INTRODUCING

Mezbah Uddin Ahmed

Country of Origin
Bangladesh

Qualification
FCCA, CIPA, CSAA, MIBF

Phone Number
+603 7651 4223

A Brief Introduction

Mezbah Uddin Ahmed is a Research Fellow at the ISRA Institute, INCEIF University, specialising in Islamic financial reporting, regulatory framework development, Shariah audit and supervision, Islamic banking products, and sukuk structuring.

He has contributed to the development of Islamic banking and finance regulatory frameworks in Bangladesh, Tajikistan, Algeria, Afghanistan and Uzbekistan, and has been involved in advisory and consultancy projects for central banks, regulators, financial institutions and international organisations.

Mezbah has also played an active role in sukuk development in Bangladesh, including the Bangladesh Government Investment Sukuk and the country’s first and second corporate sukuk. His work spans research, policy development, Shariah advisory, product structuring and professional training.

He is an AAOIFI Master Trainer and has contributed to AAOIFI curriculum, examination and professional learning initiatives, alongside academic and industry publications in Islamic finance.

Achievements

Qualifications:

MSc in Islamic Banking and Finance
BSc in Applied Accounting
Fellow Chartered Certified Accountant (FCCA)
Certified Shariah Adviser and Auditor (CSAA)
Certified Islamic Professional Accountant (CIPA)

Awards:

BAFF Award 2023
Conferred at the 3rd Islamic Finance Conference of the Bangladeshi AAOIFI Fellows Forum in recognition of leadership and dedication in promoting best practices in Islamic banking and finance in Bangladesh.

Excellence Bangladeshi Professional Award 2024
Conferred by the Dhaka University Alumni Association Malaysia (DUAAM) in recognition of exceptional contributions to education and community engagement. 

Awards:

Excellence Bangladeshi Professional Award 2024: Conferred by the Dhaka University Alumni Association Malaysia (DUAAM) to recognise the “exceptional contributions made to education and community engagement”

Islamic Finance Regulatory Framework Development

  • Algeria
  • Tajikistan
  • Bangladesh
  • Uzbekistan
  • Afghanistan 

Publications

Articles in Scopus Indexed Journals:

  1. Ahmed, M. U. & Rabbani, A. T. M. A. (2026). Balancing Shariah compliance and operational efficiency: Core banking system choices for Islamic banking windows in Bangladesh. Journal of Islamic Accounting and Business Research. Advance online publication.
  2. Ahmed, M. U., Hossain, M. M. & Tabet, I. (2026). Incorporating sustainability agenda in ṣukūk: Evidence from Bangladesh. International Journal of Islamic Finance and Sustainable Development, 18(1), 4–19.
  3. Ahmed, M. U., Hossain, M. M. & Khadem, M. A. R. K. (2025). Issues in the application of HPSM by Islamic banks in Bangladesh. Qualitative Research in Financial Markets. Advance online publication.
  4. Alam, M. K., Ahmad, A. U. F., Ahmed, M. U. & Uddin, M. S. (2023). Shariah audit of Islamic banks in Bangladesh: The present practice and the way forward. Journal of Applied Accounting Research, 24(5), 986–1003.
  5. Abojeib, M. & Ahmed, M. U. (2019). Establishing the financial reporting of cryptocurrency in light of existing international reporting. Opción, 34(16), 620–637.
  6. Alhabshi, S. M., Agil, S. K. S. & Ahmed, M. U. (2018). Financial reporting dimensions of intangibles in the context of Islamic finance. Al-Shajarah, Special Issue, 375–396.
  7. Mohamad, S., Ahmed, M. U. & Badri, M. B. (2017). Preference shares: Analysis of Sharīʿah issues. ISRA International Journal of Islamic Finance, 9(2), 185–189.
  8. Alhabshi, S. M., Rashid, H. M. A., Agil, S. K. S. & Ahmed, M. U. (2017). Financial reporting of intangible assets in Islamic finance. ISRA International Journal of Islamic Finance, 9(2), 190–195.
  9. Tarique, K. M., Ahmed, M. U., Hossain, D. M. & Momen, M. A. (2017). Maqasid al-Shariah in CSR practices of the Islamic banks: A case study of IBBL. Journal of Islamic Economics, Banking and Finance, 13(3), 47–63.
  10. Ahmed, M. U., Sabirzyanov, R. & Rosman, R. (2016). A critique on accounting for murabaha contract: A comparative analysis of IFRS and AAOIFI accounting standards. Journal of Islamic Accounting and Business Research, 7(3), 190–201. 

