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Daily Archives: March 18, 2012
March 18, 2012
DR. ZULKIFLI HASAN
Islamic Finance in Post-Revolution Tunisia and Egypt
Tunisia sets up Islamic finance working group
Available at:
http://www.reuters.com/article/2012/03/15/tunisia-islamic-finance-idUSL5E8EE3AP20120315
By Bernardo Vizcaino
(Reuters) – The Tunisian government has set up a working group that will study how to develop Islamic finance in the country, a finance ministry official said.
The group, which includes representatives from the central bank, stock exchange and private sector institutions including Bahrain-based Al Baraka Banking Group, will look at the country’s legal framework, said Karima Rezk, a director at the ministry.
Before last year’s uprisings, authoritarian governments in Tunisia and other North African countries restricted or refused to promote Islamic finance for ideological reasons. A moderate Islamist party dominates the government which took power through last October’s elections.
Islamic finance, which operates according to religious principles such as a ban on paying interest, is seen as “an important initiative that is accepted by all major political parties”, Rezk told Reuters in a telephone interview this week.
She added that the government did not intend to inhibit conventional banking in the country, but merely wanted to “make the market more dynamic and add choice to consumers”.
The working group aims to meet weekly and come up with proposals for action within a few months, Rezk said. It is under the purview of the finance ministry’s director-general Chaker Soltani, whose responsibilities include debt management and financial cooperation.
The group has been studying the Islamic banking experience of countries where the industry is well-developed, including Malaysia and Bahrain, as well as Jordan and Oman, which are more recent entrants into the industry.
“We need more details,” Rezk said, on both the structures of Islamic financial products and how to regulate them.
Soltani told Reuters earlier that the Tunisian government hoped eventually to issue sukuk (Islamic bonds), but did not expect to make an issue this year since the legal framework to support it was not yet in place.
“Before issuing Islamic bonds, or sukuk, we must put a law in place,” he said.
Egypt lays sukuk foundations
By Farah Halime Available at:
http://www.thenational.ae/thenationalconversation/industry-insights/economics/egypt-lays-sukuk-foundations#full
Egypt is solidifying rules and regulations that will allow companies to issue Islamic bonds, or sukuk, in an early sign it is positioning itself to tap into a boom in Islamic finance.
What rules and regulations does Egypt have for issuing sukuk, or Islamic bonds? Egypt has not sold sovereign or corporate bonds that comply with Islam’s ban on interest, although companies have sold conventional bonds. The executive regulation governing sukuk issuance in the country’s capital-market law is being redefined to make it easier for companies to push forward with sukuk issues. Ashraf Sharkawi, the head of the Egyptian Financial Supervisory Authority, said this would be enforced by June, but until now companies have opted to steer clear of any issuance because of the lack of clarity in the law.
What will Egypt gain, considering it will compete with Islamic finance hubs such as nearby Bahrain? Analysts say demand for Sharia-compliant products alongside conventional banking products is on the increase, and with Egypt’s strategic position in North Africa and near the Middle East, it should tap into an ever-growing market. It is also a timely development because it fits in with the ideologies of what will be an Islamist-led government. The Freedom and Justice Party, the political arm of the Muslim Brotherhood, has been advocating Islamic banking alongside its conventional counterpart and has seen an opportunity to promote sukuk in a country where the population regards many conventional banks with caution.
Outside of the Middle East and North Africa, what is the appetite for sukuk? Although Malaysia remains a dominant force in the sukuk market, new entrants are emerging from the Asia-Pacific region including South Korea, Hong Kong and Japan, and some African countries such as Senegal and Nigeria.
The North African nation will “by the end of June” finalise the executive regulations to allow companies to issue Islamic corporate bonds, or bonds that comply with the Islamic ban on interest, said Ashraf Sharkawi, the head of the Egyptian Financial Supervisory Authority.
Alongside a sovereign sukuk worth US$2 billion (Dh7.34bn) announced by the Egyptian ministry of finance last month, analysts say the regulator’s move is ahead of the formation of an Islamist-dominated government expected to take office this year and an attempt to get a slice of the global sukuk market estimated to be valued at about $85bn.
Mr Sharkawi said the sukuk rules and regulations, which are still subject to approval from the prime minister, Kamal El Ganzouri, will help to boost liquidity on the Egyptian Exchange. The benchmark EGX 30 has gained almost 45 per cent in the year to date, making it the world’s best-performing stock market after a tumultuous performance last year.
A law that better regulates sukuk issuance has been mooted for several years, but analysts say the move to enforce a clear law has become a priority after the revolution, considering an economic climate likely to be shaped by Islamic political parties.
The Freedom and Justice Party has been outspoken about its ambitions to promote Islamic banking alongside conventional banking, and in May last year, Ashraf Badr El Din, the head of the party’s economic committee, first proposed the idea of selling Islamic bonds to plug the country’s budget deficit.
At the time, Mr Badr El Din said that a high percentage of Egyptians had reservations about the charging of interest and that such a financing tool would encourage them to invest. “The Muslim Brotherhood are eager to expedite the emergence of Islamic products such as sukuk law issuance to attract Arab investors and close the country’s deficit,” said Shahinaz Rashad, the general manager and director of global Islamic finance at Metropolitan Consulting. “There is a growing trend towards the revival of Islamic finance in light of the prominence of Islamic parties.”
Tapping into strong regional appetite for sukuk issuance, especially from the Gulf, is also a big driver for Egypt, said Mohammed Omran, the chairman of the Egyptian Exchange.
“We’re finding a new category of investment that meets some investors’ appetite or some investors’ beliefs like Sharia compliance or ethical investing,” Mr Omran said. “It’s going to attract a lot of Gulf investors to Egypt boosting liquidity all round.” A record volume of Sharia-compliant debt was sold globally last year, according to Zawya data. Sukuk totalling $84.4bn were sold in the period, an increase of 62 per cent from 2010. From that, $19bn, nearly 23 per cent of the total, was sold in the Gulf.
However, Egypt’s Islamic finance sector is still in its infancy, with just three listed Sharia-compliant banks – Al Baraka Egypt bank, Faisal Islamic Bank of Egypt and National Bank for Development. Combined with the absence of enforced laws and regulations governing some Islamic financial instruments such as sukuk, analysts say it will be difficult for the country to forge a hub comparable to Bahrain and Malaysia, two of the world’s most successful Islamic banking centres.
“Egypt could become one of the largest Islamic banking markets, but I’m not so sure if it will become a hub,” said Abdul Kadir Hussain, the chief executive of Mashreq Capital, the investment and brokerage arm of Mashreq in Dubai. “In order to successfully become a hub you need infrastructure like tried and tested laws, settlement mechanisms and service providers, and Egypt has a long way to go before that,” Mr Hussain said, although he added the country was likely to play a “major role as a user and provider of Islamic capital” in the coming years.
A skeleton sukuk law has kept investors and companies that have considered issuing the bond at bay, but early investor appetite suggests Egypt could be well on its way by the end of the year.
Adnan Ahmed Yousif, the president and chief executive of Al Baraka banking group, Bahrain’s biggest publicly traded Islamic lender, which has a subsidiary in Egypt, said Egypt had potential for a vibrant sukuk market.
“We are trying to strengthen our relationship in the Egyptian market specially in Islamic products,” he said, adding the government would do well to use the sukuk market for future borrowing needs.
He said the bank’s Egyptian unit may sell dollar-denominated Islamic bonds, in the region of $200 million, in the fourth quarter of this year.
“If things go smoothly after June [when a president is expected to be elected], yes we will think about something in the fourth quarter,” Mr Yousif said.
Regards

ZULKIFLI HASA
Brussel, Belgium
Islamic finance news
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Legal Aspects of Legal Aspects of

Islamic FinanceIslamic Finance

LCA4592LCA4592

DR. ZULKIFLI HASANDR. ZULKIFLI HASAN

Contents Contents

�� Securities?Securities?

