BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
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Monthly Archives: June 2017
June 30, 2017
DR. ZULKIFLI HASAN
Shariah-compliant robo advisor Algebra to pilot in Asia before going global
Shariah-compliant robo advisor Algebra to pilot in Asia before going global
Available at:
https://www.dealstreetasia.com/stories/shariah-compliant-robo-advisor-algebra-to-pilot-in-asia-first-75533/
By Tanu Pandey June 21, 2017 Malaysia-based private wealth management firm Farringdon Group is all set to finally launch its Shariah-compliant robo advisor Algebra next month, after its earlier plan to launch it late last year was delayed. A robo advisor is an online wealth management service that provides automated, algorithm-based portfolio management advice without the use of human financial planners. Farringdon Group believes Algebra, which can take minimum investments worth $4000, will cater not only to wealthy Muslim population in the region, but also the entire Islamic finance market, its CEO Stuart Yeoman told DEALSTREETASIA in an interaction. Farringdon is launching the product next month in Malaysia, and has partnered with local banks, a well known insurance firm and fintech firm for the product, which the company touts as the first such Shariah compliant platform in Asia. “We will focus on Asia for the time being. You need to look where the Muslim population is for the Shariah version. Obviously we are going to look at Middle East eventually. But we are piloting it in Asia first and see how it goes,” Stuart said. Algebra uses smart beta trading algorithms to derive its active equity portfolio and then blends it with Sukuk bond funds — fixed interest Exchange Traded Funds — to derive a risk weighted portfolio suitable for each investor’s risk appetite. According to the firm, the market opportunity for the product is worth $11.5 trillion. Research by the Malaysia Islamic Financial Centre shows that there is a growing appeal for Shariah-compliant products in the global Islamic fund industry with $58 billion in assets under management and expected to grow to $77 billion by 2019. The robo advisor from Farringdon will follow basic Islamic principles. It has bagged the approval of Shariah scholar Datuk Dr Daud Bakar of Amanie Advisors for its shariah investment strategy. It will be launched in Malaysia to go after the offshore market. “We are regulated by Labuan FSA, so we are the offshore jurisdiction,” said Stuart. Labuan IBFC is a midshore jurisdiction in Malaysia’s Labuan which has an internationally-recognised legal framework enforced by its regulator, Labuan Financial Services Authority (Labuan FSA). Established in 2007, Farringdon Group provides private wealth management and personal tax planning solutions for individuals across Asia Pacific, Russia and Central Asia. Farringdon Asset Management, part of the Farringdon Group operates in Singapore where it focuses on providing expat clients with discretionary portfolio management services.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
March 27, 2012
DR. ZULKIFLI HASAN
Islamophobia: Myth or Reality
Islamophobia: Myth or Reality
I would like to share my recent presentation on the issue of Islamophobia at Pusat Islam, Kuala Lumpur to staff of Islamic Religious Council of Federal Territories and representatives of the non-governmental organizations. It is important to note that the OIC has already initiated the establishment of the OIC Islamophobia Observatory Report to specifically monitor, promote and create awareness on the issue of Islamophobia. The First Annual Report on Islamophobia by the OIC Observatory was issued in May 2007 to May 2008 followed by the Second Annual Report in June 2008 to April 2009, the Third Annual Report in May 2009 to April 2010 and the Fourth Annual Report in June 2008 to April 2009 May 2010 to April 2011.
For further reading, click here:
Islamophobia: Myth or Reality
Islamophobia as a world view involving an unfounded dread or hatred of Islam and the subsequent fear and dislike of all Muslims. It also refers to the phenomenon as practice of discriminating against Muslims by excluding them from social, political and economic life.(The Runnymede Trust)
The effects of Islamophobia can be several and it impinges on micro, meso and macro levels of the society. Consequently, these effects inflict economical as well as social difficulties against people and nations. Foremost, The Runnymede Trust accentuate a systemi disadvantage where this could stand in relation to everyday attacks on Muslims as they can be spat on, mental and physically harassed, molested, abused and so forth based on a Islamophobic motives
Regards

