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Shari'ah, Law, Islamic Finance and Muslim News
February 1, 2018
DR. ZULKIFLI HASAN
Announcing the Launch of My Newly Redesigned Website zulkiflihasan.com
Announcing the Launch of My Newly Redesigned Website
zulkiflihasan.com
Dear all,
I am very pleased to announce the released of my newly redesigned website zulkiflihasan.com. It is dedicated to publishing my writings and to provide relevant information that may be useful for interested parties. I welcome all of you and enjoy reading all the information, my opinion, thoughts and academic writings. I will update the information and upload my recent writings and publication for your reading pleasure.
With this newly designed website, my weblog zulkiflihasan.wordpress.com will no longer be updated and all readers and followers may surf directly to zulkiflihasan.com.
Welcome to
http://www.zulkiflihasan.com
Regards
Zulkifli Hasan
Islamic finance news
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June 30, 2017
DR. ZULKIFLI HASAN
Shariah-compliant robo advisor Algebra to pilot in Asia before going global
Shariah-compliant robo advisor Algebra to pilot in Asia before going global
Available at:
https://www.dealstreetasia.com/stories/shariah-compliant-robo-advisor-algebra-to-pilot-in-asia-first-75533/
By Tanu Pandey June 21, 2017 Malaysia-based private wealth management firm Farringdon Group is all set to finally launch its Shariah-compliant robo advisor Algebra next month, after its earlier plan to launch it late last year was delayed. A robo advisor is an online wealth management service that provides automated, algorithm-based portfolio management advice without the use of human financial planners. Farringdon Group believes Algebra, which can take minimum investments worth $4000, will cater not only to wealthy Muslim population in the region, but also the entire Islamic finance market, its CEO Stuart Yeoman told DEALSTREETASIA in an interaction. Farringdon is launching the product next month in Malaysia, and has partnered with local banks, a well known insurance firm and fintech firm for the product, which the company touts as the first such Shariah compliant platform in Asia. “We will focus on Asia for the time being. You need to look where the Muslim population is for the Shariah version. Obviously we are going to look at Middle East eventually. But we are piloting it in Asia first and see how it goes,” Stuart said. Algebra uses smart beta trading algorithms to derive its active equity portfolio and then blends it with Sukuk bond funds — fixed interest Exchange Traded Funds — to derive a risk weighted portfolio suitable for each investor’s risk appetite. According to the firm, the market opportunity for the product is worth $11.5 trillion. Research by the Malaysia Islamic Financial Centre shows that there is a growing appeal for Shariah-compliant products in the global Islamic fund industry with $58 billion in assets under management and expected to grow to $77 billion by 2019. The robo advisor from Farringdon will follow basic Islamic principles. It has bagged the approval of Shariah scholar Datuk Dr Daud Bakar of Amanie Advisors for its shariah investment strategy. It will be launched in Malaysia to go after the offshore market. “We are regulated by Labuan FSA, so we are the offshore jurisdiction,” said Stuart. Labuan IBFC is a midshore jurisdiction in Malaysia’s Labuan which has an internationally-recognised legal framework enforced by its regulator, Labuan Financial Services Authority (Labuan FSA). Established in 2007, Farringdon Group provides private wealth management and personal tax planning solutions for individuals across Asia Pacific, Russia and Central Asia. Farringdon Asset Management, part of the Farringdon Group operates in Singapore where it focuses on providing expat clients with discretionary portfolio management services.
Islamic finance news
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February 23, 2017
DR. ZULKIFLI HASAN
Announcing the Launch of My Newly Redesigned Website zulkiflihasan.com
Announcing the Launch of My Newly Redesigned Website
zulkiflihasan.com
Dear all,
I am very pleased to announce the released of my newly redesigned website zulkiflihasan.com. It is dedicated to publishing my writings and to provide relevant information that may be useful for interested parties. I welcome all of you and enjoy reading all the information, my opinion, thoughts and academic writings. I will update the information and upload my recent writings and publication for your reading pleasure.
With this newly designed website, my weblog zulkiflihasan.wordpress.com will no longer be updated and all readers and followers may surf directly to zulkiflihasan.com.
Welcome to
http://www.zulkiflihasan.com
Regards
Zulkifli Hasan
Islamic finance news
Leave a comment
January 15, 2017
DR. ZULKIFLI HASAN
Malaysia launches 5-year Islamic fund, wealth management blueprint
Malaysia launches 5-year Islamic fund, wealth management blueprint
Available at:
http://www.msn.com/en-my/news/other/malaysia-launches-5-year-islamic-fund-wealth-management-blueprint/ar-AAlMnH5
The plan, the first of its kind globally, is also aimed at developing the country as an international provider of Islamic wealth management services.
It was launched by Second Finance Minister Datuk Johari Abdul Ghani at the International Fund Forum 2017 in Kuala Lumpur on Thursday.
The 51-page blueprint comprises three strategic thrusts, namely, strengthen Malaysia’s position as a global hub for Islamic funds, establish the country as a regional centre for shariah-compliant sustainable and responsible investment, and develop it as an international provider of Islamic wealth management services.
“The Islamic wealth management industry is still at a nascent stage of development as compared with other segments of the Islamic capital market.
“Malaysia, with its comprehensive Islamic finance ecosystem and track record in innovation, is at an advantageous position to play a lead role in shaping the concept and driving the development of Islamic wealth management services,” the blueprint highlighted.
It also outlined 11 recommendations for Malaysia to achieve the desired status by 2021, and which focus on addressing impediments to growth and innovation, while identifying potential opportunities for collaboration and partnerships, as well as accelerating the process of building scale.
The recommendations, among others, provide enabling frameworks to support innovation in Islamic markets, enhance market access and international connectivity, promote the growth of private equity, as well as spur institutional participation in Islamic funds.
It also includes facilitating new digital business models, products and services for Islamic fund and wealth management, develop facilitative market infrastructure for Islamic wealth management, and fortify talent pipeline for Islamic wealth management.
As Malaysia operationalises the blueprint, utmost attention would be given to the phased implementation of initiatives under the respective recommendations.
It is recognised that there might be further shifts that would influence the dynamics of the global and domestic marketplace, including the emergence of new factors.
Therefore, the recommendations are designed to provide sufficient flexibility within the overall objective of the blueprint to enable appropriate adjustments and realignment in such situations. – Bernama
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December 15, 2016
DR. ZULKIFLI HASAN
Aleppo Terus Menangis: Dilema Krisis Di Syria
Aleppo Terus Menangis: Dilema Krisis di Syria
Zulkifli Hasan
Pendahuluan