�� Capital Market?Capital Market?

�� Regulatory StructureRegulatory Structure

�� Regulatory FrameworkRegulatory Framework

�� Governing LawsGoverning Laws

�� SCSC

�� Bursa MalaysiaBursa Malaysia

�� LabuanLabuan Financial Services AuthorityFinancial Services Authority

Securities?Securities?

�� Securities: The generic term for any instrument traded on a Securities: The generic term for any instrument traded on a
stock exchange. stock exchange.

�� Shares: a security representing a portion of the holder's Shares: a security representing a portion of the holder's
capital in that company. capital in that company.

�� S 2 of the CMSA 2007: Securities means:S 2 of the CMSA 2007: Securities means:--

�� (a) debentures, stocks or bonds issued or proposed to be (a) debentures, stocks or bonds issued or proposed to be
issued by any government;issued by any government;

�� (b) (b) shares in or debentures of, a body corporate or an shares in or debentures of, a body corporate or an
unincorporated body; orunincorporated body; or

�� (c) (c) unit trusts or prescribed investments,unit trusts or prescribed investments,

�� and includes any right, option or interest in respect thereof, and includes any right, option or interest in respect thereof,
but does not include futures contractsbut does not include futures contracts

Capital MarketCapital Market

�� AA capital marketcapital market is a market for securities, where is a market for securities, where
business enterprises (companies) and governments can business enterprises (companies) and governments can
raise longraise long--term funds.term funds.

�� Primary market: securities are purchased directly from Primary market: securities are purchased directly from
an issuing companyan issuing company

�� Underwriting: The process of selling new issues to Underwriting: The process of selling new issues to
investors.investors.

�� IPO: A new stock issuance IPO: A new stock issuance

�� Secondary market: theSecondary market: the financial marketfinancial market where where
previously issuedpreviously issued securities and financial instruments securities and financial instruments
such as stocks, bonds, options and futures are bought such as stocks, bonds, options and futures are bought
and sold. and sold.

�� Ministry of FinanceMinistry of Finance

�� Securities CommissionSecurities Commission

�� Bursa Malaysia       Bursa Malaysia

Regulatory StructureRegulatory Structure

�� Capital Markets and Services Act 2007Capital Markets and Services Act 2007

�� Securities Industry (Central Depositories Act) Securities Industry (Central Depositories Act)

19911991

�� Securities Commission Act 1993Securities Commission Act 1993

�� Companies Act 1965Companies Act 1965

�� Offshore Companies Act 1990Offshore Companies Act 1990

�� LabuanLabuan Financial Services and Securities Act Financial Services and Securities Act

20102010

Governing LawsGoverning Laws

Securities CommissionSecurities Commission

�� PrePre--1993: Capital market is under the auspices 1993: Capital market is under the auspices
of Capital Issues Committee (MOF), Panel on of Capital Issues Committee (MOF), Panel on
TOM and FIC (PMD), (MITI), CCM and BNM.TOM and FIC (PMD), (MITI), CCM and BNM.

�� Established in 1993. Established in 1993.

�� Statutory bodyStatutory body

�� Regulating and developing capital marketRegulating and developing capital market

�� Supervising and monitoring the activities of the Supervising and monitoring the activities of the
market institutionmarket institution

�� To promote and maintain fair, efficient, secure To promote and maintain fair, efficient, secure
and transparent securities market.and transparent securities market.

Roles of the SCRoles of the SC

�� 1. Registering authority for prospectus of 1. Registering authority for prospectus of

corporationcorporation

�� 2. approving corporate bonds2. approving corporate bonds

�� 3. regulating securities and futures contract3. regulating securities and futures contract

�� 4. regulating take4. regulating take--over and mergerover and merger

�� 5. regulating unit trust schemes5. regulating unit trust schemes

�� 6. licensing and supervising licensed institutions6. licensing and supervising licensed institutions

Stock Exchange???Stock Exchange???

�� AA stock exchangestock exchange is anis an entity that provides entity that provides

services forservices for stock brokers and traders to trade stock brokers and traders to trade

securities. securities.

�� Functions:  Functions:

�� Raising capitalRaising capital

�� MobilisingMobilising savings for businesssavings for business

�� Facilitating company growthFacilitating company growth

�� Profit sharingProfit sharing

�� Government capital raisingGovernment capital raising

Bursa MalaysiaBursa Malaysia

�� Bursa Malaysia is an exchange holding company Bursa Malaysia is an exchange holding company

approved under Section 15 of the Capital approved under Section 15 of the Capital

Markets and Services Act 2007. Markets and Services Act 2007.

�� Operates a fullyOperates a fully--integrated exchange, offering integrated exchange, offering

the complete range of exchangethe complete range of exchange--related services related services

including trading, clearing, settlement and including trading, clearing, settlement and

depository services depository services

Bursa Malaysia Bursa Malaysia

�� The The Bursa MalaysiaBursa Malaysia or or Malaysia ExchangeMalaysia Exchange, , MYXMYX

previously known as previously known as Kuala Lumpur Stock ExchangeKuala Lumpur Stock Exchange

((KLSEKLSE, , Bursa Bursa SahamSaham Kuala LumpurKuala Lumpur) )

�� Dates back to 1930 when the Singapore Stockbrokers' Dates back to 1930 when the Singapore Stockbrokers'

Association was set up as a formal organisation dealing in Association was set up as a formal organisation dealing in

securities in Malaya. securities in Malaya.

�� In 1937 it was reIn 1937 it was re--registered as the Malayan Stockbrokers' registered as the Malayan Stockbrokers'

Association, but it still did not trade public shares.Association, but it still did not trade public shares.

�� By 1960s, the Malayan Stock Exchange was formed and By 1960s, the Malayan Stock Exchange was formed and

public trading of shares began in Maypublic trading of shares began in May

�� Kuala Lumpur Stock Exchange was reKuala Lumpur Stock Exchange was re--named named

Bursa MalaysiaBursa Malaysia in 2004. in 2004.

�� The main index for The main index for Bursa MalaysiaBursa Malaysia is KLCI. is KLCI.

�� In June 2006, a new index series jointly In June 2006, a new index series jointly

developed by developed by Bursa MalaysiaBursa Malaysia and FTSE and FTSE

Group was introduced known as FTSE Bursa Group was introduced known as FTSE Bursa

Malaysia Index Malaysia Index

Bursa MalaysiaBursa Malaysia

Operate all Islamic Markets businesses and activities initiated under
Bursa Malaysia

Bursa Malaysia Islamic
Services Sdn Bhd

Provide and disseminate prices and other information relating to
securities quoted on exchanges within the group

Bursa Malaysia Information
Sdn Bhd

Act as a nominee for the central depository and receive securities on
deposit for safe-custody or management

Bursa Malaysia Depository
Nominees Sdn Bhd

Provide, operate and maintain a central depositoryBursa Malaysia Depository
Sdn Bhd

Provide, operate and maintain a clearing house for the futures and
options exchange

Bursa Malaysia Derivatives
Clearing Bhd

Provide, operate and maintain a clearing house for the securities
exchange

Bursa Malaysia Securities
Clearing Sdn Bhd

Provide, operate and maintain registered electronic facility for secondary
bond market

Bursa Malaysia Bonds Sdn
Bhd

Provide, operate and maintain offshore financial exchangeLabuan International
Financial Exchange Inc.

