BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
August 3, 2013
DR. ZULKIFLI HASAN
Standardisation of the regulations governing Islamic finance is a must to ensure the globalisation of Islamic finance
Noor Islamic Bank’s CEO calls for global body to regulate Islamic finance industry
Available at:
http://gulfnews.com/business/banking/noor-islamic-bank-s-ceo-calls-for-global-body-to-regulate-islamic-finance-industry-1.1215439
Dubai: Standardisation of the regulations governing Islamic finance is a must to ensure the globalisation of Islamic finance, according to Hussain Al Qemzi, CEO of Noor Investment Group and CEO of Noor Islamic Bank (Noor), Speaking at a DIFC hosted conference on the future of Islamic finance, jointly organised by Noor and Thomson Reuters, Al Qemzi said the lack of standardisation is holding back the growth of Islamic finance.
Although regional standardisation bodies exist, adherence to their standards varies from country to country and region to region. “It is a real concern that there is no authoritative global body to regulate and promote Islamic finance, AlQemzi said. “Disagreement and different interpretations, over what is Shari’a compliant and what is not, continue to make it difficult to establish the necessary regulations for the industry to develop globally accepted products.
“Some people argue that standardisation is an unrealistic goal, given the fragmented nature of Islamic finance. I do not agree. There is a need for balanced, globally accepted, regulation that does not impede growth, or allow for abuse,” Al Qemzi added.
Industry estimates put the value of the Islamic finance sector at $1.5 trillion, little more than 1 per cent of the overall global financial sector. And, despite impressive annual growth rates of 15 per cent to 20 per cent, AlQemzi said there is no real tangible evidence that Islamic finance is a world force. Even in Muslim countries, conventional finance has a larger market share than Islamic finance. For example in Malaysia, Al Qemzi told delegates, Islamic lending accounts for just 26.6 per cent of overall lending. While in the UAE, Islamic finance accounts for only 12 per cent of the financial sector.
Al Qemzi called for practical measures to be implemented that progressively address impediments to the growth of Islamic finance. “We need to create an enabling environment for cross border connectivity through Islamic finance,” he said. “This will require measures to develop domestic capital markets and should go hand-in-hand with national market reforms, based on common international standards. “Domestic markets should also be strengthened by widening the issuer and investor bases, with more issuances in currencies other than the domestic currency, to attract investors from across the globe. “And there should be greater collaboration and cooperation among, and between national economies in which Islamic finance participates,” Al Qemzi added.
Inovative products, services
Since its launch in 2008, Noor has gained a reputation for offering innovative, client-focused, banking products and services. It continues to lead the retail banking market in providing convenient banking solutions, including the UAE’s first fully operational mobile internet banking experience in the Arabic language.
Noor was also the first Islamic bank to offer an on-line account opening service and the first UAE bank to operate a 24/7 branch. Its insurance arm, Noor Takaful, was the first Takaful operator to offer online insurance services and products.
Regards

Zulkifli Hasan
Gaza, Palestine
Share this:
Facebook

X
Like this:
Related
Islamic finance news
permalink
1 Comment
Post navigation
← Previous
Next →
One thought on “Standardisation of the regulations governing Islamic finance is a must to ensure the globalisation of Islamic finance”
Divorce Lawyer Jakarta
says:
September 9, 2013 at 10:19 am

Thank you for your informative article. It has given us more insight on Malaysian Islamic Finance law.

Reply
Leave a Reply
Cancel reply
AUTHOR
DR. ZULKIFLI HASAN
Menu
Welcome to My Blog of Knowledge

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

My Movie
Search
Al-Baqarah, 2:275
Calendar
August 2013

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31
« Jul
Sep »
Academic
Centre for Islamic Area Studies at Kyoto University

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

University and College Union
Institutional Infrastructure for Islamic Finance
Accounting and Auditing Organization for Islamic Financial Insitutions

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

Poem
Blog Subscriptions
Enter your email address to follow this blog and receive notifications of new posts by email.
Email Address:
Sign me up!
Blog Stats
565,904 hits
Recent Comments
DR. ZULKIFLI HASAN on
FIQH JIHAD ASAS MEMAHAMI KRISI…

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…
Top Clicks
islamonline.net/servlet/S…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…
Top Posts
Guru Sebagai Murabbi, Mudarris, Mualim, Muaddib Dan Mursyid “Selamat Hari Guru”

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

June 2008
Categories
Islamic finance news
Muslims News
My Publication
My recent publication
My Story
My Thought
News
Palestine
Poem
Blog at WordPress.com.
Cookie Policy
Comment

Follow

Following

BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Join 235 other followers

												Sign me up

Already have a WordPress.com account?
Log in now.
BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Customize

