Is rehbar finance sharia compliant?

Is rehbar finance sharia compliant?
15 Oct 2021 Ref-No#: 3772
Im not able to attach pdf, so copy pasted the contents below
CONTENTS
1.0 Deal Overview report…………………………………………………………………………………………………………3
1.1 Brief Investment Overview ……………………………………………………………………………………………..3
1.2 Brief details of the deal …………………………………………………………………………………………………..3
2.0 Financial Modelling report………………………………………………………………………………………………….4
2.1 Application of funds……………………………………………………………………………………………………….4
2.2 Existing Deals………………………………………………………………………………………………………………….4
3.0 Deal structure ……………………………………………………………………………………………………………………6
3.1 Profit sharing ratio and expected annualized ROI………………………………………………………………6
4.0 Risk Management report…………………………………………………………………………………………………….7
4.1 Risk factors and mitigation steps relating to leasing deals and PLS deals……………………………..7
4.2 Details of collateral/security for investment …………………………………………………………………….9
5.0 Deal Monitoring……………………………………………………………………………………………………………….10
5.1 Feasibility of deal monitoring ………………………………………………………………………………………..10
5.2 Deal Monitoring plan ……………………………………………………………………………………………………10
6.0 Sample Debenture Subscription Agreement……………………………………………………………………….10
7.0 Disclaimer ……………………………………………………………………………………………………………………….13
8.0 Rehbar Team……………………………………………………………………………………………………………………14
8.1 Directors ……………………………………………………………………………………………………………………..14
8.2 Shariah Board ………………………………………………………………………………………………………………15
8.3 Rehbar Executive Team Profile ………………………………………………………………………………………16
Contact Details………………………………………………………………………………………………………………………..18
3 | P a g e
Information Memorandum
1.0 DEAL OVERVIEW REPORT
1.1 Brief Investment Overview
Rehbar has been arranging vehicles and equipment’s on Shariah compliant rental terms (operating
lease) to creditworthy clients since the past 7 years. The ownership of the vehicles remains with the
entity floated by Rehbar. So far Rehbar has provided over 200 vehicles and over a thousand pieces of
equipment worth approximately Rs. 55 Cr to multiple large clients across South India.
To allow flexibility to investors to partake of the leasing activity through a Rehbar entity and yet not
be locked in over long periods in a particular deal, Rehbar has promoted multiple leasing entities(RERL
I, RERL II etc. hereinafter referred to as RERL) which will be primarily (between 60% to 85%) investing
in assets which they will rent out on an operating lease basis. Investors can invest with these entities
rather than in a particular lease deal. The companies will also have a minor interest in other types
(profit-sharing and project finance) of good deals as well, but only to a minor extent.
RERL thus provides investors the advantage of seeing their investment being deployed in a basket of
investments predominantly weighted by leases rather than in a single lease. This diversification will
ensure that in the event a particular deal does not do well (for instance due to a major accident
befalling the leased equipment or vehicle) the investors involved will not be impacted to a substantial
extent as their exposure to that specific distressed deal will be relatively minor.
As investor interest in Rehbar deals has been strong, we expect there will be continuing demand for
additional investments to be deployed, mostly in leasing. Hence, we expect periodic rounds of
additional fund raising for fresh deals. Such additional rounds of fund raising will provide opportunities
for earlier investors looking for partial or total exits for meeting exigencies at their end, to realize their
investments without having to wait for long.
1.2 Brief details of the deal
• Equipment/Vehicle Leasing
• Profit-sharing Loans
• Project finance
➢ Deals in the pipeline > Rs. 4 Cr
➢ Minimum investment per investor – Rs. 1 lakh
Instrument – Profit sharing debentures which convert to equity after 10 years. The debentures can
be transferred to other investors in the interim within an expected 2 months tenure.
Method of payment of returns (profits) – Entire returns are to be paid out to investors on basis of
estimated profit quarterly, after considering provision for depreciation, maintenance, reserve for bad
debts and dividend equalisation and exigencies, but before tax.