ZULKIFLI HASAN
With Yvonne Ridley, a British journalist and human right activist, former Taliban captive and finally reverted to Islam.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
My Distance Learning
Assalamualaikum,
Dear My Weblog Readers,
The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank Group based in Jeddah, Saudi Arabia has organised a distance learning course on Islamic Economic and Finance. Different scholars from various parts of the world including Umer Chapra, Anas Zarka, Sami Al Suwailem, Habib Ahmed, Tariqullah Khan, Munzir Kahf, Zubair Hassan and others contribute to the course. I strongly believe that this course is very beneficial to any individual working in different areas of Islamic banking and Finance. In the light of the spirit of knowledge-sharing, to those that do not have opportunity to undergo the course, I attach some of the course materials for your reading pleasure and references.
Challenges Facing the Islamic Financial System by Muhammad Umer Chapre

Takaful, Concept and Models by Atiquzzafar Khan

Islamic Micro Finance: Problems Faced and Their Solution by Mohamed Obaidullah

Treasury Management in an Islamic Financial Institution by Mohamad Tariq

Islamic Financial Architecture and Infrastructures Development by Tariqullah Khan

Global Financial Crisis: Causes and Remedies by Sami Al Suwailem

The Global Financial Crisis: Can Islamic Finance Help? by Muhammad Umer Chapra

A Primer on Sukuk Products for Sovereign Issuers by Salman Syed Ali

Integrating Waqf and Islamic Finance by Habib Ahmed

Behavioral Complexity By Sami Al Suwailem

Macroeconomics within Islamic Framework  (Advanced Level) By Sayyid Tahir

The Objectives, Role and Instruments of the Government for Realizing The Maqasid Shari’ah By Muhammad Umer Chapra

Developing Contemporary Microeconomics from an Islamic Perspective: The Challenge of Genuine Islamization By Aslam Hanif

Wealth Creation and Wealth Management in an Islamic Economy by Rodney Wilson

What is Economics? by Muhammad Anas Zarqa

What is Islamic Economics? by Muhammad Umer Chapra

Factors of Production and Factor Markets by Zubair Hassan

Monopoly and Monopolistic Markets by Muhammad Anas Al Zarqa

Money and Banking in Islam by Salman Syed Ali

Macroeconomics in Islamic Economy: A Theoretical Perspective by Sayyid Tahir

Complexity Economics by Sami Al Suwailem

Establishing Economies According to Islamic Worldview:  Problems and Way Forward by Habib Ahmed

Monetary Policy in Islamic Framework by Ausaf Ahmad

Microfinance in Islam by Mohammed Obaidullah

Fiscal and Monetary Policies in Islamic Economic by Munzir Kahf

Property Rights in Islam by Muhammad Nejatullah Siddiqi

The Islamic Vision of Development in the Light of Maqasid Al-Shariah By Muhammad Umer Chapra

Principles of Islamic Finance by Sami Al Suwailem

Wealth Creation and Wealth Management in an Islamic Economy by Rodney Wilson

Islamic Instruments for Asset Management by Shahin Shayan Arani

IFSB Standards on Institutions Offering Islamic Financial Services by Abdullah Haron

Treasury Management in an Islamic Financial Institution by Mohammed Tariq

Issues in Shari’ah Audit in Islamic Banking by Shahul Hameed Bin Mohammed Ibrahim

Issues in Financing Corporate and Public Sector Needs through Islamic Instruments by Munawar Iqbal

Integrating Waqf and Financial Sector by Habib Ahmed

Takaful: Concept and Model by Atiquzzafar Khan

Factors of Production and Factor Markets by Zubai Hassan

Fiqh Foundation for Islamic Economic by Sheikh Anas Zarka

Macroeconomics in Islamic Economy by Sayyid Tahir

Financial stability by Dadang Muljawan

Islamization of Economics by Habib Ahmed

The Economic System of Islam by Muhammad Umer Chapra

The Islamic Vision of Development in the light of Maqasid Al Shariah by Muhammad Umer Chapre