Follow

Following

Sign up

Log in

Copy shortlink

Report this content

View post in Reader

Manage subscriptions

Collapse this bar


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: March 2014
March 11, 2014
DR. ZULKIFLI HASAN
Who is the real threat to Israel?
JARINGAN AL IKHWAN AL MUSLIMUN ANCAMAN SEBENAR ISRAEL
Zulkifli Hasan
Pendahuluan
Keputusan kerajaan Arab Saudi melalui Royal Decree mengharamkan gerakan al Ikhwan al Muslimun termasuk Free Syrian Army dan melabelkannya sebagai ‘grup pengganas’ adalah suatu perkara yang sangat mendukacitakan. Bukan itu sahaja, sesiapa yang terlibat dengan gerakan ikhwan ini boleh didakwa dan dijatuhkan hukuman sehingga 20 tahun penjara.  Royal Decree yang diumumkan berkuatkuasa serta merta ini boleh dirumuskan seperti berikut:
“Whoever participates or is involved in hostilities outside the Kingdom or joins radical religious and intellectual groups or currents shall be sentenced to not less than three and not more than twenty years in prison. However, the punishment shall be increased to no less than five years and no more than thirty years in prison for armed forces servicemen.”
Pengharaman al Ikhwan al Muslimun di Arab Saudi bukanlah suatu perkara yang mengejutkan. Baca saja karya popular Robert Lacey, the Kingdom and the Inside Kingdom yang menceritakan politik dalaman Arab Saudi yang begitu kompleks dan sangat pro-Amerika. Ini kerana tindakan-tindakan sebelum ini seperti sokongan kepada rampasan kuasa di Mesir oleh Jeneral al Sisi jelas menunjukkan dasar luar dan polisi kerajaan Arab Saudi. Perkara ini juga mendapat dokongan dari negara-negara teluk yang lain kecuali Qatar. Bantuan berbentuk bantuan kewangan berbilion ringgit ditawarkan untuk memastikan kesinambungan kuasa dan pengekalan status quo di Timur Tengah. Padahal sebelum ini, tiada negara Islam kecuali Turki yang menawarkan bantuan kepada Mesir semasa pimpinan Dr Mursi, Presiden yang sah tetapi digulingkan. Situasi ini memberikan gambaran kebebasan dan bentuk kepimpinan yang dimiliki oleh dunia Islam pada hari ini. Berdasarkan situasi yang berlaku ini, penulis ingin mengambil kesempatan untuk mengulas dan mengupas secara ringkas kedudukan sebenar al Ikhwan al Muslimun dan siapakah sebenarnya yang menjadi ancaman kepada dunia khususnya Israel.
Pendirian Ulama terhadap al Ikhwan al Muslimun
Secara umumnya, majoriti ulama menolak pandangan yang mengharamkan al Ikhwan al Muslimun. Peranan al Ikhwan dalam masyarakat begitu signifikan dan ini merangkumi aspek kebajikan, pendidikan, kesihatan dan sebagainya. Ramai sarjana hebat yang jelas mengecam tindakan melabelkan al Ikhwan sebagai grup pengganas. Cuma yang menjadi persoalan ialah kecaman dan kritikan ini tidak diketengahkan dan disebarkan secara meluas kepada masyarakat. Agak mengejutkan juga apabila merujuk kepada tindakan Nadwatul Ulama, India baru-baru ini yang membatalkan lawatan delegasi dari Arab Saudi ke institusi berkenaan sebagai bantahan kepada tindakan kerajaan Arab Saudi yang mengharamkan al Ikhwan al Muslimun. Tindakan sebegini seharusnya memberikan ‘signal’ jelas kepada negara-negara Islam tentang hasrat dan pendirian institusi Islam yang bebas dan berintegriti yang mengiktiraf peranan gerakan Islam seperti al Ikhwan al MUslimun.
Ini berbeza dengan segelintir ulama yang terang-terangan menyokong kezaliman dan memberi sokongan kepada rejim al Sisi serta mengecam al Ikhwan al Muslimun. Sehinggakan Majlis Ulama Syariah di Mesir memberikan fatwa bahawa al Ikhwan al Muslimun adalah ‘jemaah murtaddah’. Mungkin inilah antara sebab mengapa Abul Ala maududi tidak pernah mengisytiharkan ‘Shari’ah credential’ beliau walaupun beliau jauh lebih layak dari ulama sedia ada pada zaman beliau. Yusuf Nadha, aktivis Ikhwan, jutawan usahawan di Switzerland juga mengkritik keras fungsi ulama yang mandul, ‘impotent’, jumud dan bersekongkol dengan penzalim (rujuk buku beliau “Inside the Muslim Brotherhood’. Siddiq Fadhil, pemikir gerakan dakwah nusantara juga mempersoalkan tentang status ulama masa kini yang ramainya beliau gelarkan fenomena “Ulama tiada umat, ulama hanya ada majikan’. Teringat juga analisis Mehmet Asutay yang mendapati kebangkitan Islam di Turki walaupun asasnya oleh Said Nursi, tetapi yang melaksanakannya bukan ulama tetapi aktivis yang sebahagian besarnya berlatarbelakangkan bidang kejuruteraan. Misalnya arkitek gerakan Islam Turki, Erbacan ialah jurutera. Taha Jabir alwani juga pernah menyuarakan kritikan terhadap institusi al Azhar gagal menyediakan sistem pendidikan yang baik untuk umat Islam. Yusuf a Qaradhawi yang digelar khawarij oleh ulama muda Malaysia dan ada yang melabel beliau sebagai ‘mufti dam’ secara jelas menyelar segelintir ulama yang bersekongkol dengan rejim mubarak dan kini rejim al Sisi. Sesungguhnya umat Islam pada hari benar-benar memerlukan ulama sejati ulama umat, ulama yang meletakkan kepentingan agama melebihi apa saja pertimbangan.
Israel Terus Mencabuli Hak Asasi Manusia
Di kala umat Islam terus-terusan dilanda pelbagai tribulasi dan kezaliman di Myanmar, Syria, Afrika Tengah dan lain-lain negara, berita kekejaman Israel terus menghantui umat Islam di seluruh dunia. Masih ingat lagi peristiwa pada malam 1 Muharam 1434H, Israel telah menyerang Gaza dan mengorbankan ramai nyawa termasuk pemimpin sayap ketenteraan Hamas, Ahmed al Jaabari. Baru-baru ini, pemain bolasepak Palestin juga ditembak dan akhirnya disahkan tidak lagi boleh beraksi untuk mewakili negara. Walaupun kemenangan Obama sebagai Presiden Amerika buat penggal kedua disambut dengan positif berdasarkan kepada pendekatan Obama yang tidak mesra peperangan berbanding Republican yang begitu ‘obsess’ dengan keganasan. Namun, seperti sudah diduga, walau sesiapapun Presiden Amerika, dasar luar Negara Amerika tetap tidak akan berubah bahkan kepentingan Israel dianggap perkara yang perlu dipertahankan dalam apa cara sekalipun.