Expected profits from the investment – Gross expected internal rate of return (IRR) of 8% to 12%
annualized. Risk profile – Low to Medium risk investment due to the good portfolio, ownership of
vehicles and equipment effectively being with RERL and collateralized lending.
4 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
2.0 FINANCIAL MODELLING REPORT
2.1 Application of funds
Following are some deals under consideration where the funds raised in this round may be
deployed
2.1.1 Operating Lease Deals: Total 2.7 Cr
a. ID Fresh chillers – INR Rs 40 L
ID Fresh is a multinational VC funded ready to cook and dairy product manufacturer based in
Bangalore. Started by Mustafa PC along with his cousins, ID is one of Rehbar’s earliest clients
and has taken multiple rounds of funding through asset lease for vehicles and in-store chillers.
b. Royalmart Supermarket – INR 30 L
Bangalore based supermarket chain with more than 20 stores for whom Rehbar has already
funded 2 store is taking funding for assets required for a centralized warehouse.
c. Kaapi Machines – INR 60 L
Bangalore based supplier of premium imported coffee machines to top hotel chains,
restaurants and cafes is looking for funding to fulfil orders in hand.
d. Hindustan Industries – INR 40 L
Goa based manufacturing and trading concern dealing in building materials. Funding being
sought for purchase of a paver machine.
e. Pakkar Leathers – INR 100 L
Chennai based leather goods manufacturing company is looking to sell and lease back their
existing machinery to improve the working capital position.
2.1.2 PLS deals: Total 1.5 Cr
f. Pakkar Leathers – INR 50 L
Chennai based leather goods manufacturing company is in need of funds to execute projects
in hand from international clients.
g. Housing deals – INR 100 L
After successfully closing two housing finance deal on a pilot basis, a few more creditworthy
clients in Bangalore are under consideration.
2.2 Existing Deals
a. Nusyn Digital Solutions Pvt Ltd., Bangalore (Digital Signage)
– Vehicles given on lease to the Company, BIAL and Chennai Metro projects
b. White Pearl (Construction equipment for public works contractor)
5 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
– Horizontal driller imported from US and given on lease to White Pearl
c. Unifuds (Aura)
– Working capital finance and lease of vehicles for distribution of Spices, Dry Fruits and
Snacks to a Bangalore based company.
d. Timescan Logistics
– Lease funding of vehicles to a Chennai based logistics company.
e. Primecare Hospital
– Leasing of medical equipment to a hospital chain in Bangalore.
f. Multiline Exporters
– Leasing of plastic moulding equipment to a brush manufacturer based in Tamil Nadu.
g. Axeon Marketing
– Sole distributors of Axe Oil in India purchasing from the Singapore based manufacturer.
h. Renew Medical Centre
– Leasing medical equipment to a medical centre in Bangalore using HBOT for non-invasive
treatment.
i. Steam Equipments
– Leasing machinery to a manufacturing company based in Pune.
j. Furlenco
– Leasing furniture to furniture rental company for onward rental.
k. Square Associates
– Civil contract for a health center under the National Health Mission (NHM).
l. ID Fresh Foods
– Leasing Vehicles to PE funded ready to cook manufacturing and distributing company.
m. Calicut Biomedicals
– Leasing of vehicles and medical equipment to medical equipment distributor.
n. White House
– Leasing of plant and machinery to large garment manufacturer.
6 | P a g e
Information Memorandum – Vehicle and Equipment Leasing

3.0 DEAL STRUCTURE
Investors invest in private limited companies which will engage in business of operating lease
and in other businesses, with leasing being the major activity. The leasing companies have
been promoted by Rehbar. The investment is raised in the form of profit and loss sharing
compulsorily convertible debentures (CCDs) debentures, with the ticket size of Rupees Two
Lakh (Rs. 2,00,000). The investment is made on a Private Placement basis based on offer made
by the Company to the investor to invest. Funds of the leasing entities can be invested by it at
its discretion in suitable avenues, taking care that at no point in time is a majority of the
invested amount deployed in other than operating leases.