Provide, operate and maintain a futures and options exchangeBursa Malaysia Derivatives
Bhd

Provide, operate and maintain securities exchangeBursa Malaysia Securities
Bhd

Principal ActivitiesSubsidiaries

�� FrontFront--line regulatorline regulator-- rules and regulations to rules and regulations to

ensureensure

�� Orderly and fair marketOrderly and fair market

�� Secure, efficient and cost effectiveSecure, efficient and cost effective

�� Develop investor confidenceDevelop investor confidence

�� Price discoveryPrice discovery

�� InfrastructureInfrastructure

�� Avenue for capital raisingAvenue for capital raising

Roles Roles

�� Promote orderly conduct and expansion of Promote orderly conduct and expansion of

market for better investmentmarket for better investment

�� Protect overall integrity of marketProtect overall integrity of market--monitor monitor

financial standing of companiesfinancial standing of companies

�� Protect investor interestProtect investor interest

�� Provide conclusive investment environmentProvide conclusive investment environment

�� Develop the Malaysian capital marketDevelop the Malaysian capital market

Objectives Objectives

Islamic MarketIslamic Market

�� Islamic Market products Islamic Market products ieie equities, derivatives, equities, derivatives,
commodities, to debt securities, across all commodities, to debt securities, across all
sectors and industries sectors and industries

�� ShSh. Compliance Stock: 88% of the securities . Compliance Stock: 88% of the securities
currently listed on Bursa Malaysia currently listed on Bursa Malaysia

�� Equity Indices: The FTSE Equity Indices: The FTSE HijrahHijrah ShariahShariah index index
(FBM (FBM HijrahHijrah ShariahShariah) and the FTSE Bursa ) and the FTSE Bursa
Malaysia EMAS Malaysia EMAS ShariahShariah index (FBM EMAS index (FBM EMAS
ShariahShariah) )

Islamic MarketIslamic Market

�� Islamic Bond or Islamic Bond or sukuksukuk: two: two--thirds of the global thirds of the global

sukuksukuk outstanding.outstanding.

�� ShariahShariah ETF: ETF: ShariahShariah--compliant investment compliant investment

instruments instruments

�� Islamic Islamic reitsreits

�� ShariahShariah--based unit trust fundsbased unit trust funds

Bursa Bursa SuqSuq Al Al SilaSila

�� Subsidiary of the BM.Subsidiary of the BM.

�� a commodity trading platform specifically a commodity trading platform specifically

dedicated to facilitate Islamic liquidity dedicated to facilitate Islamic liquidity

management and financing by Islamic banks management and financing by Islamic banks

�� SC, BNM, BM and MPOB, MPOA and MPOC.SC, BNM, BM and MPOB, MPOA and MPOC.

�� The fully electronic web based platform The fully electronic web based platform

provides industry players with an avenue to provides industry players with an avenue to

undertake multi commodity and multi currency undertake multi commodity and multi currency

trades from all around the world.trades from all around the world.

Offshore Business???Offshore Business???

�� TaxationTaxation

�� Simplicity and reportingSimplicity and reporting

�� Fees for incorporationFees for incorporation

�� Cost of operationCost of operation

�� Thin Thin capitalisationcapitalisation

LFSALFSA

�� Established on 15 February 1996Established on 15 February 1996

�� International business and financial centre.International business and financial centre.

�� For capital market: For capital market:

�� The The LabuanLabuan Financial Services and Securities Financial Services and Securities

Act 2010 (LFSSA), Act 2010 (LFSSA),

�� The The LabuanLabuan Islamic Financial Services and Islamic Financial Services and

Securities Act 2010 (LIFSSA),Securities Act 2010 (LIFSSA),

LFSALFSA

�� The LFSSA, Part IV provides for the licensing of The LFSSA, Part IV provides for the licensing of

securities licensee with the following scope of business:securities licensee with the following scope of business:

�� Provide investment advice or administration services in Provide investment advice or administration services in

respect ofrespect of securities for purpose of investment; orsecurities for purpose of investment; or

�� Deal in securities; orDeal in securities; or

�� Provide other activity as may be specified by Provide other activity as may be specified by LabuanLabuan FSAFSA

�� The The LabuanLabuan Islamic Financial Services and Securities Islamic Financial Services and Securities

Act 2010 (LIFSA), Part V provides for the licensing of Act 2010 (LIFSA), Part V provides for the licensing of

Islamic securities licensee with the same scope of Islamic securities licensee with the same scope of

business as per the securities licensee above.business as per the securities licensee above.

LIFXLIFX

�� Launched 23 November 2000Launched 23 November 2000

�� LFX is limited by shares and is wholly owned by LFX is limited by shares and is wholly owned by
Bursa Malaysia Bursa Malaysia BerhadBerhad. .

�� a fulla full--fledge Exchange with listing and trading fledge Exchange with listing and trading
facilities facilities

�� the listing of conventional and Islamic the listing of conventional and Islamic
instruments. instruments.

�� an efficient, cost effective access to capital an efficient, cost effective access to capital
market and practical alternative to existing market and practical alternative to existing
domestic Exchanges domestic Exchanges