Krisis yang berlaku di dunia Islam khususnya di Timur Tengah seperti di Syria, Mesir, Libya, Iraq, dan Palestine termasuk di Arakan, Myanmar dan Xinjiang China begitu menyedihkan umat Islam dan masyarakat dunia umumnya. Khususnya di Syria dengan berita terkini kekejaman rejim Asad memusnahkan Aleppo meratah rakyat sendiri, krisis politik dan kemanusiaan berterusan seumpama tiada garisan penamat. Rejim Asad terus mengganas dengan sokongan beberapa kuasa besar membunuh sewenang-wenangnya tanpa ada perasaan belas kasihan dan kemanusiaan. Ironinya, ada segelintir agamawan ‘kerajaan’ yang berdiam diri menolak untuk mengutuk rejim Asad dengan pelbagai alasan dan justifikasi. Malangnya yang menjadi mangsa utama adalah rakyat awam terutama kanak-kanak, wanita, warga emas serta orang kurang upaya. Kekalutan dan kemuncak kesengsaraan kini berlaku di Syria sebenarnya adalah manifestasi kegagalan umat Islam seluruhnya.
Pelbagai liputan media massa yang memaparkan situasi di Syria juga menimbulkan kekeliruan. Robert Fisk yang terkenal sebagai rujukan utama isu politik dan perkembangan di Timur Tengah juga menunjukkan sikap dan kecenderungan yang membingungkan ramai pihak. Bagi memahami krisis di Syria ini, penulis mengambil pendekatan seimbang sebagai asas membolehkan kita memahami krisis di Syria dan memastikan sebarang reaksi, persepsi dan tindakbalas adalah berhikmah.
Berbanding dengan siri kebangkitan rakyat di Tunisia dan Mesir, krisis di Syria mendapat liputan dan analisis yang agak berbeza daripada pelbagai pihak. Secara umumnya, terdapat dua teori yang berkaitan dengan krisis di Syria. Golongan pertama berpandangan bahawa jatuhnya rejim Bashar Al-Assad akan mengukuhkan pengaruh Israel di Timur Tengah. Golongan kedua pula mempunyai teori dan pandangan yang berlainan di mana krisis di Syria dianggap sebagai sesuatu yang ’genuine’ dan penentangan terhadap rejim Bashar al Assad adalah suatu tuntutan jihad. ’Dichotomy’ dan dua teori yang bertentangan ini telah menimbulkan kesulitan kepada aktivis dan badan bukan kerajaan yang sedang memperjuangkan nasib dan kehidupan rakyat Syria yang kini menghadapi krisis kemanusiaan yang sangat membimbangkan. Hingga kini dilaporkan bilangan penduduk yang terkesan dan menghadapi krisis kemanusiaan akan mencecah 20 juta.
Perkembangan yang berlaku di Iraq juga memberikan satu dimensi baru kepada situasi di Timur Tengah. Sekumpulan pejuang yang dikenali sebagai Islamic State of Iraq and levant (ISIL) juga telah mengisytiharkan pembentukan khilafah apabila berjaya menguasai sebahagian besar kawasan di Iraq dengan menjadikan Abu Bakar al Baghdadi sebagai khalifah abad 21. Kini terdapat beberapa kumpulan yang sedang berjuang dan berjihad menentang kezaliman dan kekufuran seperti yang diketahui dan ini termasuk ISIL, Free Syrian Army (FSA) dan sebagainya. Situasi ini semakin menimbulkan kekeliruan di kalangan umat Islam malahan masyarakat umum di seluruh dunia. Oleh itu, pemerhatian secara menyeluruh dan berhati-hati perlu diberikan bagi memahami dan meneliti perkembangan terkini apa yang berlaku di Syria. Asasnya, umat Islam perlu melihat dari aspek taklif atau tanggungjawab membantu rakyat Syria yang kini melalui saat kehidupan yang begitu dhaif, mencabar dan memeritkan dengan serba kekurangan khususnya dari aspek kemanusiaan seperti tempat tinggal, keperluan asas, ubat-ubatan, pendidikan dan juga hak untuk diberikan perhatian dari sudut hak kemanusiaan.
Krisis di Syria dan Persoalan
Pandangan yang menganggap rejim Bashar al Assad sebagai pengancam Israel dan kejatuhannya hanya akan mengukuhkan hegemoni Israel di Timur Tengah ini disuarakan oleh ramai penganalisis politik dan jurnalis antarabangsa seperti Robert Fisk termasuk tokoh ulama iaitu Sheikh Imran Hossein. Robert Fisk di dalam artikelnya bertajuk ”Bashar al Assad, Syria, and The Truth About Chemical Weapons” menyuarakan pandangannya mengenai usaha Amerika memburukkan rejim Bashar al Assad dengan hasrat untuk menjatuhkannya melalui tuduhan menggunakan senjata kimia. Ini disokong oleh Professor Michel Chossudovsky di dalam artikel beliau ”Confronting Iran, Protecting Israel: The Real Reason for America’s War on Syria”. Beliau berpandangan bahawa kejatuhan rejim al Assad hanya akan mengakibatkan Syria dapat dikuasai oleh sekutu atau agen Amerika dan Israel dan dengan itu, Hamas dan Hezbollah dapat dihapuskan sekali gus melemahkan Iran yang dianggap musuh dan ancaman kepada mereka. Terdapat juga segelintir ahli akademik tanahair yang cenderung dengan pandangan ini malahan melabelkan pejuang pembebasan Syria ini dengan gelaran ”pemberontak” dan ”pengganas” yang sama sekali bertentangan dengan mauqif ulama muktabar.
Berdasarkan permasalahan di atas, penulis ingin berkongsi pandangan mengenai krisis yang berlaku di Syria dan cuba merungkaikan beberapa persoalan yang kini membelenggu pemikiran sesetengah pihak. Penulis telah merujuk pelbagai sumber makalah, artikel, buku, berita, laporan, jurnal dan sebagainya termasuk menghadiri syarahan ulama tersohor Syria, maklumat sumber pertama sahabat-sahabat di Syria serta penerangan oleh aktivis-aktivis yang telah masuk ke Syria termasuk buku tulisan Dr. Zulkifli Al Bakri bertajuk ’Krisis Syria dan Mauqif Ulama’ yang menjelaskan pendirian dan pandangan ulama muktabar mengenai krisis di Syria. Berdasarkan sumber-sumber sahih ini, penulis sangat berkeyakinan bahawa krisis di Syria ini adalah sesuatu yang ’genuine’ dan umat Islam bertanggungjawab untuk memberikan bantuan kemanusiaan kepada warga Syria yang memerlukan. Rakyat Syria yang berjihad menentang kezaliman dan kemungkaran diketuai rejim Bashar al Assad ini bukanlah ’pemberontak’ tetapi adalah pejuang pembebasan dan jika gugur dikategorikan sebagai syahid. Bersama-sama dengan rakyat Syria bangun menentang kezaliman, keganasan, ketidakperikemanusiaan dan ketidakadilan adalah suatu tuntutan dan kewajipan umat Islam.
Merungkai Persoalan Krisis di Syria dan Mauqif Ulama
Bagi memahami krisis di Syria ini, perlu juga dilihat terlebih dahulu Syria dari sudut demografi. Syria mendapat kemerdekaan pada 1946 dengan penduduk berjumlah lebih 23 juta. 75% adalah Muslim-sunni tetapi kerajaan Syria dikuasai oleh parti Baath iaitu diwakili minoriti Alawi yang hanya 3-4%. Parti Baath yang minoriti Alawi ini bermazhab Syiah Nusairiah dan berideologi sosialis. Berdasarkan demografi ini, amatlah bermanfaat untuk menelusuri serba sedikit asal usul rejim al Assad di Syria ini. Setelah kemerdekaan Syria telah dipimpin oleh keluarga al Assad. Kemuncak kezaliman rejim al Assad ini telah berlaku pada 1982 di bawah pimpinan Hafiz al Assad (memerintah selama 32 tahun) sewaktu tragedi berdarah di bandar Hamah yang meragut nyawa lebih 40 ribu penduduk, 15 ribu hilang tempat tinggal dan 150 ribu menjadi mangsa pelarian. Bukan itu sahaja, dilaporkan lebih 88 buah masjid dimusnahkan dan infrastruktur awam dihancurkan. Sebegitu ramai ulama dan ilmuan Islam yang dipenjara, diseksa dan dibunuh. Di antara ulama yang menjadi pelarian politik ialah Sheikh Abu Fattah Abdu Ghuddah, Sheikh Said Hawa, Sheikh Muhammad Ali Al Sabuni, Sheikh Muhammad Hashim al Majzub, Sheikh Usamah al Rafie dan ramai lagi.
