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Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: April 2010
April 23, 2010
DR. ZULKIFLI HASAN
The Chronicle of BBA Continues… (Bank Islam Malaysia Bhd v Azhar Bin Osman and Ors)
High Court says BBA rebates ‘must be granted’

by Habhajan Singh Available at:
http://islamicfinanceasia.blogspot.com/
Islamic banks ‘must grant’ a rebate even if the Bai Bithaman Ajil (BBA) contract is silent on the issue when a default occurs, ruled a recent High Court judgment. The judgment, in four BBA cases heard together by High Court Judge Datuk Rohana Yusuf, brings to the fore an issue that has been a bone of contention for consumers making avail of Islamic home financing as Islamic banks deem rebate, or ibrar as it is known in Arabic, as discretionary. Consumers, on the other hand, would want more certainty in that matter.
“In doing so, the bank should not be allowed to enrich itself with an amount which is not due while at the same time taking cognisance of the customer’s right to redeem his property. “Therefore where the BBA contract is silent on issue of rebate or the quantum of rebate, by implied term I hold that the bank must grant a rebate and such rebate shall be the amount of unearned profit as practiced by Islamic banks,” she wrote in a 29-page judgment dated Jan 28 in Bank Islam Malaysia Bhd v Azhar Bin Osman, and three other cases. She also noted that legal documentations used by Islamic banks in financing should specify a formula for rebate, which at the moment is loosely attached to the principle loan agreement and whose implementation is very much left to bank’s discretion.
In the judgment, Rohana touched on the issues of ibrar and the quantum that banks can claim in an event of a default, two areas that have seen some debate and discussion from the Shariah perspective. “If the documents of the banks had in fact specified a formula of rebate or ibrar, it will demystify the intricacies of a BBA transaction. It will be easily understood by the customer who would then not be put in the dark as to what is ibrar and what would be the amount of ibrar he should be receiving,” she said.
The judgment seems to suggest that Rohana has taken a different tack from a recent Court of Appeal decision on a bundle of BBA contract cases which originated from the much publicised April 2008 decision by High Court Judge Datuk Abdul Wahab Patail, while maintaining that she is still within the bounds of what constitutes a binding decision from the higher courts.
“This is quite a departure form some of her earlier judgments,” said lawyer Mohamad Illiayas Seyed Ibrahim who has dealt extensively in Islamic finance cases. Ibrar, one of the two issues at the heart of this judgment, means surrendering one’s right of claim over debt either partially or in full, according to the definition from a published document by Bank Negara Malaysia (BNM) which regulates Islamic finance outfits.
Ibrar had been a bone of contention with consumers as banks generally do not give them a specific guarantee that they are entitled to a rebate should their loan end prematurely, either due to early payment or a default. The path pursued by Rohana, in this judgment, seems to push local Islamic banks to insert the ibrar clause explicitly into their financing documents, thus bringing about certainty to the issue of rebate and also streamlining the practice with what is already approved by BNM’s Shariah Advisory Council (SAC). Rohana ruled that “when an Islamic bank practices granting of rebate on a premature termination, it creates an implied term and legitimate expectation on the part of the customer. Accordingly it is only proper that such expectation and practice be read into the contract.”
The central bank’s SAC — which has the last say on matters pertaining to Shariah in Islamic finance as further reinforced in newly promulgated central bank regulations — had resolved in 2002 that ‘Islamic banking institution may incorporate the clause on undertaking to provide ibra’ to customers who make early settlement in the Islamic financing agreement on the basis of public interest (maslahah)’. The four cases in this judgement came from two sets of appeal before the Court of Appeal relating to BBA contracts in Islamic banking. The plaintiff in all the four cases was Bank Islam Malaysia Bhd (BIMB) who were represented by Oommen Koshy from Skrine & Co and Aedyla Bokari from Nassir Hafiz Nazri & Rahim.
In the first set involving 12 cases heard together, the Court of Appeal had decided on Aug 26, 2009 [Bank Islam Malaysia Berhad v Lim Kok Hoe & Anor and Other Appeals] that a BBA contract is valid and enforceable, thus reversing an earlier decision of the High Court in Arab-Malaysian Finance Bhd v Taman Ihsan Jaya Sdn Bhd & Ors. The Taman Ihsan Jaya case made headlines when Abdul Wahab had ruled that the widely used BBA contracts were contrary to Malaysia’s Islamic banking regulations. The Malaysian Reserve first broke that story on Sept 8, 2008.
For full judgement, click here:
Page 1-3

Page 4-6

Page 7-9

Page 10-12

Page 13-15

Page 16-18

Page 19-21

Page 22-24

Page 25-27

Page 28-29
Note (s): Thanks to my colleague, Mr. Aedyla Bokari of Messrs Nassir Hafiz Nazri & Rahim for copy of the judgement. For further reading, you may refer to my articles below:-
Shari’ah and Legal Issues in Al-Bay’ Bithaman Ajil in the Case of Arab-Malaysian Finance Bhd V Taman Ihsan Jaya Sdn Bhd & Ors [2008] 5 MLJ

Questions and Answers on the BBA Financing Facilities in Malaysia
Best Regards

ZULKIFLI HASAN

DURHAM, UK
With Professor Mausudul Alam Choudhury, Professor Rodney Shakespeare and Professor Nur Alam Siddiqi in Jakarta, Indonesia
Islamic finance news
23 Comments
April 20, 2010
DR. ZULKIFLI HASAN
EU woes laughable: Tun Musa Hitam, head of the World Islamic Economic Forum
EU woes laughable: Islamic finance chief