Ramai juga yang tidak sedar bahawa Israel telah menyerang dan mengebom kilang senjata di Khartoum, Sudan atas dasar mengatakan bahawa Sudan membekalkan senjata kepada Hamas di Palestin. Setakat ini, Israel dilihat begitu berkuasa kerana keganasan dan tindakannya yang melangkaui sempadan direstui oleh masyarakat antarabangsa terutamanya sekutu erat mereka Amerika. Bukan itu sahaja Israel kerap kali tidak menghormati undang-undang antarabangsa malahan melanggar ketetapan Mahkamah Keadilan Antarabangsa serta mencabul Perjanjian Antarabangsa. Israel juga telan mengancam untuk menarik diri daripada Universal Periodic Review of the United Nation Human Rights Commission. Israel didapati antara negara yang paling tegar melanggar hak asasi manusia tanpa batasan. Israel juga adalah satu-satunya Negara yang dapat menjustifikasikan apa sahaja tindakan dan keganasan yang dilakukan atas dasar keselamatan. Jika sesebuah Negara ingin membangunkan teknologi nuklear, agensi antarabangsa dan masyarakat dunia akan mengecam dan memberi tekanan dari pelbagai sudut sama ada ekonomi mahupun politik, sedangkan Israel hingga kini bebas untuk memiliki seberapa banyak senjara nuklear dan jelas merupakan antara kuasa nuklear dunia pada hari ini.
Hubungan Erat Amerika-Israel
Memahami hubungan erat Israel-Amerika bukanlah satu perkara yang sukar. Israel bukan sahaja boleh dianggap sebagai negeri ke-51 Amerika malahan Israel jugalah yang sangat mempengaruhi dan mendominasi dasar kerajaan Amerika. Elison Weir di dalam artikelnya ’the History of US-Israel Relationship’ mengatakan bahawa lobi Israellah yang sebenar menentukan sebahagian besar dasar Amerika. Fakta mengenai Israel yang menerima dana dan bantuan kewangan dan persenjataan daripada Amerika yang bernilai bilion ringgit setiap tahun bukanlah suatu perkara baru. Masyarakat antarabangsa sangat maklum dan mengetahui perkara ini. Penulis pernah mengetengahkan isu ini semasa menghadiri Bengkel Pengawalan Senjata anjuran Church of Sweden di Bangkok pada 2011. Di kala semua perwakilan sangat teruja dengan inisiatif pengawalan senjata demi keamanan dunia, tiada yang berminat untuk menyentuh isu Israel. Penulis cuba untuk menimbulkan isu Israel ini, namun ianya hanya disambut dengan dingin oleh semua perwakilan.
Merenung kepada situasi ini, mungkin menarik juga untuk membaca buku oleh Melvin Irving bertajuk ’We are One: American Jewry and Israel’. Buku ini secara jelas merekodkan sejarah keakraban Amerika dan Israel dan dianggap sebagai Satu Negara. Beberapa buku yang dianggap kontroversi dan berbentuk teori konspirasi seperti karya John Perkins iaitu ’the Secret of American History’ dan juga Eustace Mullin dengan bukunya ’the Secret of the Federal Reserve’ menerangkan secara terperinci perkara ini. Walaupun ada yang menganggap buku ini sebagai teori konspirasi, namun mesej yang ingin disampaikan dalam buku ini sangat bertepatan dengan apa yang berlaku pada hari ini. Penulis masih ingat ketika menghadiri dan sengaja menimbulkan teori konspirasi mengenai Israel dan Amerika di konferens ’the World Bank and the Modern Law Review’ di Newcastle, UK pada 2011 dianjurkan oleh Bank Dunia. Hampir kesemua peserta hanya tersenyum, ada yang tertawa dan panelis terus melabelkan teori ini sebagai datang dari individu yang kurang waras dan jahil.
Penulis tidak mahu mendedahkan lebih banyak fakta dan bukti mengenai keakraban Amerika-Israel kerana percaya bahawa ia telah diketahui oleh masyarakat antarabangsa secara meluas dan tidak perlu diselindung lagi. Apa yang menjadi isu utama ialah apakah tindakan dan reaksi umat Islam terhadap serangan dan keganasan yang dilakukan oleh Israel? Hingga kini, Israel terus tanpa segan silu malahan bongkak dan sombong terus menerus melakukan keganasan bukan sahaja terhadap Palestin tetapi juga kepada sebarang pihak yang cuba membela nasib Palestin. Serangan berdarah ke atas kapal Mavi Marmara milik sebuah badan kebajikan Turki tidak mendapat pembelaan malahan tiada kenyataan maaf datang dari Israel. Pengorbanan seorang gadis bernama Rachel Corrie yang mati dibunuh oleh Israel kerana menentang kekejaman Israel juga tidak terbela oleh masyarakat antarabangsa.
Dunia Islam dan Israel
Sebelum membicarakan apakah reaksi sewajarnya dilakukan terhadap serangan Israel ini, umat Islam terlebih dahulu mesti mengingati kembali sejarah penubuhan OIC Pertubuhan Negara-negara Islam yang kini dianggotai oleh 57 buah negara. Penubuhan OIC pada 1969 adalah berkait rapat dengan Masjid al Aqsa berikutan keganasan dan kekejaman Israel yang menggugat kestabilan. Hingga kini, OIC dilihat tidak berfungsi sebagaimana yang aspirasikan semasa penubuhannya. Bahkan, sering kali OIC dilihat lembap dan tidak efisyen bagi membela nasib umat Islam.
Kemenangan Dr. Mohamed Mursi sebagai Presiden Mesir disambut dengan penuh kegembiraan oleh umat Islam secara umumnya. Sebagai seorang aktivis gerakan Islam yang paling berpengaruh di dunia, Ikhwanul Muslimin, harapan yang begitu tinggi diletakkan di atas bahu beliau. Namun, pendekatan beliau yang dilihat sebagai terbuka yang mengiktiraf negara Israel bahkan menghantar duta Mesir ke Israel begitu mengejutkan. Bukan itu sahaja, beliau juga telah mendapatkan bantuan IMF bagi membantu membangunkan Mesir. Walaupun beliau telah memanggil pulang Duta Mesir di Israel sebagai tanda bantahan kepada tindakan serangan Israel, Mesir masih mempunyai hubungan diplomatik dengan Israel. Perkara ini sebenarnya adalah amat difahami memandangkan Mesir masih terikat dengan Perjanjian Camp David yang ditandatangani oleh Anwar Sadat dan Israel pada 1978. Walau apa pun yang dilakukan, perkara ini masih tidak menggembirakan Israel kerana merasakan bahawa musuh sebenar mereka adalah al Ikhwan al Muslimun. Lebih-lebih lagi apabila menyedari polisi Dr Mursi yang membenarkan sempadan Fatah dibuka untuk membolehkan bantuan ke Gaza yang sangat membimbangkan Israel. Akhirnya, Dr Mursi digulingkan melalui proksi Israel di Mesir.
Di antara pemimpin Islam yang lantang mempersoalkan kezaliman dan kekejaman Israel ialah Perdana Menteri Turki Recep Tayib Erdogan. Semasa di World Economic Forum di Davos, di kala semua hadirin bertepuk tangan mendengar kekejaman Israel oleh Simon Peres pada 2009, Erdogan bangun menyuarakan ketegasan dan bertindak meninggalkan majlis sebagai tanda bantahan dan protes. Selepas peristiwa tersebut berserta dengan beberapa tindakan Erdogan yang lain membuatkan beliau dihormati dan dianggap sebagai hero umat Islam. Namun, sekiranya dilihat kepada polisi dasar luar negara Turki-Israel ianya tetap sama dan tidak berubah. Turki masih mempunyai hubungan yang rapat dengan Israel. Mungkin juga ramai yang tidak tahu bahawa Turki adalah negara Islam yang pertama mempunyai hubungan diplomasi dengan Israel seawal 1949. Sedikit harapan yang dapat dilihat pada Turki ketika ini ialah kekuatan ekonomi dan kestabilan politiknya telah meletakkan Turki sebagai sebuah negara yang signifikan di peringkat antarabangsa. Penganalisis Politik Antarabangsa, Michael Koplow misalnya menjangkakan akan terdapat perubahan pada hubungan Turki-Israel dengan berlakunya serangan keganasan Israel baru-baru ini.