Bashar al Asad telah mengambil alih pemerintahan daripada Hafiz al Assad pada tahun 2000 setelah Perlembagaan Negara dipinda semata-mata untuk membolehkannya menjadi Presiden yang pada itu belum mencapai umur 40 tahun yang dibenarkan. Beliau meneruskan kekejaman lalu dengan beberapa insiden kemanusiaan seperti peristiwa berdarah Qamisyli pada 2004 dan 2008, peristiwa Hasakah pada 2004 dan peristiwa penjara Soydana. Tragedi 2011 hingga hari ini adalah yang paling trajis di mana telah meragut nyawa ratusan ribu rakyat Syria yang majoritinya adalah Muslim-sunni. Ini disahkan oleh Utusan Khas PBB dan Liga Arab, Lakhdar Brahimi. Malahan kekejaman rejim Bashar al Assad juga telah meranapkan pelbagai kesan sejarah penting Islam seperti Maktabah al Khanji yang dianggap antara perpustakaan tertua dunia yang mempunyai koleksi berharga yang tidak ternilai. Melalui fakta-fakta ini, sudah jelas lagi bersuluh betapa tidak logiknya sebarang pandangan yang menyokong rejim Bashar al Assad atas apa sahaja alasan. Malahan melabelkan rakyat yang menuntut keadilan dengan gelaran pemberontak atau pengganas adalah suatu perkara yang amat dikesalkan.
Selain itu, adalah amat penting juga untuk mengenali Alawi atau Shiah Nusairiah yang pengikutnya menguasai kerajaan Syria. Shiah Nusairiah di Syria ini mempunyai hubungan amat rapat dengan Iran dan Hizbullah. Ini kerana terdapat segelintir umat Islam termasuk di Malaysia yang tidak mempunyai gambaran sebenar malahan memberikan sokongan kepada rejim Bashar al Assad dan menganggap Iran serta Hizbullah sebagai pembela agama dan memberi ancaman kepada Israel. Dilaporkan juga Iran telah membekalkan pelbagai jenis senjata kepada Syria. Ayatullah Ali Khomeini pernah mengeluarkan fatwa bahawa wajib rakyat Iran mempertahankan rejim al Assad. Dalam hal ini, kita perlu merujuk kepada pandangan dan fakta-fakta mengenai shiah Nusairiah ini. Sebenarnya, terlalu ramai ulama muktabar telah terlebih awal memberikan fatwa mengenai kesesatan Syiah Nusairiah. Ibn Taimiyah, Ibnu Kathir, al Zahabi, Sheikh Abdul Aziz Baz dan Sheikh Ali al Sabuni secara jelas memfatwakan shiah nusairiah sebagai sesat. Sheikh Gharib al Sirjani mengatakan bahawa kesesatan shiah Nusairiah ini adalah berasaskan ijma. Oleh itu, sebarang pandangan yang menyokong rejim Bashar al Assad yang juga shiah Nusairiah ini adalah dianggap perkara mungkar dan menyesatkan.
Bagi mengukuhkan pandangan betapa rejim Bashar al Assad ini perlu ditentang dan dijatuhkan, penulis ingin merujuk kepada beberapa pendirian ulama muktabar kontemporari seperti yang dinukilkan di dalam buku ’Krisis Syria dan Mauqif Ulama”. Sheikh Abdul Aziz Baz pada 1982 berfatwa bahawa wajib memberi bantuan kepada umat Islam yang dizalimi oleh rejim Al Assad. Sheikh Yusuf al Qaradhawi dengan tegas menyatakan bahawa wajib bagi rakyat Syria untuk bangkit menentang rejim al Assad malahan menggesa jemaah haji berdoa untuk kehancurannya. Sheikh Ali al sabuni yang pernah berada di Malaysia dengan tegas menggesa umat Islam untuk memberikan bantuan sewajarnya bagi meringankan kesengsaraan rakyat Syria. Ramai lagi ulama tersohor seperti Sheikh Soleh al Luhaidan, Sheikh Muhammad Hasan, Sheikh Aidh al Qarni, Sheikh Muhammad al Irifi, Sheikh Ahmad Qattan dan Sheikh Wahbah al Zuhaili memberikan pandangan yang sama di mana menyeru umat Islam untuk membantu rakyat Syria.
Pandangan dan pendirian ulama muktabar mengenai kewajipan membantu rakyat Syria ini disahkan dan disokong oleh Resolusi Muktamar Syria di Istanbul iaitu persidangan para ulama sedunia pada 1-3 Julai 2012. Muktamar ini secara umumnya menegaskan bahawa revolusi rakyat Syria adalah kebangkitan yang hak dan benar dan adalah menjadi kewajipan semua umat Islam untuk membantu rakyat Syria dan menjatuhkan rejim Bashar al Assad. Muktamar ini merayu agar semua negara Islam di bawah pertubuhan OIC serta negara-negara lain untuk memberikan bantuan kemanusiaan termasuk membekalkan persenjataan. Informasi dan maklumat mengenai resolusi muktamar seperti ini dan bukti-bukti kezaliman rejim Bashar al Assad mungkin tidak sampai atau lambat diperolehi oleh umat Islam dan ini menyebabkan ada yang mempersoalkan tindakan rakyat Syria bangun menentang kerajaan Syria. Ini bukanlah sesuatu yang asing kerana rejim Bashar al Asad seringkali cuba untuk menyembunyikan keganasan mereka. Umpamanya telah ramai wartawan yang telah terkorban semasa membuat liputan di Syria seperti Mika Yamamoto, jurnalis Jepun yang sangat aktif melaporkan kebenaran krisis di Syria.
Misi Kemanusiaan dan Advokasi Sebagai Jihad
Fiqh jihad adalah terlalu luas untuk dibicarakan di sini. Umat Islam dinasihatkan untuk memahami fiqh jihad melalui penguasaan ilmu pengetahuan. Kerangka fiqh jihad itu perlu disesuaikan dengan fiqh waqi dan awlawiyah serta mengambil perhatian dari sudut mafsadah dan maslahah. Umumnya, jihad ini selalu difahami dengan erti mengangkat senjata sedangkan dalam konteks hari ini, bantuan kemanusiaan juga adalah jihad yang utama. Ini dinyatakan sendiri oleh ramai ulama dunia termasuk ulama tersohor Syria yang berpandangan penglibatan dari aspek kemanusiaan adalah lebih diperlukan berbanding dengan jihad mengangkat senjata. Ini juga bertepatan dengan isu pejuang-pejuang yang berjihad mengangkat senjata tanpa keizinan ibubapa dan yang mereka-mereka yang masih menuntut ilmu dan belum menamatkan pelajaran sepertimana yang diamanahkan. Sekiranya kefahaman fiqh jihad itu mendalam, sudah pasti keutamaan menunaikan amanah yang sepatutnya diaulakan diberikan perhatian.
Menelusuri pelbagai sumber bagi meneliti krisis di Syria menimbulkan persoalan yang sering dimainkan oleh ramai pihak. Keperluan jihad mengangkat senjata adalah antara perkara yang mendapat reaksi ramai. Dalam konteks ini, penulis ingin mengesyorkan selari dengan konsep fiqh awlawiyah berserta dengan nas-nas syarak dan bersesuaian dengan fiqh waqi dalam konteks semasa di Malaysia khususnya bahawasanya keperluan berjihad yang lebih aula dan utama pada waktu ini adalah dari sudut bantuan kemanusiaan dan advokasi. Fiqh Keutamaan dan Fiqh Waqi ini boleh disimpulkan sebagai disiplin ilmu yang merujuk kepada penguasan ilmu dan pemahaman dalam meletakkan sesuatu pada peringkat yang sebenar, sesuai dengan pertimbangan ilmu, keadilan, hukum syarak, akhlaq atau etika, keadaan semasa dan keadaan setempat. Ini adalah amat bersesuaian dengan ruh Islam itu sendiri di mana setiap perkara mesti diletakkan secara adil menurut syariat Islam dengan mengambil kira aspek maslahah dan mafsadah.
Dalam konteks di Syria, Mufti Wilayah Persekutuan, sohibus samahah Dr Zulkifli Muhammad Al Bakri dalam kenyataannya terkini bahkan ramai ulama tersohor dunia termasuk Syria secara jelas mengajak semua umat Islam untuk mengutamakan bantuan kemanusiaan kepada warga Syria yang kini mencecah jutaan dalam kesempitan dan kesusahan. Hingga kini dilaporkan bilangan penduduk yang menghadapi krisis kemanusiaan yang meruncing dengan ketiadaan sumber makanan, air mentah, pakaian asas, perubatan, pendidikan dan sebagainya mencecah lebih 20 juta orang. Fakta ini disahkan sendiri oleh ramai aktivis kemanusiaan seperti Malaysia Lifeline Syria yang secara langsung menyampaikan bantuan kepada rakyat Syria. Kehidupan saudara seagama seakidah yang begitu dhaif dan memilukan ini menuntut kita semua untuk mengutamakan misi kemanusiaan ini. Inilah jihad paling utama yang perlu diberikan perhatian oleh umat Islam khususnya Malaysia pada waktu ini. Jihad misi kemanusiaan juga sekaligus dapat menyelesaikan sebarang permasalahan mengenai isu kedudukan rejim al Assad mahupun status perjuangan rakyat Syria yang bangun menuntut keadilan. Jihad misi kemanusiaan ini memfokuskan kepada warga Syria yang sebenarnya perlu dibantu dengan meletakketepikan terus sebarang unsur perbezaan politik, mazhab dan ideologi.
Penutup