Available at:
http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/news/business/08-eu-woes-laughable-islamic-finance-chief-ts-04
BRUSSELS: Muslim nations are “laughing” at European efforts to grapple with a debilitating debt crisis in Greece, which has serious ramifications for the world’s biggest open market, the head of the World Islamic Economic Forum has said.
Former Malaysian deputy prime minister Tun Musa Hitam spoke to AFP in Brussels as European Union plans for a backstop bailout enabling Athens to refinance tens of billions of euros of debt repayments and budget commitments were being thrashed out among eurozone officials.
“Seen from the east, from developing countries, we’re laughing because they’re not doing what they taught us,” Tun Musa said of the EU’s decision to protect Greece rather than sending Athens to the International Monetary Fund. “You find that a European nation has adopted anything but good practice, which has resulted in a disaster (and) now the name and the prestige of the European Union is at stake, but more importantly, its economies,” he added. “The normal way of resolving these issues is to go to the IMF. Developing countries do that, but not the EU. “It’s yes, no, maybe every day,” he said.
Tun Musa was speaking before eurozone finance ministers agreed last Sunday to pump some 30 billion euros (41 billion dollars) into Greece’s coffers this year if necessary — at below-market rates of around five per cent interest. But in the aftermath of the accord doubts have emerged as to the readiness and scale of the financial aid, with a series of political hurdles still to be crossed before these monies can ever be handed over. And within no time, new nationwide strikes had pushed Greek borrowing rates back through the pain barrier.
With parallel EU negotiations with the IMF under way on its involvement, and 15 billion euros of loans anticipated in 2010 from Washington, Tun Musa maintained that the Western system where “anything goes in terms of lending and conduct” lay behind the Greek fiscal disaster. The missing ingredients of “responsibility, transparency and accountability,” glaringly absent throughout fraudulent Greek reporting to the EU, were instead to be found in Islamic finance, he argued. “The methodology of Islamic banking will become more acceptable, even without being in Islam,” he said.
He cited a surge in the numbers of specialist economic religious ulama, who re-interpret Sharia law for expansion throughout non-Islamic territories. Sharia prohibits interest on money and re-distributes added value based on goods not paper.
Ironically, Moody’s Investors Service said earlier this month that the Islamic finance industry had a market potential of at least 5.0 trillion dollars — more than five times its actual 2009 value. A host of countries, led by Britain but stretching from Italy to Japan and Russia, are planning joint Islamic finance ventures, seen as filling a perceived vacuum in confidence. The march of Islamic finance will form a major plank of the WIEF’s sixth annual conference in Kuala Lumpur next month.
Tun Musa even blamed default in Dubai on the penchant in the Middle East to “look West”. A heavy hit endured by Singapore during the Asian financial crisis of a decade ago, was due to the same problem, he added. “Malaysia was hit least because we did not put our money in the West,” he insisted. In November, Iranian President Mahmoud Ahmadinejad argued before the 56 member-state Organisation of the Islamic Conference, the WIEF’s core backer, that the “world system based on usury has collapsed.”
But anticipating criticism that a drive by Islamic finance was just another way to “ram Islam down Western throats,” Tun Musa said the onus was on Europe to find the political will to face down anti-immigrant, anti-Islam extremists, otherwise it would be “sunk.” Turkey’s long-stalled talks on EU accession represented the perfect test if Western and Islamic financial and economic models were to be successfully fused post-crisis.
Europe was “going to lose a huge stabilising community that is playing a very important role as a bridge between the Muslim and the Western world,” he warned of a move, led by German Chancellor Angela Merkel, to pull back from full membership talks. “There will come a time that the Turks say ‘enough is enough, we’re going our own way,’” and that will be to turn towards Islam, he stressed.
Today, there are three kinds of people:  the have’s, the have-not’s, and the have-not-paid-for-what-they-have’s.  Earl Wilson
Best Regards

ZULKIFLI HASAN

DURHAM, UK
London
Islamic finance news
1 Comment
April 19, 2010
DR. ZULKIFLI HASAN
Most of Islamic Financial Products are not Islamic: Sheikh Saleh Kamel, Chairman and Founder of Dallah Al Baraka Group
صالح كامل: أغلب منتجات البنوك الإسلامية غير “إسلامية”

بقلم وائل مهدي

Available at:
http://www.arabianbusiness.com/arabic/517729
صرح رئيس مجلس الغرف الإسلامية للتجارة والصناعة ورئيس مجموعة البركة المصرفية صالح كامل بأنه تم إنشاء هيئة إسلامية دولية للتأكد من العديد من المنتجات والخدمات التي تقدمها البنوك الإسلامية والتي هي في الواقع غير إسلامية.
وقال كامل: “للأسف الشديد أن بعض البنوك توضع “لافتة” عبارة “إسلامي” والمنتجات المطروحة ليس لها علاقة بالإسلام.”
جاءت تصريحات صالح كامل خلال مؤتمر صحفي عقده يوم أمس الأحد بمقر مجموعة دلة البركة التي يرأسها كامل، بمدينة جدة بمناسبة انعقاد الاجتماع الأول للهيئة الشرعية لتصنيف ورقابة المصارف الإسلامية والتي تتخذ من البحرين مقراً لها.

