Johannesburg, South Africa, November 29, 2016: Mufti Ismail Desai, CEO of Global Islamic Financial Services Firm (PTY) LTD and reputed Shariah Advisor has officially resigned from the Shariah Board of PSG Melrose Arch, a leading South African Investment management and financial services Firm. Mufti Ismail Desai also confirmed that the Official Shariah Certification issued to PSG Melrose Arch has been revoked and terminated with immediate effect as of 29/11/2016. Mufti Ismail advised when asked about the reason for the termination that “PSG Melrose Arch failed a periodic Shariah Audit and refused to grant access to the financial documents, processes and records of clients signed up with the Islamic Division. We hence terminated the certification of the company and advise clients with PSG Melrose Arch, Islamic Division to immediately transfer or sell off assets currently held by PSG Melrose Arch.’’ Mufti Ismail Desai further commented “Clients who are currently holding Shariah Compliant assets with PSG Melrose Arch should demand an immediate explanation from Management and transfer or sell off assets since we cannot maintain the Shariah Compliance of the company’s products anymore. “

About Mufti Ismail Desai and Global Islamic Financial Services Firm
Mufti Ismail Desai is an internationally reputed Shariah scholar and Islamic finance expert who is a Shariah Advisor and member of Infinity's Shariah Supervisory Board. He currently serves as Shariah Advisor to various Islamic financial institutions and educational institutes around the world including Shariah Trainer and Auditor, HBZ Bank, Ethica Institute of Islamic Finance, Centre for Advanced Islamic Economics, UTL Financial Services, Al-Mabroor Investments, Islamic Fintech Alliance,  besides other Islamic investment firms and real estate funds around the world. Mufti Ismail has developed various Shariah auditing, governance and risk management standards for Islamic financial institutions and has issued several hundred expert legal opinions (fatwas) with a special focus on Islamic finance and economics. Mufti Ismail holds a Master's in Islamic Finance and a Master's in Islamic Theology from the Institute of Islamic Jurisprudence, Durban, South Africa. Mufti Ismail is the CEO of Global Islamic Financial Services Firm (PTY) LTD, a licensed investment bank under partnership in Dubai, UAE and South Africa. Global Islamic Financial Services Firm provides world class investment and corporate banking facilities, asset and wealth management, corporate bespoke advisory solutions and Shariah Advisory Services.

You may contact Mufti Ismail: ceo@islamicfinancialservices.co.za or 0027 71 683 8921

© Press Release 2016