Articles in Refereed Journals

  1. Ahmed, M. U. & Hossain, M. M. (2026). Rationale for Islamic banking windows and issues impeding their effectiveness: Insights from Bangladesh. Journal of Islamic Finance, 15(1), 35–52.
  2. Hossain, M. M. & Ahmed, M. U. (2025). Shariah supervisory committees in Bangladesh: Practices, issues, and policy recommendations. Bank Parikrama: A Journal of Banking & Finance, 50(2), 55–91.
  3. Hossain, M. M., Khadem, M. A. R. K. & Ahmed, M. U. (2023). Application of Murabahah mode of financing by Islamic banks of Bangladesh: Issues and recommendations. Bank Parikrama: A Journal of Banking & Finance, XLVIII(1 & 2), 40–71.
  4. Ahmed, M. U. (2020). Divergence within IFRS adoption: The case of depreciation practices of listed banks in Bangladesh. The Indonesian Accounting Review, 10(2), 169–181.
  5. Alam, S. & Ahmed, M. U. (2020). A critique of zakat practices in India. International Journal of Zakat and Islamic Philanthropy, 2(2), 173–181.
  6. Ahmed, M. U. (2020). External Shariah audit of Islamic financial institutions: Global experience and possible application in Bangladesh. Islami Ain O Bichar, 16(61), 27–46.
  7. Ahmed, M. U. (2018). Islamic banking in Bangladesh: A proposal for improvement. Islami Ain O Bichar, 14(53), 73–94.
  8. Mohamad, S., Ahmed, M. U. & Badri, M. B. (2017). Preference shares from Shariah perspective: Issue and solutions. The Journal of Muamalat and Islamic Finance Research, 14(2), 93–110. 

Books / Book Chapters

  1. Maybank Islamic Berhad (2025). Islamic Banking in Malaysia: Past, Present and Future.
  2. Ahmed, M. U. & Hossain, M. M. (2024). Sukuk Structuring, Issuance and Governance. Bangladesh Institute of Bank Management.
  3. ISRA (2023). Islamic Financial System: Principles & Operations (3rd Edition).
  4. ISRA (2023). Islamic Capital Market: Principles & Practices (2nd Edition).
  5. Ahmed, M. U. & Kasri, N. S. (2021). “Zakat Calculation Software for Corporate Entities.” In Islamic FinTech, pp. 319–333. Palgrave Macmillan.
  6. Ahmed, M. U. & Tarique, K. M. (2021). “The Opportunities of Digital Wallets from an Islamic Perspective.” In Islamic FinTech, pp. 267–279. Palgrave Macmillan.
  7. Tarique, K. M. & Ahmed, M. U. (2021). “The Direction of Future Research on i-FinTech.” In Islamic FinTech, pp. 447–459. Palgrave Macmillan.
  8. Ahmed, M. U. (2020). “Financial Reporting of Assets by Takaful Operators.” In Accounting for Islamic Finance, pp. 275–322. Malaysian Institute of Accountants.
  9. Ahmed, M. U. (2020). “Financial Reporting of Islamic Financial Institutions: Comparative Analysis of AAOIFI and IFRS.” In Handbook of Research on Theory and Practice of Global Islamic Finance, pp. 854–873. IGI Global.
  10. Ahmed, M. U. & Rosman, R. (2019). “Issues in Reporting of Ijarah Financing in Financial Statements.” In Contemporary Issues in Financial Reporting of Islamic Financial Institutions. UMK Press.
  11. Mohamad, S., Ahmed, M. U. & Nasir, S. (2018). “Murābaḥah Trade Finance Practice: Shariah Issues and Proposed Solution.” In Contemporary and Emerging Issues in Shariah and Law, pp. 27–36. USIM Press.
  12. ISRA (2016). Islamic Financial System: Principles & Operations (2nd Edition). 

ISRA Research Papers

  1. Ahmed, M. U., Bacha, O. I., Kasri, N. S. & Muhammad, M. Alternative Sukuk Structures to Finance Development Projects Without Raising Debt. In progress.
  2. Ahmad, M., Ahmed, M. U. & Abojeib, M. (2021). Sharīʿah Analysis of Zakat on Ṣukūk.
  3. Muhammad, M., Ahmed, M. U., Haron, M. N. & Zulkifli, A. R. (2020). Istijrār: An Alternative Solution to Murābaḥah-based Import Financing Facilities under Letter of Credit-i in Malaysia.
  4. Abojeib, M., Lukman, B., Ahmed, M. U. & Ahmad, M. (2019). Zakat Calculation Methodologies of Islamic Financial Institutions in Malaysia: A Critical Review.
  5. Alhabshi, S. M., Agil, S. K. S. & Ahmed, M. U. (2018). The Financial Reporting of Intangible Assets and its Implications in Islamic Financial Services Industry.
  6. Ahmed, M. U., Hussain, L. & Ahmad, M. (2018). Actual Loss: Its Implications in Early Settlements and Defaults on Islamic Bank Financings.
  7. Mohamad, S., Badri, M. B. & Ahmed, M. U. (2017). Preference Shares: An Analysis of Sharīʿah Issues. 