Satu ketika dulu, Iran dilihat sebagai sebuah negara yang menjadi ancaman kepada Israel. Presiden Mahmoud Ahmadinejad sering kali menimbulkan polemik dan mengutuk keganasan serta kekejaman Israel. Bahkan, beliau digelar dengan pelbagai gelaran yang negatif akibat daripada kenyataan keras terhadap Israel khususnya semasa Perhimpunan Agung PBB pada september 2012 yang menyatakan bahawa Israel akan dipadamkan pada peta antarabangsa. Kenyataan keras beliau ini dikecam oleh ramai perwakilan antarabangsa dan mendapat reaksi hebat oleh sekutu Israel.
Walaupun Iran dilihat sebagai negara yang anti-Israel tetapi hakikatnya sekira ditinjau tindakan, dasar dan realiti, Iran bukanlah negara yang benar-benar anti-Israel. Penulis merasa ragu dengan fungsi Iran sebagai ’anasir jahat’ di peringkat antarabangsa yang mengancam keselamatan Timur Tengah dan Israel. Peranan Iran di Timur Tengah hanya dilihat sebagai faktor utama membuka peluang kepada Israel untuk meningkatkan hegemoninya di dunia. Tanpa ancaman Iran, Israel mungkin tidak sebebas hari ini meningkatkan bala ketenteraanya, meneruskan keganasan dan kekejaman. Tanpa ancaman Iran, Amerika tidak akan dapat membekalkan senjata kepada negara-negara Teluk yang kaya raya itu. Direkodkan bahawa sebahagian besar perbelanjaan negara-negara Teluk ini diperuntukkan untuk pembelian senjata daripada Amerika. Bayangkan sekiranya tiadanya ancaman Iran di Timur Tengah, sudah pasti Israel tidak akan sewenang-wenangnya bermaharajalela memandangkan negara-negara arab akan menumpukan perhatian kepada isu yang berlaku di Palestin dan Amerika tidak lagi mempunyai pelanggan tetap senjatanya. Keadaan ekonomi yang semakin goyah dengan hutang negara yang sudah mencecah USD16 trilion membuatkan Amerika semakin terdesak mencari rakan dagang setia dan pelanggan tetap senjatanya. Faktor ini serba sedikit membuktikan Iran bukanlah negara yang boleh diharapkan dalam membela nasib umat Islam mahupun mengetuai negara Islam menentang Israel. Lebih-lebih lagi dengan tindakan Iran yang menyokong rejim al Assad di Syria untuk terus menzalimi dan membunuh rakyat yang memperjuangkan kebebasan.
Semasa era pimpinan Tun Dr. Mahathir, beliau dilihat begitu tegas dengan isu kezaliman Israel dan dianggap mewakili suara negara dunia ketiga dan negara Islam. Kelantangan suara Tun Dr. Mahathir ini tidak disenangi oleh beberapa pihak termasuk Israel. Hingga kini, Tun Dr. Mahathir masih konsisten dengan pandangan terhadap Israel dan terus bergiat aktif dalam memperjuangkan isu keamanan. Kenyataan beliau yang menyentuh isu Israel memerintah dunia melalui proksi dan melabelkan Israel sebagai Negara Pengganas mendapat reaksi keras daripada pelbagai pihak di peringkat antarabangsa terutamanya yang pro-Israel. Walaupun mengakui sumbangan Tun Dr. Mahathir dalam aspek ini, namun ianya tidak signifikan kepada sebarang usaha untuk menghentikan keganasan Israel. Dengan kedudukan yang kini tidak memegang apa-apa jawatan yang strategik, suara Tun Dr. Mahathir kini tidak lagi sekuat dan selantang dulu.
Al Ikhwan al Muslimun Ancaman Sebenar Israel
Setelah menelusuri peranan beberapa negara dan pimpinan dunia Islam dalam memperjuangkan isu keganasan Israel dan membela nasib umat Islam khususnya di Palestin, boleh dibuat kesimpulan bahawa sehingga kini tiadanya kerjasama bersepadu negara Islam. Kebanyakan inisiatif dan tindakan yang dilakukan adalah bersifat individu, tidak kolektif dan bermusim. Ini bermakna sebarang usaha untuk membantu perjuangan umat Palestin selama ini adalah kurang berkesan. Oleh itu seharusnya dikaji bentuk perjuangan yang bagaimana seharusnya dilakukan pada waktu ini untuk meneruskan perjuangan ini. Dalam aspek ini, penulis ingin merujuk kepada Laporan yang dibuat oleh ’Think-thank Israel’ Jerusalem Cente for Public Affairs 2011. Laporan yang penting ini menyimpulkan bahawa ancaman sebenar Israel bukanlah mana-mana negara Islam mahupun pimpinan dunia Islam tetapi ancaman yang benar-benar mampu menggugat Israel ialah gerakan Islam. Gerakan seumpama Ikhwanul Muslimin dan jaringannya merupakan ancaman terbesar Israel.
Kesimpulan yang dibuat oleh Laporan oleh Jerusalem Center for Public Affairs ini secara jelas menunjukkan bahawa Gerakan Islam yang bersepadu mengakar dan membumi diangkat oleh umat Islam secara kolektif adalah ancaman sebenar Israel. Gerakan Ikhwanul Muslimin dan jaringannya di seluruh dunia begitu merisaukan Israel kerana kekuatan gerakan ini bukan sahaja bersandarkan kepada kesatuan tetapi keimanan, keikhlasan serta kekuatan rohaninya. Yusuf al Qaradhawi ada menyebutkan hal ini di dalam bukunya ’Aku dan al Ikhwan al Muslimun’ di mana tentera Israel semasa peperangan Mesir-Israel ada menyatakan bahawa mereka langsung tidak takut dengan tentera Mesir tetapi sangat gentar dengan sukarelawan ikhwanul muslimin. Israel juga sangat gusar dan gentar dengan pejuang gerakan Islam seperti Hamas. Perdana Menteri Palestin, Ismail Haniyeh dengan penuh keberanian menyatakan bahawa beliau sangat mengimpikan syahid dan sentiasa bersedia untuk berjuang menentang kezaliman Israel. Antara faktor inilah, Gerakan Islam begitu digeruni oleh Israel berbanding dengan ancaman-ancaman yang lain.
Penutup
Tindakan sesetengah negara Islam yang melabelkan gerakan Islam seperti al Ikhwan al Muslimun sebagai grup pengganas adalah antara perkara yang paling merugikan umat Islam. Gerakan Islam yang membumi dan berasaskan kepada tarbiah serta dakwah sepatutnya diangkat dan diberikan sokongan daripada pelbagai sudut sama ada kewangan, infrastruktur, sumber manusia dan sebagainya. Berdasarkan kepada perbincangan ringkas di atas, perjuangan membebaskan Palestin dan membela nasib umat Islam serta menghentikan keganasan Israel adalah suatu jihad yang menjadi tuntutan aqidah. Umat Islam tidak boleh mengharapkan pemimpin barat mahupun pimpinan dunia Islam untuk mengetuai perjuangan ini. Ia seharusnya dimulakan dan dipelopori oleh gerakan Islam. Gerakan Islam seumpama ikhwanul muslimin dan gerakan Islam yang lain kini perlu bersatu teguh dan bekerjasama secara kolektif untuk bersama-sama meneruskan misi ini. Hanya dengan kesatuan ummah melalui paradigma Tauhid, perjuangan membebaskan bumi Palestin akan tercapai dan kekejaman Israel dapat dihentikan. Kesatuan ummah di atas paradigma Tauhid yang dipimpin oleh Gerakan Islam inilah yang akan menjadi penentu kepada kebangkitan dan kegemilangan umat Islam.
Regards

