BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: January 2013
January 30, 2013
DR. ZULKIFLI HASAN
High-profile Islamic finance firm Dar Al Istithmar closes
High-profile Islamic finance firm Dar Al Istithmar closes
By Anjuli Davies Available at:
http://www.reuters.com/article/2013/01/29/islamic-finance-dar-idUSL5N0AYD5C20130129
Jan 29 (Reuters) – One of the most high-profile advisory firms in Islamic finance, Dar Al Istithmar, which advised Goldman Sachs on a controversial $2 billion sukuk programme, has closed down with most of its staff moving to another company, sources told Reuters.
Dar, which had offices in London and Dubai, was set up in 2004 as a joint venture between Deutsche Bank, which subsequently pulled out, and financial firms Russell Wood Ltd and Oxford Islamic Finance Ltd.
It has now been shut after most of its personnel moved to Khalij Islamic, another investment and advisory firm with offices in London and Dubai, said the sources, who are familiar with the matter.
Officials at companies involved declined to speak publicly and it was not clear why Dar had closed down.
Dar’s former chief executive, Geert Bossuyt, who previously worked at Deutsche Bank, now holds the same position at Khalij, while former Dar managing director Asim Khan has also moved to Khalij, according to the Khalij website.
The sharia board of Khalij lists former sharia scholars at Dar, Hussain Hamed Hassan, Ali Al Qaradaghi and Aznan Hassan, who are some of the world’s most sought-after scholars. Sharia boards rule on whether companies’ products and activities comply with Islamic principles.
Dar did not make a public announcement on its closure, but its website is now out of service and a telephone number listed for it by the Dubai International Financial Centre website is incorrect. The website lists Dar as inactive with its Dubai Financial Services Authority licence revoked.
One of Dar’s most prominent clients was Goldman, whose plan to become one of the first Western banks to raise money through Islamic bonds, announced in October 2011, ignited a controversy in the Islamic finance community over whether the sukuk structure was valid and how the money would be used.
Goldman has said the sukuk met all necessary standards but publicly at least, the bank has not proceeded with the plan.
Some clients of Dar have also moved to Khalij with the management team, one source told Reuters
Regards

Zulkifli Hasan
With Dr. Mohd Daud Bakar in Dubai.
Islamic finance news
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January 26, 2013
DR. ZULKIFLI HASAN
How Islamic finance and a more ethical capitalism go hand-in-hand
How Islamic finance and a more ethical capitalism go hand-in-hand
Sheeza Ahmad Available at:
http://socialenterprise.guardian.co.uk/social-enterprise-network/2013/jan/24/islamic-finance-ethical-capitalism-social-enterprise
The Qur’an’s teachings around business chime with the objectives of the worldwide social enterprise movement.
Though wealth creation is the primary goal taught by top businessmen, social impact is considered to be a more fulfilling outcome for others. Money is not timeless, but what you do with that money can be. The light you instil in the uneducated, the medicine you provide to the ill, or the food and water you provide to the malnourished is far more enduring than the car you drive or the house you buy. Most advocates of social entrepreneurship believe that creating a business with a social impact leaves much more than just a humble footprint behind.
The concept of social entrepreneurship however is not new despite the recent rise in press coverage. It has existed since the 6th century and one particular group was taught the importance of such business: Muslims.
Muslims live their lives in accordance to the teachings of their founder, Muhammad, who led his life as a humble merchant and was the “trustworthy one” by all those who knew him. His teachings and examples of business dealings were strongly linked to humanitarian values where the poor, the sick and orphans took precedence. He acknowledged the suffering of people in surrounding environments and continually created solutions for them while creating a system that would ensure their care long after his passing.
The mention of Muhammad is significant to understand how today’s Muslims are encouraged to create wealth; supporting the notion of an existing relationship between Islamic business and social enterprise.
According to Sir Zafrullah Khan, the former Pakistani politician and diplomat, the Holy Qur’an states (59:8), “the object of the Islamic economic system is to secure the widest and most beneficent distribution of wealth through institutions set up by it and through moral exhortation. Wealth must remain in constant circulation among all sections of the community and should not become the monopoly of the right.”
In Islamic law, the principal economic obligation is the payment of the capital levy called the zakat (Holy Qur’an, 22:79), which is “a levy imposed upon the well-to-do which is returned to the poorer sections of people”. This law applies to both individual and business wealth. In the wealth that is produced, three parties are entitled to share: the working man, the person supplying the capital, and the community as representing mankind. According to Khan, “The community’s share in produced wealth is called the zakat. After this has been set aside for the benefit of the community, the rest is ‘purified’ and may be divided between the remaining parties that are entitled to share in it.”Though zakat is imposed only as a small percentage on one’s actual assets, Islamic teachings encourage the injection of wealth into communities where support is small or absent. Wealth is encouraged to be in constant circulation, either into the business, or into local communities to ensure the poor and sick are consistently attended to.
Comparatively, a social enterprise is an organisation, which focuses on environmental, social and economical well-being with a profit-making business model. The primary aim of a commercial business is to maximise shareholder wealth whereas the primary aim of a social enterprise is to maximise social value. Simply put, it is the bridge between non-profit organisations and commercial businesses.
Many examples can be found when exploring the Muslim world of social entrepreneurs who have values rooted in Islamic teachings. One notable organisation is the Grameen Foundation, which provides financial services, life-changing information and unique income-generating opportunities to improve the lives of the poor. In the last 15 years, the foundation and its partners have helped 9.4 million of the world’s poor.
Similarly, Net Impact Saudi Arabia (NISA) strives to make a positive impact in society by assisting social entrepreneurs with the provision of education, equipment and inspiration to aid with the growth of their business. NISA has successfully supported 10,000 business owners.
In relation to the business model followed by Muslims, equity holders and communities share both Islamic wealth and social enterprise-related wealth.
These two types of businesses have community interests in common and are also faced with similar issues, a major one being reduced assets as money is constantly being circulated either for the purpose of business expansion or for community support. Some would argue that this makes sustaining a social enterprise business model much more difficult in comparison to other enterprises purely because their products and services focus on something more than just increasing profits: social value.
Consumer trends have shifted towards investment in products that come attached with an individual and social benefit, which is why the successes shared by many social enterprises have been profound. Muslims and social enterprise owners pursuing businesses based on either of the two models discussed are keen to accept the challenges ahead of them as they find solace in making a difference on a social level. To them and the consumer, this holds far greater value than the accumulated wealth itself.
Regards