The investor would be able to transfer his securities to other potential investors by private
arrangement, with approval of the leasing entity, which approval will not normally be
withheld. The entity can also try to find alternate investors to whom the debentures of existing
investors looking for an exit can be transferred. For this, ordinarily, a notice of 2 months would
be required to locate an investor and complete other formalities.

3.1 Profit sharing ratio and expected annualized ROI
The entire net profit of the leasing entity would be distributed quarterly to the investors after
considering provision for depreciation, maintenance and a bad debt/dividend equalization
reserve which is currently being provided at a maximum of 20% of the gross profit. Rehbar Fin
Consultants Private Limited (Rehbar) will be entitled to AUM fees (2% of assets under
management) – for monitoring the investment portfolio. It is projected that RERL will be able
to pay out to investors, subject to realization of projections, the estimated rate of 8% to 12%
on the debentures.
The profit trends for the previous 5 quarters for the deal is given below:
9.8% 9.7% 9.6%
9.0% 9.1%
15.2% 14.9% 15.5%
13.6% 13.5%
8.0%
10.0%
12.0%
14.0%
16.0%
Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21
Net Profit % for Investors RoI of Fund Deployment
7 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
4.0 RISK MANAGEMENT REPORT
4.1 Risk factors and mitigation steps relating to leasing deals and PLS deals
The risk factors and the mitigation steps taken have been enumerated as follows
4.1.1 Credit Risk
The possibility that RERL may not pay the investors the quarterly returns on their debentures
and/or RERL may not be able to arrange for transfer of their securities as projected.
4.1.1.1 Mitigation Steps
In case of Leasing deals, the risk is mitigated as Rehbar will be structuring leasing deals for
RERL wherein the monthly rentals and capital repayment amounts have to be repaid as
specified in the financial model mutually agreed and these will not be dependent on the
performance of the business they are leased to (the Lessee). Further, the financial model does
take into consideration market depreciation rates and it does not foresee any adverse effects
on the valuation of vehicles/equipment being financed due to unforeseen reasons. RERL will
continue to own the title to the vehicles/equipment in its capacity as Lessor and all the original
documents shall be held on behalf of RERL by Rehbar. Nonetheless, to deter frivolous and
unwarranted delays in payments by Lessees, the Lease Agreements between RERL and its
Lessees shall include a clause that in case of specified delays, the Lessees shall be required to
pay RERL a specified penalty amount and additionally also a separate amount equivalent to
the tax applicable at the maximum marginal rate of Income Tax on the penalty amount that
RERL donates to a third party charitable trust or society (not eligible for income tax
exemption), with the concurrence of Rehbar’s Shariah Board.
In case of PLS deals, the risk is mitigated as Rehbar has conducted detailed due diligence on
the investee companies and their promoters along with verifying their policies and processes
to be robust, confirming the integrity of the promoters from our network, and verifying that
their past commercial dealings are in order. In addition, as required from a risk perspective,
we open a joint escrow account with the investee company or an account for routing all
related transactions with a Rehbar representative as a compulsory signatory to the account,
to ensure there is no fund diversion on the part of the promoters. Rehbar also verifies the
CIBIL credit scores of the investee companies and all their promoters and proceeds with the
investment only if all the credit scores are acceptable. In addition, all investment agreements
signed with each investee company includes a clause that in case of fraud and/or
misrepresentation of profits on behalf of the investee Company, the investee Company will
be required to pay in addition to any amount due to the investors, a specified penalty amount
to a third party charitable trust or society of Rehbar’s own choice, on behalf of the investors,
and additionally to the investors themselves, a separate amount equivalent to the tax
applicable at the maximum marginal rate of Income Tax on the amount that was directly paid
to the concerned charity for which no income tax exemption is available.