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: August 4, 2014
August 4, 2014
DR. ZULKIFLI HASAN
Ijtihad, Legitimasi, Fiqh Siyasi dan Ilusi
IJTIHAD, LEGITIMASI, FIQH SIYASI DAN ILUSI
Kenyataan Mufti Arab Saudi, Sheikh Abdul Aziz yang menyebut bahawa Islam melarang demonstrasi bagi menyokong Gaza dan ia hanyalah tindakan bunyi bising dan tidak bermanfaat bukanlah sesuatu yang mengejutkan. Malahan, terdapat pandangan ulama yang lebih mengecewakan di mana fatwanya merestui rejim al Assad dan meredhai rejim al Sisi membantai dan membunuh rakyatnya sendiri. Ulama-ulama ini sanggup duduk sebaris dengan pendokong rejim merestui rampasan kuasa seperti yang berlaku di Mesir. Di Malaysia juga terdapat pandangan sebegini apabila ada kenyataan yang menghalalkan darah pendemonstrasi atas dasar bughah. Ulama-ulama yang senada dengan pandangan sebegini baru-baru ini juga telah menubuhkan ‘Council of Muslim Elders’ di Abu Dhabi tajaan Emiriyah Arab Bersatu sebagai saingan kepada ‘International Union of Muslim Scholars’ yang dipengerusikan oleh Sheikh al Qaradhawi yang dilihat sering menyebelahi gerakan Islam arus perdana.
Seiring dengan perkembangan terkini konflik dan krisis di Timur Tengah, artikel ini merupakan refleksi penulis terhadap fenomena yang terus menghimpit dan menzalimi umat Islam. Artikel ini sama sekali tidak bermaksud untuk menghina mana-mana ulama mahupun mempertikaikan autoriti mereka dalam berijtihad dan memberikan fatwa. Penulis hanya ingin mencetuskan beberapa persoalan mengenai ijtihad dan hubungkaitnya dengan implikasinya terhadap perkembangan dunia Islam khususnya dari aspek ‘political legitimacy’ yang sangat signifikan kepada umat Islam. Disamping mengakui dan mengiktiraf keilmuan ulama-ulama kontemporari ini, penulis berpandangan bahawa betapa perlunya beberapa pandangan ulama-ulama ini disemak semula ataupun diberikan pencerahan selanjutnya bagi mengelakkan ia dimanipulasi dan seterusnya menimbulkan kecelaruan di kalangan masyarakat.
Ijtihad dan Legitimasi
Ijtihad adalah sesuatu yang sangat signifikan dalam kehidupan. Hampir setiap perkara memerlukan ijtihad sama ada individu mahupun secara kolektif. Ijtihad akan menjadi lebih signifikan apabila ia melangkaui isu individu bahkan bakal menentukan hala tuju dan implikasi yang besar kepada masyarakat. Dalam situasi ini, sudah pasti ijtihad yang benar-benar tepat melalui proses yang ketat dengan mengambil kira semua faktor dan implikasi ijtihad perlu dilaksanakan. Individu ataupun sekumpulan ilmuan memegang amanah untuk memastikan ijtihad yang dikeluarkan adalah ‘genuine’, ‘justly balanced’ dan menjaga maslahah umum.
Fenomena yang berlaku di Negara Arab khususnya di Timur Tengah begitu menyedihkan seluruh umat manusia. Nyawa seakan terlalu murah dan kezaliman itu seakan menjadi sebahagian daripada Timur Tengah. Ribuan nyawa melayang atas dasar konflik agama, geo-politik, bangsa mahupun faktor ekonomi. Isunya di sini, dengan institusi ijtihad yang berperanan menyelesaikan isu umat, ia kini seakan tidak berupaya, lemah longlai tidak memberikan impak kemaslahatan kepada umat. Adakah kebejatan ini berfaktorkan cacatnya ijtihad atau ijtihad yang batil atau ijtihad yang tidak diberkati.
Lihat saja ijtihad sesetengah ulama yang menyokong rampasan kuasa oleh tentera diketuai Al Sisi di Mesir. Ijtihad ulama yang menyokong rejim Al Assad di Syria juga satu perkara yang sungguh mengecewakan. Bahkan terdapat ijtihad yang sangat kontroversi apabila mengatakan tiada jihad di Gaza menentang zionis Israel. Ijtihad-ijtihad oleh sarjana ilmuan yang boleh dianggap alim dengan ilmunya ini pastinya memberikan implikasi yang sangat signifikan kepada umat.
Ijtihad-ijtihad yang mengiktiraf rejim al Sisi, rejim al Assad dan menidakkan jihad di bumi Palestine ini merupakan antara faktor utama ‘LEGITIMASI’ kepada penyangak-penyangak ini untuk meneruskan agenda jahat mereka.  John Locke ahli falsafah Inggeris yang terkenal dengan magnum opusnya Two Treatises of Government mentakrifkan LEGITIMACY ini sebagai ‘legitimacy derives from popular explicit and implicit consent of the governed’. Ini bertepatan dengan apa yang berlaku pada hari ini apabila LEGITIMASI yang diperolehi melalui Ijtihad dan institusinya boleh dianggap sebagai ‘explict and implicit consent of the governed’. Didapati melalui IJTIHAD ELIT sesetengah ulama inilah walaupun melalui proses yang menepati usul hatta dengan keihklasan sekalipun hanya memberikan lampu hijau dan endorsemen untuk rejim mahazalim menyekat kebangkitan umat. LEGITIMASI melalui ijtihad inilah antara yang menjadi faktor kepada terusnya kekuasaan rejim diktator yang secara istiqamah mencabul hak dan menzalimi umat. Lebih membimbangkan, ijtihad inilah yang secara tidak langsung menghalalkan pembiayaan negara Islam seperti Arab Saudi dan UAE menyokong dan mendanai rejim diktator ini.
Sungguh ironi merujuk kepada ijtihad OIC yang menyuarakan penghargaan terhadap usaha Mesir untuk menghentikan serangan Israel dan mencapai keamanan. Kerajaan al Sisi yg sebelum ini telah mendapat restu melalui ijtihad beberapa ulama telah berpakat dengan Israel untuk menekan pejuang Palestin di Gaza diharapkan untuk menjadi penaja rundingan damai.
Adakah ijtihad OIC ini gagal atau dengan niat saja gagal untuk memahami situasi yang berlaku. Rashid al-Ghannushi, pengasas kepada Hizb al-Nahḍah, Parti Pembaharuan Tunisia mendedahkan bahawa Mesir enggan menerima pesawat Tunisia yang sarat dengan ubat-ubatan dan bantuan perubatan di Kaherah untuk dihantar ke Gaza dan membantu pemindahan mangsa kecederaan ke Tunisia. Al-Monitor, 11 Julai 2014 melaporkan: Sebelum serangan Israel ke atas Gaza pada pagi 8 Julai, saluran Al Jazeera Mubasher Misr melaporkan Mejar Jeneral Mohammed Farid al-Tohamy, Pengarah Perkhidmatan Inteligen Am Mesir, telah mengunjungi Tel Aviv beberapa jam sebelum serangan dan bertemu dengan pegawai keselamatan Israel. Dilaporkan juga Presiden Mesir Abdel Fattah al-Sisi telah memberikan Israel kelulusan awal untuk melancarkan operasi ketenteraan ke atas Gaza untuk menghancurkan Hamas. Zvi Bar’el menulis dalam Haaretz, 11 Julai 2014, menyatakan bahawa al-Sisi telah menjadi sekutu tentera Israel secara tidak rasmi, memandangkan dua negara itu bekerjasama rapat dalam menentang Hamas. Menteri Perisikan Israel, Yuval Steinitz semasa temubual dengan Siaran Berita 2 Israel menyatakan, ‘terima kasih Tuhan kerana Mesir bersama kita. Tanpa kerjasama Mesir, Israel tidak akan berjaya menepati misi menyerang Gaza’. Anas Al Tikriti, salah seorang cendiakawan Islam, membuat kesimpulan bahawa sekarang kita telah memahami mengapa berlakunya rampasan kuasa oleh tentera di Mesir di mana Israel menyambutnya dan Arab Saudi dan UAE membiayainya.
