CS Financial is a financial advisory firm led by qualified and dedicated senior bankers and finance experts with a wide range of expertise in financial regulatory requirements, commercial banking, Shariah advisory, insurance (Takaful), international trade, real estate, debt capital market (Sukuk), microfinance, Zakat, and financial marketing sectors. Our diverse team received education from top universities of the world.



Mushtaq Ahmad Qazi

Legal Counsel & Islamic Documentation Expert

Mushtaq Ahmad Qazi is based in Dubai. He is CS Financial's legal counsel. He has an extensive experience in Islamic Banking and Finance especially product development, training and Shariah supervision,  legal and Shariah risk management. Mr. Qazi takes care of our client's legal documentation requirements. Mr. Qazi got B.A. & LL.B. (HONS) Shariah and Law degrees from International Islamic University, Islamabad, Pakistan in 1999, followed by LL.M. (International Business Law) from the University of Hull, UK in 2001.

Dr. Abdulaziz Maruf

Senior Islamic Banking, Takaful, & Talent Development Expert

Dr. Abdulaziz Maruf is based in Dubai. He is CS Financial's senior expert in Takaful, Islamic finance, and training development. He teaching and running the Islamic finance degree program at Jumairah University in Dubai, United Arab Emirates. He holds a PhD in Islamic banking and finance from the International Islamic University Malaysia. He currently teaches and runs the Islamic finance degree program at Jumairah University in Dubai, United Arab Emirates. 

Razi Fakih

Senior Banking and Accounting Expert

Mr. Razi Fakih is based in Kuala Lumpur. He is a Chartered Accountant from the Institute of Chartered Accountants of India. He is a senior Islamic banking professional with over 25 years of experience and an accomplished track record of success in the industry. He is recognised thought leader in the area of Islamic Finance with leading roles at HSBC Amanah and Bank Al Bilad.  Mr. Razi has been with HSBC for over 12 years in different roles. He is one of the founding members of HSBC Amanah (the Islamic arm of HSBC Bank).

Alhamulhaq Montakhab

Chief Executive Officer

Alhamulhaq is CS Financial's Chief Executive Officer and its founder. He is based in Kabul. He is keen to bring high quality global services to the local market. He aims to make Afghanistan a hub of Islamic finance in near future. Mr. Alhamulhaq worked for Afghan Milli Bank in Kabul and received his Islamic finance training in Dubai from senior Islamic bankers. He holds a masters degree in marketing from the Arab League Institute in Cairo, Egypt and a bachelor degree in mass communication from Cairo University. He studied Fiqh with senior scholars at Al Azhar mosque in Cairo, Egypt.

Mohammad Riaz Sadat

Head of Business Development

Mohammad Riaz Sadat is based in Kabul. He is the deputy CEO and head of business development at CS Financial. Mr. Sadat is expert in Afghanistan's banking and financial  system. He taught Afghanistan's banking system at Salam University in Kabul. He holds Master’s degree in International Economics Policy and Analysis from University of Westminster, UK and a bachelor degree in finance and an MBA in banking and financial markets from Symbiosis International University in India. Mr. Riaz speaks English, Arabic, Hindi, Urdu, Persian and Pashto.

Ajmal Bhatty

Senior Insurance and Takaful Expert

Ajmal Bhatty is based in Dubai. He is CS Financial's senior expert in insurance and Takaful. He is a pioneer in developing insurance and Takaful practices in the Islamic world. He advised the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Board (IFSB) on Takaful and its governance. He worked with Insurance and Takaful Regulators in the UK, Bahrain, Brunei and Malaysia, and advised the Islamic Development Bank and Bank Negara Malaysia to develop and promote Takaful in OIC members.

Riaz Ahmand Naimi

Senior Shariah Audit and Afghanistan Banking Regulations Expert

Riaz Ahmad Agha is based in UAE. He is chief audit specialist at CS Financial. He is a Certified Shari'a Advisor by AAOIFI and a Certified Islamic Banker & Analyst by CIB with having over 14 years of bank regulatory and Islamic finance experience. He is was Founder & Director Special Supervision & Islamic Banking Division at the Central Bank of Afghanistan. He holds a Masters in Shariah and  Law from the Institute of Research and Arabic Studies, Cairo, Egypt  and LL.B (Law) and B.A. (Shariah) from Al-Azhar University, Faculty of Sharia and Law, Cairo, Egypt. Riaz speaks English, Arabic, Persian, Pashto, and Urdu.

Tauhidur Rahman

Risk Management Expert

Tauhidur Rahman is a Risk Management professional with above 14 years of experience. He was the Senior Executive Vice President and Chief Risk Officer (CRO) of Afghan United Bank. Prior to that, he was the pioneer CRO of Jaiz Bank Plc. Nigeria and helped in setting-up the first full-fledged Islamic Bank in West Africa as technical expert by IDB in partnership with Islami Bank Bangladesh. Mr. Tauhid has been the primer to introduce Enterprise Risk Management concept in Afghanistan Banking sector. He advised clients on Risk Management in West Africa, UAE, Bangladesh and Luxemburg.

Sheikh Ahmad Hoqoqi

Shariah Associate

Sheikh Ahmad Hoqoqi is a UAE based scholar and Islamic finance professional. In addition to his Shariah studies, he hold a diploma in Islamic finance from Al Khawarizmi University in Abu Dhabi, UAE.


He is Khatib and Imam in Abu Dhabi and is the author of many Islamic books. 

Sheikh Ahmad is fluent in Persian, Pashto, English, and Urdu.

Shahadat Yasini


Shahadat is economist at C-S Financial advising for its tax affairs, Islamic banking surveys' and the study of poverty reduction through Islamic finance.


He holds MPhil Economics  from the International Islamic University of Islamabad (Pakistan) and a Bachelors in Economics from the same university. 


Shahadat is fluent in English, Persian, Pashto, and Urdu.

Essa Yousafzai is an economist at C-S Financial. He is based in Kuala Lumpur advising on and conducting financial audit, assisting C-S Financial's tax and finance matters, and budget preparation.


Essa has studied Economics and Global Business at University of Houston in the state of Texas. He also has a masters degree in Islamic finance from INCEIF. He has significant experience in the area of product development, consulting, administration and management.

Essa Yousafzai