Adalah sesuatu yang sangat membingungkan apabila membaca dan mengetahui ada segelintir umat Islam bahkan mereka yang terpelajar menyalahkan pandangan-pandangan dan fatwa yang menyokong kebangkitan terhadap rejim yang zalim dan jelas mungkar di Syria. Bahkan golongan ini juga membuat tuduhan yang sangat dangkal mengatakan bahawa ulama yang menyokong kebangkitan rakyat ini sebagai ulama yang suka menumpahkan darah. Ironinya, golongan ini tidak pula menyalahkan rejim Asad bahkan ada yang bersama-sama Asad berdiam diri hanya melihat rakyat dibunuh dengan begitu kejam dan zalim tanpa perikemanusiaan. Golongan ini juga mula menyalahkan demokrasi dan mengatakan demokrasi tidak bersesuaian dengan dunia arab seperti di Syria. Ini sangat menakjubkan kerana golongan ini lebih rela hidup dalam sistem yang berasaskan kediktatoran dan kuku besi hinggakan ada yang mengatakan dunia arab hanya sesuai dengan sistem diktator. Ini menambahkan lagi kekeliruan dan kekaburan mengenai krisis yang begitu merugikan dunia Islam ini.
Dunia telah menyaksikan kebangkitan rakyat bermula di Tunisia diikuti Mesir, Libya, Syria dan kemungkinan negara-negara Timur Tengah yang lain. Namun, revolusi di Syria yang kini semakin meruncing menimbulkan pelbagai persoalan dan kekeliruan. Malahan persoalan yang lebih besar ialah nasib Syria pasca peperangan. Berbanding dengan kebangkitan yang berlaku di Tunisia, Mesir dan Libya, krisis di Syria adalah sedikit berlainan kerana ianya melibatkan pelbagai isu geo-politik yang lebih rumit melibatkan kuasa besar dan ketenteraan. Teori menjatuhkan rejim al Assad sebagai tindakan meningkatkan hegemoni dan penguasaan Israel di Timur Tengah juga adalah satu perkara yang tidak mempunyai asas yang kuat. Pendirian atau mauqif ulama muktabar di seluruh dunia mengenai kewajipan umat Islam untuk membantu rakyat Syria mengesahkan bahawa kebangkitan rakyat Syria adalah sesuatu yang hak dan benar. Kezaliman dan keganasan tidakperikemanusiaan tahap luarbiasa rejim Bashar al Assad adalah tindakan yang tidak boleh sama sekali diterima akal. Rejim Bashar al Assad ini mesti dibawa ke muka pengadilan dan dibicarakan di Mahkamah serta segala keganasan dan kezaliman ini didedahkan kepada dunia supaya tragedi kemanusiaan ini dapat memberi pengajaran kepada semua umat manusia.
Krisis yang berlaku di Syria menimbulkan persoalan keperluan bentuk jihad yang digagaskan oleh Islam. Dalam konteks Malaysia, kefahaman jihad yang sering kali didominasikan dengan perjuangan mengangkat senjata adalah sesuatu yang perlu disemak semula. Fiqh Jihad itu adalah terlalu luas dan tidak sepatutnya disempitkan dengan elemen peperangan dan pertumpahan darah. Dalam konteks hari ini khususnya umat Islam di Malaysia, jihad utama yang dituntut ialah membantu dengan sedaya upaya menyalurkan bantuan kemanusiaan kepada warga Syria dan advokasi kemanusiaan. Yusuf al Qaradawi dalam bukunya Fiqh Jihad telah menulis ensiklopedia jihad yang sangat komperehensif begitu juga Said Ramadhan al Buti di dalam kitabnya Al-Jihad fi al-Islam: Kaifa Tafhamuh? Wa Kaifa Numarisuh? Juga menjelaskan konsep fiqh jihad ini dengan mendalam dan penuh berhikmah. Umat Islam khususnya di Malaysia disarankan untuk mendiskusikan dan mewacanakan kedua-dua buku ini secara meluas di seluruh Negara bagi menanamkan kefahaman yang ideal dan selari dengan tuntutan syarak serta keperluan umat.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
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Daily Archives: March 2, 2010
March 2, 2010
DR. ZULKIFLI HASAN
Islamic finance industry launches derivatives standard
Islamic finance industry launches derivatives standard
Available at:
http://www.reuters.com/article/idUSLDE62018K20100301
MANAMA, March 1 (Reuters) – A template for an over-the-counter Islamic derivative contract was launched on Monday, offering a channel for the emerging industry to better hedge itself against risks. The contract, in the making for three years, is expected to pave the way for quicker and cheaper Islamic risk management and more frequent cross-currency transactions by offering a template that is accepted by Islamic scholars.
The young Islamic finance industry has not yet developed all of the products used by conventional banks, and its banks are seen as at a disadvantage on making cross-border investments as they can not hedge against currency risks. It is one of its principles of sharia, or Islamic law, that every transaction needs to be underpinned by tangible assets, which has made it difficult for the industry to develope hedging instruments.
“A few years ago, derivatives were not allowed, and not even allowed to be talked about because it was felt that this was not sharia-compliant,” said Khalid Hamad, executive director at the Central Bank of Bahrain (CBB) during a news conference in Manama. Bahrain is a regional banking centre in particular for Islamic banks catering to the Gulf Arab region.
The contract was developed by the IIFM, an Islamic finance industry body, and the International Swaps and Derivatives Association (ISDA) and is also backed by banks such as Bahrain’s Arab Banking Corporation ABCB.BH, Credit Agricole CIB (CAGR.PA) and Standard Chartered (STAN.L). It will create a standard legal framework for derivatives in the Islamic market, while currently contracts are arranged on an ad hoc basis, which can take between six to nine months. Ijlal Alvi, chief executive of the IIFM, said the standard was expected to be mostly used for profit rate and currency swaps.
Derivatives are financial instrument whose characteristics  and value depend upon the characteristics and value of an underlier, typically a commodity, bond, equity or currency such as futures and options
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November 24, 2011
DR. ZULKIFLI HASAN
Recep Tayyip Erdogan: Rock Star in the Muslim World
TIME Meets Turkish Prime Minister Recep Tayyip Erdogan
Available at:
http://globalspin.blogs.time.com/2011/09/26/exclusive-time-meets-turkish-prime-minister-recep-tayyip-erdogan/#ixzz1ebvkKPxn
Turkish Prime Minister Recep Tayyip Erdogan is the international statesman of the moment. Greeted as a rock star in Egypt and other countries transformed by the Arab Spring, the Turkish Premier looms like a colossus over the Middle East. In recent weeks, he has been one of the most vocal world leaders to back the Palestinian statehood bid at the United Nations. Popular at home, Erdogan has held his position since 2003, and was recently re-elected to a new term. All the while, both Turkey’s economy and geopolitical footprint have been growing noticeably. Erdogan sat down with TIME’s Jim Frederick, Bobby Ghosh, Tony Karon, Matt McAllester and Ishaan Tharoor on the sidelines of U.N. meetings in New York City. The following are excerpts from the conversation, touching upon Turkey’s deteriorating relationship with Israel, the failures of the Middle East peace process, Erdogan’s support for the Arab Spring and frustrations with the U.N., and whether anybody in Ankara still cares about joining the E.U.
TIME: You’ve been outspoken in support of the Palestinian cause and statehood. There are people who say all the drama at the U.N. has not helped the peace process. How do you think it has gone?
Erdogan: First and foremost, what is required is for the U.N. Security Council to say yes to the legitimate demands of the people in Palestine. If anything else should be discussed at this moment, it should be between two states. And there’s another fact we need to consider, primarily the borders of 1967. Israel first seems to have accepted going back to the borders of 1967, but somehow seemed to have got distanced from this ideal. They need to get closer back to it. Palestine is in a form of a maze right now.
Through TIME, I’d like to make a call out to humanity: [The Palestinians] are there to exist. They are not there to be condemned to struggle in an open-air penitentiary. Israel’s cruelty in that regard cannot be continued any longer. And, of course, the legitimate demands for Palestine to be a recognized state should be catered to and considered both in the U.N. Security Council and General Assembly. Those who approach these demands negatively will never be able to settle their accounts with history.