Zulkifli Hasan
Oslo, Norway
Islamic finance news
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January 22, 2013
DR. ZULKIFLI HASAN
Malaysia is on the way to becoming the Switzerland of Islamic banking.
The Malaysian star!
By HUSSEIN SHOBOKSHI Available at:
http://english.alarabiya.net/views/2013/01/21/261608.html
While conventional banking continues to make headlines mainly for scandals, huge pay offs and bonuses, Islamic finance is growing by amazing 20 percent annually. It manages to attract non-Muslims worldwide as well as many countries have adopted and accepted this financial model. This phenomenon is also known to the people in the industry as “faith in finances”.
With this enormous potential, it is clear that there is a huge economic benefit to be sought from it. Out of all the Muslim countries that tried to chase this market, Malaysia seems to lead the way in Islamic finance by leaps and bounds. More than one-fifth of its entire banking structure is in fact Shariah-compliant that in itself is quiet an important statement. Just to note and compare that the average for other Muslim countries is barely 12 percent and many times much less.
Shariah complaint

  Malaysia is, single handedly, responsible for the insurance of more than three-quarters of the global insurance with a value exceeding $80.5 billion

Hussein Shobokshi

Malaysia excelled in providing the markets with innovative financial products which are Shariah-compliant. It came up with the world’s first-sought Islamic bonds known as “sukuk” when these were issued in 2002. Malaysia is, single handedly, responsible for the insurance of more than three-quarters of the global insurance with a value exceeding $80.5 billion. This dominant position made the Malaysians think deeply on how they can capitalize on this chance and expand in their position so they created the Islamic Financial Services Board which serves as the industry’s standard-setting body.
Malaysia is far ahead of other competitors who were — and still are —involved with Islamic Finance like Turkey, Bahrain and the United Arab Emirates. Malaysia, however, dealt with this matter in a very strategic way for a relatively small country. It has a population that barely exceeds 30 million people with Muslims making up 60 percent of that number. The comparison with its large neighboring country, Indonesia, is fascinating. Indonesia, the world’s largest Muslim country with a population exceeding 220 million people, has only 4 percent of its financial products that ware Shariah-compliant.
Competition

Although size matters, and Gulf states — Saudi Arabia in particular — have huge Islamic banking portfolios, it is Malaysia by far which is the leader in the center of thoughts in Islamic finance. Malaysia realized early on that it cannot keep on competing strictly as an industrial hub with the strong competition from China, Korea and Vietnam so it decided to become a serious player in the financial-services sector, particular in Islamic Finance.
Its central bank set up two institutions which played a huge role to impose a Malaysian dominance in this field. The first one is the International Centre for education in Islamic Finance (INCEIF). With its student body exceeding 2,000 and with a good experience collected over the years since it was established in 2005, it is today the world’s leading university for the study of Islamic Finance. It houses the international Shariah Research Academy, a very dynamic body producing progressive opinions. The second institution is the Islamic Banking and Finance Institute of Malaysia (IBFIM) which focuses on vocational training.
Malaysia is on the way to becoming the Switzerland of Islamic banking. It is a new star to watch.
Regards

Zulkifli Hasan
Top of Europe, Switzerland
Islamic finance news
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January 21, 2013
DR. ZULKIFLI HASAN
Time ripe for Muslim TED Talks
Time ripe for Muslim TED Talks
Rushdi Siddiqui Available at:
http://www.themalaysianinsider.com/litee/opinion/article/time-ripe-for-muslim-ted-talks/
“A mind once stretched by a new idea never regains its original dimensions.” — Oliver Wendell Holmes
A close friend suggested that I present something on Islamic finance and the halal sector on TED Talks, and my immediate reaction was, “Huh, what’s the story?”
Background: I gave a presentation on Islamic finance at Bold Talks in Dubai in 2011, and Islamic finance cannot (today) compete for an audience’s sustained attention (not for long at least) when competing against presentations from an ex-prisoner and ex-guard from Guantanamo Bay, or facing the challenges of getting photos of environmental damage from the BP oil spill, or the battle of evil and good forces highlighted in the Stanford Prison Experiment, and other inspiring and insightful human stories.
Islamic finance may be about ethics, financial inclusion, equitable treatment, etc., but it has not resulted in a compelling human interest story yet. It has not changed disasters into happy or humane endings. It has not delinked from being “curious or press release news” to being part of the business section in newspapers.
Today, people ask, which Muslim country has eradicated poverty? Has it financed healthcare to reduce deaths of infants, increasing mortality rates and saving mothers in labour, say in African/Asian countries? Has it help finance a knowledge-based economy (via venture capital)? Has it rescued conventionally indebted people from foreclosure, fines or debtor’s incarceration? Has it financed to save the environment or even saved those affected from environmental disasters?
The answers to these questions are an article for another day.
After my presentation, no, it was not on prohibition against interest and pork, halal certification or the length of a scholar’s beard (before someone decides to comment that this is a rant on halal and being too Islamic), I got the customary polite golf clap, and left the stage feeling empty.
So, a re-do is not on the cards for TED Talks. But, there is a potentially more interesting angle and story for the TED Talks platform.
TED
The TED website states: “TED is a non-profit organisation devoted to ideas worth spreading. It started out (in 1984) as a conference, bringing together people from three worlds: Technology, Entertainment, Design.” It goes on to say:
“We believe passionately in the power of ideas to change attitudes, lives and ultimately, the world …. building a clearinghouse that offers free knowledge and inspiration from the world’s most inspired thinkers, and also a community of curious souls to engage with ideas and each other.’
There are number of TEDs:
● TEDActive for community building
● TEDGlobal is the summer conference held in places like Oxford, Tanzania, and now its permanent home in Scotland.
● TEDIndia was about hosting events in countries that could lead regions.
● TEDWomen asking question on how girls and women ae reshaping the future.
What about TEDOIC
OIC stands for Organisation of the Islamic Conference, 57 in all and with a total population of 1.8 billion-plus and combined GDP (at purchasing power parity, PPP) of US$7,740 billion (RM23,220 billion).
So why isn’t there a TEDOiC for the “man on the street” as an alternative to the glitz and glamour of the Swiss-based World Economic Forum (WEF), often held in places like Sharm el-Shaik, Egypt and Petra, Jordan. The OIC, as a whole, has yet to unleash its true potential as a “regional” bloc of countries or have a far-reaching impact globally. It has not been taken seriously by the world at large as well as in many parts of the Muslim world as they feel it has yet to deliver meaningful solutions for its constituents’ many unending challenges. Today, many of the Muslim countries are often the source of today’s many challenges.
This said, these challenges are really disguised opportunities, and when you bring the “world’s most inspired thinkers” onto one platform and give them 18 minutes to present not many audience members will leave early.
Imagine the world’s leading and respected thinkers congregating and doing mini-presentations on not the problems in the OIC, but possible ways forward? What a world of solutions we could congregate! If nothing else, it’s an approach that has yet to be tried, so we only have everything to gain and the status quo to lose.
Yes, it’s acknowledged, we have the important World Economic Islamic Forum (WEIF) and the OIC Forum, however, TED Talks is not an Islamic/Muslim platform, hence, the neutral credibility.
Ideas as change agent
TED is owned by Sapling Foundation, a non-profit entity. The goal of the foundation is “…  a belief that there is no greater force for changing the world than a powerful idea.” It goes on to say, “… An idea can be created out of nothing except an inspired imagination … weighs nothing … transferred across world at speed of light at virtually zero cost … when received by prepared mind, can have extraordinary impact … of the world … alter behaviour … and cause the mind to pass other ideas…”
The Muslim world is not in need of ideas, as there are many brilliant Muslims, young, old, men and women all included. What is needed is a neutral platform (in the tribal Muslim world) that sparks ideas into viable plans that get funded and eventually executed without pilferages, we hope!
The facilitators are the needed sparks and the TED platform can be the credible foundation to start this. But, the platform has to be hosted, akin to having a TED franchise in the first Muslim country (I believe).
TEDMalaysia?
Among the 57 Muslim countries, having visited about 20 of them, the time is right for TED Talks in Dubai or Malaysia. Malaysia, a multi-cultural, ethnic and religious society with a robust and vociferous (online) media, could be a better launch pad. There is a correlation between ideas and a “multi-party” democracy generating quality of life ideas and ensuing ideals.
This is an election year in Malaysia. Elections used to be about slogans in the early years, but now they are about the market place of ideas.
What a great opportunity to have global thinkers including those from Malaysia come to Malaysia and present blueprint ideas that build Malaysia, specifically, and the OIC, generally.
Conclusion
Shall I make the initial call to the good folks at TED Talks about Malaysia?
The second call is for a Malaysian thinker or friends of Malaysia (FoM) to join the TED Talks Brain Trust, to be with the likes of the founders of Google, Microsoft, Amazon, chancellor of Kabul University, and others.
Finally, in the words of William James:
“A new idea is first condemned as ridiculous and then dismissed as trivial, until finally, it becomes what everybody knows.”
Regards

