Ethica has given over $390,000 in financial aid to students, the unemployed, and professionals in need as of 2025.
Riba will not go away without spreading knowledge. And no one spreads knowledge better than a reliable scholar steeped in traditional knowledge, seasoned with practical experience, and imbued with taqwa. When we train one banker, the training usually ends with that banker. But when we train one scholar, we help support thousands of people across numerous communities and institutions.
2025 Scholarship Winners
Selected from over 600 exceptional applicants, join us in congratulating these dedicated professionals for their tremendous achievement. From among all the applicants, we believe these individuals will have the greatest positive impact on humanity after their certification is complete.
Ethica’s scholarship and financial aid programs have disbursed over $350,000 of awards globally, because we believe that a world free of interest begins with a world full of knowledge.
Each applicant was individually reviewed by our management team before final decisions were issued by Ethica’s Shariah Board. Their awards consist of:
• SCHOLARSHIP AWARD ($1,495 value)
• HONORABLE RECOGNITION AWARD ($505 value)
— Award-winning Certified Islamic Finance Executive (CIFE™) or Advanced CIFE™ (ACIFE™) certification
— Name and bio on winners’ list for 1 year on Ethica’s website (ethica.institute)
— CIFE (Schol), CIFE (Hon), ACIFE (Schol), or ACIFE (Hon) as a designatory title professionally and on LinkedIn
Listed alphabetically by first name:
CIFE (SCHOL), ACIFE (SCHOL) SCHOLARSHIP WINNERS
Shaikh Abdul Barr
A young, rising scholar, and Mufti by training, Shaikh Abdul Barr is deeply committed to bridging traditional Islamic knowledge with modern financial solutions. He aspires to bringing accessible, compliant financial options to communities worldwide from his base in India. His goal is to simplify and teach Islamic finance concepts in a way that resonates with both scholarly and general audiences.
Ustadh Abdul Basit Raufi
Originally from New York City, Ustadh Abdul Basit graduated from the 7-year Alimiyyah program in Darul Uloom, Azadville, South Africa. He believes that it is incumbent that a group of scholars specialize in Islamic finance to save humanity from conventional interest. He spoke with his teachers regarding Ethica’s courses, and they advised him to take them for their benefit.
Mufti Mohammed Pasha
A fiqh instructor at a seminary in Illinois and a hafiz of the Quran, Mufti Mohammed Pasha also answers questions from across the country for Darul Ifta while teaching works such as the summary of Fiqh al-Buyu by Mufti Taqi Usmani. He is also familiar with the AAOIFI standards through is fatawa work. His students and colleagues have taken Ethica’s course and provided positive feedback which sparked his interest.
Ustadh Mohammed Shammas
Ustadh Mohammed is a UK-based scholar who teaches Tajweed, Tafsir, and Dawah courses while setting up a foundational Dars Nizami syllabus. His aim is to cultivate and enhance the intellectual growth of students. He also wants to establish educational programs for his community and take a leadership role in guiding their collective journey towards intellectual and personal enrichment.
Mufti Tofael Nuruddin
Mufti Tofael is the rare combination of Ivy League graduate (Columbia Univeristy) and experienced Mufti. His long-term ambitions in Islamic finance are centered around promoting ethical, Shariah-compliant financial systems in the US and Canada. He is already in the CIFE program and will now be awarded a full scholarship to Ethica’s award-winning ACIFE FA program.
HONORABLE RECOGNITION WINNERS
CIFE (Hon) + ACIFE FA (Hon) + ACIFE ACC (Hon)
Ayyoub Tahbouch
An experienced IT Product Owner with over 10 years of expertise in agile methodologies, business analysis, and stakeholder collaboration, Ayyoub has a strong academic foundation, including a Master’s degree in Computer Methods Applied to Business Management, he has successfully led cross-functional teams to deliver innovative and user-focused solutions. Motivated by a desire to align his professional skills with his personal values, Ayyoub is passionate about transitioning into the field of Islamic finance to contribute to ethical and value-driven financial innovation.
Habiburrehman Haji
Unique with his American origins and traditional madrassa training, Habiburrehman was deeply influenced by teachers who emphasized the importance of serving underserved communities. He aspires to empower these communities through financial literacy which enables them to make informed decisions that align with their values. He is currently the resident scholar and imam at his Maryland Islamic society.