Islamic Capital Market by Obiyathulla Ismath Bacha

IFSB Standard Guidelines by Dadang Muljawan

Redefining Auditing and Accounting for Islamic Finance by Shahul Hameed bin Mohamed Ibrahim

Developing a Sustainable Islamic Finance Through Genuine Islamization by Mohamed Aslam Haneef

Islamic Instruments for Asset Management by Rodney Wilson
Best Regards

ZULKIFLI HASAN
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One thought on “My Distance Learning”
maryam says:
March 22, 2012 at 7:28 pm

salam

I am very much interested in this online course but cannot find how to register. can you please guide me?

 thank you

Reply
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AUTHOR
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Welcome to My Blog of Knowledge

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Academic
Centre for Islamic Area Studies at Kyoto University

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

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MIHE
Blogroll
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Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

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Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

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International Islamic Financial Market

Islamic Development Bank

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Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

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Hamza Yusuf

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Baytulkifli

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Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

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Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: September 2013
September 23, 2013
DR. ZULKIFLI HASAN
Depoliticizing Islamic finance
Depoliticizing Islamic finance

ALSIR SIDAHMED  Available at:
http://www.arabnews.com/news/465379
In July, the Tunisian parliament passed a law allowing the government to issue sukuk, enabling the finance ministry to raise $700 million later in 2013 and help close more than $3 billion of the budget deficit.
In the same month, Muhammad Mursi was ousted following a popular uprising against him in Egypt that was supported by the army.

During his troubled one year in office, Mursi tried to further the cause of Islamic finance by speeding up policies and procedures to allow the issuance of sukuk, enable Islamic finance companies to raise funds and reform Islamic endowments or funds.

For the time being it seems these issues are no longer a priority for the new economic and finance team as they clearly put it.

According to Finance Minister Ahmed Galal, the interim government had no problem in principle with using sukuk, but would not make them its principal instrument.
However, some analysts think that with the ouster of Mursi and his Muslim Brotherhood, the political backing for Islamic finance will no longer be there to boost support for various Islamic finance products to take roots.

This approach is wrong on at least two accounts: First, it links Islamic finance and for that matter the whole of Islam, with a specific political group.
Second, it assumes that the fact that Muslim Brothers are no longer in power will impact negatively on Islamic finance.

Regardless of the presence of the Muslim Brotherhood, Islamic finance is continuing its existence on its own out of sheer necessity and its ability to attract millions of depositors, who were keen to follow the principles of their religion in day-to-day life.

This is underlined by the fact that the volume of Islamic finance is estimated to be in the range of $1.3 trillion.
To add value, this massive amount of money is an available source of finance that is interest free. And because of this lucrative market many typical conventional Western financial institutions like Citibank, HSBC and Chase Manhattan have all Islamic finance windows to cater for the needs of some valuable customers and are able to tap a large pool of savings for a growing number of depositors who do not want to deal with conventional finance.
This demand led an explosion of Islamic finance institutions which, according to some estimates, are believed to have topped more than 2,000 from typical Islamic banking, insurance (Takaful), Islamic funds, mudaraba and sukuk.

That is why Egypt will continue to consider issuing sukuk as planned to raise some money even if not the $10 billion targeted by Mursi’s government.

The stalled talks with the International Monetary Fund (IMF) on the much talked about the $4.8 billion will press toward tapping other possible sources of finance.
Moreover, there is still some room for Islamic finance in Egypt as its share is estimated to be in the range of 5 percent of the fiscal activity against 25 percent in the more mature Gulf markets.

Also with some 85 million population, between 10-15 percent of them using some kind of banking service, potential growth remains good both in Islamic and conventional finance.
Depoliticization of Islamic finance will help address serious issues related to the actual practice and whether these practices really honor the ultimate goal of the Shariah.
For instance, microfinance has been adopted as a tool to enable the poor make a breakthrough and change their lives for the better.

Available figures show that only between $800 million to $1 billion out of a $1.3 trillion volume of the Islamic finance industry as a whole is directed for microfinance.
And that amount is serving only 1.3 million people out of the global Muslim population of more than 1.6 billion.