Four, five years ago, it seemed that relations between Turkey and Israel were very close and could change the dynamic of the whole region. Now ties appear to be irrevocably broken.
Our mutual relations with Israel would have been reinforced even further only if Israel hadn’t victimized the positive relations of two countries with [its 2010 raid] on the Mavi Marmara, which was navigating in international waters. The flotillas in question were bearing nothing but humanitarian aid, including toys, food and other sorts of materials. They were holding over 450 citizens from 32 countries. One of the casualties is an American citizen of Turkish descent. And right now the Israeli Prime Minister still alleges that the flotillas were actually loaded with weapons. Had they possessed the weapons that were alleged, why didn’t they fire back? There are reports issued by both the U.N. Security Council and U.N. agencies in Geneva about this incident, and you never see the slightest trace that the flotillas were carrying guns. The Israeli government is not being honest at all. Right now, as long as they refuse to apologize for the nine people of Turkish descent who lost their lives on the flotilla, so long as they refuse to pay compensation to the families, and of course as long as the embargo on Gaza has not been lifted, the relations between the two countries will never become normalized.
You and French President Nicolas Sarkozy both made the point at the U.N. General Assembly that the approach the U.S. took to the peace process had failed. What would you do differently to make the peace process work?
Here’s your headline: You need to take a sincerity test before you even think of accomplishing this. [Ask yourselves the question], Do we really want to resolve this issue or not? Unfortunately, I do not even see the traces of this within the Quartet. Because if the Quartet was so willing to resolve this issue, they would have imposed certain issues on Israel today. Until today, the U.N. Security Council has issued more than 89 resolutions on prospective sanctions related to Israel, but they’ve never been executed. And furthermore, there were about 200 resolutions issued by the General Assembly, and neither have those been complied with.
One might wonder why no sanctions have been imposed on Israel. When it’s Iran in question, you impose sanctions. Similarly with Sudan. What happens with Israel then? Had these sanctions been imposed in this day and age, the Palestine-Israel conflict would have been resolved a long time ago. That’s why I’d like all the parties involved to be sincere and stand behind those resolutions. And that is actually also where a need for reform is needed in the U.N. What’s the deal with these permanent-seat-holding members in the Security Council? They should be eliminated. The entire world is literally a slave to the decisions of these five permanent seat holders.
You had a successful trip across the countries of the Arab Spring and many of the people who have removed dictators there seem to look to the Turkish model of democracy. Does your help then become subject to the same types of criticism that the U.S. faces when talking about democratic change around the world?
Unlike others, I didn’t just go there to see a few people on the streets. I intentionally wanted to talk to the candidate presidents, the new political parties there, and I had the opportunity to get together with lots of people in order to grasp the situation. At my meetings, I said, all right, Turkey is a model of democracy, a secular state, a social state with the rule of law upheld. We are not intentionally trying to export a regime — we couldn’t care less. But if they want our help, we’ll provide any assistance they need. But we do not have a mentality of exporting our system.
One country that doesn’t seem to be inclined to follow the Turkish model is Syria. Like with Israel, you worked very hard trying to develop your relationship with President Bashar Assad. Now it appears that relationship is also broken. Is there any kind of prospect for peace in Syria that keeps Assad in power. Or does he have to go?
I am a person who is inclined to define relations between individuals based on principles. It is impossible to preserve my friendship with people who are allegedly leaders when they are attacking their own people, shooting at them, using tanks and other forms of heavy weaponry. Even when we had warm contacts with some of Syria’s leading figures, we could see that they had no intention of replicating our democracy model. We’ve always voiced our recommendations; they never actually listened to them. In our previous correspondences, he has told me has liberated most of the political offenders. Assad told me “we only have about 83 political offenders in prison.” But actually there are thousands and thousands. Those individuals have never been involved in violent attacks or uprisings. They’ve been unfortunately incarcerated based on their faith or their expressions. And you are probably aware of the fact that we have about 7000 guests [refugees] fleeing the Syrian regime hosted in the province of Hatay.
But you didn’t answer our question. Is there a future for Assad in Syria?
In order for me to be able to comment on this, I need to first visit the camps in Hatay where the refugees are being kept. But in terms of aspirations and hopes, I have previously stated that I am not very optimistic.
Regarding Turkish relations with the U.S., has there be any change over the last few years, particularly with the new administration?
In the last nine years, relations between the U.S. and Turkey have never recessed, never gone back, but they have not improved as much as we’d like. The relationship especially between Obama and us has always been very positive. Whenever we speak to each other, we talk about negotiations of certain processes whether in the region or more globally — we always talk about matters quite frankly. But of course what we want to see is relations getting reinforced at the upmost extent possible, particularly in the realms of the economy and commerce. Because Turkey has great potential to take advantage of.  We’re really willing to see more and more U.S. entrepreneurs conducting investments in Turkey. I’m optimistic for the future. I should tell you honestly, there are no tensions between us.
What about over Israel?
There might be different points of view. We agree to disagree on certain issues. But these disagreements are not reasons for disconnecting relations. Turkey is a sovereign state, just like the U.S. We might go to different directions, in terms of our impressions and ideas, but we’ll always remain friends.
As Turkey’s role in the Middle East has grown, has it given up on its earlier ambition of joining the E.U.? Is integration into Europe now a closed chapter?
When [former French President Jacques] Chirac or [former German Chancellor Gerhard] Schroder were there, Turkey would be involved in all of the European leaders’ summits. But when [current Chancellor Angela] Merkel or [French President Nicolas] Sarkozy took over their offices, the ambience changed dramatically. Despite their attitudes, we were determined to continue this path toward E.U. membership. But unfortunately the trust among my people in E.U. membership started to shake and turn. We’re still determined, because no leader in the E.U. will be there forever. They’ll be replaced one day. We might be replaced one day. But Turkey is getting stronger as time goes by, and the situation of many European states is quite obvious.
Regards