8 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
4.1.2 Liquidity Risk
The risk of not being able to sell the leased vehicles and/or equipment’s either to RERL’s
customer or to others in the market at the stipulated amount either during the tenure or at
the end of the tenure due to lower than forecasted market values, excessive depreciation,
damages not covered by insurance, improper maintenance of the vehicles and/or
equipment’s or any other unforeseen circumstances.
4.1.2.1 Mitigation Steps
Our financial model is very conservative regarding the valuation of the leased assets and the
depreciation rates used; hence we do not expect the amount realized at the end of the tenure
to be lower than the estimated amount. Additionally, our research shows that the type of
vehicles proposed to be leased have a fairly robust secondary market with resale values in line
with their depreciated valuation. Further, the deal monitoring team from Rehbar will be
conducting regular checks of the vehicles/equipment, as the case may be, to ensure that they
are well maintained and not being misused.
4.1.3 Market Risk
The possibility that the investee company may not be able to generate the presumed volume
of business (in terms of number of unit sales, sales value, profitability, etc.) or that due to
competitive, fiscal or other pressures and developments, it is not able to generate the
targeted margins in different segments of its business.
4.1.3.1 Mitigation Steps
Rehbar independently develops and reviews each investee company’s internal financial
forecast model for the requisite period or project duration under consideration and ensures
that the assumptions utilized are conservative in nature, with sufficient cushion in the timing
of cash flows to absorb any market risk factors. In addition, Rehbar assesses the financial
ability and quality of the clients of the investee companies to ascertain the certainty of
business revenue before proceeding with such investments.
4.1.4 Operational Risk
The risk of the investee company being unable to deliver the required and assumed level of
service quality and satisfaction to their customers due to operational inefficiencies,
inadequacies or shortcomings and the same translating into loss of business, higher costs,
lower realisations or lower volumes and the risk of any equipment being utilized for
production of the end products not being in a usable condition due to any technical faults,
accidents, etc.
4.1.4.1 Mitigation Steps
Rehbar ensures that each investee company has the requisite experience, track record,
operational excellence and quality management team before making any investment in such
9 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
deals. During the due diligence process, Rehbar has ample scope to verify the operational
competence of the business, its order book and processes and thus is able to mitigate the
above risk.
4.1.5 Shariah Non-compliance Risk
The risk of losing public and customer goodwill resulting in adverse financial impact due to
exposure of any Shariah non-compliant behaviour or activity by the promoters or operations
or procedure conducted by RERL or its Lessees or financed entities or the same being involved
in usage or sale of goods, supplies, equipment or foods etc. which are not Shariah compliant.
4.1.5.1 Mitigation Steps
Rehbar conducts extensive Shariah audits of businesses invested on behalf of RERL. In
addition, all such investments has a provision for Rehbar to conduct annual Shariah Audits of
the investee companies through an external accredited agency in this area to specifically
ensure that no Shariah non-compliant activities or procedures take place in any of the investee
companies. Additionally all documentation and processes related to such deals including the
Investment Agreements are vetted by Rehbar’s Shariah Advisor to ensure full Shariah
compliance.
RERL will purchase the vehicles/equipment and lease them to the Lessees. It will also take
comprehensive insurance on these vehicles/equipment. Adequate provisions will be created
to meet projected maintenance expenses. Once the Lessees receive the vehicles/equipment,
they will start paying rentals, and at the end of the lease tenures, they will have the option to
buy back the vehicles at market prices or go for a secondary lease. Whatever unutilized
maintenance reserve is available at the end of the tenures will be added back to the income
of RERL.
4.2 Details of collateral/security for investment
The following collateral/securities will be collected by Rehbar on behalf of RERL while signing
the Agreements, and will be relied upon to discharge any risk related to non-performance,
fraud or malpractice by the Lessees:
a. Original Registration Papers: Original Papers of all the vehicles/equipment being financed
will be handed over to Rehbar to be kept on behalf of RERL until the closure of the Deal.
b. Security Deposit: Rehbar insists that the Lessee maintains a Security Deposit with Rehbar
or on behalf of RERL in the form of Cash or units of Shariah compliant Mutual fund,
equivalent to at least three months lease rentals. The Security Deposit will be returned to
the Lessee on termination of the lease and final settlement.