تتمة المقالة في الأسفل ↓
وأوضح كامل أن الاجتماع الأول الذي عقد أمس كان بهدف وضع النظام الأساسي واللوائح التنفيذية والنواحي الفقهية للهيئة الجديدة والتي ستقوم بتصنيف المنتجات الإسلامية التي تصدرها البنوك المختلفة للتأكد من مطابقتها للشريعة.
وعن سبب تأسيس “الهيئة الشرعية للتصنيف والرقابة” قال صالح كامل بأن المجلس العام للبنوك والمؤسسات المالية الإسلامية والذي هو امتداد لاتحاد البنوك الإسلامية، قد رأى بأن عدد المصارف الإسلامية قد تجاوز 350 مصرفاً وأصبحت أغلب المنتجات الإسلامية لهذه المصارف مثار شك للعديد من المتعاملين.
وعليه قرر المجلس في شهر رمضان الماضي إنشاء الهيئة الجديدة لحماية صناعة المصرفية الإسلامية من التشويش الذي تتعرض له المنتجات الإسلامية. وأضاف كامل بأن الهيئة ستنظر في كافة المنتجات الإسلامية المتاحة وتبين مدى ملاءمتها مع الشريعة من ناحية المقصد والآلية.
وأسفر اجتماع يوم أمس الأحد والذي حضره عدد كبير من أعلام المصرفية الإسلامية عن اختيار الشيخ مختار السلامي مفتي تونس “السابق” ليكون رئيس للهيئة الجديدة وسيحل الدكتور عبدالسلام العبادي أمين مجمع الفكر الدولي، في منصب نائب رئيس الهيئة. وتم اختيار لعضوية الهيئة نخبة بارزة تتكون من “4” أشخاص وسيتم إنشاء الأمانة العامة لها وستبدأ العمل قريباً بحسب تصريحات كامل.
وحضر الاجتماع يوم أمس العديد من الشخصيات الإسلامية في مقدمتهم الشيخ مختار السلامي والدكتور عبدالسلام العبادي ، والدكتور صالح المرزوقي أمين مجمع الفقه التابع لرابطة العالم الإسلامي وأحمد محمد علي رئيس البنك الإسلامي للتنمية ومندوبين عن بنوك مركزية وهيئات مركزية مثل بنك السودان المركزي وبنك باكستان المركزي والبنك الماليزي ومجمع الفقه الإسلامي بالهند.
كما حضر الإجتماع أعضاء من اللجنة الشرعية لوزارة الأوقاف الكويتية التي تقوم برقابة البنوك الإسلامية في الكويت ومدير إدارة الإفتاء في دبي الشيخ أحمد الحداد ومن السودان الدكتور أحمد علي عبدالله والشيخ محمد سعيد البوطي من سورية والدكتور أحمد الطيب رئيس جامعة الأزهر.
وقال كامل بأن هناك أجهزة مساندة في الصناعة المصرفية الإسلامية تتمثل في هيئة المعايير والمحاسبة والتي وضعت عدد كبير من المعايير الممتازة شرعياً ولكن لم يلتزم عدد كبير من البنوك الإسلامية بتنفيذ هذه المعايير للأسف الشديد على حد تعبير كامل.
وأوضح كامل أن بإنشاء هذه الهيئات انتقلت المسئولية من المشرعين إلى المتعاملين ولهذا يجب أن يسأل كل شخص البنوك الإسلامية التي يتعامل معها إذا ما كانت تطبق معايير المحاسبة الإسلامية التي وضعتها “هيئة المعايير والمحاسبة”؟ وهل المنتجات المطروحة مصنفة من قبل الهيئة الشرعية للتصنيف والرقابة أم لا؟
وقال كامل: “إذا كانت البنوك لا تطبق هذه المعايير ولا تصنف منتجاتها من قبل الهيئة الجديدة فنحن لسنا مسؤولون عن ذلك.”
وتزدهر حالياً صناعة المصرفية الإسلامية في العالم والتي تجاوز حجمها 300 مليار دولار. والمصرفية الإسلامية هي الأسرع في النمو حالياً في ظل الازدهار الاقتصادي للدول الإسلامية وخاصة في الشرق الأوسط، مما دفع العديد من البنوك الأجنبية إلى التوجه إلى تطوير منتجات إسلامية وفي مقدمتها بنك “إتش إس بي سي” البريطاني و “سيتي بانك” الأمريكي.
وتتنافس لندن لتكون عاصمة للتمويل والبنوك الإسلامية مع العديد من العواصم المالية العربية والإسلامية خصوصاً دبي والمنامة وكوالالمبور.
من الجدير بالذكر أن المجلس العام للبنوك والمؤسسات المالية الإسلامية والذي هو امتداد لاتحاد البنوك الإسلامية الذي انشئ في الثمانينات وهو المنظمة الأولى في المجال البنكي الإسلامي التي تنبثق عن منظمة المؤتمر الإسلامي ويضم في عضويته 120 بنكاً.
ومن أهم البنوك المؤسسة للمجلس العام هي هي البنك الإسلامي للتنمية، مجموعة الفيصل الإسلامية، مجموعة البركة، بيت التمويل الكويتي، وأخيراً بنك دبي الإسلامي
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Al Hambra, Granada, Andalusia, Spain
Islamic finance news
2 Comments
April 16, 2010
DR. ZULKIFLI HASAN
NEW INSIGHTS FOR AGENCY THEORY IN ISLAMIC FINANCIAL INSTITUTIONS: A REAPPRAISAL
Assalamualaikum,
Dear Readers,
I am very grateful to share with you my recent article pertaining to agency theory in Islamic financial institutions. In view of the scarcity literatures on the subject, I wish to highlight one of the recent studies examining the state of corporate governance and the relevancy of agency theory in IFIs which is available in the journal of Corporate Governance: An International Review. 17 (2). pp. 142-158. Hopefully, my remarks and commentaries in this paper will enlighten further discourse on the agency theory in IFIs. For full article click here:
(i) Article Review:
New Insight on Agency Theory in IFIs: A Reappraisal
(ii) Original Article:
Safieddine, (2009). Islamic Financial Institutions and Corporate Governance: New Insights for Agency Theory. Corporate Governance: An International Review. 17 (2). pp. 142-158.
Abstract