ZULKIFLI HASAN
The Tomb of Hadrat Ayub al Ansari in Istanbul. (From Medina to Istanbul.

“When Prophet Muhammad arrived in Medina (during Hijrah) he was offered accommodations by many, but he wished to stay with the Banu Najjar, whom he was distantly related to. Amongst the member of Banu Najjar, Prophet Muhammad had chosen Abu Ayyub al-Ansari and stayed with him for seven months”.
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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: January 12, 2010
January 12, 2010
DR. ZULKIFLI HASAN
Tomorrow’s business leaders should focus more on business ethics and stakeholders instead of concentrating on profit and shareholders
MBAs should focus more on business ethics

Available at:
http://www.dur.ac.uk/news/newsitem/?itemno=9146
Tomorrow’s business leaders should focus more on business ethics and stakeholders instead of concentrating on profit and shareholders, according to new research involving Durham University. During the economic downturn business schools were criticised for producing graduates obsessed with shareholder value and high risk growth strategies.
However according to the findings of the Research & Consultancy Centre at the Association of MBAs, in partnership with Durham University’s Business School, it appears that the era of focusing solely on shareholder value above all else could well be over. When asked whether the MBA should adopt a stakeholder rather than a shareholder focus, almost eight out of 10 (79 per cent) of business schools agreed that to a large or very large extent that this should be the case.
The majority of alumni also agree that the MBA should adopt a stakeholder rather than just a shareholder focus on the bottom-line (59 per cent). In the late 1980s and 1990s, when many of today’s corporate leaders were studying for their MBA, concerns about business ethics and sustainability played little part in the curriculum.
Mirroring the shift for greater transparency and accountability in business today, eight out of 10 (83 per cent) of alumni surveyed agreed that ethics have become important or very important, whilst three-quarters (75 per cent) said that corporate governance is now important or very important. In turn, 80 per cent of business schools agreed to a large or very large extent that corporate social responsibility should underpin the actions of organisations.
When asked how the MBA could better prepare students post-downturn, almost half (46 per cent) of the respondents raised issues relating to sustainability or ethics. However, it appears that schools have taken this point on board as when asked to rate the importance of various topics in today’s economic climate business ethics came top (4.59, where 5 is rated as “very important.”). The research included a total of 100 business schools as well as 544 alumni from 57 countries across the world. In terms of their roles and responsibilities, half of the alumni were senior managers or above, with almost a tenth at CEO/president level.
Commenting on the findings, Professor Rob Dixon, Dean of Durham University’s Business School said: “The economic crisis has shown that we can’t simply expect things to go on as they were. “It’s not just all about profit. Business schools are helping to build a new way of doing business, one that doesn’t put the interests of shareholders above all other stakeholders. “Business needs well rounded executives with strong leadership skills and the ability to integrate ethical, sustainable and stakeholder thinking into their management decisions.”
Other key findings of the research include:
Risk management: Business schools acknowledge that both risk management and strategic risk are two of the top three topics where there is the widest disconnect between what they offer in the current curriculum and what they ought to be offering in the post-downturn world.
A qualification for challenging times: Seven out of 10 (70 per cent) of MBAs agree or strongly agree that their business education helps them to manage change, while six out of 10 (59 per cent) said it prepared them to deal with uncertainty.
Maintaining edge: Business schools appear committed to maintaining the relevance of their MBA programmes. More than nine out of 10 (94 per cent) had undergone a full re-design of their curriculum within the previous five years.
Adds Accreditation Project Manager, Mark Stoddard of the Association of MBAs: “The report provides a clear consensus on the direction the MBA needs to take and will encourage important debate amongst the business school community.
“Schools have been working hard to adapt the MBA to the changing demands of modern business, particularly in terms of developing a greater stakeholder focus for their programmes. “But the economic crisis highlights the need for further change, including a broader, skills-focused and integrated curriculum with more extensive coverage of ethics, risk management and sustainable business practices.“
“Ethics is not definable, is not implementable, because it is not conscious; it involves not only our thinking, but also our feeling.” Valdemar W. Setzer
Best Regards