Marvin R.R. Cole
Marvin is an award-winning entrepreneur and advisor with experience in financial restructuring, operations, and fintech. He has a keen interest in Sharia-compliant finance and works to develop ethical financial solutions across different sectors. His focus is on creating inclusive and sustainable growth through Islamic finance principles.
Sana Sadaf Rana
An investment financial service professional, Sana has over 6 years of experience in banking and, currently, in investment management with experience in divisions such as stockbroking services, operations, client service, front office, and project management. Having recently completed fundamental certifications in Islamic Finance and regulatory modules in Kuwait Capital Markets, Sana is striving to understand how to implement the way of Shariah principles into the industry as a product specialist to become available to investors. She is focused and ambitious on developing frameworks of Shariah-compliant products and funds that can offer diversity through materiality to clients and their assets in a fair, balanced, and transparent way while delivering collective responsibility to society in the generation of wealth and prosperity.
Yasmin Ladan-Baki
Yasmin is a seasoned business development professional with extensive experience in banking and fostering strategic partnerships. She holds a Master’s in Management and is currently focused on expanding his expertise in Islamic finance to drive financial inclusion and support underserved business segments. Passionate about creating impact, she seeks to apply innovative non-interest financial solutions in her role.
ACIFE FA (Hon) + ACIFE ACC (Hon)
Maruf Abdullahi
Maruf Abdullahi O. is a distinguished doctoral candidate in Islamic Economics and Finance at the Islamic University of Madeenah, specializing in Digital Islamic Banking and financial inclusion in emerging markets. He has excelled academically, earning a Master's degree with distinction and contributed significantly to research in Shariah-compliant investment strategies and socio-economic development. With extensive experience in Islamic financial systems, he actively drives impactful initiatives to advance Islamic finance standards globally.
Moumouni Moucaddikou, CIFE
Fluent in French, English, and Arabic, Moumouni is a CPA with a double-MSc, who now specializes in audit. He would like to apply his ACIFE skillset to his new roles at Islamic financial institutions. He has already completed the CIFE and is now embarking on his advanced certifications.
CIFE (Hon) + ACIFE FA (Hon)
Ahmed Saleh Hamid
Ahmed is a core banking professional with a strong IT background. With a CIFE (Hon) and ACIFE FA (Hon), Ahmed intends to contribute meaningfully to the development and expansion of Islamic finance, ensuring it remains true to its principles of fairness, transparency, and equity. In the short term, he aims to deepen his understanding of Sharia-compliant financial instruments, gaining expertise in areas such as Sukuk, Takaful, and Islamic microfinance.
Felicia Tamuno
A seasoned banker with over 15 years experience and 300+ licenses including certificates in Islamic Finance, Felicia believes that becoming an alumnus of Ethica Institute will give her career a major boost. Given her grounding in non-interest banking models her long-term ambition is to apply her knowledge at the central banking level.
Mustafa Salih Durdubaş
Mustafa is an experienced management professional who has actively contributed to strategic projects and process optimization at a top-tier consulting firm. His career includes close collaboration with senior stakeholders, driving technical efficiency improvements, and promoting diversity in corporate environments. With a passion for Islamic finance and community work, he is committed to fostering social and economic innovation.
Nemat Jalolidinov
Nemat has been working in the field of public administration and finance for the last 12 years. For the last two years, he has been interested in Islamic Finance, especially in the field of Islamic insurance Takaful. He wants to develop in the direction of Islamic finance and obtain an MBA degree.
Ustadh Mussa Bhikha
A hafiz from Darul Uloom Zakariyya, Ustadh Mussa’s interest in Islamic finance stemmed from his deep concern for his fellow Muslims involved in the riba system of banking. Currently his native Mozambique offers limited Islamic financial options, a predicament he wishes to devote his life to changing. He has a sincere desire to serve the Ummah by promoting Islamic finance and hopes to combine his traditional knowledge of the Shariah with practical knowledge from the CIFE and ACIFE in the core products that underpin Islamic financial transactions.