This paper specifically aims at critically examining the arguments put forward by Safieddine, (2009) on the new insights for agency theory in IFIs by highlighting several fundamental corporate governance issues. Safieddine, (2009) has made valuable contribution on the topic of corporate governance by providing useful and beneficial information on the agency theory in IFIs. Nevertheless, his approach is mainly influenced by the shareholders value model of corporate governance which is to certain extent contradicted with the existing literatures that advocate the stakeholders’ value system as the ideal model for Islamic corporate governance. Indeed there are some areas that need further explanation and clarification particularly in term of theoretical framework of the agency theory in IFIs as well as the foundational dimension of corporate governance in Islam from the epistemological aspect.
Enjoy Reading!
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Atlantis Hotel, Palm Jumeirah, Dubai, UAE
Islamic finance news
My Publication
My recent publication
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3 Comments
April 15, 2010
DR. ZULKIFLI HASAN
The IFSB-IRTI-IDB publishes report on Islamic Finance: Global Financial Stability
The IFSB-IRTI-IDB publishes report on Islamic Finance: Global Financial Stability
Available at:
http://www.ifsb.org/preess_full.php?id=142&submit=more
A report on Islamic Finance: Global Financial Stability was launched in the Inaugural Financial Stability Forum organised by the Islamic Financial Services Board (IFSB) on Tuesday, 6th April in Khartoum. The Report examines the intrinsic strength of the Islamic finance model, the state of the Islamic financial services industry and challenges and strategies for strengthening financial stability in the Islamic financial services industry. Although the Islamic financial services industry was relatively less affected by the crisis, its underlying causes bear important lessons for the Islamic financial services industry going forward. This becomes even more important as Islamic finance operates within the global financial system that is characterised by increasingly large and volatile cross-border capital flows amid an environment of deeper international financial integration. Therefore, it is vital to accelerate the development of critical building blocks of the Islamic financial system to respond to the changing economic and financial landscape, and support the orderly development of Islamic finance for sustained global financial stability.
The Report recommends, among other things, the establishment of an Islamic Financial Stability Forum or IFSF. The IFSF will be a dedicated forum to promote cooperation and collaboration among its members in areas such as surveillance, sharing of experiences in crisis prevention, management and resolution, implementation of international standards as well as international cooperation in capacity building and in the development of emergency infrastructure and facilities.
The Inaugural Financial Stability Forum themed “Developing Capacity Building to Enhance Financial Stability in the Islamic Financial Services Industry” was held in Khartoum on 6 April 2010 and was chaired by H.E. Dr Sabir Mohamed Hassan, Governor of Central Bank of Sudan, and Chairman of the IFSB Council. Two papers were presented and discussed in the Forum, entitled (i) capacity building in the financial sector, and (ii) capacity building for central banks and regulatory authorities. The Forum was attended by the central bank Governors, governors’ representatives who are members of the IFSB Council and the Vice President of the Islamic Development Bank.
The Report entitled Islamic Finance: Global Financial Stability is jointly published by the IFSB, the Islamic Development Bank (IDB) and the Islamic Research and Training Institute (IRTI). Dr Ahmad Mohamed Ali, President of the IDB Group stated in the Preface of the Report, “We believe that there is much that Islamic finance can contribute to this process. From this perspective, the new financial order would be more inclusive and more global in nature, lending it more support and sustainability. Collectively, we hope that we will be able to build a more stable and more peaceful world for the future generations.”
The Report was produced by a Task Force on Islamic Finance and Global Financial Stability, in response to the recommendations of the Forum of the Global Financial Crisis and its Impact on the Islamic Financial Industry, which was organised by the IDB Group on 29 October 2008. The Task Force, headed by H.E. Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, includes an international group of eminent scholars, practitioners and Islamic finance experts. Dr. Zeti remarked that it is hoped that the report will provide useful insights on Islamic finance and the important focus that needs to be given to financial stability in the rapidly changing international financial environment. Equally important is the capacity to contribute to global financial stability. The priorities identified in this report are also aimed at strengthening further the foundations that will ensure the sustainability and capacity of Islamic finance to contribute towards global growth and a greater shared prosperity.
For full report click here:
http://www.ifsb.org/docs/IFSB-IRTI-IDB2010.pdf
Best Regards