Zulkifli Hasan
With Professor Tariq Ramadan
Islamic finance news
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January 18, 2013
DR. ZULKIFLI HASAN
MENEKUNI DAN MENGHAYATI SIRAH RASULULLAH SEMPENA MAULID AL RASUL
MENEKUNI DAN MENGHAYATI SIRAH RASULULLAH SEMPENA MAULID AL RASUL
Setiap tahun bersamaan dengan 12 Rabiulawal 1433H/2012M seperti kebiasaannya umat Islam akan menyambut maulidur Rasul bersempena memperingati kelahiran Nabi Muhammad Sallallahualaihiwasallam yang kita kasihi. Mungkin ada yang tidak tahu bahawa tarikh kewafatan Rasululullah juga berlaku pada 12 Rabiulawal iaitu pada 11 Hijrah/632M seperti yang diriwayatkan oleh sebahagian besar ahli sejarah. Manfaat juga untuk dikongsikan di sini bahawasanya kebanyakan ahli sejarah pada zaman sahabat dan tabiin yang meriwayatkan kisah dan kehidupan Rasulullah Sallallahualaihiwasallam merupakan pakar dalam ilmu hadith.
Merenung kepada perdebatan dan perbincangan mengenai sambutan Maulidur Rasul pada setiap tahun yang kadangkala menimbulkan perselisihan dikalangan masyarakat, penulis mengambil kesempatan ini untuk berkongsi pandangan mengenai isu ini. Pada masa yang sama, penulis tidak berhasrat untuk membincangkan hukum sambutan Maulidur Rasul ini secara mendalam kerana ia telah diperdebatkan secara panjang lebar oleh fuqaha terdahulu. Apa yang lebih penting ialah untuk umat Islam mengenali dan menghayati kehidupan Rasulullah dan ini hanya akan dapat dilakukan melalui pembacaan dan penelitian pada sirah baginda. Sehubungan dengan itu, penulis membincangkan secara ringkas literatur sirah Rasulullah yang sepatunya dimiliki oleh setiap umat Islam.
Tatkala sebahagian umat Islam sibuk membuat persiapan menyambut maulidur Rasul dengan pelbagai aktiviti, ada juga yang mempertikaikan usaha ini dan melabelkannya sebagai bidaah. Dalam kekhilafan ini, penulis memilih pendekatan sederhana untuk bersama-sama Imam Jalaluddin Sayuti, Sayid Ahmad bin Zaini Dahlan, Syeikh Yusuf Qaradhawi dan fuqaha yang lain untuk mengharuskan sambutan Maulidur Rasul dengan syarat ia tidak mencampur adukkan perkara yang dilarang oleh Islam. Dalam merungkai permasalahan ini, penulis ingin menukilkan kata-kata Hasan Al Banna menasihati umat Islam dalam masalah ini seperti yang diungkapkan oleh Yusuf Qaradhawi di dalam Fiqh Awlawiyat, halaman 266-267 yang bermaksud:
“Wahai saudara-saudaraku, aku amat mengetahui bahawa saudara yang bertanya tadi, termasuk juga ramai di kalangan kalian, tidak bermaksud daripada soalan seumpama itu melainkan hanya ingin mengetahui, daripada kumpulan manakah pengajar baru ini? Adakah daripada kumpulan Syeikh Musa atau daripada kumpulan Syeikh Abdul Sami’?! Sesungguhnya pengetahuan ini tidak memberikan apa-apa manfaat kepada kamu, sedangkan kamu telah menghabiskan masa dalam keadaan fitnah selama lapan tahun dan cukuplah sekadar itu. Kesemua masalah-masalah itu telah diperselisihkan oleh umat Islam sejak ratusan tahun dan mereka masih terus berselisih pendapat sehingga ke hari ini, namun Allah Subhanahuwataala redha kepada kita untuk berkasih sayang dan bersatu padu serta membenci untuk kita berselisihan dan berpecah-belah. Maka aku ingin mengajak kamu semua berjanji dengan Allah Subhanahuwataala untuk meninggalkan semua perkara-perkara ini sekarang, dan bersungguh-sungguh untuk mempelajari asas-asas agama dan kaedah-kaedahnya, beramal dengan akhlaknya, kelebihan-kelebihannya yang umum dan petunjuk-petunjuknya yang disepakati. Dan mendirikan segala kewajipan dan sunat serta meninggalkan sikap memberat-beratkan dan terlalu rigid supaya hati menjadi suci. Dan supaya menjadi tujuan kita semua hanya untuk mengetahui kebenaran, bukan hanya kerana sekadar mahu memenangkan satu pandangan. Ketika itu, kita mempelajari kesemua ini bersama dalam keadaan kasih sayang, kepercayaan, kesatuan dan keikhlasan. Aku berharap kamu terimalah pandanganku ini dan agar ia menjadi perjanjian sesame kita untuk berbuat demikian”
Berdasarkan kepada peringatan penting Hasan Al Banna di atas, sudah pasti isu sambutan maulidur Rasul ini tidak akan menjadi punca perselisihan dan perpecahan umat Islam sekiranya maksud sebenar sambutan seumpama ini dihayati. Jika ditinjau sejarah, C. Cherfils di dalam bukunya ‘Napoleon And Islam’ menukilkan bahawa Napoleon Bonaparte juga telah menganjurkan upacara besar-besaran menyambut maulidur Rasul di atas kekagumannya terhadap Rasulullah Sallallahualaihiwasallam. Hingga ada yang mengatakan dengan yakin berdasarkan beberapa dokumen sahih bahawa Napoleon diakhir hayatnya adalah seorang Muslim dengan nama Muhammad Ali Bonaparte.
Namun harus diingat, pada masa umat Islam beriya-beriya untuk menjayakan sambutan Maulidur Rasul dengan pelbagai program dan aktiviti di setiap pelusuk negara, sememangnya tidak dapat dinafikan bahawa masih ramai yang tidak mengenali Rasulullah Sallallahualaihiwasallam sama ada dari aspek pemikiran, peribadi, akhlak, pendekatan dan keseluruhan cara hidup baginda. Penulis mengambil kesempatan ini untuk berkongsi sedikit pengetahuan untuk membicarakan literatur mengenai Sirah Rasulullah Sallallahualaihiwasallam dengan harapan ia akan dapat menjadi panduan dan rujukan selepas ini.