In other words, only around 1 percent of available financial resources are going to only less than 1 percent beneficiaries in the whole Muslim world.

Does this mean that Islamic finance in its present format favors the rich at the expense of the poor and to what extent other modes of finance like murabaha and mudaraba are really serving the ultimate goal of Islam.
That can only be answered in a less politicized environment when criticism against a political force like the Muslim Brotherhood is not taken as criticism against Islam itself.
Regards

Zulkifli Hasan
Milan, Italy
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September 18, 2013
DR. ZULKIFLI HASAN
Time for rebranding Islamic finance
Time for rebranding Islamic finance
Turkey’s ‘participation banking’ holds appeal to spread Islamic finance globally
Available at:
http://gulfnews.com/business/banking/time-for-rebranding-islamic-finance-1.1232310
By Gaurav Ghose, Financial Features EditorPublished: 18:34 September 17, 2013
Dubai: Discussants on Islamic finance at the ongoing SIBOS 2013 agreed that to be a truly global alternative, there is a need for it to be rebranded to appeal to a wider section of banking and financial customers worldwide.
Can Islamic finance be international the way it is positioned and run today, asked Rushdi Siddiqui, co-founder and managing director of private equity firm Azka Capital, and he answered himself in the negative.
While it works well in Muslim countries, though he pointed out that even there, some people of faith who believe it is not pure enough.
The alternative, he suggested during the discussion on Monday, lies in the way Turkey has positioned it, calling it “participation banking”, which is “what the essence of Islamic finance is”. For example, he said, “when you have got not a borrower but a provider of capital working with an entrepreneur, there is a risk and that risk is being a participatory transaction. Therefore you want to do the due diligence in that transaction.”
In a country like India, with a large Muslim population, Siddiqui said that a term such as participation banking will have a wider appeal than Islamic finance. “You can cross sell Islamic finance because the substance of it resonates to people who understands finance,” he noted. Puan Norashikin Mohamed Kassim, director of Treasury at Bank Islam, Malaysia, believes that there is merit to rebranding Islamic finance. Today in Malaysia, it appeals to not just Muslims but a substantial part of the non-Muslim population as well. “There is need to rebrand simply because it is not targeted to just Muslims but it is targeted to those who believe in the concept of Islamic financing,” she said. “You do not have to be Muslim to be a customer of Islamic finance as long as you believe that the concept of underlying the Sharia fits with your view then you will have customers.”
Michael Bennett, head of derivatives and structured finance at World Bank, pointed to the use of Arabic words in English in Islamic finance and said whether they pose a hindrance or not to the market is an interesting question worth pursuing. “If your portfolio manager, for instance, in a conventional institution is thinking about purchasing say a sukuk, which is the Islamic equivalent to a conventional bond, not only do you have to get comfortable with that instrument, you have to convince your accounting department, you operations team, your lawyer.”

Bennett added that though all the terms can be easily translated — whether that creates a kind of shock to the people in the conventional field who are used to terms like lease, participation, profit and not used to terms like sukuk, ijara, murabaha and whether that is actually a hindrance to the market needs to be looked into in the efforts to widen its appeal.
Regards

Zulkifli Hasan
Gaza, Palestine
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September 10, 2013
DR. ZULKIFLI HASAN
RESOLUTION OF THE WORLD CONFERENCE ON ISLAMIC RESURGENCE 2013
RESOLUTION OF THE WORLD CONFERENCE ON ISLAMIC RESURGENCE 2013
The World Conference on Islamic Resurgence with the theme of “Islamic Resurgence: Prospects, Challenges and the Way Forward” held in Shah Alam, Selangor, Malaysia on 7 September 2013 1 Zulkaedah 1434H expressed its appreciation to organizers, speakers, guests and participants for their contribution to the Conference.
The speakers, guests and participants of the Conference ranging from the Muslims and Non-Muslims association, foreign embassies, Non-Governmental Organizations, administrator, da’wah entities and associations, policy makers, academia, researchers, students, and community at large discussed issues relating to the current state of Islamic resurgence in the world, the problems concerning their development, the approaches and its inherent issues.
The World Conference on Islamic Resurgence made the following resolutions:
1.	Strengthening and establishing tarbiyah foundation as well as training institutions locally and at region and international level.