ZULKIFLI HASAN

DURHAM, UK
University of Glasgow, Scotland
Islamic finance news
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: May 19, 2013
May 19, 2013
DR. ZULKIFLI HASAN
Islamic finance needs global sharia board – IDB president
Islamic finance needs global sharia board – IDB president
Available at:
http://biz.thestar.com.my/news/story.asp?file=/2013/5/16/business/20130516172457&sec=business
KUALA LUMPUR/SYDNEY: The Islamic Development Bank (IDB), a Jeddah-based multilateral institution, has called for the creation of a global sharia advisory board that can offer greater uniformity for the Islamic finance industry, its president said on Thursday.
A centralised format to the supervision of sharia-compliant banking products is gaining favour across the globe, as regulators seek to standardise industry practices and improve consumer perceptions.
“IDB and IFSB (Islamic Financial Services Board) should study ways for creating globally acceptable references for the industry for the benefit of all,” IDB president Ahmad Mohamed Ali said at a conference in Kuala Lumpur.
“This could include striving for the concept of a globally accepted sharia committee or body, which would be able to assist all Islamic financial institutions and bring them in line with a uniform standard.”
Malaysia pioneered the country-level sharia board and in recent months several countries have introduced central boards of their own, including Dubai, Oman, Pakistan and Nigeria.
Countries like Oman have gone as far as imposing term limits on the sharia scholars who are members of these boards, while also requiring they abide by a code of conduct.
Islamic scholars are experts in financial and religious law, but they are not certified or accredited like other professions, so regulators are increasingly developing ways to ensure the hiring of experienced and financially literate scholars.
A global sharia board would also allow the industry to address low penetration rates in majority Muslim countries such as Pakistan, Indonesia, Turkey and Egypt where the industry’s share of banking assets remains below 10 percent.
A global sharia board would provide a more structured approach to the industry, which has its core markets in the Gulf and Southeast Asia.
“This is very important as it gives a much needed structure to the industry, thus enabling it to be more stable and allowing it to grow further,” Ali added.
Ali also called for the IFSB to assist the IDB and its member countries in providing technical assistance, while urging the industry to focus on Islamic microfinance and youth employment.
The IFSB is one of the main bodies setting standards globally for Islamic finance, although national financial regulators have the final say on their implementation and enforcement. – Reuters
Regards

Zulkifli Hasan
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November 10, 2011
DR. ZULKIFLI HASAN
Rachid Ghannouchi, a Reformist
Ghannouchi…Tunisia’s Reformist Islamist
Available at:
http://www.onislam.net/english/news/africa/454636-ghannouchitunisias-reformist-islamist.html
TUNIS – Seen as a reformist and a champion of public freedoms, Rachid Ghannouchi, the leader of Tunisia’s Islamic-leaning Ennahda, sees himself on a mission to advocate “an applied version of Islam”.
“There is some confusion in the West about Islamism,” Ghannouchi told Reuters.
“Some confuse it with fundamentalism and link it to violence, extremism and takfir” — the practice of declaring other Muslims infidels.
Ghannouchi’s Ennahda party won 41.7 percent of votes in last month’s election, the first poll since the ouster of president Zine Al-Abidine Ben Ali in a popular revolution earlier this year.
The election will result in an assembly that will draw up the country’s new constitution.
The party says it will not write religion into the country’s laws and will focus instead on jobs for the unemployed and justice for all.
Ghannouchi says Ennahda will guarantee individual freedoms, including women’s rights.
He compared its approach to that of the Christian Democrats in Europe or United States politicians who invoke God and Christian values while working in a secular democracy.
“We are against the state trying to impose any particular way of life,” he said.
“There shouldn’t be any law to try to make people more religious. We believe in freedom of religion, including the freedom to change religion.”
Ghannouchi was forced into exile in Britain for 22 years because of harassment by Ben Ali’s police.
A softly spoken scholar, he dresses in suits and open-necked shirts while his wife and daughter wear the hijab.
Reformist
Ghannouchi’s pragmatic policies are often described as being inspired by the moderate Islamists in Turkey’s ruling Justice and Development Party (AKP), but they seem to have been just as influenced by him.
“Tunis has been a center of reformist Islamic thought since the 19th century,” said Mustafa Akyol, Turkish author of the recent book “Islam Without Extremes: A Muslim Case for Liberty.”
“The AKP doesn’t have a Ghannouchi,” he said, using the name of the ruling party of Turkish Premier Recep Tayyip Erdogan.
“Neither Erdogan nor (President Abdullah) Gul has written books about reform theology.”
A rare theoretician among Islamist politicians, Ghannouchi’s reformist writings were translated from Arabic into Turkish and read there as early as the 1980s.
His 1993 book “Public Liberties in the Islamic State” is “better known in Turkey than Tunisia,” he said.
It was banned until Ben Ali was ousted by Tunisia’s Arab Spring protests in January.
Ghannouchi believes that Islam and democracy fit together as all Islamic laws aim to preserve the universal values of life, religion, property, reason and family.
“When we establish democracy, we see that it achieves many of these aims,” Ghannouchi said.
“Anything that promotes these aims is Islamic, even if it is not called Islamic.
“That’s why we say that Islam and democracy are compatible.”
Radwan Masmoudi, Tunisian-born director of the Center for the Study of Islam and Democracy (CSID) in Washington, said democracy was the most suitable political system for putting Ghannouchi’s interpretation of Islam into practice.
“There are Islamic values that are universal and the state should uphold, such as justice, freedom and equality,” he told Reuters.
“For that you need a separation of powers and an independent judiciary. Those are secular values.”
Another pillar of Ghannouchi’s thinking — ijtihad, or reasoned interpretation of Islamic texts — needs freedom to operate effectively, Masmoudi said.
“You can’t practice ijtihad in a dictatorship,” he said.
“People used to think we needed to reform Islam to have a democracy. I think we need democracy first, then we can reconcile Islam with modernity.”
Regards

ZULKIFLI HASAN
With Yvonne Ridley, award-winning journalist, former taliban captive, revert to Islam
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Law of Banking and Law of Banking and

SecuritySecurity

DR. ZULKIFLI HASANDR. ZULKIFLI HASAN

CONTENTSCONTENTS

�� Electronic BankingElectronic Banking

Electronic BankingElectronic Banking

�� Electronic Fund Transfers (EFT)Electronic Fund Transfers (EFT)

�� Automated Teller Machines (ATM)Automated Teller Machines (ATM)

�� Electronic Funds Transfer at Point of Sale (EFTPOS)Electronic Funds Transfer at Point of Sale (EFTPOS)

�� Home banking Home banking

�� SMART cardsSMART cards

�� Debit cardsDebit cards

�� Charge cardsCharge cards

�� Internet BankingInternet Banking

EFTEFT

�� 1. Consumer: ATM, EFTPOS, Tel, Internet, 1. Consumer: ATM, EFTPOS, Tel, Internet,

homehome

�� 2. Corporate: Financial EDI2. Corporate: Financial EDI

�� 3. 3. InterbankInterbank: RENTAS and SWIFT: RENTAS and SWIFT

�� 4. Plastic Cards: Smart card, debit, credit.4. Plastic Cards: Smart card, debit, credit.