Merujuk kepada sejarah penulisan Sirah Rasulullah Sallallahualaihiwasallam, ia telah pun dimulakan oleh para sahabat seperti Abu Rafi Mawla yang telah menulis tentang sifat solat dan ibadah baginda. Ini termasuk Sahl b. Abi Hathmah al-Madani al-‘Ansari dan ‘Abd Allah b. ‘Amru b. al-‘As b. Wa’il b. Hashim. Penulisan sirah Rasulullah Sallallahualaihiwasallam secara sistematik telah dimulakan oleh para Muhaddithun yang juga ahli sejarah seperti Sa`id b. al-Musayyib al-Makhzumi, ‘Urwah b. al-Zubayr b. al-‘Awwam and Abu Fadalah ‘Abd Allah b. Ka’b b. Malik al-Ansari.
Penulisan sirah Rasulullah Sallallahualaihiwasallam kemudiannya kian popular ketika zaman Muhammad b. Ishaq yang telah menulis kitab Kitab al-Mubtada’ wa al-Mab`ath wa al-Maghazi iaitu buku yang membincangkan secara terperinci kehidupan baginda bermula kelahiran hingga kewafatan. Ini diikuti oleh Muhammad b. ‘Umar al-Waqidi yang menulis Kitab Azwaj al-Nabiyy, Kitab al-Tarikh wa al-Maghazi wa al-Mab`ath and Kitab Wafat al-Nabiyy and Kitab al-Maghazi. Kitab Sirah yang menjadi rujukan utama hingga kini telah ditulis oleh ‘Abd al-Malik b. Hisham melalui karyanya yang masyhur iaitu Kitab al-Sirah al-Nabawiyyah.
Kitab-kitab sirah di atas walaubagaimanapun ditulis di dalam bahasa Arab dan mungkin ini menimbulkan kesulitan sesetengah pihak untuk memahami dan merujuk isi kandungannya. Ini sebenarnya tidak menjadi halangan bagi tujuan untuk memahami kehidupan Rasulullah Sallallahualaihiwasallam kerana terdapat banyak buku-buku kontemporari yang ditulis oleh sejarawan Islam mahupun dalam bentuk terjemahan. Sebagai contoh buku “Life of the Prophet Muhammad: Al-Sira Al-Nabawiyya” oleh Ibn Kathir dan juga “The Life of Muhammad: A Translation of Ibn Ishaq: Sirat Rasul Allah” telah diterjemahkan ke dalam bahasa Inggeris yang boleh dijadikan sebagai rujukan.
Selain daripada itu, buku-buku lain yang boleh dirujuk adalah seperti “Prophet Muḣammad and His mission” oleh S. Athar Husain, “Muhammad, the messenger of Islam: His Life and Prophecy” oleh Hajjah Amina Adil, “Mohammed and the Rise of Islam” oleh D. S. Margoliouth, “The Great Prophet a Short Life of the Founder of Islam” oleh F. K. Khan Durrani, “The Messenger of God Muhammad: An Analysis of the Prophet’s life” oleh M. Fethullah Gulen, “Prophet Muhammad(s) and His Family: A Sociological Perspective” oleh Shamim Aleem, “The Prophet Muhammad: A Biography” oleh Barnaby Rogerson, “Muhammad: Prophet and Statesman” oleh William Montgomery Watt, “Muhammad: Prophet for Our Time (Eminent Lives)” and “Muhammad: Western Attempt to Understand Islam” oleh Karen Armstrong, “Muhammad: His Life Based on the Earliest Sources” oleh Martin Lings, “Introducing Muhammad” oleh Ziauddin Sardar, “Prophet Muhammad and His Miracles” oleh Bediuzzaman Said Nursi dan “Atlas on the Prophets Biography: Places, Nations and Landmarks oleh Shawqi Abu Khalil. Karya Safiur Rahman al-Mubarakpuri yang bertajuk Ar-Raheeq Al-Makhtum atau terjemahannya “The Sealed Nectar” juga merupakan sumbangan yang penting mengenai sejarah hidup Rasulullah. Buku ini telah memenangi hadiah pertama dalam pertandingan menulis biografi Rasulullah yang dianjurkan oleh Liga Muslim Sedunia di Madinah pada tahun 1979. Antara buku kontemporari yang amat baik mengenai kehidupan Rasulullah ialah karya Tariq Ramadan bertajuk In the Footsteps of the Prophet: Lessons from the Life of Muhammad. Karya Tariq Ramadan ini membicarakan pengajaran daripada kehidupan Rasulullah melalui analisis dan pemerhatian yang lebih segar dan kontemporari. Di samping itu, terdapat juga koleksi rujukan dalam bentuk cakera padat seperti “The Life of the Last Prophet”, sebuah audio biografi oleh Yusuf Islam.
Kesemua koleksi sirah Rasulullah Sallallahualaihiwasallam di atas diterbitkan dalam bahasa Inggeris dan faktor ini boleh menjadi penghalang sesetengah individu untuk memahami buku-buku tersebut. Sebenarnya terdapat buku-buku dalam bahasa melayu telah diterbitkan seperti “Biografi Muhammad bin Abdullah” oleh Zulkifli Mohd Yusoff dan Noor Naemah Abdul Rahman termasuk buku terjemahan seperti Fiqh al-Sirah oleh Muhammad Sa’id Ramadan al-Buti, “Sejarah kehidupan Nabi Muhammad” oleh Muhammad Hussein Haykal dan “Sirah Nabi Muhammad Sallallahualaihiwasallam: Pengajaran dan Pedoman” oleh Mustafa as-Shibaie. Buku bertajuk “Biografi Agung Rasulullah Sallallahualaihiwasallam” karya Rusydi Ramli al Jauhari juga amat sesuai untuk koleksi keluarga kerana ia ditulis dalam gaya penulisan yang santai disertakan dengan gambar-gambar yang menarik berkaitan dengan sejarah Rasululullah. Berdasarkan senarai rujukan tertera di atas, penulis menganjurkan agar setiap umat Islam untuk memiliki sekurang-kurangnya senaskhah sirah Rasulullah Sallallahualaihiwasallam sebagai koleksi peribadi.
Memahami dan meneladani Rasulullah Sallallahualaihiwasallam merupakan suatu kewajipan bagi semua umat Islam. Perkara ini tidak akan dapat dicapai melainkan melalui proses pencarian ilmu. Dalam aspek ini, sememangnya kita telah disajikan dengan pelbagai koleksi rujukan mengenai kehidupan Rasulullah Sallallahualaihiwasallam. Hanya tinggal kini ialah kemahuan, keazaman, keiltizaman diri untuk belajar memahami dan meneladani seterusnya mendidik jiwa dan rohani untuk mengasihi Rasulullah Sallallahualaihiwasallam.
Rujukan
Abu Halil, Shawqi. (2004). Atlas on the Prophets Biography: Places, Nations and Landmarks. Riyadh:Darussalam.