2.	Establishing Research Institution/Foundation (think-thank) focusing on both Muslim Minority Countries and Muslim Majority Countries.

3. 	Initiating periodical symposium of Islamic movement/ Islamic resurgence.

4.	Producing Universal Training Manual Guide (Substantive and Procedural) for Muslim organizations.

5.	Publishing autobiography of Muslim activists and senior leaders of Muslim organizations.

6. 	Developing comprehensive database on Islamic movements all over the world including Muslim intellectuals and thinkers.

7. 	Institutionalizing and promoting a long term and sustainable process of constructive engagement with communities and all stakeholders in a substantive and meaningful dialogue to promote better understanding.

8.	Creating community cohesion and a sense of living through community outreach programs.

9.	Empowering the Islamic educational system including its methodological issues, teaching approaches and educational training.

10.	Addressing social and economic issues through social activism such as combating poverty, food crisis, endemic diseases, climate change and natural disasters.

11.	Promoting moderation based on a clear understanding of its root causes and different dimensions to avoid misinterpretation and targeting of innocent individuals or organizations.

12.	Coordinating speakers, guests and participants the exploration of various models of governance in relation to Western democracy, which has been proven to be in effective in addressing the issues facing the Muslim world.

13. 	Developing a strong network among Muslim NGOs locally and at regional and international level.

14. 	Maximizing the utilization of technology and social media networks as the medium of interaction amongst Muslim organizations and to friendly approach young generation and society at large.
RESOLUSI KONFEREN SEDUNIA KEBANGKITAN ISLAM 2013
Konferen Sedunia Kebangkitan Islam yang berlangsung pada 7 september 2013/ 1 Zulkaedah 1434H di Shah Alam dengan tema “Kebangkitan Islam: Prospek, Cabaran dan Masa Depan” menzahirkan penghargaan kepada penganjur, pembentang, tetamu dan peserta di atas sumbangan mereka kepada Konferen.
Pembentang, tetamu dan peserta Konferen yang terdiri daripada pertubuhan Muslim dan bukan Muslim, kedutaan asing, badan bukan kerajaan, pentadbir, entiti dakwah, pembuat dasar, ahli akademik, penyelidik, pelajar dan masyarakat umum telah membincangkan isu-isu berkaitan kebangkitan Islam di dunia, masalah mengenai pembangunannya, pendekatan dan isu-isu yang masih membelenggu umat Islam.
Konferen Sedunia Kebangkitan Islam telah membuat Resolusi berikut:-
1.	Memperkukuhkan asas tarbiyah dan institusi latihan di peringkat tempatan, serantau dan antarabangsa.

2.	Menubuhkan institusi kajian (think-thank) memfokuskan minoriti Muslim di Negara Islam dan Muslim di Negara majoriti Muslim.

3.	Menganjurkan symposium berkala bertemakan gerakan Islam dan kebangkitan Islam.

4.	Menghasilkan ‘universal training manual guide’ baru untuk gerakan dan pertubuhan Islam.

5.	Menerbitkan autobiografi atau memoir aktivis dan senior gerakan Islam.

6.	Membina pengkalan data yang komperehensif tentang gerakan Islam, intelektual Muslim dan pemikir Islam seluruh dunia.

7.	Menginstitusikan dan mempromosikan dalam jangka masa panjang ‘constructive engagement’ dengan komuniti dan semua pemegang taruh dalam kaedah dialog bermakna untuk mempromosikan kefahaman yang baik tentang kebangkitan Islam.