Disadvantages of CashDisadvantages of Cash

�� 1. Public: Theft, easy to lose1. Public: Theft, easy to lose

�� 2. Business: Counterfeit, Theft and robbery, 2. Business: Counterfeit, Theft and robbery,

administration costadministration cost

�� Advantageous of EBAdvantageous of EB

�� 1. Cost saving1. Cost saving

�� 2. Convenience2. Convenience

�� 3. International Access3. International Access

�� 4. Shared resources4. Shared resources

ATMATM

�� 11stst ATM: In London 1967.  In ATM: In London 1967.  In MsiaMsia: by HSBC in : by HSBC in

1982.1982.

�� 1. Balance1. Balance

�� 2. withdrawals2. withdrawals

�� 3. Statement 3. Statement

�� 4. deposit cash4. deposit cash

�� 5. Pay bills5. Pay bills

EFTPOSEFTPOS

�� Fund transfer at the point of sale.Fund transfer at the point of sale.

�� EgEg debit carddebit card

�� There will be master contract There will be master contract btnbtn EFTPOS EFTPOS

system member participantssystem member participants

Electronic BankingElectronic Banking

�� Consumer electronic bankingConsumer electronic banking

�� Offences under the Cyber Crime Act 1997Offences under the Cyber Crime Act 1997

�� The Digital Signature Act 1997The Digital Signature Act 1997

Telephone BankingTelephone Banking

�� Voice responseVoice response

�� Voice recognitionVoice recognition

�� Programmable telephoneProgrammable telephone

�� 1. Account inquiry1. Account inquiry

�� 2. Payment of bills2. Payment of bills

�� 3. Funds management3. Funds management

�� 4. Transfer of fund4. Transfer of fund

�� 5. Message service5. Message service

Internet BankingInternet Banking

�� Apply for loanApply for loan

�� BillsBills

�� Account Account

�� StatementStatement

�� InterbankInterbank transfertransfer

�� Fund TransferFund Transfer

Financial EDIFinancial EDI

�� International tradeInternational trade

�� Process of exchanging infoProcess of exchanging info

�� EgEg. Importer: Upon receipt of import . Importer: Upon receipt of import

documents. The importer details are linked to documents. The importer details are linked to

the EDI. Upon the arrival of the goods, the the EDI. Upon the arrival of the goods, the

payments are cleared.payments are cleared.

RENTASRENTAS

�� RealReal--time electronic transfer of fundstime electronic transfer of funds

�� Online computer system.Online computer system.

�� Electronic transmission of credit and debit Electronic transmission of credit and debit interbankinterbank

funds transferfunds transfer

�� To record the trading of government securities To record the trading of government securities

between member institutionsbetween member institutions

ProductsProducts

�� Smart Card: Debit and creditSmart Card: Debit and credit

�� Debit cardsDebit cards

�� Credit Cards: First in US in 1914.Credit Cards: First in US in 1914.

�� Charge Cards: Similar to credit card but the Charge Cards: Similar to credit card but the

holder must settle the balance in full every holder must settle the balance in full every

month.month.

SWIFTSWIFT

�� Society for worldwide Society for worldwide interbankinterbank financial financial

transfer.transfer.

�� Located in BelgiumLocated in Belgium

�� The network enables users to transmit The network enables users to transmit btnbtn

themselves payments, statements, associated themselves payments, statements, associated

with international finance. with international finance.

Laws on Electronic BankingLaws on Electronic Banking

�� Law of contractLaw of contract

�� Legislation: Legislation:

�� BAFIA: s 119BAFIA: s 119-- authorisationauthorisation of BNM of BNM

�� Digital Signature Act 1997Digital Signature Act 1997-- Data securityData security

�� Communications and Multimedia Act 1998: Communications and Multimedia Act 1998:

consumer protectionconsumer protection

�� Computer Crimes Act 1997: offencesComputer Crimes Act 1997: offences-- misuse of misuse of

computers.computers.

�� Payment Systems Act 2003: Written Payment Systems Act 2003: Written authorisationauthorisation of of

BNM for EFT.BNM for EFT.