Zulkifli Hasan
With Yvonne Ridley, a British Muslim Journalist.
My Thought
1 Comment
March 5, 2014
DR. ZULKIFLI HASAN
My Recent Book ‘Fiqh Isu Semasa’.
“Fiqh Isu Semasa’.
This book offers critical analysis on selected and controversial issues pertaining to socio-politic, law and syariah, economics and finance, education, arts and ibadah. The author analyses selected Muslim related issues which are significant to our daily life such as Islamophobia, democracy, human rights, ethics, national budget, education, Islamic finance, role of religious authorities, the importance of financial planning, concept of ukhuwah with non-Muslims, conflict in Syria and Palestine, Islamic law of evidence, concept of oath, hudud, sirah of the Prophet Muhammad and etc. This book is useful for the general public as a simple guide and reference to understand the selected issues academically and not emotionally and more importantly to apprehend the issues with appropriate facts and objective thought.
Happy reading.
Regards

Zulkifli Hasan
My Thought
Leave a comment
March 4, 2014
DR. ZULKIFLI HASAN
Australian Centre for Islamic Finance sets up sharia advisory board
Australian Centre for Islamic Finance sets up sharia advisory board
BY BERNARDO VIZCAINO Available at:
http://www.reuters.com/article/2014/03/04/islamic-finance-australia-idUSL6N0M100R20140304
(Reuters) – The Australian Centre for Islamic Finance has set up an advisory board to help local businesses conduct sharia-compliant transactions, including developing financing options such as Islamic bonds, the centre’s director told Reuters.
The three-member board is the latest sign the industry is making headway despite Australia’s lack of regulation catering to Islamic finance, which follows religious principles such as bans on interest and pure monetary speculation.
The centre’s sharia board members might not have the global name recognition as some of their Gulf-based peers, but familiarity with Australian law would appeal to local firms, said Almir Colan, director of the centre, an education and training body.
“We need people who will be able to apply classical fiqh (Islamic jurisprudence) principles within a modern context – the increased complexity of financial products and commercial transactions needs specialists.”
The scholars have backgrounds in Islamic law and hold Islamic finance degrees from Melbourne’s La Trobe University, while the board also aims to guide local Muslims on commercial matters.
“Their work will not be limited to corporate finance and auditing for sharia compliance but will also serve the wider community in Australia with regards to all issues regarding finance and commercial transactions,” Colan said.
Last month, Melbourne-based First Guardian launched an Islamic pension fund in collaboration with local Muslim organisations to tap the country’s private pension system, the world’s fourth largest.
Sydney-based fund manager Crescent Wealth plans to launch an Islamic fund investing in commercial property this year as it continues to expand its range of products. (Editing by Eric Meijer)
Regards
Melbourne, Australia
Islamic finance news
Leave a comment
Post navigation
AUTHOR
DR. ZULKIFLI HASAN
Menu
Welcome to My Blog of Knowledge

