The KLIFF is an influential organization championing global dialogue for development of the Islamic finance industry in terms of products and legislation and has held annual meetings since 2004.
The KLIFF’s premier award is the “Most Outstanding Individual Contribution to Islamic Finance,” which went to Saleh J. Malaikah, chairman of the Jeddah-based Shariah-compliant Rusd Group.
Malaikah’s leadership and contributions to the Islamic finance industry have been recognized several times during the past two decades. Some of these included restructuring of the takaful model from being based on the concept of mutuality to wakala and/or modaraba contract, enabling the takaful industry to takeoff into the realm of today’s success.
He was also behind the resurrection of the dormant concept of the RUSD (Islamic trust) with modifications to meet the current needs of Muslim communities to preserve wealth for their future generations.
He had pioneered some modern Islamic investment instruments by leading the introduction of the first Shariah-compliant global equity fund, which was based on zero leverage and cleansing of interest income and thus paving the way for today’s myriad of Shariah equity funds across the globe, the first Shariah real estate development fund, ijara financing and the first sukuk issuance to the modern world.