Working Papers

  1. Hossain, M. M., Ahmed, M. U., Alamgir, M. & Rahman, M. H. (2026). Shariah Governance in Islamic Banks of Bangladesh: An Evaluation. Bangladesh Institute of Bank Management.
  2. Alamgir, M., Hossain, M. M., Ahmed, M. U. & Arefin, M. E. (2025). Islamic Banking Operations in Bangladesh 2024. Bangladesh Institute of Bank Management.
  3. Alamgir, M., Ahmed, M. U., Hossain, M. M. & Sarker, M. M. I. (2025). Islamic Capital Market and Its Impact on Islamic Banks in Bangladesh. Bangladesh Institute of Bank Management.
  4. Hossain, M. M., Alamgir, M., Hossain, M. A. & Ahmed, M. U. (2024). Pricing of Islamic Banking Products in a Dual Banking Environment of Bangladesh. Bangladesh Institute of Bank Management.
  5. Ahmed, M. U., Hossain, M. M. & Khadem, M. A. R. K. (2023). HPSM Mode of Investment by the Islamic Banks in Bangladesh: Issues and Challenges.
  6. Ahmed, M. N., Alamgir, M., Hossain, M. M. & Ahmed, M. U. (2023). Risk Management in Shari’ah-Based Banking in Bangladesh.
  7. Mustafa, M. S., Alamgir, M., Hossain, M. M., Rahman, T. & Ahmed, M. U. (2022). Islamic Banking Operations of Banks.
  8. Mustafa, M. S., Alamgir, M., Hossain, M. M., Ahmed, M. U. & Sharif, M. A. (2022). Introducing Sukuk in Bangladesh: Key Issues. 

Industry Reports

  1. Association of Islamic Banking and Financial Institutions Malaysia (AIBIM). Value-based Intermediation Report 2025. In progress.
  2. AIBIM (2024). Value-based Intermediation Report 2024.
  3. AIBIM (2023). Value-based Intermediation Report 2023: Maqāṣid al-Sharīʿah in Islamic Banking.
  4. AIBIM (2022). Value-based Intermediation Report 2022: Emerging to Engaging.
  5. AIBIM (2021). Value-based Intermediation Full Report 2021.
  6. UKIFC and ISRA (2016). External Shari’ah Audit Report. 

Bangladesh Industry Reports

  1. Hossain, M. M. et al. (2025). Islamic Banking and Finance in Bangladesh: Annual Review 2025 (2nd ed.).
  2. Ahmed, M. U. & Hossain, M. M. (2025). “Review of the Sukuk Market in Bangladesh.” In IIFM Sukuk Report (14th ed.).
  3. Hossain, M. M. et al. (2024). IBFC Islamic Banking and Finance Report Bangladesh 2024.
  4. Ahmed, M. U., Hossain, M. M. & Rahman, M. H. (2024). Industry Recommendations Draft Islamic Bank Company Act 2024.
  5. Hossain, M. M. & Ahmed, M. U. (2024). BIBM-CSBIB Policy Brief: Reforms Towards Advancing Islamic Banking for a Sustainable Economy.
  6. Ahmed, M. U. & Hossain, M. M. (2023). “Sukuk Market Development in Bangladesh.” In IIFM Sukuk Report 2023, pp. 146–149. 

Articles in Magazines/Newspapers:

