Financial Shariah Advisory & Consultancy

FSAC has been established since 2008 with sole focus on Islamic Banking and Finance or Shariah-compliant finance. We have advised numerous individuals and corporate in Islamic rules on transactions, Faraid, Zakat, Islamic financial products and investments etc. 

About FSAC

Introduced as a response to the 2008 Global Financial Crisis, the Financial Shariah Advisory and Consultancy (FSAC) unit was created with the intention of cultivating awareness and enhancing the promotion of Islamic Banking and Finance amidst the uncertainties of the global financial and economic landscape.


At FSAC, we achieve synergy by merging knowledge of local and international Shariah scholars with that of market practitioners from various fields including banking and finance, and management to create a holistic compendium and database of expert financial Shariah knowledge.

We also aim to set the mind of our community at ease when making the right financial transactions based on Islamic principles by offering a comprehensive step-by-step advisory Islamic estate planning and banking.


FSAC serves to aid the community in understanding and effectively implementing principles of Islamic transactions (muamalat) in all areas of socio-economic trade and personal wealth management.

We offer holistic advisory services in Islamic estate planning for all members of the community and emphasize the importance of Islamic financial Shariah advisory from Islamic perspectives. Our services include:

Our services include:


As part of FSAC’s effort in educating the community on financial and wealth-related matters from the Shariah/Islamic point of view, we have lined up a number of asatizahs to share their expertise in our Celik Muamalat Series in collaboration with Pergas.

Tune in to Radio Pergas and Pergas FB Live to gain insights on this.

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At FSAC, we offer corporate advisory services for businesses looking to branch out into the field of Islamic finance, Islamic economics, and Halal products. We believe in a synergistic blend of Shariah knowledge and market expertise aimed at providing clients with insights not only from the field of Islamic finance, but from a banking, management, and marketing perspective.

To date, FSAC has since worked with various Islamic financial institutions in Singapore, and collaborated with the community on major Islamic finance projects to enhance the Singaporean Islamic finance landscape. We also aim to enhance awareness amongst corporations and the everyday layman seeking to shed light on Shariah compliancy issues associated with global Islamic trade and finance.

Our goal is to serve as a catalyst for our clients’ needs to tap into the ever-growing Islamic Economy. FSAC can get you connected with financial institutions, institutional investors, and retail investors to better suit your company’s needs.


Contact us today to arrange your Shariah advisory session or any enquiries!

Shariah Advisors

Ustaz Mohamad Hasbi Bin Hassan

Ustaz Mohamad Hasbi Bin Hassan

Ustaz Mohamad Hasbi Bin Hassan is currently the elected President of Pergas, which he has served since 1986. He is also a Muis Council Member, a Fatwa Committee Member, Co-Chairman of the Religious Rehabilitation Group and Asatizah Recognition Board Member. He received the Muis Jasa Cemerlang Award in 2019 and 2 prestigious awards in 2018 which is the Meritorious Service Medal from the President, one of the highest award for a public servant for their contributions to the nation; and MUIS50 Distinguished Award which recognises individuals who have contributed to MUIS and the wider community in the last 50 years. He was also awarded the Public Service Star in 2010.

Ustaz Pasuni Bin Maulan

Ustaz Pasuni Bin Maulan has been the Chairman of Tentera-Di-Raja Mosque since 1998. He is the former President of the Syariah Court. Currently, he is the Chairman of Madrasah Aljunied Management Committee, a Muis Council Member, a Muis Board of Governors for the Madrasah Member and Vice-Chairman of the Asatizah Recognition Board. He received MUIS50 Distinguished Award in 2018 and the Public Service Medal in 2016. He also received the Commendation Medal in 2003 for his commendable performance and conduct, or significant efficiency, competence and devotion to duty as a Registrar for the Registry of Muslim Marriages.

Ustaz Pasuni Bin Maulan

Mr Azman Ismail

Mr Azman Ismail has been in the Islamic Finance industry since 1985. He has provided training and consultancy services in Malaysia, Singapore, Indonesia, Saudi Arabia, Qatar and Brunei. He is an external lecturer for the Master in Islamic and Finance (MIBF) program at the Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM). He has been commissioned by the International Centre for Education in Islamic Finance (INCEIF). He has also been consulted by the International Shariah Research Academy for Islamic Finance (ISRA). He was also a Member of the Information Panel, Amanah Raya, the Public Trustee of Malaysia and is a Shariah Advisor to four financial institutions.

Prof Dr Hikmatullah Babu Sahib

Prof Dr Hikmatullah Babu Sahib is a visiting Professor at College of Islamic Studies, Prince of Songkhla University, Pattani Campus, Thailand. He is the leading Shariah Advisor of Standard Chartered Saadiq, Malaysia since 2005. He was recently involved in a Semantic Project for Islamic Banking and Finance Education by Ministry of Science, Technology and Innovation (MOSTI), Malaysia. Prof Dr Hikmatullah holds B.A. (Islamic Studies & Law) and M.A. (Islamiyyat) from University of Peshawar, PhD (Islamic Jurisprudence) from University of Edinburgh and Postdoc. Fellow (Islamic Metaphysics) from Yale University.

Ustaz Mohammad Bahrul-Ulum Bin Buang

Ustaz Mohammad Bahrul-Ulum Bin Buang​

Ustaz Mohammad Bahrul-Ulum Bin Buang is the former Manager at An-Nur Mosque. He is also the Honorary Secretary of Pergas and was recently appointed as a Director (representing Pergas) at Mendaki.

Ustaz Aminuddin Bin Abu Bakar​

Ustaz Aminuddin is currently the Principal Consultant for S Tradition, a boutique consultancy firm in Islamic Finance and Halal industry. He was part of the senior management team for Kuwait Finance House Malaysia (KFHMB), having served as Vice President and Head of its Shariah Division. He was recently appointed as a Shariah Committee member for HSBC Amanah (Malaysia). He is a certified Shariah advisor and auditor (CSAA) by Auditing and Accounting Organization for Islamic Financial Institutions (AAOIFI), a member of the Association of Shariah Advisors in Islamic Finance (ASAS) and is a registered Shariah Adviser at Securities Commission Malaysia.

Dr. Shamsiah Bte Abdul Karim

Dr. Shamsiah Bte Abdul Karim is currently the Chief Executive Officer and Director of Pergas Investment Holdings. She was the former Senior Vice-President at Bank Muamalat Malaysia Bhd overseeing the Shariah & Product Development Division. She is also the former Chief Executive Officer of Albukhary Foundation and former Deputy Director of Asset Development at Muis. She is listed as the top 20 most influential women in Islamic Finance by Cambridge IFA. The Efficiency Medal which was instituted in Singapore in 1969, was awarded to Dr. Shamsiah in 2001 in recognition of her exceptional efficiency or exceptional devotion to duty or for work of special significance.

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New address

168 Changi Road

#04-02, Paradise@Pergas

Singapore 419730

For any enquiries, email us at or call 9100 4251/9022 5179