Al Jauhari, Rusydi Ramli. (2012). Biografi Agung Rasulullah Sallallahualaihiwasallam. Kuala Lumpur: Must Read Sdn. Bhd.

Al Buti, Muhammad Sa’id Ramadhan. (1983). Fiqh Al-Sirah. Terjemahan Mohamed Darus Sanawi. Kuala Lumpur: Dewan Pustaka Fajar.

Abdul Rahman Rukaini. (1992). Riwayat Hidup Nabi Muhammad. Kuala Lumpur: Dewan Bahasa dan Pustaka.

Afzalur Rahman, Muhammad. Blessing for Mankind. London: The Muslim Schools Trust London.

Cherfils, Christian. (1999). Napoleon and Islam. Kuala Lumpur: Utusan Publications.

Haykal, Muhammad Hussein. (2008). The Life of Muhammad. Petaling Jaya: Islamic Book Trust.

Lings, Martin. (1983). Muhammad: His Life Based on Earliest Sources. Rochester Vermon: Inner Traditions International.

Noor Naemah Abdul Rahman dan Zulkifli Hj. Mohd. Yusoff. 2007). Biografi Muhammad bin Abdullah. Kuala Lumpur: PTS Publication.

Siddiqi, Muhammad Zubair. Hadith Literature: Its Origin, Development and Features. London: Islamic Text Society.

Siddiqui, Abdul Hamid. (1975). The Life of Muhammad. Beirut: Dar al Fatah.
Regards

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Masjid al Nabawi, Madinah al Munawwarah.
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+

Regulatory Framework of Shariah Governance

Zulkifli Hasan, PhD

+
Contents

n Regulatory framework of Shariah
Governance
n IBA1983
n CBA 1958 Amendment 2003
n IFSA 2013
n SGF and BNM’s Directives
n AAOIFI
n IFSB

+ Since establishment of first Islamic bank in 1983, Shariah
governance has developed gradually to strengthen Shariah

compliance

3

2013 Islamic Financial Service Act
2013

2010
Shariah Governance

Framework for Islamic
Financial Institutions

2009 Central Bank of Malaysia Act
2009

2004
Guidelines on the Governance
of the Shariah Committee for
Islamic Financial Institution

1983  Islamic Banking Act 1983

q Repeals the Islamic Banking Act 1983 and
Takaful Act 1984

q Shariah Compliance and Shariah
Governance provisions specifically covered
under Section 27 to Section 38 of the Act.

q Set out the expectation of BNM on Shariah
governance structures, processes and
arrangements, duties and responsibilities of
Board, management and Shariah committee
as well as Shariah compliance functions to
ensure Shariah compliance.

q Provides specific clauses on Shariah
Advisory Council in the Sections 51 to 58 as
well as the power of BNM to issue guidelines
on Shariah matters in Section 59.

q Provides the duties and responsibilities of
the internal Shariah Committee in advising
the respective IFIs on Shariah matters
(superseded by the Shariah Governance
Framework for Islamic Financial
Institutions)

+
BNM Shariah Governance Framework (2011) proposed the model
of Shariah governance framework for IFI operating in Malaysia

4

+
Section 3 (5) of the IBA (No longer
relevant)

n (5) The Central Bank shall not recommend the grant
of a licence, and the Minister shall not grant a
licence, unless the Central Bank or the Minister, as
the case may be, is satisfied—(a) that the aims and
operations of the banking business which it is
desired to carry on will not involve any element
which is not approved by the Religion of Islam; and

n (b) that there is, in the articles of association of the
bank concerned, provision for the establishment of
a Syari’ah advisory body, as may be approved by
the Central Bank, to advise the bank on the
operations of its banking business in order to
ensure that they do not involve any element which
is not approved by the Religion of Islam.

+
Section 13A (1) (No longer relevant)

n  13A. (1) An Islamic bank may seek the advice of the Syariah
Advisory Council on Syariah matters relating to its banking
business and the Islamic bank shall comply with the advice
of the Syariah Advisory Council.

n  (2) In this section, “Syariah Advisory Council” means the
Syariah Advisory Council established under subsection
16B(1) of the Central Bank of Malaysia Act 1958.

+Sec 124 of the BAFIA (no longer
relevant)

n  124. (3) Any licensed institution carrying on Islamic banking
business or Islamic financial business, in addition to its existing
licensed business may, from time to time seek the advice of the
Syariah Advisory Council established under subsection (7), on the
operations of its business in order to ensure that it does not involve
any element which is not approved by the Religion of Islam.

+
IFSA 2013

n  “Shariah Advisory Council” means the Shariah Advisory
Council on Islamic finance established under section 51 of
the Central Bank of Malaysia Act 2009;

n  “Shariah committee” means the Shariah committee of an
institution established pursuant to section 30;

+Part IV Shari’ah Requirements of the
IFSA

n  S28. (1) An institution shall at all times ensure that its aims
and operations, business, affairs and activities are in
compliance with Shariah.

n  (2) For the purposes of this Act, a compliance with any ruling
of the Shariah Advisory Council in respect of any particular
aim and operation, business, affair or activity shall be
deemed to be a compliance with Shariah in respect of that
aims and operations, business, affair or activity.

+
S 29 of the IFSA

n (a) Shariah governance including—

n (i)  functions and duties of the board of directors,
senior officers and members of the Shariah
committee of an institution in relation to
compliance with Shariah;

n (ii) fit and proper requirements or disqualifications
of a member of a Shariah committee; and

n (iii)  internal Shariah compliance functions; and

n (b) any other matter in relation to the business,
affair and activity of an institution for the purposes
of compliance with Shariah.