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

My Movie
Search
Al-Baqarah, 2:275
Calendar
March 2014

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31
« Feb
Apr »
Academic
Centre for Islamic Area Studies at Kyoto University

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

University and College Union
Institutional Infrastructure for Islamic Finance
Accounting and Auditing Organization for Islamic Financial Insitutions

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

Poem
Blog Subscriptions
Enter your email address to follow this blog and receive notifications of new posts by email.
Email Address:
Sign me up!
Blog Stats
565,904 hits
Recent Comments
DR. ZULKIFLI HASAN on
FIQH JIHAD ASAS MEMAHAMI KRISI…

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…
Top Clicks
islamonline.net/servlet/S…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…
Top Posts
Guru Sebagai Murabbi, Mudarris, Mualim, Muaddib Dan Mursyid “Selamat Hari Guru”

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

June 2008
Categories
Islamic finance news
Muslims News
My Publication
My recent publication
My Story
My Thought
News
Palestine
Poem
Blog at WordPress.com.
Cookie Policy
Follow

Following

BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Join 235 other followers

												Sign me up

Already have a WordPress.com account?
Log in now.
BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Customize

Follow

Following

Sign up

Log in

Report this content

View site in Reader

Manage subscriptions

Collapse this bar


429 Too Many Requests

nginx


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: March 2, 2012
March 2, 2012
DR. ZULKIFLI HASAN
DEMYSTIFYING THE MYTH OF SHORTAGE OF SHARI’AH SCHOLARS
DEMYSTIFYING THE MYTH OF SHORTAGE OF SHARI’AH SCHOLARS
Zulkifli Hasan
The release of “Shari’ah Scholars-A Network Analytic Perspective” issued by the Funds-at-Work provides the extent of current Shari’ah board practices in Islamic financial institutions (IFIs). The survey in 2008 reveals that out of 94 scholars in 467 IFIs in 19 countries, only 20 of them are heavily utilized where they represent 339 board positions equaling 17 board positions per scholar. This figure is increased in 2009 where it shows that the top 10 listed Shari’ah scholars have monopolized more than 58% out of 956 Shari’ah board positions in 271 organizations in 22 countries. The recent analysis in 2010 further evidences that the top 10 scholars hold 67% out of 1054 board positions in 291 IFIs in 24 countries.
This article summarizes and illustrates the board and chairman positions of top ten Shari’ah scholars in these three separate reports.