10 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
c. Personal Guarantees of all Promoters of the Investee Company: Formal Personal
Guarantee agreements have been signed with promoters, and the original copies of the
same are kept in custody on behalf of the investors with Rehbar. In addition, Rehbar has
verified the details and documents of relevant unencumbered asset holdings of each
guarantor before executing these agreements.
d. Land documents for certain deals: For some PLS as well as high risk leasing deals, original
land documents of the promoters have also been kept with Rehbar by way of equitable
mortgage as collateral to protect against fraud and misrepresentation.
5.0 DEAL MONITORING
5.1 Feasibility of deal monitoring
Rehbar Financial Consultants will monitor the deal and ensure profit calculation and payment
is done on a fair basis. Monitoring of the customers of RERL will also be undertaken by Rehbar.
The leased vehicles/equipment are used in different cities of the country. This makes it a
challenging task for due diligence. However, Rehbar will arrange local personnel for each city
to investigate the maintenance and proper use of the assets as need arises.
5.2 Deal Monitoring plan
• Ensure Lessees share quarterly financials and yearly audited financials.
• Rehbar will make quarterly visits to the facilities to verify the asset maintenance report,
mileage run/production record, as the case may be, and overall performance of the
vehicles/equipment.
• Managements of Lessees to share annual asset valuation reports.
• Analysis of bank statements of RERL every month.
6.0 SAMPLE DEBENTURE SUBSCRIPTION AGREEMENT
THIS DEBENTURE SUBSCRIPTION AGREEMENT (the “Agreement”) is entered into as of
_____________, 2021, by and between XYZ Pvt Ltd, a company incorporated under the
Companies Act, 2013, having its registered office at _____________________ and having
Permanent Account Number (PAN) _________ (the “Issuer” or the “Company”), and each of
the subscribers (individually, a “Subscriber”, and, collectively, the “Subscribers”) to outline
the terms of the issue of the Compulsorily Convertible Debentures (“CCDs”) on Private
Placement basis.
Issue Schedule
Issue Opening on: June 14, 2021
Issue Closing on: June 29, 2021
Expected Date of Allotment: June 30, 2021
11 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
6.1 Payment Instructions
The Subscribers shall submit cheque(s)/draft(s) drawn on their account and favouring “XYZ
Private Limited”, crossed “Account Payee Only”. Subscribers can alternatively remit the
subscription amount through NEFT/RTGS during the Issue period (Inclusive of Issue Opening
and Issue Closing date) from their account to the following bank account of the Company:
6.2 Terms of the Compulsory Convertible Debenture (CCD)
a. Tenure: The tenure of the CCD shall be Ten (10) years from the date of allotment after which
it will compulsorily convert into equity shares of the Issuer.
b. Interest on the CCDs: The CCDs will bear a variable interest rate to be calculated based on
management accounts and paid quarterly in the first month of the following calendar quarter.
The applicable interest rate would be a percentage of the profit before tax earned by the
Company after duly accounting for AUM fees and other expenses. The AUM fees and the
indirect expenses borne by the Company shall not respectively exceed 2% and 1% of the
average investment in the Company on an annual basis. From the net profit calculated as
described above, the Company will periodically reserve an amount not exceeding 20% of the
profit before reserves as a bad debt and profit equalization reserve. This amount so reserved
will belong to the Company but may be distributed to the CCD holders at the sole discretion
of the Company.
c. Accrual of interest: The interest on CCDs shall accrue every quarter, beginning first day of the
relevant calendar quarter. In case CCDs are allotted during the course of the quarter,
applicable interest shall be calculated on the basis of actual number of days elapsed from the
date of allotment till the end of the calendar quarter. If any interest on CCD for a quarter
remains unpaid, then such unpaid amount shall be paid in the next quarter. In case the
operations of the Company during any calendar quarter result into a loss, then a) there shall
be no interest accrual for the calendar quarter; and b) the said loss shall be carried forward to
subsequent quarters until one or more of subsequent quarters’ profits are sufficient to cover
up the losses so incurred in the past.