+SC
n  30. (1) A licensed person shall establish a Shariah committee for

purposes of advising the licensed person in ensuring its business,
affairs and activities comply with Shariah.

n  31. No person shall be appointed, reappointed or accept any
appointment as a member of a Shariah committee unless such person
meets the requirements as set out in any standards as may be specified
by the Bank under subparagraph 29(2)(a)(ii) and has obtained the
prior written approval of the Bank.

+ To ensure strict adherence to the Shariah, IFSA 2013
imposed severe punishment on non compliance to the Act

12

       Financial   Non-Financial
• Shariah non-compliant income
   due to invalidation of contract
(‘aqad)

• Capital adequacy ratio (CAR)
impact

           • Against the commands of
Allah
               SWT
           • Impediment of Allah’s SWT
              blessing or barakah
           • Jeopardize business
reputation

Contravention of the Islamic Financial Services Act 2013:

Section 28(5) of the Act provides

Imprisonment for a term not exceeding eight years; or
Fine not exceeding twenty-five million ringgit; or both.

Impact
of

Sharia
h Non-
Compl
iance

Regulatory

+
Reporting of  SCR in Islamic Financial Services Act 2013

13

Section 28 (3) of Islamic Financial Services Act 2013:

Where an institution becomes aware that it is carrying on any of its
business, affair or activity in a manner which is not in compliance
with Shariah or the advice of its Shariah Committee or the advice or
ruling of the Shariah Advisory Council, the institution shall:

(a) Immediately notify the Bank and its Shariah Committee of the
fact;

(b) Immediately cease from carrying on such business, affair or
activity and from taking on any other similar business, affair or
activity; and

(c) Within thirty days of becoming aware of such non‐compliance or
such further period as may be specified by the Bank, submit to the
Bank a plan on the rectification of the non‐compliance.

+Accountability of  Board, SC and Management in Non-Shariah
Compliant event

*Note: “Immediate” is defined as within 14 working days upon realization of the
event 14

Actual Shariah Non-Compliance (SNC) Event

1. Report on actual SNC shall be
submitted to BNM on an
“immediate”  basis as and when
necessary.

2. Within the 14 days – required to
obtain the confirmation from the
SSC.

3. The Bank is required to submit to
BNM the rectification plan
(approved by the Board and SSC)
within 30 days
after the confirmation by SSC.

4. In the event that no Board
meeting will be held within such 30
days, the Bank is required to
exhaust other means to obtain the
Board’s approval
on the rectification plan prior to
submission to BNM.

+
Pre-CBA 2009

n  Affin Bank Berhad v Zulkifli Abdullah [2006] 3 MLJ 67 :
n  It is not a question of shariah law.

n  It is the conclusion of this court. There is no necessity to refer
the question to another forum.

n  Arab Malaysian Merchant Bank Berhad v Silver Concept Sdn
Bhd [2005] 5 MLJ 210 :
n  s 16B does not make reference to the SAC mandatory.

n  Only binding to the arbitrator.

+
Central Bank of Malaysia Act 2009

n SAC

n S 51 (1) The Bank may establish a Shariah
Advisory Council on Islamic Finance which
shall be the authority for the ascertainment
of Islamic law for the purposes of Islamic
financial business

n (2) The Shariah Advisory Council may
determine its own procedures

+
S 52 of the CBA

n S 52:  (a) to ascertain the Islamic law on any
financial matter and issue a ruling upon
reference made to it in accordance with this
Part;

n (b) to advise the Bank on any Shariah issue
relating to Islamic financial business, the
activities or transactions of the Bank;

+
S 52 of the CBA

n (c) to provide advice to any Islamic
financial institution or any other person as
may be provided under any written law;
and

n (d) such other functions as may be
determined by the Bank

+
Reference to SAC

n The court or arbitrator shall

n (a) take into consideration any published
rulings of the Shariah Advisory Council; or

n (b) refer such question to the Shariah
Advisory Council for its ruling.

n (2) Any request for advice or a ruling of the
Shariah Advisory Council under this Act or
any other law shall be submitted to the
secretariat.

+
Tan Sri Khalid Ibrahim v Bank Islam
Malaysia Berhad [2009] 6 MLJ 416

n For the first time in the history of the
Malaysian court that the High Court judge
made reference to the SAC for confirmation
of the Shari’ah status of the agreement.

n BBA is recognized form of transaction.

+ Bank Islam Malaysia Bhd v Lim Kok Hoe & Anor
And Other Appeals [2009] 6 CLJ 22; [2009] 6
MLJ 839

n The ct will have to assume that the SAC and the SC
would have discharged their duty to ensure that
the operation of Islamic banks are complied with
the syariah.

n The judge should not have taken upon himself to
rule otherwise without having regard the view of
the SAC.

+Effect of Rulings

n S 57 Any ruling made by the Shariah Advisory Council
pursuant to a reference made under this Part shall be
binding on the Islamic financial institutions under
section 55 and the court or arbitrator making a
reference under section 56.

n 58. Where the ruling given by a Shariah body or
committee constituted in Malaysia by an Islamic
financial institution is different from the ruling given by
the Shariah Advisory Council, the ruling of the Shariah
Advisory Council shall prevail

+ Tan Sri Abdul Khalid bin Ibrahim v Bank
Islam Malaysia Bhd [2012] 7 MLJ

n (Mohd Zawawi J):

n   It is settled law that ss 56 and 57 of the Act are
valid federal laws enacted by Parliament and as
such were not in contravention of the FC.

n Difference of opinion on Shariah issues relating to
Islamic banking should be resolved within the
SAC. It is advisable and practical that a special
body like the SAC should ascertain the Islamic law
most applicable to the Islamic banking industry in
Malaysia

+
Azhar bin Osman & 3 Other Cases
(2010) 9 MLJ

n  Counsel for the bank contended that in a BBA contract the Bank has a
legal right to claim for the full sale price as stipulated in the Property
Sale Agreement, as.

n  The HC observed that in specifying the amount due, the issue which
confronts a BBA contract is the agreement is silent on:

n  Since the tenure of the contract has not completed, normally the bank
will further deduct as ibrar (a term used in Islamic banking for rebate)
what it refers to as ‘unearned profit“, i.e. the amount which has yet to
be earned by the bank, based on an Amortization table.

n  when a BBA contract is prematurely terminated upon default by the
borrower, the court cannot allow the bank to enforce the payment of
the full sale price in a premature termination:

+ MK Associates Sdn Bhd v. Bank Islam
Malaysia Bhd  [2015] 6 CLJ

n  The plaintiff must know of the imposition of Ta’widh so that

consent could be given freely. Obviously, the plaintiff in this
case did not know the imposition of Ta’widh on the financing
facility granted to it.

n  At the time the agreements were entered into Ta’widh was
not practised by the IFI. Ta’widh was only introduced after
the SAC’s Resolution in 1998. The said resolution was to take
effect only on 1 January 1999 to existing and new
agreements. Therefore, Ta’widh shall be applicable only on
or after 1 January 1999.