Offences covered under the Malaysian Offences covered under the Malaysian

Computer Crime Act 1997Computer Crime Act 1997

Cyber crimesCyber crimes

Interpretation : Section 2Interpretation : Section 2

�� ComputerComputer

means an electronic, magnetic, optical, electrochemical, or othemeans an electronic, magnetic, optical, electrochemical, or other r

data processing device, or a group of such interconnected or reldata processing device, or a group of such interconnected or related ated
devices, performing logical, arithmetic, storage and display devices, performing logical, arithmetic, storage and display
functions, and includes any data storage facility or communicatifunctions, and includes any data storage facility or communications ons
facility directly related to or operating in conjunction with sufacility directly related to or operating in conjunction with such ch
device or group of such interconnected or related devices, but ddevice or group of such interconnected or related devices, but does oes
not include an automated typewriter or typesetter, or a portablenot include an automated typewriter or typesetter, or a portable

hand held calculator orhand held calculator or other similar device which is nonother similar device which is non--
programmable or which does not contain any data storage programmable or which does not contain any data storage
facility;facility;

InterpretationInterpretationInterpretation

�� Computer network means the interconnection of Computer network means the interconnection of
communication lines and circuits with a computer or a communication lines and circuits with a computer or a
complex consisting of two or more interconnected complex consisting of two or more interconnected
computers;computers;

�� "computer output""computer output" or "output" means a statement or a or "output" means a statement or a
representation whether in written, printed, pictorial, film, representation whether in written, printed, pictorial, film,
graphical, acoustic or other formgraphical, acoustic or other form--

�� (a)(a) produced by a computer;produced by a computer;

�� (b)(b) displayed on the screen of a computer; ordisplayed on the screen of a computer; or

�� (c)(c) accurately translated from a statement or representation accurately translated from a statement or representation
so produced;so produced;

InterpretationInterpretationInterpretation

Data Data

�� Data means presentations of information or of Data means presentations of information or of

concepts that are being prepared or have been prepared concepts that are being prepared or have been prepared

in a form suitable for use in a computer;in a form suitable for use in a computer;

�� "function""function" included  logic, control, arithmetic, deletion, included  logic, control, arithmetic, deletion,

storage and retrieval and communication or storage and retrieval and communication or

telecommunication to, from or within a computer;telecommunication to, from or within a computer;

�� "premises""premises" includes land, buildings, movable structures includes land, buildings, movable structures

and any conveyance by land, water and air;and any conveyance by land, water and air;

Interpretation

�� Program means data representing instructions or statements that,Program means data representing instructions or statements that,
when executed in a computer, causes the computer to perform a when executed in a computer, causes the computer to perform a
function.function.

�� (2) For the purposes of this (2) For the purposes of this ActAct, a person secures access to any , a person secures access to any
program or data held in a computer if, by causing a computer to program or data held in a computer if, by causing a computer to
perform any function, heperform any function, he--

(a)(a) alters or erases the program or data;alters or erases the program or data;

(b)(b) copies or moves it to any storage medium other than that in whicopies or moves it to any storage medium other than that in which ch
it is held or to a different location in the storage medium in wit is held or to a different location in the storage medium in which it hich it
is held;is held;

(c)(c) uses it; oruses it; or

Part II of the Computer Crime Act 1997Part II of the Computer Crime Act 1997

SECTION 3: Unauthorised to access to computer material.SECTION 3: Unauthorised to access to computer material.

(1) (1) A person shall be guilty of an offence ifA person shall be guilty of an offence if--

(a)(a) he causes a computer to perform any function with intent to seche causes a computer to perform any function with intent to secure access to any ure access to any
program or data held in any computer;program or data held in any computer;

(b)(b) the access he intends to secure is unauthorised; andthe access he intends to secure is unauthorised; and

(c)(c) he knows at the time when he causes the computer to perform thehe knows at the time when he causes the computer to perform the function that that is function that that is
the case.the case.

(2) The intent a person has to have to commit an offence under t(2) The intent a person has to have to commit an offence under this section need not be his section need not be
directed atdirected at--

(a)(a) any particular program or data;any particular program or data;

(b)(b) a program or data of any particular kind; ora program or data of any particular kind; or

(c)(c) a program or data held in any particular computer.a program or data held in any particular computer.

(3) A person guilty of an offence under this section shall on co(3) A person guilty of an offence under this section shall on conviction be liable to a fine nviction be liable to a fine
not exceeding fifty thousand not exceeding fifty thousand ringgitringgit or to imprisonment for a term not exceeding five or to imprisonment for a term not exceeding five
years or to both.years or to both.

Offences

Section 4.Section 4. Unauthorised access with intent to Unauthorised access with intent to

commit or facilitate commission of further commit or facilitate commission of further

offence.offence.

(1) A person shall be guilty of an offence under this (1) A person shall be guilty of an offence under this

section if he commits an offence referred to in section if he commits an offence referred to in

section 3 with intentsection 3 with intent--

(a)(a) to commit an offence involving fraud or to commit an offence involving fraud or

dishonesty or which causes injury as defined in the dishonesty or which causes injury as defined in the

Penal CodePenal Code

OffencesOffencesOffences

�� Section 5 Unauthorised Section 5 Unauthorised modBankcationmodBankcation of the of the
contents of any computer.contents of any computer.

(1) (1) A person shall be guilty of an offence if he does any A person shall be guilty of an offence if he does any actact which he which he
knows will cause unauthorised knows will cause unauthorised modBankcationmodBankcation of the contents of of the contents of
any computer.any computer.

(2) For the purposes of this section, it is immaterial that the (2) For the purposes of this section, it is immaterial that the actact in in
question is not directed atquestion is not directed at--

(a)(a) any particular program or data;any particular program or data;

(b)(b) a program or data of any kind; ora program or data of any kind; or

(c)(c) a program or data held in any particular computer.a program or data held in any particular computer.

(3) For the purposes of this section, it is immaterial whether a(3) For the purposes of this section, it is immaterial whether an n
unauthorised unauthorised modBankcationmodBankcation is, or is intended to be, permanent or is, or is intended to be, permanent or
merely temporary.merely temporary.

OffencesOffencesOffences

�� Section 6: Wrongful communication.Section 6: Wrongful communication.