Situasi di Syria juga begitu membingungkan. Kekejaman al Assad semasa peristiwa berdarah Qamisyli pada 2004 dan 2008, peristiwa Hasakah pada 2004 dan peristiwa penjara Soydana dan tragedi melampaui batasan kemanusiaan hari ini telah meragut nyawa ratusan ribu rakyat Syria. Ini disahkan oleh Utusan Khas PBB sendiri dan Liga Arab, Lakhdar Brahimi. Namun, apa yang berlaku ialah masih ada lagi ijtihad-ijtihad yang menyantuni rejim al Assad dan dengan inilah sekali lagi “LEGITIMASI’ ini dimiliki dengan harga yang sangat murah.
Ijtihad dan Fiqh Siyasi
Antara elemen fiqh siyasi yang dibicarakan secara mendalam oleh ramai sarjana kontemporari termasuk Yusuf al Qaradhawi, Rashid Ghanoushi, Tariq Ramadan dan ramai lagi ialah keharusan untuk berdemonstrasi dan protes secara aman. Walaupun telah ada fatwa yang melarang rakyat untuk berdemonstrasi seperti pandangan Sheikh Abdul Aziz, Mufti Arab Saudi bersandarkan hujah ghawgha, bidaah, perbuatan yang terkeluar dari kaedah Islam, sadd al zarai’ dan lain-lain, penulis sangat tertarik dengan metod Yusuf al Qaradhawi menyantuni pandangan ekstrim ini dengan penuh berhemah. Dengan melihat fiqh waqi’ sesuai dengan perkembangan dunia Islam, beliau mengambil pendekatan yang sangat dinamik dan pandangan beliau ini adalah sangat signifikan dalam mempengaruhi gerakan kebangkitan Islam di dunia.
Amat menarik pandangan Yusuf al Qaradhawi ini apabila beliau secara santai menjawab tohmahan ini dan menolak pandangan yang menyatakan demonstrasi aman ini adalah haram. Bagi menguatkan hujah ini, beliau memetik peristiwa Umar al Khattab di awal pengIslamannya di dalam buku bertajuk ’Thaurah Shaab’. Beliau menukilkan bagaimana Umar al Khattab meminta restu Rasulullah untuk menyatakan kebenaran di jalanan bersama-sama dengan beberapa sahabat yang lain. Rasulullah telah memberi keizinan dan restu baginda dan sejurus itulah Umar al Khattab mengetuai sahabat-sahabat yang lain berdemonstrasi secara aman menyatakan kebenaran di depan kaum Musyrikin Mekah pada waktu itu. Peristiwa itu dirakamkan sebagai antara demonstrasi jalanan yang paling awal dalam sejarah Islam.
Keharusan berdemonstrasi aman ini bukan sahaja dapat dibuktikan melalui peristiwa Umar al Khattab di atas malahan ia juga bersandarkan kepada kaedah usul fiqh dan qawaid fiqh. Dengan menggunakan kaedah masalih mursalah, perantaraan mempunyai hukum yang sama dengan tujuan, sadd al zarai’ dan dalil daripada al sunnah, adalah boleh disimpulkan bahawa demonstrasi jalanan dan protes secara aman adalah harus. Bahkan adalah berdosa besar kepada pihak berkuasa yang mencederakan pendemonstrasi ini dan mereka dianggap sebagai golongan yang zalim dan bakal menerima azab Allah.
Kenyataan yang menyebut demonstrasi aman ini sebagai tindakan bunyi bising dan tidak bermanfaat juga sebenarnya gagal melihat betapa besarnya kesan dan pengaruhnya pada dunia. Sejarah membuktikan bahawa revolusi dan gerakan pembebasan serta aktivisme sosial melibatkan demonstrasi aman adalah sangat memberi kesan terutama bagi menyuntik kesedaran dan menanam semangat untuk memperjuangkan keadilan. Demonstrasi aman yang dipimpin oleh Gandhi antaranya telah berjaya membebaskan India dari penjajahan, demonstrasi aman anti-apartheid di seluruh dunia telah melenyapkan rejim apartheid di Afrika Selatan, demonstrasi aman di Jerman telah meruntuhkan tembok Berlin, demonstrasi aman di Tunisia telah menjatuhkan rejim Ben Ali dan demonstrasi aman di Mesir telah menundukkan rejim Mubarak. Demonstrasi sebagai salah satu daripada elemen demokrasi ini memberikan ruang masyarakat awam untuk menyuarakan pandangan dan suara isi hati mereka kepada umum. Ia seumpama kesaksian dan refleksi terhadap sesuatu isu yang signifikan kepada kemaslahatan umum dan pastinya tidak bertentangan dengan prinsip Islam.
Inilah antara sebab peri pentingnya para alim ulama mufti memahami fiqh ‘international politic’ secara makro dan mikro dan terlibat secara langsung dengan gerakan islam dan masyarakat dalam memberikan pandangan berkaitan isu isu politik. Pandangan para ulama yang menyokong rampasan kuasa di Mesir seumpamanya sememangnya dapat menghentikan sementara pertumpahan darah tapi lihatlah kesannya, saudara seIslam di Gaza yg menjadi mangsa. Malahan Israel dilihat lebih berkuasa dan bermaharajalela membantai umat Islam tanpa perikemanusiaan. Moga-moga semua ulama yang berpandangan sebegini bersatu padu menarik balik fatwa mereka dan mengecam sekerasnya kerajaan al sisi dan mana-mana rejim diktator di dunia ini. Sesungguhnya kita mengimpikan kesatuan ulama yang punya umat bukan yang hanya punya majikan.
Epilog
Ijtihad merupakan aspek yang sangat signifikan dalam menyelesaikan isu umat. Ijtihad yang dilaksanakan oleh Rasulullah dan para sahabat telah mencetuskan fenomena keadilan dan kemakmuran dalam masyarakat. Walaubagaimanapun, pada hari ini, terdapat ijtihad-ijtihad yang boleh dipersoalkan keberkesanannya malahan kesahihannya. Lebih membimbangkan, dikhuatiri ijtihad-ijtihad ini hanya memberikan ‘LEGITIMASI’ kepada rejim diktator dan sekutunya termasuk rejim zionis untuk terus bermaharajalela. Bahkan secara tidak langsung ijtihad ini juga seakan menghalalkan pendanaan dan pembiayaan terhadap rejim diktator ini oleh negara Islam itu sendiri. Ijtihad yang pada asasnya telah memberikan “LEGITIMASI’ ini akhirnya hanya menerbitkan “ILUSI’. ILUSI IJTIHAD.
Regards