Zohaib Azfar
Zohaib brings a unique background: professionally he has worked in treasury and finance operations in the US, and academically he attended an Islamic seminary with a focus on theology. His long-term ambition is to serve the Muslim community in the field of finance across local, national, and international levels. He aims to develop and support financial services that align with Islamic principles, ensuring that they foster economic growth and inclusivity while avoiding the severe prohibitions mentioned in the Quran and Sunnah.
CIFE (Hon) + ACIFE ACC (Hon)
Amr Mahmoud Bassiouni Ebeid
Chief Financial Officer (CFO) at Majan University College in Oman, Amr is a highly qualified professional with a background in accounting and consulting from Deloitte and KPMG and an ACCA and MBA from the UK. He believes that the CIFE and ACIFE ACC combination will add value to his scholarly journey in Islamic finance.
ACIFE FA (Hon)
Aisha Boodhoo, CIFE
Dubai-based Aisha is a 30+ year professional with a background in finance management before transitioning to Islamic finance. Her experience in consulting from Deloitte, KPMG, and Pricewaterhouse Coopers, and her ACCA makes her uniquely qualified for Islamic financial institutions. She already has a CIFE from Ethica and now aims to advance her knowledge with the ACIFE FA.
Ustadh Ahmed Nizzar, CIFE
A Mufti-in-training, Ustadh Ahmed is a highly qualified scholar with a passion for spreading Islamic finance across India. He holds a Bachelor’s in Islamic Sciences, Arabic, and Literature, and a Bachelor of Commerce. He holds Ethica’s CIFE which has helped him in his final year of the Mufti specialization towards his Arabic thesis “Islamic Provisions on Various Online Transactions.” His dream is to apply Islamic finance principles to help address India’s economic challenges, particularly its reliance on interest-based systems.
Iqbal Karmally, CIFE
Senior Vice President and Head of Islamic Trade Finance for ten years in the UAE, and a past CIFE graduate, Iqbal is now transitioning to Islamic finance training. He believes that the ACIFE will enhance his knowledge to better enable him to serve and educate aspiring students in the field of Islamic banking. The combination of a CIFE and ACIFE FA (Hon) puts Iqbal into an elite cadre of professionals with grounding in both core and advanced Islamic finance principles.
Mashud Abukari
Mashud holds an MS and BBA in Accounting from CUNY, NY and his long-term goal is to transition to the Islamic finance industry, utilizing his extensive experience in conventional finance to foster growth in the Islamic finance field. He is currently pursuing traditional Islamic studies and believes that Ethica’s comprehensive curriculum and commitment to excellence align perfectly with his professional development goals.
Shaker Omary
Shaker has been part of the growth of Islamic finance for a number of years, most recently as an investment and financing manager at Afghanistan International Bank. Fluent in four languages and a recipient of numerous professional qualifications, he left conventional banking to focus his efforts on an interest-free career for the betterment of his community and his country.
CIFE (Hon)
Abdihafid Farah Ahmed
Branch manager at a major bank, Abdihafid’s long-term goal is to deepen his knowledge of Islamic finance. He believes that completing the CIFE (Hon) program will be instrumental in helping him achieve this. A self-starter by nature, Abdihafid is also the CEO and Founder of a private accounting practice where he helps businesses achieve their long-term financial goals.
Abubakar Raji
Since 2012, Ethica Institute of Islamic Finance has been Abubakar’s resource for Islamic banking knowledge, helping him transition from conventional banking to Islamic finance at Jaiz Bank in 2013. Ethica introduced him to core concepts like Murabahah, Mudarabah, and Musharakah. With over 20 years in banking—nine in conventional and 12 in Islamic banking—he has worked across IT, Operations, Branch and Regional Management, and Shariah Compliance.
Adeyemo Wale Lateef
Dr. Adeyemo is a prize-winning dean and lecturer in the faculty of law where he has written academic textbooks and numerous published works on law, including “Ijarah Lease Contract and Islamic Banking Products” and “The Historical Development of Islamic Jurisprudence.” We believe that the knowledge he gains from Ethica’s certification will help him teach a new generation of professionals about the benefits of an interest-free system.
Arshad Hussain
Arshad joined the State Bank of India as a Probationary Officer and is presently working as the Assistant General Manager in the corporate office overseeing a workforce of 10,000 where he enhances the bank's outsourced services ensuring a seamless setup process for outsourced support services through various stakeholders' engagement and risk mitigation.