  1. Ahmed, M. U. (2026, September 8). Islamic Banking in Name Only? Is the Problem with the Concept or Its Implementation? Prothom Alo.
  2. Ahmed, M. U. (2026, August 17). Maqāṣid al-Sharīʿah Guidance by Securities Commission Malaysia: Elevating Malaysia’s Islamic Capital Market beyond Compliance. Bursa Malaysia.
  3. Ahmed, M. U. (2026, June 17). Amid Rising Debt Pressures, a Case for Sukuk to Ease the Burden. The Daily Star.
  4. Ahmed, M. U. (2026, May 15). Bangladesh’s Financial Sector Needs a Masterplan. The Bangladesh Today.
  5. Ahmed, M. U. (2026, May 15). Time to Fix the Foundations of Islamic Banking in Bangladesh. The Daily Star.
  6. Ahmed, M. U. (2026, April). Global State of Islamic Finance and Future Direction. IBCF Newsletter.
  7. Ahmed, M. U. (2026, April 13). Who Should Pay for Islamic Banks’ Bad Investments? The Daily Star.
  8. Ahmed, M. U. (2026). Beyond the Bond: Mezbah Uddin Ahmed on Sukuk, Shariah, and the Future of Islamic Finance. AlHuda Today.
  9. Ahmed, M. U. (2026, February 1). Islamic Banks Merger: Depositors Deserve Transparency in Shariah Decisions. The Daily Star.
  10. Ahmed, M. U. & Nayn, Z. (2026, January 14). Halal Economy: The Next Frontier for Bangladesh’s Economic Growth. Islamic Finance News. 
  11. Ahmed, M.U. & Hossain, M.M. (2023). Sukuk Market Development in Bangladesh. IIFM Sukuk Report 2023.
  12. Ahmed, M.U., 2020. Shall the Islamic Banking Institutions in Bangladesh be Allowed to Recognise “Compensation” or a Part of it as Income in their Statement of Profit or Loss?. I-FIKR Column. July 21.
  13. Ahmed, M.U., 2019. Factors Preventing Adoption Of AAOIFI Financial Accounting Standards. I-FIKR Column, June 30.
  14. Ahmed, M.U., 2019. Greater Awareness Efforts Needed for Islamic Finance. I-FIKR Column, July 23.
  15. Ahmed, M.U., 2019. Reasons Preventing Adoption of Financial Accounting Standards (FAS) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). I-FIKR Digest, July, pp. 11–13.
  16. Ahmed, M.U., 2019. What is Next for Halal Economy. Islamic Finance News, 8 May, p. 26.
  17. Ahmed, M.U. & Kasri, N. S., 2019. Digitalising Zakat Calculation: The Case for Corporate Entities. I-FIKR Digest, February.
  18. Ahmed, M.U., 2018. Bangladesh lagging Islamic finance potential. Islamic Finance News, 10 October, pp. 27–28.
  19. Ahmed, M.U., 2018. Bringing Diversity in Islamic Banking Model. Daily Sun, 7 October.
  20. Ahmed, M.U., 2018. Harnessing Fintech in Management of Zakat. IFN Annual Guide 2019, December.
  21. Ahmed, M.U., 2018. Islamic Banking: Strengthening Regulatory Surveillance and Diversifying Business Model. The Financial Express, 4 October.
  22. Ahmed, M.U., 2017. External Shariah Audit in Islamic Banks. The Financial Express, 12 July.
  23. Ahmed, M.U., 2017. External Shariah audit of Islamic Banks. Islamic Finance News, 12 April, p. 29.
  24. Ahmed, M.U., 2017. External Shariah Audits of Islamic Banks. Path Bulletin, June, Issue 36.
  25. Kasri, N. S. & Ahmed, M.U., 2017. Protection of Investment Account Holders in Islamic Banks in Malaysia: Legal and Accounting Analysis. Issue 9, pp. 30–33.
  26. Ahmed, M.U., 2016. The Compounding Effect of Conventional Banks’ Interest Rates and the Emergence of Islamic Banking. ISRA Islamic Finance Space, June, Issue 5, pp. 5–8.
  27. Rosman, R., Hamid, M. A., Amin, S. N. & Ahmed, M.U., 2016. Financial Reporting of Murabaha Contracts: IFRS or AAOIFI Accounting Standards?. Singapore, National University of Singapore.
  28. Rosman, R. & Ahmed, M.U., 2015. In Numbers: Islamic Banking in Bangladesh. Islamic Finance News, 11 March, pp. 23–25.
  29. Ahmed, M.U. & Rosman, R., 2015. Financial Reporting for Islamic Financial Institutions in Malaysia: Issues and Challenges. Islamic Finance Review, March, pp. 52–53.
  30. Ahmed, M.U., 2015. Bangladesh: Islamic Banking Continues to Grow. Islamic Finance News, 8 April, p. 19.
  31. Ahmed, M.U., 2015. Financial Reporting of Islamic Financial Institutions: The Rationale, the Present, and the Future. IFN Guide 2016, December, pp. 6–7.
  32. Ahmed, M.U., 2015. IFRS for Islamic Finance: Development is Needed With no Delay. Islamic Finance News, 15 April, pp. 26–27.
  33. Ahmed, M.U., 2015. Islamic Finance Deserves Wider Syllabus Coverage. PQ Magazine, September, p. 20.
  34. Ahmed, M.U., 2015. Proposition for ACCA to Launch Islamic Finance Variant. Islamic Finance News, 15 July, pp. 20–21.
  35. Ahmed, M.U., 2014. Riba, Bank Interest, and Islamic Banking: A Summarised Response to Fundamental Questions. NEWHORIZON, December, pp. 24–28.