Zulkifli Hasan
Note: The views expressed here are solely those of the author in his private capacity and do not in anyway represent any institution or organisation.
With Sheikh Mustafa Ceric, Grand Mufti of Bosnia and Herzegovina, in Sarajevo.
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+

IFSA and Takaful

Zulkifli Hasan, PhD

+
Contents

n  IFSA 2013

+Takaful Act 1984

n  S 4 of the TA- takaful operators only
n  1. Company 2. Cooperatives Society.
n  In order to carry on takaful business the TO

must:-
n  1. registered under the Act.
n  2. Maintains a surplus of assets over

liabilities of not less than the amount
prescribed from time to time.

n  3. made deposit with the Accountant
General a value of not less than the amount
prescribed by the minister

+
Cont…

n  S8- DG responsible for registration S10- DG may impose
conditions for registration.

n  S 8(5)- Vital Section- DG must be satisfied that the aims and
operations –syariah principles.

n  The AOA to establish SSC.

n  S 16- TO shall establish and maintain a takaful fund in respect
of each classes of takaful business.

+
IFSA 2013

n  IFSA 2013 and Takaful

n  For stability

n  More power to BNM

n  To protect consumers

n  To strengthen shariah governance

n  Heavy penalty

+
Scope of IFSA 2013 and Takaful

n  1. Prudential Matters and Corporate Governance

n  2. Shariah Governance

n  3. Business Conduct and Consumer Protection

+Definition

n  ‘Retakaful’ now also covers arrangement between head office and
branch

n   ‘Senior officer’ is statutorily defined and covers everyone having
authority and responsibility for planning, directing or controlling the
activities of  a TO; excluding the Shariah Committee

n   ‘Shariah Committee’ is formally required – with governance
framework, statutory duties and privileges similar to actuaries and
auditors (no longer just a Syariah advisory body)

+
Definition

n  ‘Takaful certificates’ are expanded; whereby issuing a
takaful certificate shall be construed as entering into a
contract of takaful, whether or not a formal contract has been
issued

n  ‘Takaful contribution’, which was mentioned only once in
the TA, us now extensive mentioned and regulated under the
IFSA

+Legal Form

n   International takaful business (by international takaful
operator), which is previously governed under Part IIA of
the Takaful Act, continues to exist under the IFSA – no
such business or operator under the FSA for conventional
insurers

n All takaful operators have to separate family takaful and
general takaful businesses within 5 years from Appointed
Date

n All takaful operators have to be a ‘public’ company within
12 months from Appointed Date

+
Takaful Certificate

n  S. 140, IFSA – Schedule 8 sets out provisions relating to
takaful certificates

+Pre-Contractual Duty of Disclosure

n S. 141, IFSA – Schedule 9 : Sets out the pre-contractual
duty of disclosure and representations for contracts of
takaful in Part 2, and the remedies for misrepresentations
relating to contracts of takaful in Part 3

n Breach of duty of disclosure under paragraph 11 of
Schedule 9 is punishable with imprisonment not
exceeding five years or fine not exceeding ten million
ringgit or both.
*Note that Schedule 9 explicitly states that it does not have
retrospective effect

+
Payment of Takaful Benefits

n S. 142, IFS – Schedule 10

n sets out provisions for the payment of
takaful benefits upon death of a takaful
participant under a family takaful
certificate, or personal accident takaful
certificate issued in respect of a contract of
takaful entered into by the takaful
participant upon his life

+
Scope of Business

n A licensed takaful operator shall not carry
on both family takaful business and general
takaful business, except that it may carry on
the general takaful business relating to
medical by reason of disease or sickness or
medical expenses subject to such
requirements and conditions as may be
specified by BNM – s.16, IFSA

+Cont…

n A transition period of five years from the time
the IFSA comes into operation is allowed-
separate family takaful business and general
takaful business to comply with this – s.286,
IFSA.

n Only licensed professional retakaful operator
can carry on both family takaful business and
general takaful business

+Cont..

n Any breach of the above may be liable to
imprisonment not exceeding eight years or a
fine not exceeding twenty-five million ringgit or
to both.

n Except with the prior written approval of BNM,
a licensed takaful operator shall not carry on
annuity certain business, financial guarantee
takaful business or credit guarantee takaful
business – s.15(4), IFSA

n Must be a public company – s. 21,

+Winding-Up

n Division 3 sub 2 (ss. 212 - 218), IFSA – In the
winding up of a Licensed takaful operator:

n  the valuation of its assets and liabilities, of the
shareholders’ fund and takaful fund, including
liabilities in respect of takaful certificates, shall be
on a basis determined by BNM and excludes the
application of the law relating to bankruptcy or
insolvency.

n termination of all takaful certificates issued by a
licensed takaful operator is effective from the date
of the winding up order and sets out the items
which a takaful participant can claim as a debt due
to him.

+Cont…

n a liquidator of a licensed takaful operator which
is being wound up shall pay in good faith to any
of its claimants without requiring strict proof of
debt of such claims to facilitate payment.

n issuance of a takaful certificate by a director,
officer, agent or contributory, past or present, of
a licensed takaful operator which is being
wound up after its cessation of takaful business
is prohibited.

+
Cont..

n the liquidator of a family takaful operator is
empowered to carry on its existing family takaful
business with a view to its transfer as a going
concern to another takaful operator.

n provisions relating to the priority of payment in
winding up of a licensed takaful operator are to be
followed.

+Due Regard to SC Decision

n BoD to have regard to interest of  takaful
participants; have due regard to any decision of the
Shariah committee on any Shariah issue relating to
the carrying on of business, affairs or activities of
the institution

n Potential conflict of interest between majority
shareholder and takaful participants

+
Civil Actions

n Civil actions can be brought by any
persons or institutions or by BNM on their
behalf against any persons who
contravenes or is in breach of the IFSA
provisions.

+
Statutory Duties

n 1. Shariah Compliance

n 2. Reporting Duties

+Shari’ah Compliance and Reporting
Duties
n  s.28, IFSA)

n  (3) Where an institution becomes aware that it is carrying on
any of its business, affair or activity in a manner which is
not in compliance with Shariah or the advice of its Shariah
committee or the advice or ruling of the SAC, the institution
shall —

n  (a) immediately notify BNM and its Shariah committee of
the fact;
(b) immediately cease from carrying on such business,
affair or activity and from taking on any other similar
business, affair or activity;

n and
(c) within 30 days of becoming aware of such
noncompliance or such further period as may be specified
by BNM, submit to BNM a plan on the rectification of the
non-compliance.

+
Takaful fund

n S 94 prohibits a licensed takaful operator
from making any withdrawal from a takaful
fund, whether from the surplus, or
otherwise, of that takaful fund unless all the
conditions set out is fulfilled.

n S 91 makes it mandatory for takaful
operator to separate takaful fund and
shareholders’ fund.

n S 95 makes qard or loan provision is
compulsory to every takaful operator in the
event of deficit of the risk fund.

+Warranties and representations (para.10, Sch.9)

n “Any representation made before a consumer takaful
contract was entered into, varied or renewed shall not be
converted into a warranty by means of any provision of the
consumer takaful contract or of any terms of the variation
or of any other contract, whether by declaring the
representation to form the basis of the contract or
otherwise.”

n Abolishes the ‘basis of contract’ clause in consumer
takaful contracts.

n Takaful operators can no longer argue that an inaccurate
answer constitutes a breach of warranty to render a
consumer takaful contract void from its inception.

n Therefore, takaful operators can only void a consumer
takaful contract on grounds of misrepresentation.

+
Cont..

n  Non-Consumer takaful: Basis of Contract Clause-Void

n  Consumer Takaful:
n  Misrepresentation: reckless-contract void and no refund of

contribution

n  Innocent: Contract void and refund the contribution.

+Duty to Disclosure

Party Non-consumer takaful contracts  Consumer takaful
contracts

Takaful
Operator

Duty to not:
Make misleading or false
statements,
• fraudulently or otherwise;
•  Fraudulently conceal a material

fact; or
In the case of takaful agents,use
• unauthorised sales brochures

Same

Duty to clearly inform a proposer
in writing of the proposer’s pre-
contractual duty of disclosure, and
that this duty of disclosure shall
continue until the time the contract
is entered into, varied or renewed

Onus is on TO to ask
a consumer to answer
specific questions

+Prohibited Business

n List of prohibited business conduct (Schedule 7)

n Engaging in conduct that is misleading or deceptive in
relation to the nature, features, terms or price of financial
service or product

n Inducing financial consumer to an act or omit to do an act
in relation to financial service or product by Making
misleading, false or deceptive statements;
Dishonestly concealing or omitting material facts;
Recklessly making any statement, illustration, promise,
forecast or comparison which is misleading, false or
deceptive.