Basainey Ebrahima Jammeh
Basainey is a business development and private sector specialist in a large-scale ecosystem-based adaptation project in Gambia. He holds a Master’s in International Business from Berlin University and is keen to learn the products and transactions used in Islamic finance for practical application in his work.
Fawaz Yunus
Fawaz is a member of the Association of Chartered Certified Accountants (ACCA UK) and holder of a BA in Commerce. His interest in studying Islamic finance is borne out of the perceptible need for deepening financial inclusion in areas where people are increasingly disenfranchised by the conventional financial market due to its interest-driven elements. He believes that there is a gross lack of understanding of Islamic finance despite growing interest, with a few banks and financial houses and academics making attempts.
Ibrahim Abubakar
Ibrahim’s interest in Islamic finance stems from his religious beliefs. As an economics major, he is drawn towards finance and believes that a scholarship for a CIFE (Hon) from Ethica would go a long way for him to pursue his interest in Islamic finance. Long-term, he would like to be an active contributor in combating conventional finance practices and offering an ethical alternative to the masses.
Jeswath Kader
Jeswath brings 14 years of experience in banking and finance from ADIB, HSBC, and JP Morgan, and his long-term ambition is to contribute meaningfully to the growth and evolution of Islamic finance by leveraging both traditional Islamic knowledge and contemporary financial expertise. His goal is to bridge the gap between conventional and Islamic finance practices, working toward a financial system that emphasizes fairness, transparency, and social justice.
Karim Zergane
Karim is a first-year PhD student in fintech and Islamic banking who plans to continue his studies towards professional training in order to deepen his knowledge. He intends to draw on his CIFE (Hon) training to bring an innovative perspective to research in Islamic finance. Professionally, he has been a bank management controller with over 9 years of experience in financial management and reporting.
Kayode Afolabi
Regional manager at Lotus Bank, Kayode’s long-term goal is to increase underprivileged groups' access to financial services that comply with the Shariah. He intends to do this by creating innovative digital banking solutions and Islamic products that satisfy both contemporary financial demands and religious precepts. Through these initiatives, and his academy research on financial inclusion, he hopes to demonstrate that Islamic finance can be a powerful tool for economic empowerment and sustainable development while staying true to its ethical foundations.
Malak Atef Shalaby
Malak is a dedicated economics student in her final year of a bachelor’s degree at Cairo University. She has a great passion to learn about Islamic finance and chose her faculty and major because she has always dreamt of having a profound impact in the world of Islamic finance and Islamic economics. The CIFE (Hon) scholarship helps her fulfill a lifelong ambition to further her ability to help others.
Manahil Siddiqui
Manahil Siddiqui is a Product Associate in the Group Islamic Banking Department at Habib Bank AG Zurich. With a solid background in corporate finance, audit, and financial analysis, his long-term ambition is to grow into a leadership role within Islamic finance, where he can contribute to sustainable and responsible financial practices that positively impact society. He believes that the CIFE (Hon) program offers structured, in-depth learning essential for an understanding of both theoretical knowledge and practical tools.
Maryam Ahmad
Maryam is an Islamic finance professional whose long-term ambition in Islamic finance is to contribute to the development of a robust, ethical, and inclusive financial ecosystem that aligns with the principles of Shariah law. Her focus is on enhancing financial literacy, promoting ethical investment, and advocating for the development of Shariah-compliant financial instruments that can address modern challenges, such as environmental sustainability, poverty alleviation, and financial inclusion.
Maryam Mohammed Nasidi
Maryam holds a degree in Accounting and a master's degree in banking and finance, with over a decade of extensive experience in central banking. She has an interest in deepening her knowledge on the development of Shariah-compliant financial solutions, regulation, and growth in Islamic finance.
Mohamedou Mohamed Lemine Babah
A Central Banker who manages foreign exchange, Mohamedou has a MA in Economics and Finance and a BA in Management. His background has equipped him with the necessary skills to analyze economic trends, manage corporate finances, and develop effective financial strategies. With his CIFE (Hon) scholarship he is passionate about optimizing financial performance and implementing innovative solutions for economic challenges.
Mohammed Dikko
Mohammed uniquely transitioned from a background in engineering to a career in banking, where he is now a Senior Banking Officer in the Bank of Industry, where he is in charge of project appraisals, recovery, and developmental awareness, and now is looking to transition into Islamic finance. He looks forward in his CIFE (Hon) to learning the products that will enable him to offer Islamic solutions to his industrial clients.
