Interviews: Micro Finance, Sahulat Journal No. 7, Vol. 6, December 2017 and June 2018, No.1
Professor Datuk Rifaat was instrumental in the establishment of three international bodies in the Islamic financial services industry: Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Islamic Financial Services Board (IFSB), and the International Islamic Liquidity Management Corporation (IILM). These significant contributions have reaffirmed the position of the Islamic financial services industry in the mainstream of global financial services. He was appointed the inaugural Secretary General of AAOIFI and later in 2003 became the first Secretary General of IFSB until 2011. Under his leadership, there was a huge expansion of the membership of the IFSB from just nine founding members to over 200 members. Subsequently, in 2012, he was appointed the Chief Executive Officer of the IILM, an international institution established under the IILM Act 2011 with a wide range of membership that includes central banks, monetary authorities and multilateral organizations. Under his leadership, the IILM was able to establish its Sukuk Program rated by the Standard & Poor’s “A-1”, which issued its inaugural Sukuk in August 2013. As at December 2017 when he left the IILM, the organization had issued and reissued Sukuk amounting to US$22.48 billion.
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