ZULKIFLI HASAN

DURHAM, UK
The Louvre Museum, Paris
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+

Legal and Syariah Issues on Takaful

Zulkifli Hasan, PhD

+
Contents

n  Takaful products

n  Legal and syariah issues

+Takaful Business

n  1. Family Solidarity Business:

n  Long terms mudharabah/wakalah contract which provide cover
mutual aid among participants, expressed in the form of financial
benefits paid in family takaful fund should any of its members be
inflicted by a tragedy.

n  2. General business .

n  Short term basis. Protection in the form of mutual help to
compensate members of any financial loss arising out of material
damage to personal property and belongings.

+Differences of Family Takaful and Life
Insurance

FT LI

Mudharabah Muawadhah

Trustee Nominee

Dividend Insured money + interest

Share of  profit Payment out of  assured
premium

Insurable interest- not
relevant

Insurable interest is a
requirement

+
Family Solidarity Business

n  1. Individual Plan

n  A. Family Takaful Plan- long term fund for the bereaved
family’s sustenance in the event of policy holder’s
untimely death or to help the policy holders in case of
mishaps such as permanent disability.

n  B. FT for education-  to finance future higher education in
the event of the policy holder’s untimely death.

+
n  C. Takaful Mortgage- to redeem the mortgage in the event of

policy holder’s untimely death.

n  D. EPF Takaful Annuity Scheme-takaful contribution from the
EPF’s account.

n  E. Takaful Plan Siswa-

n  F-Takaful Waqf Plan-

n  G. Takaful Sihat Plan- plan to cover financial aid to critical
illness.

n  H. Takaful Keyman plan- to cover  a firm for loss of earnings
brought by the death of a key officer.

+
n  I. Takaful Maasyi Plan- annuity programme.

n  J. Takaful Dana Kerja-long term saving.

n  K. Takaful Ziarah-saving once in a five years- can withdraw to
plan holidays.

n  L. Takaful Hawa- financial benefits- cancer.

n  M- Takaful Umrah and Haj

+
Group Plan- FSB

n  A.Group FT Plan- group of persons under single takaful
certificate. Injury and death.

n  B. GFT Credit Facility- to protect interest in credit facility in
which they grant to their clients in the event of non-payment
due to death or permanent diability of their clients.

n  C. Group Medical Takaful Plan- to cover medical expenses.

+
General Business

n  Fire Takaful Scheme

n  House Owners and Householders’ takaful scheme.

n  Motor Takaful Scheme

n  Accident Takaful Scheme

n  Engineering Takaful Scheme.

+
Legal Documentation

n  Subscription Form

n  A cover note or a statement of accounting-

n  Policy of insurance.

n  Ijab and Qabul

n  Consideration

n  Legal capacity

n  Non existence of unlawful element.

+Issue on Al Tabarru’

n  The SAC tabarru as a contract of gratuity or charity, i.e., to relinquish
a portion of the contribution as a donation to fulfill the obligation of
mutual help by allowing it to be used to pay claims submitted by
eligible claimants.

n  This type of contract is valid and enforceable in Islamic commercial
law for no consideration, in contrast to an exchange contract, in
which both parties must give something in return for what they
receive.

+Cont…

n  2 pillars of tabarru: 1. the absence of counter-value and 2. the intention
to perform a charitable act.

n  Maliki: hibah bi thawab (a gift with expected compensation),

n  Shafie, Hanbali:  hibah bi shart al-iwad (a gift with stipulated counter-
value). when the gift and compensation have been exchanged, hibah
bi shart al-iwad is no longer a charitable (tabarru) contract; rather, it
becomes a muawadhah (exchange) contract.