Mohammed Waheed Bangash
Mohammed is an ambitious Accounting and Finance major at the Bahrain Institute of Banking and Finance where he is in the second year of his three year program. He has trained in the Finance and Banking Investments department of Al-Khair Capital in Saudi Arabia during this time and now aims to benefit through the CIFE (Hon) by learning the core products that are most commonly used in Islamic finance.
Muktar Yunus Muhammad
Muktar is currently engaged as a research schoolar at King Khalid University KSA, focusing on Islamic Fintech, Islamic Trade Finance, Risk Management in Shariah compliance.
Oka Widana
Oka is that rare combination of individual whose career has straddled both the professional and academic worlds: for over 30 years he has worked at some of Indonesia’s leading banks, and he has also been an associate professor at the post-graduate level in Islamic finance. He aspires to join the CIFE (Hon) program to deepen his expertise in Islamic finance and contribute to the sustainable growth of Indonesia's Islamic banking industry. His background as an academician and professional banker positions him to bridge the gap between theory and practice in developing Sharia-compliant financial solutions.
Sadiq Isah
Sadiq is a dedicated finance professional with a strong passion for Islamic finance with six years of experience in Islamic banking at Jaiz Bank, where he has worked both as a Credit Risk Management Officer and Relationship Manager in Corporate Banking. His goal is to deepen his knowledge through the CIFE (Hon) program, enabling him to contribute to the development of innovative Sharia-compliant financial solutions that meet the needs of diverse clients. Long term, he wishes to set up his own Islamic finance firm to provide ethical financial services.
Mufti Shahzaib Rajper
Shariah Compliance Officer at Microfinance Bank in Pakistan, Mufti Shahzaib has over six years of experience in the Islamic finance sector, all the while gaining valuable insights into the practical applications of Shariah principles in the financial industry. He is particularly drawn to Ethica’s reputation for providing world-class Islamic finance education, and believes the CIFE (Hon) program aligns perfectly with his career goals. He is also a visiting faculty member in the University of Karachi’s Department of Islamic Learning.
Talhah Dalal
Exceptionally ambitious, Talhah completed his secondary education while simultaneously undertaking a six-year course in Islamic Jurisprudence, Islamic Finance, Inheritance Laws, Tafsir, Hadith, and Arabic syntax, morphology, and rhetoric. As Imam of his Islamic Center in Dewsbury, UK, he has a strong sense of leadership and community service, which he is eager to apply to developing ethical financial solutions. In future he hopes to be leading projects in asset and wealth management, offering Shariah-compliant investment options that empower people to grow financially in a way that aligns with their values.
Tasneem Aaliyah Yadi
Tasneem is a recent graduate with a degree in Islamic Economics, Banking, and Finance. Driven by a passion for advancing Shariah-compliant, ethical financial solutions, she is committed to using finance as a tool to foster societal growth and empower Muslim communities. Tasneem believes that pursuing Ethica’s CIFE (Hon) program is the perfect opportunity to kickstart her career, allowing her to combine her academic foundation with practical expertise in the core financial products fundamental to Islamic financial transactions.
Yasir Channa
Yasir is a senior banker who brings nearly 20 years of diversified experience in Islamic finance, product development, project management, and data analytics. He is currently VP of Islamic Banking at Soneri Bank in Pakistan, and has held senior positions at BankIslami, HBL, MCB, Meezan, and SaudiPak. Combined with his MBA, he intends for the CIFE (Hon) to further his knowledge base for promoting Islamic finance across his customer base.
Zaahida Abdullah
Zaahida is an ambitious young scholar-in-training with a bright future. She has been studying various fields of Islamic sciences, including History, Fiqh, Aqeedah, Seerah, Tafseer, Arabic Grammar and Arabic language, and has received Ijazas in some of these. She believes that her Islamic educational background is a great value addition to her growing financial understanding. She sees that the conventional finance system is an oppression on humanity, and is soon to collapse, whereas Islamic Finance is the liberation and natural growth of wealth. Her CIFE (Hon) is sure to complement her traditional knowledge with an understanding of modern financial products and their implementation.