+Cont…

n Exerting undue pressure, influence or using or threatening
to use harassment, coercion, or physical force in relation to
the provision of or payment for financial service or
product.

n Demanding payments for unsolicited financial services or
products unless the financial consumer has communicated
his acceptance of the offer either orally or in writing.

+Cont….

n Exerting undue pressure on, or coercing,
financial consumer to acquire financial service
or product as a condition for acquiring another
financial service or product.

n Colluding to fix or control the features or terms
of financial service or product to the detriment
of financial consumer, except for tariff or
contribution rates or policy terms approved by
BNM.


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LAA 3064LAA 3064

MOOT/MOCK AND MOOT/MOCK AND

PLACEMENTPLACEMENT

ART OF ADVOCACYART OF ADVOCACY

CONTENTSCONTENTS

�� IntroductionIntroduction

�� Adversarial or Inquisitorial System?Adversarial or Inquisitorial System?

�� Accepting a Case Accepting a Case

�� Preparation of the Case a)Preparation of the Case a)DocumentsDocuments b)b)witnesswitness

�� Speaking In Court Speaking In Court

�� Examination in ChiefExamination in Chief

�� CrossCross--examinationexamination

�� ReRe--examination examination

�� CrossCross--examination of Expertsexamination of Experts

Art of AdvocacyArt of Advocacy

�� Art of conducting cases in court both by Art of conducting cases in court both by

argument and by the manner of bringing out argument and by the manner of bringing out

the evidence so as to convince the court.the evidence so as to convince the court.

�� It is very important to solicitors who It is very important to solicitors who

conducting case in court.conducting case in court.

ContCont……..

�� AristotleAristotle-- 3 elements in a speech.3 elements in a speech.

�� A) The speakerA) The speaker

�� B) The contents of the speechB) The contents of the speech

�� C) The audience.C) The audience.

�� Advocacy is art of persuasion or art of Advocacy is art of persuasion or art of

convincing others.convincing others.

Factors Determining Advocacy Factors Determining Advocacy

inin ShariahShariah CourtCourt

�� Adversarial SystemAdversarial System

�� Lawyers play the dominating roles and the judges Lawyers play the dominating roles and the judges
play the passive role. In this system the judge is play the passive role. In this system the judge is
only acted like a referee, only acted like a referee,

�� A system which provides a contest  of 2 people of A system which provides a contest  of 2 people of
conflicting interest.conflicting interest.

�� Accusatorial systemAccusatorial system-- In Criminal.In Criminal.

�� The parties are the one who determine the issue of The parties are the one who determine the issue of
evidence.evidence.

�� Practice by the Court in Malaysia, England and Practice by the Court in Malaysia, England and
Commonwealth Countries.Commonwealth Countries.

ContCont……

�� Inquisitorial System Inquisitorial System

�� It refers to the judge participation actively It refers to the judge participation actively

in the legal proceedings. in the legal proceedings.

�� The judge has the right to call witness even The judge has the right to call witness even

the partiesthe parties’’ disputes are not willingly to call disputes are not willingly to call

them. them.

�� Practice by the Court in America and Practice by the Court in America and

Europe.Europe.

ContCont……

�� Shariah Shariah Court. Inquisitorial or Court. Inquisitorial or

Adversarial?Adversarial?

�� It is submitted that it is a combination of both It is submitted that it is a combination of both

inquisitorial and adversarial Systems.  inquisitorial and adversarial Systems.

�� Surah Surah AnAn--NisaNisa:135 :135 ““ O believers, stand firm O believers, stand firm

for justice and bear true witness for the sake of for justice and bear true witness for the sake of

Allah even though it be against yourselves, Allah even though it be against yourselves,

your parents or your relatives.your parents or your relatives.

ContCont……

�� Based onBased on hadith Rasullullahhadith Rasullullah SAW. Said.SAW. Said.

�� ““II’’m only a human being and you bring your m only a human being and you bring your

disputes to me Perhaps some of you indulge in logic disputes to me Perhaps some of you indulge in logic

to prove your assertions and it may be that I give my to prove your assertions and it may be that I give my

decision or the strength of your argumentationdecision or the strength of your argumentation……....””

�� Section 121 Section 121 ShSh. Civil Procedure . Civil Procedure SS’’ngorngor--The Court The Court
may at any stage call any evidence which it may at any stage call any evidence which it
considers desirable in the interest of justice.considers desirable in the interest of justice.

�� Section 75Section 75--The court may make such interlocutory The court may make such interlocutory
orders as may be necessary to do justice.orders as may be necessary to do justice.

Accepting a CaseAccepting a Case

�� AlAl--wakalahwakalah bilbil khusumahkhusumah-- Contract of engagement for Contract of engagement for
professional service. In civil law known as Retainer.professional service. In civil law known as Retainer.

�� It does not need to be in writing. It may be inferred It does not need to be in writing. It may be inferred
from conduct. solicitorfrom conduct. solicitor--client relationship.client relationship.

�� In civil cases it is more preferable to be in writing In civil cases it is more preferable to be in writing
known as known as ““warrant to actwarrant to act””. If there is no written . If there is no written
authority a presumption is made that the lawyers are authority a presumption is made that the lawyers are
acting without authority.acting without authority.

�� Effects: i)Immunity from law suits of defamation ii) Effects: i)Immunity from law suits of defamation ii)
Interference may amount to contempt of court. Interference may amount to contempt of court.

ContCont……

�� Essential features for accepting case.Essential features for accepting case.

�� A) Identify the lawyer and the clientA) Identify the lawyer and the client

�� B) Identify the purpose for which lawyer is B) Identify the purpose for which lawyer is

retained.retained.

�� C) Deal with the professional fess and cost.C) Deal with the professional fess and cost.

�� D) Should be signed by both parties.D) Should be signed by both parties.

�� Rule 25 of the Legal Profession (Practice and Rule 25 of the Legal Profession (Practice and

Etiquette) Rules 1978.Etiquette) Rules 1978.-- To disclose all To disclose all

circumstances to client.circumstances to client.

ContCont……

�� The Cab Rank RuleThe Cab Rank Rule--Rule 2 of Legal Profession Rule 2 of Legal Profession
(Practice and Etiquette) Rules 1978.(Practice and Etiquette) Rules 1978.

�� The lawyer is bound to act for anyone who wishes to The lawyer is bound to act for anyone who wishes to
retain service. Reason i. To ensure that anyone who retain service. Reason i. To ensure that anyone who
requires a lawyer will get one because lawyers are not requires a lawyer will get one because lawyers are not
given the choice of client. (SM must come within the the given the choice of client. (SM must come within the the
practice of the practical lawyer.) ii.  Lawyers act for the practice of the practical lawyer.) ii.  Lawyers act for the
sake of the duty as a lawyer and not because he has a sake of the duty as a lawyer and not because he has a
choice to act or not to act. choice to act or not to act.

�� After accepting the case lawyers must do the best for the After accepting the case lawyers must do the best for the
client and the client must be able to pay the fee.client and the client must be able to pay the fee.

ContCont……..
Exception to the Cab Rank rule.Exception to the Cab Rank rule.

�� Rule 3Rule 3--Not accept if embarrassedNot accept if embarrassed--

�� Rule 4Rule 4--In the event of conflict of interest.In the event of conflict of interest.