d. Interest payment schedule: Subject to the above, interest will be paid every calendar quarter
in a financial year.
e. Seniority: The interest shall rank pari passu with senior debts of the Company as well as any
compulsorily convertible securities and shall rank senior to any dividend payment on any
shares.
f. Compulsory conversion of CCDs at maturity: All outstanding CCDs shall be compulsorily
converted into Equity Shares at the end of 10 (Ten) years from the date of Subscription
(“Maturity Date”). On the Maturity Date, the Company shall forthwith convert all CCDs into
such number of Equity Shares as determined by applying the Conversion Ratio as defined
below. Upon such compulsory conversion, the Company shall follow the relevant procedure
to issue and allot the Equity Shares and complete the statutory filings in relation thereto.
12 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
g. Conversion Ratio: Subject to the adjustments set out herein, each CCD shall be convertible
into fully paid and nonassessable equity share(s), at a ratio of 1:10,000 (“Conversion Ratio”)
i.e. 10,000 Equity Share for each CCD. Each Equity Share thus converted shall rank pari passu
(including with respect to voting and dividend rights) with the existing fully paid equity shares
of the Company.
h. Transferability: The CCDs shall be freely transferable, with the consent of the Issuer. The
transferee will also be required to agree to the terms of this Agreement.
i. Liquidity Preference and Event: In the event of any sale, liquidation, dissolution or winding
up of the Company, the Company shall ensure that the Series C CCD holder shall be treated
equitably, in accordance with extant applicable laws including Companies Act, 2013.
j. Rights of the CCD Holders: The Subscriber acknowledges that the CCD Holders shall not be
entitled to any right and privileges of shareholders other than those available to them under
the Companies Act or those given to them in this Agreement. The CCDs shall not confer upon
the CCD Holders the right to receive notices or to attend and to vote at any general meetings
of the shareholders of the Issuer or to dictate the strategy or policy of the Issuer in any way.
6.3 Representations and Warranties
The Parties, individually, represent and warrant that they have the capacity to enter into this
Agreement and that the execution and delivery of this Agreement and the promises,
agreements or undertakings of the Parties under this Agreement and that the issue of and
subscription to the CCDs do not violate any law, rule, regulation or order applicable to it and
that there is neither any contract, agreement nor any understanding with anyone, restricting
or preventing the Parties from entering into this Agreement or performing its obligations as
set forth in this Agreement.
The Parties shall at all times and at their own expense (a) strictly comply with all applicable
laws, rules, regulations, and governmental orders relating to their performance of this
Agreement, (b) maintain in full force and effect all licenses, permits, authorizations,
registrations and qualifications necessary under this Agreement.
The Subscriber represents and warrants to the Issuer that:
i. He/ She understands that the past performance of the business of the Issuer is not indicative
of future results, and there is no assurance that the targeted returns will be met.
ii. All information provided to the Issuer is true, accurate, current and complete.
iii. He/ She shall maintain confidentiality of information shared by the Issuer;
iv. He/ She shall promptly produce true and certified copies of all documentations/statements
required by the Issuer; and
v. The Investment made by him/her is from funds which have been legitimately acquired and on
which applicable taxes have been paid.
13 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
7.0 DISCLAIMER
• This information memorandum should not be treated as an offer for sale or solicitation of an
offer to buy debentures of any company referred to herein
• We have exercised due diligence in checking the correctness and authenticity of the
information contained herein, so far as it relates to current and historical information to the
best of our efforts.
• The opinions expressed are our current opinions as of the date appearing in the material and
may be subject to change from time to time. Prospective investors are cautioned that any
forward-looking statement are not predictions and are subject to change.
• Recipients of this material are requested to use their own discretion before making any
decision relating to investment or otherwise.