+
Shari’ah governance Framework for IFIs

n The SGF consists of two parts and one appendix
with part I consists of five sections and part II,
six sections. Part I provides an overview of
Shari’ah governance consisting of objectives,
scope of application, legal provision, effective
date and compliance deadline and approach.
Part II details out the Shari’ah governance
arrangements and these include general
requirement for Shari’ah governance
framework, oversight, accountability and
responsibility, independence, competence,
confidentiality and consistency and Shari’ah
compliance and research functions. All IFIs
licensed under the IBA, the BAFIA, the DFIA and
the TA are required to comply with the SGF.

+Shariah Governance Framework

27

Set of process, guidelines, standards or rules
outline by  BNM that defines the activity /

operation/grant power or performance to be
undertaken by Islamic Financial Institutions
in relation to  its Islamic financing  activities

To regulate the practices and
operation of Islamic FIs in

relation and ensures Shariah
compliance

+Shariah Governance Standards and the Frameworks Impacts

28

Shariah
Board

-Emphasis

Shariah
Governance

-Organs

Shariah
Governance

–Other
requisites

• Continuous Professional Development (Training &
Exposure)
• Succession Plan –Serious action required
• Independence & Transparency
• Performance Assessment (Collective & Individually)
• Assistance of Supportive organs

• To include: Shariah Review, Audit, Secretariat,
Advisory, Shariah Risk Management and Research

• Active involvement of: BOD and Shareholders
• Fatwa: To use acceptable Shariah method to derive
legal ruling
• IFI to disclose full, accurate and timely information
• Shariah Corporate Governance
• Empowerment of CSR
• Observation of ethics and best business practice

Nevertheless, where the Shariah governance framework and the
standards are not adopted, the following concerns of the industry
is still persistent. Apart from that, in many jurisdictions, various
concerns on legal risks are not addressed too.

+Objectives
n (i) sets out the expectations of the Bank on

an IFI’s Shariah governance structures,
processes and arrangements to ensure that
all its operations and business activities are
in accordance with Shariah;

n (ii) provides a comprehensive guidance to
the board, Shariah Committee and
management of the IFI in discharging its
duties in matters relating to Shariah; and

n (iii) outlines the functions relating to Shariah
review, Shariah audit, Shariah risk
management and Shariah research

+Framework

n  (i) the board oversight on Shariah compliance aspects of
the IFIs overall operations.

n  (ii) a  Shariah Committee  with qualified members

n  (iii) effective management responsibilities in providing
adequate resources and capable manpower

n  (iv) an internal Shariah review

n  (v) a regular Shariah audit, at least on an annual basis,

n  (vi) a Shariah risk management process

n  (vii) an internal Shariah research team

n  (viii) issuance and dissemination of Shariah decisions

+SGF
n In terms of appointment of the Shari’ah board,

section 3.8 mentions that the BOD of IFIs upon
recommendation of its Nomination Committee
should appoint the members of the SHC and
subject to the approval of the BNM and the SAC.
Appendix 2 on qualification requires the
Shari’ah board members to at least either have
qualifications or possess the necessary
knowledge, expertise or experience in Islamic
jurisprudence or Islamic commercial law.

n To ensure that the SHC is able to function
effectively, the SHC should consist of a minimum
of five members and its activities and functions
will be coordinated by the Shari’ah secretariat
of the respective IFIs (section 2.3).

+SGF
n With the purpose of mitigating the risk of

potential of conflict of interest and confidentiality
issues, IFIs are not allowed to appoint any
member of the SC in another IFI of the same
industry (section 5.4).

n Appendix 2 on disqualification provides that an
SHC member may be disqualified if he fails to
satisfy that he is fit for the position, fails to attend
75% of meetings in a year without reasonable
excuse, has been declared bankrupt, or a
petition under bankruptcy laws is filed against
him, was found guilty for any serious criminal
offence or any other offence punishable with
imprisonment of one year or more, or is subject
to any order of detention, supervision, restricted
residence or banishment.

+
SGF

n  Appendix 4 of the SGF provides the clear duties and
responsibilities of the SHC and these include: to advise the
BOD on Shari’ahmatters in its business operations; to endorse
Shari’ah compliance manuals; to endorse and validate
relevant documentations; to assist related parties on
Shari’ahmatters for advice upon request; to advise on matters
to be referred to the SAC; to provide written
Shari’ahopinions; and to assist the SAC on reference for
advice

+SGF
n The SHC is legally required to produce a

Shari’ah report expressing their observations on
IFIs’ compliance with Shari’ah principles as
illustrated in Appendix 3 of the SGF. In this
aspect, the BNM/GP8-i specifies the minimum
requirements of the Shari’ah report. The BNM/
GP8-i requires content of the Shari’ah report to
be at least, declaration of Shari’ah compliance
endorsed by the Shari’ah committee members.

n In terms of reporting structure, the SHC will
report functionally to the BOD as this reflects the
status of the SHC as an independent body of the
IFIs. The BOD is bound by any decision of the
SHC and they have to consider their views on
certain issues related to operational matters,
policy or business transactions.

+
IFSB AAOIFI

n 10 prudential standards for IFIs, 2 for capital
adequacy requirements, 1 for risk
management and 7 for governance,
disclosure and supervisory review process

n Guiding Principles on CG for Institutions
Offering Only Islamic Financial Services
(Excluding Islamic Insurance (Takaful)
Institutions and Islamic Mutual Funds)

n Guiding Principles on Governance for
Islamic Collective Investment Schemes,
n Guiding Principles on Governance for
Takaful (Islamic Insurance) Undertakings

n Guiding Principles on Governance for
Takaful Operations
n Guiding Principles on Conduct of  Business
for Institutions offering Islamic Financial
Services
n Guiding Principles on SG System for
Institutions offering Islamic Financial
Services

n 81 standards and guidelines which include
25 accounting standards, 6 auditing
standards, 7 governance standards, 41 Shari’ah
standards and 2 codes of  ethics.

n Shari’a Supervisory Board: Appointment,
Composition and Report;
n Shari’a Review
n Internal Shari’a Review
n Audit and Governance Committee
n Independence of  Shari’a Board
n Statement on Governance Principles for
IFIs

n Corporate Social Responsibility

+AAOIFI
n  (i)  Governance Standard for IFIs No. 1: Sharīʿah

Supervisory Board: Appointment, Composition and
Report

n  It consists of eight parts, namely introduction, definition,
appointment, composition, selection and dismissal, basic
elements of report, publication of the report, publication of
Sharīʿah rulings and guidelines, and the effective date.
Section 2 represents the most important provision in
Governance Standard No.1. It has three elements which
define the term ‘Sharīʿah board’. Firstly, a Sharīʿah board is an
independent body of specialized jurists in fiqh al muāmalāt.
This section allows the appointment of Sharīʿah board
members who are not specialized in fiqh al muāmalāt but who
are expert in the field of Islamic finance. Secondly, it
elaborates the role of the Sharīʿah board to ensure
compliance with Sharīʿah principles by having the authority
to direct, review and supervise the activities of IFIs. Thirdly, it
indicates the binding authority of the Sharīʿah board upon the
IFIs.

