al-Maali Consultancy Group.
• Provided Sharia advisory services to the Moroccan Central Guarantee Fund on guarantees for corporate financing, in collaboration with Al-Maali Consultancy.
• Participated in drafting agreements and contracts related to sovereign guarantees for financing individuals and companies.

• Entrusted with preparing the Sharia Standards for Agricultural Partnership (Mushārakāt Ziraʿiyya) for the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain.
• Drafted the policy and guidelines for establishing a Zakat Fund for the International Federation of Red Cross and Red Crescent Societies (IFRC).
• Prepared product and service manuals for Al Yousr Participative Bank, covering real-estate Murābahah, movable-asset Murābahah, equipment Murābahah, vehicle Murābahah, Salam contracts, current accounts, bank cards, and investment deposits.
• Assisted in drafting a proposed Islamic Sukuk Law presented by the Kuwait Centre for Islamic Economics (under the Ministry of Awqaf and Islamic Affairs, 2018).
• Reviewed and advised on laws and decrees related to Sukuk in Morocco.
• Drafted contracts for service Murābahah, investment agency (Wakālah bi-l-Istithmār), and diminishing partnership (Mushārakāt Mutanāqiṣah) for official financial institutions in Morocco.
• Developed a Sharia-compliant manual for Zakat collection for public-benefit charities, including SOS Children’s Villages Morocco, Al-Hujn Association, and Al-Ufuq Association.
• Prepared a Sharia compliance guideline for the operations of a real-estate company in Morocco.
• Authored a study on financing the healthcare sector in Morocco for Al Yousr Bank in partnership with stakeholders.
• Drafted financial contracts — including Muḍārabah, investment deposits, and partnership agreements — for the Cooperative of Islamic Financial Services (Coop Halāl), Barcelona.

• Prepared the “Father and Mother Share” Waqf Project for the Abu Dhabi Awqaf Authority.
• Assisted in drafting the Waqf Law for Abu Dhabi Government.
• Assisted in drafting the Statute and bylaws of the General Authority for Awqaf in Saudi Arabia.
• Developed a training package on Waqf Management for the Scientific Endowment Centre at King Abdulaziz University
• Served as a Member of the Waqf Development Committee at the General Authority of Islamic Affairs and Endowments in Abu Dhabi.
• Served as a Member of the Committee for Drafting a Financial Regulation for payroll and Waqf expenditures in Abu Dhabi.
• Participated in regulatory reviews in Morocco, including but not limited to: The ministerial resolution on partnerships between Awqaf and the public and private sectors. Budget classification for Awqaf finances.
• Assisted in drafting several regulations for the Moroccan Ministry of Awqaf and Islamic Affairs, including but not limited to: The ministerial decision on financial and accounting regulations for public Awqaf. The ministerial decision on procurement and service contracts for public Awqaf. The Ministerial resolution establishing the procedures for debt collection on behalf of public Awqaf. The Ministerial resolution defining the terms, procedures, and roles of authorized collectors, including their areas of intervention and types of income they are permitted to collect. Contributed to proposed amendments to the Moroccan Waqf Code.
• Served as Auditor and Inspector at the regional Waqf directorates within the Key Departments of the Moroccan Ministry of Awqaf for the past five years.
• Entrusted with preparing a feasibility study on Waqf Sukuk (Endowment Bonds) in Morocco.
• Regularly participates in the review of the annual Awqaf budget.
• Regularly participates in reviewing audit reports made by the Ministry’s auditors.
• Member of the Budget Committee and the Studies and Research Committee of the Supreme Council for the Supervision of Public Waqf Finances, Morocco.
• Assisted in drafting statutory Waqf regulations for the General Authority of Awqaf, Saudi Arabia.

• Waqf and Building a Secure and Cohesive Society
• A Concise Guide to the Rulings on Waqf Supervision: Sharia Perspectives and Contemporary Requirements – published by the General Authority of Islamic Affairs and Endowments, Emirate of Abu Dhabi
• Clear Answers to Key Questions on the Objectives of Sharia
• Islamic Moderation: A Methodology for Building a Secure Life
• Essential Requirements for explaining the Legal Provisions Governing Participative Banks
• “License in Professional Waqf Management” – officially presented to King Abdulaziz University
• Seventy-Eight Questions and Answers on Islamic Economics, Islamic Finance, and Participative Banks
• Ninety-Nine Questions and Answers on Participative Banks
• A Guide to the Ethics of Employees in Participative Financial Institutions
• Sharia Foundations for the Endowment of Cash
• The Waqf Sector: A Lasting Refuge for Social Welfare
• Waqf in Islam: Its Objectives and Pillars
• Waqf and Hajj
• Key Sharia Methodological Principles in Resolving Contemporary Waqf Cases
• Waqf and Economic Development
• Options Contracts: A Methodological Approach to Establishing Sharia Rulings
• Fee-Based Guarantees in Islamic Jurisprudence: An Analytical Study
• Gaining Profit Without Bearing Liability: A Fiqh-Based Study
• Establishing Scholarly Consensus on Fee-Based Guarantees
• Establishing Scholarly Consensus on the Exchange of Debt for Debt
• Sharia Guidelines for Personal Financing
• Building a Knowledge-Based Generation in Islamic Finance
• Applications in Islamic Banking: Between Original Intent and Actual Outcomes
• Social Development in Islamic Perspective: Principles and Mechanisms
• Sharia Perspectives on Preserving Public Health
• The Global Financial Crisis and the Required Islamic Model
• Preliminary Determinations on the Rationale of Riba-Based Assets
• Initial Features of a Maqāṣid-Oriented Framework for Socially Responsible Investment: Foundations and Applications
• Digital Economy and Its Role in Advancing the Objectives of Islamic Economics: A Maqāṣid-Oriented Perspective
• Sharia Governance in Morocco: An Analytical Study