Table 1: Board and Chairman Positions of Top Ten Shari’ah Scholars

Shari’ah Scholar	                    2008	2009	2010	Chairman Positions

Sheikh Nizam Mohammed Saleh Yaquby	      46	77	78	10

Sheikh Abdul Satar Abdul Karim Abu Ghuddah    45	72	77	21

Sheikh Mohammed Eid Elgari 	              31	64	65	8

Sheikh Abdulaziz Khalifa Al Qassar 	      22	37	38	9

Sheikh Mohammad Daud Bakar 	              22	35	38

Sheikh Abdulla Bin Sulaiman Al Manea	      20	37	38	20

Sheikh Hussein Hamid Hassan 	              19	29	32	21

Sheikh Ali Mohyuldin Al Qarradaghi	      17	23	31	7

Sheikh Essa Zaki Essa 	                      17	25	25

Sheikh Ajeel Jasim Al Nashmi 	              15	24	22

Average Per Scholar	                    25.3	42.3	44.4	9.6
Amongst the top 10 Shari’ah scholars, Sheikh Nizam Muhammad Saleh Yaqubi is ranked first with 78 board positions followed by Sheikh Abdul Sattar Abu Ghuddah, 77, Sheikh Muhammad Ali Elgari, 65, Sheikh Abdulaziz Khalifa Al Qassar, Sheikh Abdullah Sulaiman Al Manea and Sheikh Mohammad Daud Bakar, 38 respectively, Sheikh Hussein Hamid Hassan, 32, Sheikh Ali Mohyuldin Al Qarradaghi, 31, Sheikh Essa Zaki Essa, 25 and Sheikh Ajeel Jasim Al Nashmi, 22. As regard to the chairman position, Sheikh Abdul Sattar Abu Ghuddah and Sheikh Hussein Hamid Hassan hold 21 Chairman Positions respectively, Sheikh Abdullah Sulaiman Al Manea, 20, Sheikh Nizam Muhammad Saleh Yaqubi, 10, Sheikh Abdulaziz Khalifa Al Qassar, 9, Sheikh Muhammad Ali Elgari, 8 and Sheikh Ali Mohyuldin Al Qarradaghi, 7. The average of board position for top 10 Shari’ah scholars in 2008 is 25.3 while in 2009, it increased to 42.4 followed in 2010 whereby the figure amounted to 44.4.
As would be apparent from the above figures, most of the Shari’ah board positions are monopolized by the same Shari’ah scholars. It is understood that we can not solely blame the Shari’ah scholars for such practices as IFIs need for qualified, experienced and well known individual for Shari’ah advisory services. The author nevertheless is suspicious as to the reason and rationale of the industry heavily utilizing certain individual Shari’ah scholar. Interestingly, almost for a decade, there would be the same reason were given for such practices namely the market experiences the problem of shortage of Shari’ah scholars. After more than 30 years of Islamic finance practices worldwide with thousands of conferences, workshops, seminars were organized and numerous academic institutions as well as international standards setting agency were established, does the same excuse is still acceptable or it is just a myth. With aim at exploring the reality of this issue, the author attempts to demystify the myth of shortage of Shari’ah scholars by briefly examining and analyzing the state of institutional and human resource development as well as the extent of intellectual discourse on Islamic finance.
Basically, the issue of lack of Shari’ah scholars is not the real issue in Islamic finance. There are hundreds or thousands of potential Shari’ah scholars that could be utilized by the industry. Mohammad Akram Laldin, Executive Director of ISRA and well known Shari’ah scholar during the interview by Rushdi Siddique views that the industry is actually not in the stage of shortage of Shari’ah advisors. He further raises his concern that many potential Shari’ah advisors are not given fair chance and opportunity to serve on Shari’ah board as the IFIs prefer to have the existing well known and prominent figures. For instance, in Malaysia alone the Bank Negara Malaysia report in 2009 reveals that the rules on restriction of individual from sitting in more than one Shari’ah board had increased the total number of Shari’ah experts in 2004-2009 to more than 100 individual Shari’ah scholars. In addition, Failaka published the Shari’ah report on Profiles of 100 of the World’s leading and Up-and-Coming Shari’ah Scholars in 2008. Both reports even not extensive have indicated to certain extent that there are many Shari’ah scholars who are available in the market that could provide Shari’ah advisory services for IFIs.
The argument for engaging the same scholars because of lack of qualification and experience is also futile. The Islamic Finance Program Data Bank of Harvard University reported that as of December 2007 there are numerous publications related with Islamic finance which consist of 4792 articles, 875 books, 1959 book chapters, 4539 conference papers, 540 thesis and dissertations. On top of that, there are various academic journals that allocate discourse on Islamic finance such as Journal of Economic Cooperation Among Islamic Countries, Islamic Economic Studies, IIUM Journal of Economics and Management, Journal King Abdulaziz University, Islamic Economics, Journal of Islamic Banking and Finance, Contemporary Jurisprudence Research Journal, International Journal of Islamic and Middle Eastern Finance and Review of Islamic Economics. To complement this, numerous magazines, bulletins as well as specific column in daily newspapers offer a wide range of information on Islamic finance such as the Banker, the New Horizon, the Global Islamic Finance Magazine and the Business Islamica. In addition thousands of conferences and seminars were organized to disseminate information on Islamic finance for both industrial and academic research. All of this information surely would be able to assist the existing, potential and future Shari’ah scholars in facilitating themselves with necessary knowledge on technical aspect of Islamic finance as well as exposing with the latest goings-on in the industry.
To further demystify the myth of shortage of Shari’ah scholars, brief observation on the available underutilized Shari’ah scholars in the institution of higher learning worldwide might be useful. Amongst the top universities that offer programme on Shari’ah are Al Azhar University, Damascus University, Darul Uloom University, Imam Mohammed Ibnu Saud University, International Islamic University of Malaysia, International Islamic University of Islamabad, University of Al Madinah Al Munawwarah, Kuwait University, Umm Al Qura Universtiy, University of Jordan, University of Yarmouk, National University of Malaysia, Islamic Science University of Malaysia and Malaya University. In view of this information, we may simply presume that there are many potential Shari’ah scholars that could be found in all of these institutions that would be available to provide Shari’ah advisory services and consultancy. In fact, the prominent jurists and the world renowned scholars such as Sheikh Wahbah Al Zuhailiy, Sheikh Said Ramadhan Al Buti and Sheikh Yusuf Al Qaradawi are not in the list of top ten Shari’ah scholars.
The above facts and findings indicate that the issue of lack of Shari’ah scholars to certain extent is just a myth and perhaps the actual reason for IFIs to engage certain individual Shari’ah scholar are mainly for purpose of maintaining credibility and marketability of their products and services. It is hoped that the future development on the institution of Shari’ah board would able to address this specific issue so as to negate any negative perception on the credibility and image of Shari’ah scholars. At this point, the author strongly advocates an idea for the establishment of professional body of Shari’ah scholars that has authority to grant license, to offer professional course and necessary qualification and to regulate the ethical principles of Shari’ah advisors. In this aspect, an effort and initiative taken by Malaysia to establish Malaysian Association of Shari’ah Advisors (MASA), a professional body for Shari’ah scholars regulated by specific law and regulation is greatly welcome. The author extremely supports this initiative and further advocates this idea to be materialized at regional and international level.
Best Regards

ZULKIFLI HASAN
Gibraltar (Gibraltar was named after the famous Tariq Ibnu Ziyad).
Islamic finance news
1 Comment
Post navigation
AUTHOR
DR. ZULKIFLI HASAN
Menu
Welcome to My Blog of Knowledge

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

My Movie
Search
Al-Baqarah, 2:275
Calendar
March 2012

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31
« Feb
Apr »
Academic
Centre for Islamic Area Studies at Kyoto University

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

University and College Union
Institutional Infrastructure for Islamic Finance
Accounting and Auditing Organization for Islamic Financial Insitutions

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

Poem
Blog Subscriptions
Enter your email address to follow this blog and receive notifications of new posts by email.
Email Address:
Sign me up!
Blog Stats
565,904 hits
Recent Comments
DR. ZULKIFLI HASAN on
FIQH JIHAD ASAS MEMAHAMI KRISI…

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…
Top Clicks
islamonline.net/servlet/S…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…
Top Posts
Guru Sebagai Murabbi, Mudarris, Mualim, Muaddib Dan Mursyid “Selamat Hari Guru”

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

June 2008
Categories
Islamic finance news
Muslims News
My Publication
My recent publication
My Story
My Thought
News
Palestine
Poem
Blog at WordPress.com.
Cookie Policy
Follow

Following

BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Join 235 other followers

												Sign me up

Already have a WordPress.com account?
Log in now.
BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Customize