+
n Governance Standard for IFIs No. 2: Sharīʿah

Review

n It consists of eight parts with eighteen sections.
Section 3 explains the Sharīʿah review as an
examination of the extent of the IFIs’ Sharīʿah
compliance. section 5 puts the responsibility for
compliance upon the management.

n The Sharīʿah board is only responsible for
forming and expressing opinions on the extent
of Sharīʿah compliance. Sections 7–13 detail the
Sharīʿah review procedures, which involve
planning, designing, executing, preparing and
reviewing. The Sharīʿah review report should be
submitted to the AGM.

+n Governance Standard for IFIs No. 3: Internal
Sharīʿah Review

n It consists of eleven parts and thirty sections
which complement Governance Standard No. 2.
Standard No. 3 aims at establishing standards
and guidance on the internal Sharīʿah review.

n As the management of IFIs is responsible for
the extent of Sharīʿah compliance, it is
incumbent upon them to have a proper
mechanism of internal Sharīʿah review. While
the AAOIFI requires IFIs to carry out an internal
Sharīʿah review, it does not specify the
requirement of establishing a separate internal
Sharīʿah audit department.

n The internal Sharīʿah review can be carried out
by either an independent department or part of
the internal audit division.

+n Governance Standard for IFIs No. 4: Audit
and Governance Committee

n To complement the corporate governance
framework for IFIs, the AAOIFI strongly
recommends the establishment of an Audit and
Governance Committee (AGC) at the board
level.

n The AGC should consist of a minimum of three
members, appointed by the BOD from its non-
executive and independent board members,
who are knowledgeable about the affairs of the
institution and applicable regulations and laws,
including Sharīʿah rules and principles.

+n Governance Standard for IFIs No. 5:
Independence of Sharīʿah Board

n guidelines for its independence and
mechanisms to resolve issues of independence.

n The state of independence of the Sharīʿah board
is of the essence in enhancing public
confidence on the aspect of Sharīʿah
compliance. Section 3 restricts the Sharīʿah
board to subordinating their judgment on
Sharīʿah supervision to third parties. The
Sharīʿah board is not recommended to consist of
employees of the same IFIs or be involved in
managerial decisions and operational
responsibilities. The Sharīʿah board is required
to conduct continuous assessment of the IFIs
and do anything necessary to resolve any issues
of independence impairment.

+IFSB-10
n  SG:

n  The set of institutional and organizational
arrangements: This refers to the Sharīʿah board and
its related institutions, such as an internal audit
department and Sharīʿah division.

n  Effective independent oversight of Sharīʿah
compliance: This indicates the aims and objectives
of the Sharīʿah governance system to provide
efficient mechanisms for the purpose of Sharīʿah
compliance.

n  Sharīʿah pronouncements, dissemination of
information and an internal Sharīʿah compliance
review: This involves the overall Sharīʿah
governance processes that cover both ex ante and
ex post aspects of the Sharīʿah compliance
framework.

+Key Elements
Key Element Principle Operational Framework

Competence Fit and proper criteria Ex ante: Screening process
Ex post: Review and assessment

Professional training

Formal assessment

Independence Adequate capability to
exercise objective
judgment

Ex ante: Appointment, disclosure and full
mandate
Ex post: Review and assessment

Complete, adequate and
timely information

Confidentiality Strictly observe the
confidentiality

Ex ante: Undertaking secrecy
Ex post: Review and assessment

Consistency Fully understand the
legal and regulatory
framework strictly
observes the said
framework

There must be consistency in all ex ante and
ex post Sharīʿah governance processes


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1

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2

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3

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5

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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
August 24, 2009
DR. ZULKIFLI HASAN
Central Bank of Malaysia Bill 2009
Assalamualaikum and Happy Ramadhan al-Mubarak,
Dear Readers,
Please find enclosed the Central Bank of Malaysia Bill 2009 for your reference. This Bill is really significant to Islamic finance industry in Malaysia as it involves some major amendment to the existing legal frameworks particularly Part VII section 51-60. I highlight several essential provisions pertaining to the Shari’ah Advisory Council.
Section 53. Appointment of members to Shariah Advisory Council

53. (1) The Yang di-Pertuan Agong may, on the advice of the Minister after consultation with the Bank, appoint from amongst persons who are qualified in the Shariah or who have knowledge or experience in the Shariah and in banking, finance, law or such other related disciplines as members of the Shariah Advisory

Council.

(2) If a judge of the High Court, the Court of Appeal or the Federal Court, or a judge of the Shariah Appeal Court of any State or Federal Territory, is to be appointed under subsection (1), such appointment shall not be made except— (a) in the case of a judge of the High Court, the Court of Appeal or the Federal Court, after consultation by the Bank with the Chief Justice; and (b) in the case of a judge of the Shariah Appeal Court of any State or Federal Territory, after consultation by the Bank with the Chief Shariah Judge of the respective State or Federal Territory, as the case may be.

(3) A member of the Shariah Advisory Council appointed under subsection (1) shall hold office on such terms and conditions as may be provided in their respective letters of appointment, and shall be eligible for reappointment.

(4) The members of the Shariah Advisory Council shall be paid such remuneration and allowances as may be determined by the Board from the funds of the Bank.
Section 56. Reference to Shariah Advisory Council for ruling from court or arbitrator

56. (1) Where in any proceedings relating to Islamic financial business before any court or arbitrator any question arises concerning a Shariah matter, the court or the arbitrator, as the case may be, shall—

(a) take into consideration any published rulings of the Shariah Advisory Council; or

(b) refer such question to the Shariah Advisory Council for its ruling.

(2) Any request for advice or a ruling of the Shariah Advisory Council under this Act or any other law shall be submitted to the secretariat.
Section 57. Effect of Shariah rulings

57. Any ruling made by the Shariah Advisory Council pursuant to a reference made under this Part shall be binding on the Islamic financial institutions under section 55 and the court or arbitrator making a reference under section 56.
Section 58. Shariah Advisory Council ruling prevails

58. Where the ruling given by a Shariah body or committee constituted in Malaysia by an Islamic financial institution is different from the ruling given by the Shariah Advisory Council, the ruling of the Shariah Advisory Council shall prevail.
For full text, click here
The Central Bank of Malaysia Bill 2009
Enjoy reading!

Best Regards

ZULKIFLI HASAN

DURHAM
Fujairah, United Arab Emirates.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

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