14 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
8.0 REHBAR TEAM
8.1 Directors
Sherif Kottapurath – Chairman, Board of Directors
BTech from BITS Pilani , CEO of Posibolt Solutions
with more than 30 years of experience in the IT
industry in India and US.
MH Khatkhatay – Director, Risk Management
BTech from IIT Mumbai, MBA , MD of TASIS, with
over 35 years of experience in Islamic banking
and finance. Among the pioneers in Islamic Finance
in India.
CH Raheem – Director, Kerala
CA by profession, over 35 years of experience,
Director (Finance) of KIMS Healthcare Management
Ltd, was also founding director of AICL (Alternative
Investments & Credit India Pvt Ltd).
Ali Shariff – Director
MSc in Development Management from the London
School of Economics and Political Science, exConsultant with Deloitte, alumnus of IIM-A, over 5
years experience in Supply chain management in
India, USA and UK.
Ebaad Momin – Director
PhD in Islamic Finance from INCEIF; Principal,
Mount Judi Ventures
15 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
8.2 Shariah Board
KM Mohamed Ismail Sait – Director, Tamil Nadu
PhD thesis submitted, MBA, promoter of KMA
group of companies which is involved in Leather
Export trade since 1932, director of Mana Muna
Academy & CIBAF (Center for Islamic Banking &
Finance).
Mufti Khalid Saifullah Rahmani – Chairman, Sharia
Board
General Secretary of the Islamic Fiqh Academy, India
and Member of the International Fiqh Academy,
Makkah, Scholar of repute who has established more
than 15 institutions of Islamic Education, Research
and Jurisprudence across the country.
Mufti Yahya Moin Samar – Member, Sharia Board
Graduate from Darul Uloom Zakariyya, South Africa;
Completed Iftaa under the asupices of Mufti Radhaul
Haq sb, the Grand Mufti of South Africa
Mufti Toufeeq Mansoor Mazahiri – Member, Sharia
Board
He did his Aalim and Mufti course from Mazahirul
Uloom, Saharanpur and Qadhi course from Imarat
Sharia, Patna. He has practiced at Darul Qadha in
both Mumbai and Ratnagiri.
16 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
8.3 Executive Team
Mohamed Ashrafulla – CEO
Certified Associate of Indian Institute of Bankers
and also a Certified Internal Auditor from
Institute of Internal Auditors (IIA), USA. Ex HeadRisk Review, Dubai Islamic Bank
Raashid Sherif – Head, Investments
Commerce graduate and MBA from IMT
Ghaziabad and student of the Islamic
Sciences, experienced in investment banking,
business consultancy and general management.
Azahar Ali – Chief Operating Officer
B. Com, 19 Years in Banking /NBFC Specialised in
Asset Lending
Tanveer Ahmed – Head, Due diligence &
Monitoring
More than 25 years of experience in real estate,
education and restaurant business, has been
conducting Quran study sessions for more than
10 years.
Iftekhar Rahi – Head Sales and Marketing
B.E. MBA with experience in sales and marketing
of financial services
17 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
Mohammed Kaleemuddin – Manager, Investor
Relations
B.Tech, MBA (Finance and Islamic Finance), IPGD
(Risk Management), Dip CII from UK
Mohammed Sufiyan – Manager, Accounts and
Compliance
B.Com – Accounts and Finance, 5 years plus
experience in Statutory and Internal Audit
M Sajeed Ahamed – Manager, Operations
BE – Mechanical Engineer
Mohamed Zuber Khatib – IT Systems Manager
Diploma Engineering, Electronics and
Telecommunication from Karnataka University
and Software Course leading to the title GNIIT
from NIIT Ltd.
18 | P a g e
Information Memorandum – Vehicle and Equipment Leasing
Contact Details
Please feel free to contact us for clarifications or suggestions regarding this deal or in general.
Email: [email protected]
Call: +91 80 4112 7537 or +91 720 484 7166
Address: 1/1, The Presidency, #1, St Marks Road, Bangalore – 56000