Follow

Following

Sign up

Log in

Report this content

View site in Reader

Manage subscriptions

Collapse this bar


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: March 23, 2010
March 23, 2010
DR. ZULKIFLI HASAN
Shari’ah Governance in Islamic Finance Industry
Shariah governance in Islamic finance industry
By MUSHTAK PARKER | ARAB NEWS Available at:
http://arabnews.com/economy/islamicfinance/article33068.ece
Prominent Saudi Shariah scholar and economist, Mohamed Ali Elgari, threw down the gauntlet to his fellow Shariah advisories warning that it is high time that Shariah governance in Islamic finance is addressed impartially, and in a transparent and positive way, and that the authority to issue fatwas should not be centralized or monopolized by one authority or body of Shariah scholars.
Diversity of Fiqh (jurisprudence) and interpretations is a strength, which he stressed, should neither be ignored nor eliminated. Although, such diversity could be perceived by the general public as inconsistency and conflict amongst scholars. The aim should be to reach common and mutual understanding without superimposing one particular view on everything.
Elgari is a leading proponent of developing and promoting a modern scientific methodology for the Shariah governance process, especially in the compilation, consultation and articulation of fatwas and resolutions relating to Islamic financial products and structures. Essentially, he wishes to demystify the Shariah governance process to all stakeholders in the global Islamic finance industry.
Over the last three decades, as the contemporary Islamic finance industry started to establish itself, Shariah scholars acquired a sudden status which in some respects put a core minority of them on a pedestal, which was further reinforced by the lack of intellectual engagement by and the lack of basic Shariah education of both bankers, investors, shareholders and consumers.
The globalization of Islamic finance over the last decade even further reinforced this mysticism surrounding the Shariah and the scholars, especially given the increasing involvement of non-Muslim bankers and jurisdictions in Islamic finance.
Some Shariah advisories have strongly resisted any moves toward registration and regulation. The Securities Commission Malaysia (SC), the capital markets regulator, is the only regulator that requires Shariah advisories in Malaysia offering Shariah advice and services to be registered with the commission. In a further move, Shariah advisories are also restricted to advise one institution in a particular market segment to pre-empt conflict of interest issues and to widen the opportunities for newcomers in Shariah advisory.
Elgari, in fact, was due to address a high-level closed-door roundtable in Kuala Lumpur a few days ago. The meeting had been organized by the SC and the Oxford Centre for Islamic Studies (OCIS). Due to some reasons, he could not physically attend, but his paper themed “Governance Standards and Protocols on the Shariah Decision Making Process” was read out on his behalf to the delegates and was the subject of vigorous debate.
Shariah governance is “the set of procedures, institutions and organizational arrangements through which the Shariah position on contemporary issues is revealed and Shariah compliance ensured.” In this case it applies to Islamic financial institutions. Shariah compliance, in this context, is narrowly defined to only mean strict adherence to the guidance of their Shariah board as expressed in fatwas and resolutions.
However, Elgari warned that it would not be possible to ignore the Shariah discourse at large, especially in the field of finance, because resolutions issued by Shariah bodies such as the Makkah-based Fiqh Academy of the OIC (Organization of Islamic Conference) and the Shariah Committee of the Bahrain-based AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), do have an impact on Islamic financial institutions (IFIs). At the same time, the IFIs operate in societies that give weight to such fatwas and any new resolution from the above bodies forces IFIs to redefine their compliance standard.
The reality from a Shariah point of view, stressed Elgari, is that “a fatwa is not obligatory or legally binding. Yet the public at large wants a resolution issued by such a body to be applicable to the IFI and ought to be followed.” He agrees that Shariah compliance is essential to the growth and integrity of Islamic finance, but warns that without consistency and predictability of fatwas the Islamic finance industry “will have no hope of meeting international standards and growing beyond its ‘niche’ status.”
Elgari, who has a doctorate in economics from the prestigious University of California at Berkeley, dismissed the centralization of fatwa issuing authority stressing that it is against the egalitarian nature of the Islamic system. “Shariah scholars are just like the rest of us. There is no special power bestowed in them. Hence, their authority is derived from political and not Shariah sources. We all know that the centralization of power is the shortest route to tyranny,” he added.
He believes that strong Shariah governance would lead to a lively Shariah discourse with the widest possible participation and the broadest acceptance. He suggested a road map of the components for strong Shariah governance. These include: i) Shariah decisions must always be supported by a body of evidence; ii) Shariah declarations must always be capable of being defended by those who issued them with the same vigor with which they were issued; iii) Shariah decisions must be feasible taking into consideration circumstances as they are. Hence to suggest Qard Hassan in place of Tawarruq as prescribed by the recent resolution of the OIC Fiqh Academy, “is asking Islamic banks to do something that is not doable”; iv) empowering the power of voting. Although consensus may be desired, most often in Shariah boards it is a compromise that is reached. Dissent is not welcomed which gives rise to a perception of a patriarchic relationship between Shariah board members; v) procedures for the reversal of fatwas because Shariah scholars are not infallible and they do mistakes which have to be retracted and corrected. This process has to be done very carefully and with consideration because a sudden reversal of a position could be a shock that may be damaging to a financial institution or to the Islamic banking industry at large and could also have retrospective implications; vi) ethics of disagreement where Shariah scholars must learn to tolerate and respect opposing views which are also valid under the Shariah; vii) greater consultation because Shariah discourse is not the exclusive preserve of the scholars; and viii) a fatwa must remain personal and the scholar’s whose signature appears on any document or fatwa must remain accountable for that fatwa.
“If any religion had the chance of ruling over England, nay Europe within the next hundred years, it could be Islam” George Bernard Shaw
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Alnwick Castle, Northumberland, England
Islamic finance news
Leave a comment
Post navigation
AUTHOR
DR. ZULKIFLI HASAN
Menu
Welcome to My Blog of Knowledge

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

My Movie
Search
Al-Baqarah, 2:275
Calendar
March 2010

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31
« Feb
Apr »
Academic
Centre for Islamic Area Studies at Kyoto University

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

University and College Union
Institutional Infrastructure for Islamic Finance
Accounting and Auditing Organization for Islamic Financial Insitutions

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

Poem
Blog Subscriptions
Enter your email address to follow this blog and receive notifications of new posts by email.
Email Address:
Sign me up!
Blog Stats
565,904 hits
Recent Comments
DR. ZULKIFLI HASAN on
FIQH JIHAD ASAS MEMAHAMI KRISI…

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…
Top Clicks
islamonline.net/servlet/S…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…
Top Posts
Guru Sebagai Murabbi, Mudarris, Mualim, Muaddib Dan Mursyid “Selamat Hari Guru”

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

June 2008
Categories
Islamic finance news
Muslims News
My Publication
My recent publication
My Story
My Thought
News
Palestine
Poem
Create a free website or blog at WordPress.com.
Cookie Policy
Follow

Following

BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Join 235 other followers

												Sign me up

Already have a WordPress.com account?
Log in now.
BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Customize

Follow

Following

Sign up

Log in

Report this content

View site in Reader

Manage subscriptions

Collapse this bar