8.	Menciptakan ‘community cohesion’ dan ‘a sense of living’ melalui program mendekati masyarakat.

9.	Mengupayakan sistem pendidikan Islam dan metodologinya, kaedah pengajaran dan latihan pendidikan.

10.	Menangani isu sosial dan ekonomi melalui aktivisme pembangunan sosial seperti memerangi kemiskinan, krisis makanan, wabak penyakit dan bencana alam.

11.	Mempromosikan konsep wasatiyah berasaskan kefahaman yang jelas terhadap puncanya dan daripada dimensi berbeza bagi mengelakkan salah faham dan pihak yang tidak bersalah menjadi sasaran sama ada individual ataupun organisasi.

12.	Mengkoordinasi di kalangan pembentang, tetamu dan peserta Konferen untuk mencari model tatakelola yang baik apabila model demokrasi barat yang mana terbukti tidak berkesan dan serasi dengan gerakan Islam dalam menangani isu dunia Islam.

13.	Membina jaringan yang kuat di kalangan NGO Islam tempatan, serantau dan peringkat antarabangsa.

14.	Memaksimakan penggunaan media sosial dan teknologi sebagai medium interaksi dikalangan organisasi Islam bagi mendekati generasi muda dan masyarakat.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
November 20, 2011
DR. ZULKIFLI HASAN
Untapped potential in Islamic finance
Untapped potential in Islamic finance
By LIZ LEE Available at:
http://biz.thestar.com.my/news/story.asp?file=/2011/11/19/business/9928900&sec=business
WHETHER it is the Occupy Wall Street movement in America or the threat of a meltdown in the European economy, the ongoing economic turbulence may have ignited in many the desire for a more decorous financial system.
Among the melange of solutions provided by conventional financial institutions, perhaps Islamic finance may just be a viable option for ways to deal with money.
During the IFN 2011 Issuers & Investors Asia Forum in October, the finance minister of Luxembourg Luc Frieden made an observation that Europe could learn and gain from Islamic finance as financial institutions under it have remained stable in the furore of the eurozone debt crisis.
Frieden says despite the credit crunch that has impacted Europe’s banks, Islamic financial institutions have been the most well managed. He notes that what the financial world needs today are stability, financial partnership, provision of excessive risk and speculation and ethical principles, all of which are found in Islamic finance.
However, despite growing global foothold, Islamic finance is still alien to many whom, due to the word Islamic, view the financial system as a religious expression rather than an alternative way to manage funds.
This was a misconception the leaders in the local Islamic finance industry sought to correct when they met last week during the International Investor Islamic Finance Roundtable organised by International Investor, a niche publication targeted at the business and investing community.
Perception challenge
International Centre for Education in Islamic Finance (Inceif) president and chief executive Daud Vicary Abdullah says that there is a real challenge in both education and perception towards Islamic finance.
“People are not looking at it as other than a religious decision (and the question) do I have to be a Muslim to participate? still surfaces even though less frequently now compared with 10 years ago,” Daud says.
“There is still confusion among the non-Islamic world or in countries with non-Muslims majority (that creates) a deep-seated suspicion of what Islamic finance is and education can help change this,” he acknowledges.
Daud believes that in terms of changing mindsets, Malaysia can do a great deal by pioneering some form in the standardisation of terms.
Daud: ‘People are not looking at it as other than a religious decision.’

