The roles and functions of the Council are:

The primary objective of the Audit, Risk and Compliance Committee (ARCC) is to provide formal and transparent procedures, review audit reports and recommend to the full Board on all matters relating to internal audit as well as external audit for FAA’s operating accounts or business, consistent with FAA’s culture, objectives and strategy.

The Committee shall be appointed by the FAA Board from amongst the Directors of FAA Board and shall consist of no fewer than three members. Committee members are not directly responsible for, or be part of any committee involved in the management functions of the Company. The Chairman shall call a meeting of the Committee at least once a year and additional meetings as and when deemed necessary or if requested to do so by any committee member, the management, or the internal or external auditor.

Committee Members

Dato’ Dr Syed Ahmad Hussein
Chief Executive Officer, Management Development Institute of Singapore
Dato’ Dr Syed Ahmad Hussein
Chief Executive Officer, Management Development Institute of Singapore

Dato’ Dr. Syed Ahmad Bin Hussein was born in Batu Pahat, Johor on August 13th 1949. He had his early schooling in Johor before pursuing his first degree in the social sciences at Universiti Sains Malaysia. He earned his masters and doctorate degrees in Political Science from Yale University, where he worked with Professors Robert A. Dahl, James C. Scott and Juan Lintz. He also earned a Diploma in Peace Studies from the University of Uppsala, Sweden.

Dato’ Dr. Syed is currently the Chief Executive Officer of the Management Development Institute of Singapore, Malaysia Campus. He is a Board Member of the Finance Accreditation Agency of Malaysia (FAA) since 2012. In September 2015, Dr. Syed was appointed to the University Quality Assurance International Board (UQAIB) of Dubai for a four year term.

Dato’ Dr. Syed Ahmad Hussein was the Vice Chancellor of Malaysia’s Perdana University from March 2015 to July 2017. He was the Chief Executive Officer of the Malaysian Qualifications Agency (MQA) since its inception in 2007 until October 2014. He was the Chairman and Chief Executive of the Malaysian National Accreditation Board (2006-2007) after serving as a board member since 1998. In May 2014, Dato’ Dr. Syed Ahmad was appointed a member of the Financial Services Talent Council of the Bank Negara Malaysia. He was also a member of the Working Board to Transform the AlBukhary International University. Prior to these appointments, Dato’ Dr. Syed was a Professor of Politics and the Founding Director of the Center for International Studies, Universiti Sains Malaysia, Penang. He was the Dean of the School of Social Sciences (1997-2001) and the Deputy Vice-Chancellor of Academic and International Affairs of the Universiti from 2001 to 2005.

Dr. Syed was the first President of the ASEAN Quality Assurance Network, AQAN (2008-2014). In October 2014, he was appointed Advisor to AQAN. Dr. Syed was the founding and first President (2009-2013) of the Association of Quality Assurance Agencies of the Islamic World (AQAAIW).

Dato’ Dr. Syed Ahmad was the recipient of several recognitions, awards and grants, including the Sir Ibrahim Scholarship (1970-73), Fulbright-Hays (1977-81), Fulbright Visiting Scholar (1997-98), Ford Foundation (1979), Harvard-Yenching (1980-81), Social Science Research Council (US) (1980-81), Malaysia’s IRPA (1995; 1999-2000), Sweden’s SIDA/SAREC (1990, 1997), Center for Civic Education (US) (2007-2009), UNDESA (2004), and Universities Affiliation Program (US) (2003-2006). He was awarded the Pingat Kelakuan Terpuji (PKT) and the Darjah Setia Pangkuan Negeri (DSPN) by the State of Penang in 1994 and 2003 respectively. In 2010, he was awarded the Plaque for Distinguished Work in Quality Assurance by Thailand’s ONESQA. In September 2015, he was awarded the Plaque of Honor by ASEAN Quality Assurance Network, AQAN. In April 2016, he was awarded the Golden Globe Education Leadership Award.

Dr. Syed Ahmad Hussein has been a member of several professional and academic organizations in the field of political science and public affairs. He was actively involved in civic and active citizenship programs through the international civic education organization CIVITAS for which he was its Country Director for Malaysia for five years from 2003. He was the Founding Director of the Malaysia Citizenship Initiative (2003-2007) and currently it’s Senior Advisor. He was a member of the South Korean Government’s initiated -- and ASEAN + 3 endorsed -- East Asian Vision Group, EAVG (1999-2001), one of the earliest high level grouping to reflect on a vision of an Asian Community. He sat in various national committees that include the board of the National Higher Education Research Institute, the National Academic Awards Committee and the National Committee on Graduate Employability.

Dr. Syed Ahmad has more than thirty years of active teaching, research and consultancy experience, with a special interest in public policy, Malaysian and Southeast Asian society and politics, active citizenship, democratization, and quality assurance of higher education. He has taught undergraduate and post-graduate courses on ethics, government and politics, public administration and Malaysian and Southeast Asian Affairs. He led the team that introduced the Master in Public Administration program at Universiti Sains Malaysia in 1999. His writings have been published, among others, in Asian Survey, Indian Journal of Public Administration, and International Journal of Human Development. He has books, monographs and chapters published by reputable international publishers. His writings on issues of quality in higher education were included as chapters in two books published by Palgrave Macmillan in 2011 and by Routledge in 2012 respectively.

Dr. Syed has been a visiting scholar in universities in India, United Kingdom and the United States. He has delivered over 60 presentations in professional conferences and has supervised, and been external examiner to, about 20 doctoral and masters theses from universities in Malaysia and Singapore. He was the external examiner in the Malay Studies Department of the National University of Singapore from 1999 to 2002. In October 2012, he served as an International External Reviewer in the review of Japan’s National Institution for Academic Degrees and University Evaluation (NIAD-UE).

Professor Dr Humayon Dar
Director General at Cambridge Institute of Islamic Finance
Professor Dr Humayon Dar
Director General at Cambridge Institute of Islamic Finance

Dr. Humayon Dar is a Cambridge economist, with a wide range of interests in development practice and financial services. With MPhil and PhD degrees from the University of Cambridge and with his current role, Director General of Cambridge Institute of Islamic Finance, he possesses impeccable academic credentials and practical knowledge to influence policymaking on Islamic finance in the world, especially in the 57-member countries of Organization of Islamic Cooperation (OIC).

After a decade-long academic career, Dr. Dar has spent more than 13 years in investment banking, financial advisory, advocacy and high-level networking since 2005. He has founded a number of industry-building initiatives to promote IBF in various parts of the world. Some of his leadership projects include:

  1. Global Islamic Finance Report – the oldest yearbook in IBF (founded in 2010)
  2. ISFIRE – Islamic Finance Review – a bi-monthly jagazine (journal-magazine) published from London since 2011
  3. Global Islamic Finance Awards – the most respectable Islamic finance awards programme in the world, which Dr. Dar founded in 2011
  4. Cambridge Islamic Finance Leadership Programme (founded in 2013)
  5. Islamic Retail Banking Awards (since 2015)
  6. Islamic Wealth Management Report – a new annual report on Islamic wealth management (first published in January 2016)
  7. Global Good Governance Awards (since 2016)
  8. WOMANi – a new project to promote and advocate women participation in business and finance
  9. Cambridge Institute of Islamic Finance (founded in 2019)

Dr. Humayon Dar has also been a member of a number of Shari’a advisory boards in the UK, Malaysia and the UAE. He also serves on the International Islamic Finance Advisory Council of Astana International Financial Centre (AIFC).

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