+Cont…
n  If takaful is considered an exchange contract, all the issues of riba,

gharar and jahalah will reemerge.

n  Opponent: it is not al tabarru but contract of exchange

n Issue on gharar is there
n Al ibratu bi al maani la bi al alfaz (one

should look at the end result and not at its
wording)

n  Answer:

n  (iltizam bi al tabarru (self imposed donation): Maliki’s view

+Issues on Guaranteed Benefit

n Existing Takaful models restrict TO from
providing guaranteed benefit to participants eg.
cash dividend payouts, cash surrender value,
survival value.

n To have a guaranteed benefit scheme, even out of
the participants’ investment fund, would be
tantamount to a violation of the Shariah.

n Stipulation of a guarantee in any form would
change the mudarabah contract into a qard (loan),
and the legal status of the entrepreneur as an
agent (wakil) and a trustee (amin) would change
into a debtor who guarantees the principal.

+
Issues on Mudharabah

n  Takaful contract based on mudharabah. Each terms and
conditions must be made known to the participants.

+
Issues on Age of Majority

n  S 64- below 18 have no capacity to enter into a contract of
takaful.

n  Insurance Act- above 10 and below 16-can enter into
contract + written consent of parent.

n  In Islam 18 is not an age of majority. Need to depart from
the strict Islamic concept.

+Issues on Doctrine of Utmost Good Faith

n  There is no requirement of doctrine of utmost good faith under
the TA.

n  Insurance Contract- There must be “utmost good faith”.
Hence impose the same duty of disclosure upon parties to
contract.

n  In Islam contract of mudharabah requires parties to be
truthful, honest and sincere.

+
Issues on Warranties

n  The TA does not mention the rule on strict application of
the law relating to warranties.

n  Effect: Takaful contract can be avoided by the takaful co.
if a wrong answer is given in the proposal form when the
participants believes it to be correct.

n  IFSA 2013- Specific provision on warranties.

+
Issues on Nomination

n  SAC- Nominee as the beneficiary- Hibah

n  National Fatwa Council- Nominee as the admnistrator- Estate-
Faraid

+Issues on Insurable Risk
n Insurable risk

n Def: Chance of loss, the possibility of loss or
uncertainty concerning the occurrence of a
loss.

n Two types of risk Pure Risk and Speculative
Risk. Only pure risk is insurable. Reason:
would resemble wagering practice.

n Conventional Insurance is concerned with
the economic problems created by pure
risk. Eg. Accident =may suffer a loss.

n Speculative Risk: where either profit or loss
is possible. Eg shares of common stock.

+Should the takaful be confined to Pure
Risk?
n  All types of risks are insurable under takaful contract:-

n  1. Takaful is based on brotherhood, solidarity and mutual
assistance.

n  2. Al-tabarru concept- all types of risks are acceptable.

n  3. Speculative risk is not identical to gambling. Eg. Taxi driver
who is driving his car with danger of accident. Pure Risk-
Accident :Speculative Risk- loss of future gain.

+Insurable Interest
n  Def: Interest an individual  must have in insurance coverage

carried by someone else.

n  Legal perspective: the party to the insurance contract who is the
insured or policy holder must have a particular relationship with
the subject matter of the insurance whether that be a life or
property or a liability to which he might be exposed.

n  The absence of this requirement under conventional insurance will
render the contract illegal, void and simply unenforceable.

+Requirement under the Insurance Act 1996

n  S 152 of the Insurance Act 1996- Requirement of Insurable
Interest.

n  Exception to employer-employee relationship.

n  The requirement of II specifies that the insured must lose
financially if a loss occurs or must incur some harm if the loss
takes place.

+
Objective of Insurable Interest

n  1. to determine the motive for purchasing insurance and in
the assignment of a beneficiary in a life insurance policy.

n  2. to avoid gambling or wagering practices.

+
Eg.

n “A” pays premium on behalf of his wife and names her as
beneficiaries= The insurance co. recognizes it coz in the
event of unexpected death, the family would suffer an
economic loss.

n   “A” pays premium of insurance for another party let say
his best friend, if that person names him as the beneficiaries.
The insurance co will not issue the policy.

+
Whether the principle of insurable
interest is relevant in takaful?
n  Insurable Interest is needed

n  Insurable Interest is Irrelevant

n  IFSA 2013 on Insurable interest.

+
Insurable Interest is Irrelevant

n  The requirement of II is not relevant under Takaful not
because of to determine the motive for purchasing
insurance and in the assignment of a beneficiary in a life
insurance policy and to avoid gambling or wagering
practices but:-

+
Reasons

n  1. The TA 1984 does not require this principle in family
takaful or general takaful.

n  2. The nature of family takaful makes this element
irrelevant as a participant participates in this scheme
only for the benefit of himself and his family. He cannot
do so for the purpose of benefiting or on behalf of the 3rd
party.

+
Cont..

n  3. Ab initio irrelevant coz the participant cum insured
could not have any interest on his life.

n  4. The principle of takaful: takaful contract must be
concluded between the participants themselves, a party
who is neither insured or insurer is not eligible to
participate in the contract.

+
Insurable Interest is Needed

n  Known as ‘Permissible Takaful Interest’.

n  In practice, insurable interest is applicable in insurance or
takaful of life, property, and goods. This is so because they
form the subject matter of insurance and takaful contracts.

n  1. Takaful on Property

n  2. Takaful One’s Own Life

n  3. Takaful Another’s Life

+Takaful on Property

n  In takaful on property, the participants’ property will be valued to
determine the amount of contribution he has to make the takaful
fund. Prior to that, his insurable interest in the property will be
assessed to ensure that he has legal ownership over the property,
thus making him interested in the safety of such property rather
than interested in its destruction.

+Takaful of one’s own life

n A person insures one’s own life for the sake of a
nominee’s benefit, whereby they will get some
takaful benefit in case of one’s death. It is
irrefutable that one has an insurable interest in
one’s own life and health, as any normal person
will attempt to preserve this and avoid putting
himself in jeopardy.

n  However, it is also strengthened by the term in
takaful contract which disallows a participant of
his or her nominee from acquiring takaful
benefit if the death is due to suicide or self-
inflicted harm.

+Takaful Over Another’s Life
n  Takaful over another’s life may come from various parties. The

purposes also may differ due to the circumstances of the parties
involved.

n  One may consider insuring the life of one’s child under an
education plan for the child’s future benefit or security, insuring
one’s spouse for the security of future maintenance, insuring the
life of one’s employee to secure continuing productivity, insuring
the life of a debtor or tenant to secure debt or rent settlement
which will be lost due to the death of the insured.