“There is a lot we can do by gaining consistency in language, terminology and interpretation. I think this is essential. What do we really mean by the product, cross-border liquidity, syariah interpretation and the processes as well as handling risk the syariah-compliant way,” he elaborates.
He says that there was a vacuum of explanation for the facets of Islamic finance globally and that Malaysia can be the platform to standardise terms in this financial system.
He notes that to change people’s mindset, effort must go back to primary school education and when introducing basic financial literacy.
“It is about going back through history to the things the Ottoman used in the middle ages. Perhaps what our doctorate students can do is suggest the redesigning of some of the financial literacy programmes that run on e-books or tablets so that primary school children can get the fundamental concepts of Islamic finance and know the alternatives (for financing) that are out there,” he says, adding that the change of this mass would probably need generations to instil.
“There is a lot of work to be done not just in this environment but also globally to change mindsets,” he says, adding that people are starting to look at Islamic finance from the perspectives of risk-sharing but that is no more than skimming the surface.
“It’s not just about risk-sharing, it’s about Islamic monetary policies using different tools,” he says.
Bank Negara Islamic scholar and Shariah Advisory Committee member Dr Aznan Hasan notes that it is time practitioners and regulators promote Islamic finance as a mainstream financial system.
“If we can see it as mainstream, we can change the mindset. We will start to think of what business model it works on and find the best way for it not just to co-exist with conventional finance but be a better alternative in some ways,” he says of the opportunities to harvest in Islamic finance.
While there was an overall congruence that Islamic finance should be depicted as a mainstream financial system rather than a niche option, the leaders recognise that that was a change could not be achieved overnight.
Risk-sharing model
HSBC Amanah Malaysia chief executive and executive director Rafe Haneef says the matter at hand is not just a mindset issue but is also incentive-driven.
“We have moved to limited-liability approach since a long a time ago where (for) the investing community, they do not want to share risk knowing that they get lesser return,” he says.
In order to move towards the more stable risk-sharing financial concept, he says everyone will have to “relook the corporate entity concept and business model that facilitates maximising shareholders’ return”.
“The existing conventional model gives less return when times are good but massive risk when times are bad which makes capitalists grow richer (but) the risk-sharing approach gives a greater distribution of wealth so you get greater reward through sharing when times are good as you get a greater share of the economics but when the times are bad, you share in the downturn as well.
“Investors are not prepared to share risk as they want to have their fixed income. They need to be, through tax, allowed to take more risk,” he says, citing the need to change the incentive in order to encourage risk-sharing.
He adds that risk-sharing is a better model for whole societies over the long term even though the initial stages of introducing it on a broad spectrum would incur a lot of social costs.
He adds: “The world is quite uniform in their taxing system so if you are the only country changing your system, you may find that you become less competitive in the short to medium term.”
There is much about Islamic finance in Malaysia that could still be moulded to be a leading hub.
“What we have not discussed thoroughly is the model we are working on. MIFC ( Malaysia International Islamic Financial Centre) is very good to allow international players to come in and these are usually bankers and asset managers. However, the liberalisation for other segments under IF are not well thought out,” he says.
Aznan refers to areas under the banking system like the legal fraternity and accountancy which have not been moderated to follow any Islamic models. “Are we going to adopt the UK model, or the Singapore model or have our own model (for all these areas) because Islamic finance is not only about bringing money in or out.”
To further grow Malaysia as an Islamic finance hub, local institutions have to venture out as well.
While we have had many foreign players come in to set up a base in Malaysia, the question Maybank Islamic chief executive Muzaffar Hisham asked is: “When we get people to come in, can we also go there?”
Whether the introduction of foreign players have made notable impact on the growth of Islamic finance locally, Daud believes that the only way to move forward is through reaching out.
“(The international players) have not made as much difference as everybody wanted or they haven’t done it quickly enough and we can complain about it,” he said, “but this is also about us going out there (through) reciprocal arrangements on a regulatory level.”
He says that from a business standpoint, there is more that the local Islamic finance industry can do in terms of taking the expertise and products here abroad.
“We have grown from 6% to 23% (but) growing any further is outcome-based and part of that outcome is what we have to define (such as) the business model, legal system, regulatory structures and so on,” he says, adding that Malaysians should not be afraid of defining new global measures and standards for Islamic finance.
He remarks that Malaysia has the “perfect right to do that because it has been doing it. It has been on the front curb and continuous improvement is going on”.
The roundtable also gathered the participation of Ernst & Young contry managing partner Abdul Rauf Rashid, CIMB-Principal Islamic Asset Management chief executive Datuk Noripah Kamso, legal firm Shook Lin & Bok partner Jalalullail Othman, Securities Commission Islamic Capital Markets executive director Zainal Izlan Zainal Abidin and International Investor country publisher Cory D’Abreo.
Regards

ZULKIFLI HASAN
Melbourne University Law School
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