�� (1) (1) A person shall be guilty of an offence if he A person shall be guilty of an offence if he

communicates directly or indirectly a number, code, communicates directly or indirectly a number, code,

password or other means of access to a computer to any password or other means of access to a computer to any

person other than a person to whom he is duly authorised person other than a person to whom he is duly authorised

to communicate.to communicate.

�� (2) A person guilty of an offence under this section shall (2) A person guilty of an offence under this section shall

on conviction be liable to a fine not exceeding twentyon conviction be liable to a fine not exceeding twenty--five five

thousand thousand ringgitringgit or to imprisonment for a term not or to imprisonment for a term not

exceeding three years or to both.exceeding three years or to both.

OffencesOffencesOffences

Section 7 Abetments and attempts punishable as offences.Section 7 Abetments and attempts punishable as offences.

(1) A person who abets the commission of or who attempts to (1) A person who abets the commission of or who attempts to
commit any offence under this commit any offence under this ActAct shall be guilty of that offence shall be guilty of that offence
and shall on conviction be liable to the punishment provided forand shall on conviction be liable to the punishment provided for
the offence.the offence.

(2) A person who does any (2) A person who does any actact preparatory to or in furtherance of preparatory to or in furtherance of
the commission of any offence under this the commission of any offence under this ActAct shall be guilty of shall be guilty of
that offence and shall on conviction be liable to the punishmentthat offence and shall on conviction be liable to the punishment
provided for the offence:provided for the offence:

Provided that any term of imprisonment imposed shall not Provided that any term of imprisonment imposed shall not
exceed oneexceed one--half of the maximum term provided for the offence.half of the maximum term provided for the offence.

�� ThiangiahThiangiah & SL & SL lwnlwn PendakwaPendakwa RayaRaya [1997] MLJ 79 (HC).[1997] MLJ 79 (HC).

Scope to offencesScope to offences
�� Section 9: Territorial scope to offences under this Act.Section 9: Territorial scope to offences under this Act.

(1) The provisions of this (1) The provisions of this ActAct shall, in relation to any person, whatever shall, in relation to any person, whatever
his nationality or citizenship, have effect outside as well as whis nationality or citizenship, have effect outside as well as within ithin
Malaysia, and where an offence under this Malaysia, and where an offence under this ActAct is committed by any is committed by any
person in any place outside Malaysia, he may be dealt with in reperson in any place outside Malaysia, he may be dealt with in respect spect
of such offence as if it was committed at any place within Malayof such offence as if it was committed at any place within Malaysia.sia.

(2) For the purposes of subsection (1), this (2) For the purposes of subsection (1), this ActAct shall apply if, for the shall apply if, for the
offence in question, the computer, program or data was in Malaysoffence in question, the computer, program or data was in Malaysia ia
or capable of being connected to or sent to or used by or with aor capable of being connected to or sent to or used by or with a
computer in Malaysia at the material time.computer in Malaysia at the material time.

(3) Any proceeding against any person under this section which w(3) Any proceeding against any person under this section which would ould
be a bar to subsequent proceedings against such person for the sbe a bar to subsequent proceedings against such person for the same ame
offence if such offence was committed in Malaysia shall be a baroffence if such offence was committed in Malaysia shall be a bar to to
further proceedings against him under any written law relating tfurther proceedings against him under any written law relating to the o the
extradition of persons, in respect of the same offence outside extradition of persons, in respect of the same offence outside
Malaysia.Malaysia.

Powers given to police enforcement

10.10. Powers of search, seizure and arrest.Powers of search, seizure and arrest.

�� (1) (1) Whenever it appears to any Magistrate upon information and Whenever it appears to any Magistrate upon information and

after such inquiry as he thinks necessary that there is reasonabafter such inquiry as he thinks necessary that there is reasonable le

cause to believe that in any premises there is evidence of the cause to believe that in any premises there is evidence of the

commission of an offence under this commission of an offence under this ActAct, he may, by warrant , he may, by warrant

directed to any police officer of or above the rank of Inspectordirected to any police officer of or above the rank of Inspector, ,

empower the officer to enter the premises, by force if necessaryempower the officer to enter the premises, by force if necessary, and , and

there to search for, seize and detain any such evidence and he sthere to search for, seize and detain any such evidence and he shall hall

be entitled to.be entitled to.

�� (3) it is an offence to enter without warrant(3) it is an offence to enter without warrant

SearchSearch

Section 11: Section 11: Obstruction of search.Obstruction of search.

(1) (1) A person shall be guilty of an offence if heA person shall be guilty of an offence if he--

(a)(a) assaults, obstructs, hinders or delays any police officer in efassaults, obstructs, hinders or delays any police officer in effecting fecting

entrance to any premises under this entrance to any premises under this ActAct or in the execution of any or in the execution of any

duty imposed or power conferred by this duty imposed or power conferred by this ActAct; or; or

(b)(b) fails to comply with any lawful demands of a police officer actfails to comply with any lawful demands of a police officer acting in ing in

the execution of his duty under this the execution of his duty under this ActAct..

(2) A person guilty of an offence under this section shall on co(2) A person guilty of an offence under this section shall on conviction nviction

be liable to a fine not exceeding twentybe liable to a fine not exceeding twenty--five thousand five thousand ringgitringgit or to or to

imprisonment for a term not exceeding three years or to both.imprisonment for a term not exceeding three years or to both.

Prosecution

Section 12: Prosecution.Section 12: Prosecution.

�� A prosecution under this A prosecution under this ActAct shall not be instituted shall not be instituted

except by or with the consent of the Public except by or with the consent of the Public

Prosecutor in writing.Prosecutor in writing.


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: November 20, 2011
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
Islamic finance news
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