�� Rule 5Rule 5-- Difficult to maintain, professional Difficult to maintain, professional
independence.independence.

�� Rule 6Rule 6--Unable to appearUnable to appear

�� Rule 27Rule 27--Where the outcome will affect in a pecuniary Where the outcome will affect in a pecuniary
sense.sense.

�� Rule 28Rule 28--It appears that you become material witness in It appears that you become material witness in
the matter.the matter.

�� Rule 54Rule 54--knowingly agree to appear or to act to appear knowingly agree to appear or to act to appear
for a party represented by another lawyer.for a party represented by another lawyer.

Cont…

Is it Cab Rank Rule applies to the Peguam
Syarie?

Since there is no such rules in the Peguam
Syarie, it does not apply.

But in Islam we may refer to 5 legal
implications. It is proposed that such rules
to be incorporated under the Peguam Syarie
Rules.

Preferable, should not act for family
member.

Preparation of the CasePreparation of the Case

�� Good advocacy depends on good Good advocacy depends on good
preparation.preparation.

�� Foundation of success is preparation. It Foundation of success is preparation. It
consists of:consists of:

�� i. Evidence (documents and noni. Evidence (documents and non--
documentary) ii. Gathering witnesses iii. documentary) ii. Gathering witnesses iii.
Research on the law.Research on the law.

�� In Malaysia lawyers do both preparation In Malaysia lawyers do both preparation
and presentation of the case in court.and presentation of the case in court.

Preparation of DocumentsPreparation of Documents

�� It is essential to have a thorough knowledge of the law of It is essential to have a thorough knowledge of the law of

evidence and procedure. Qevidence and procedure. Q--What has to proved or What has to proved or

disproved? How is your case to be approved and your disproved? How is your case to be approved and your

opponentsopponents’’ disapproved?disapproved?

�� Researching the law which applies to the case. Read Researching the law which applies to the case. Read

reported cases.reported cases.

�� Documentary evidence is very important in civil cases.Documentary evidence is very important in civil cases.

�� In criminal cases facts, witness and circumstantial In criminal cases facts, witness and circumstantial

evidences are more important. evidences are more important.

ContCont……

First StageFirst Stage

�� It begins since the time you are engaged as a solicitor. It begins since the time you are engaged as a solicitor.

Early stage is discovery and inspection of evidence. Early stage is discovery and inspection of evidence.

�� Read everythingRead everything--papers and documentary exhibit. papers and documentary exhibit.

�� Inspection of document. Client must make full Inspection of document. Client must make full

disclosure.disclosure.

�� Make copies of those documents and peruse all of them.Make copies of those documents and peruse all of them.

�� Try to prevent any element of surprise.Try to prevent any element of surprise.

ContCont……

Second StageSecond Stage

�� Show it to the client an decide which document to be Show it to the client an decide which document to be
used and left out. i)List of all documents ii) List of used and left out. i)List of all documents ii) List of
documents to be used.documents to be used.

�� Gathering the documents.Gathering the documents.

�� We must disclose the existence of document in our We must disclose the existence of document in our
possession which are favorable or not. I)To help us possession which are favorable or not. I)To help us
finding the truth ii) able to asses the evidence. No finding the truth ii) able to asses the evidence. No
element of surprise in civil case.element of surprise in civil case.

�� Rule 23 : To supply to court all information.Rule 23 : To supply to court all information.

�� Acts as an officer of the court rather than as Acts as an officer of the court rather than as
champion for the client.champion for the client.

ContCont……

Third StageThird Stage

�� Prepare a chronology of evens as soon as you begin Prepare a chronology of evens as soon as you begin
your preparation of the facts in earnest.your preparation of the facts in earnest.

�� Your aim should be to see and understand what really Your aim should be to see and understand what really
happened. By analyzing the facts.happened. By analyzing the facts.

�� Prepare PlaintiffPrepare Plaintiff’’s bundle, defendants bundle, defendant’’s bundle and s bundle and
““agreed bundle of documentsagreed bundle of documents””. .

�� agreed bundle of documentsagreed bundle of documents””. Initiative by both . Initiative by both
parties to agree on certain documents to be submitted parties to agree on certain documents to be submitted
to the court.to the court.

�� Ensure that the bundle is correctly paginated.Ensure that the bundle is correctly paginated.

ContCont……

Fourth StageFourth Stage

�� Decide how to adduce the documents as Decide how to adduce the documents as

evidence. evidence.

�� Original documents or primary evidence.Original documents or primary evidence.

�� Documents should be authenticated.Documents should be authenticated.

�� Identification of documents and marking the Identification of documents and marking the

documents as exhibit.documents as exhibit.

ContCont……

�� TipsTips

�� Preparation and presentation depends on the Preparation and presentation depends on the
orderliness. Keep your court papers in good order or orderliness. Keep your court papers in good order or
in chronological order. Page numbers.in chronological order. Page numbers.

�� Prepare a bundle of documents. Make sure it is not Prepare a bundle of documents. Make sure it is not
too thick or large. Labeling the documents.too thick or large. Labeling the documents.

�� Having clear and detailed knowledge of how you Having clear and detailed knowledge of how you
intend to present the case at the time when do your intend to present the case at the time when do your
pleadings.pleadings.

�� Cite authorities, set out in good order.Cite authorities, set out in good order.

ContCont……

�� General principle, when making allegations we General principle, when making allegations we
should pile up as many facts which lead to the should pile up as many facts which lead to the
conclusion of the arguments.conclusion of the arguments.

�� When defending we should seek to isolate the facts When defending we should seek to isolate the facts
alleged against us. alleged against us.

�� Look at the exhibits.Look at the exhibits.

�� What is the central issue in the case?What is the central issue in the case?

�� What factors support the prosecution or plaintiff on What factors support the prosecution or plaintiff on
the central issue and what the defense?the central issue and what the defense?

�� Are the exhibits consistent with the case you want to Are the exhibits consistent with the case you want to
make?make?

Documents in MootingDocuments in Mooting

�� Bundle of Documents:Bundle of Documents:--

�� Wakalah Peguam SyarieWakalah Peguam Syarie

�� Appeal NoticeAppeal Notice

�� Documents to support your appeal.Exhibit.Documents to support your appeal.Exhibit.

�� Bundle of AuthoritiesBundle of Authorities

�� Prepare your submission with authorities. Prepare your submission with authorities.

�� QuranQuran, , HadithHadith, enactment, view of , enactment, view of fuqahafuqaha’’
and etc.and etc.

�� Make sure that only Make sure that only recognised recognised reference are reference are
being submitted.being submitted.

Preparation of WitnessPreparation of Witness

�� 2 types of witnesses. i) Witness of facts ii) witness 2 types of witnesses. i) Witness of facts ii) witness
of opinion.of opinion.

�� Better if we find out the witness from the client.Better if we find out the witness from the client.

�� Interview your witness. Why?Interview your witness. Why?

�� i) to know his testimony in i) to know his testimony in favour favour to us or not. ii) to us or not. ii)
reliability iii) whether he has been interviewed by reliability iii) whether he has been interviewed by
other parties or not.other parties or not.

�� Ensure that he is willingly act as a witness unless Ensure that he is willingly act as a witness unless
it is necessary to force witness to come for the it is necessary to force witness to come for the
trial. trial. ““SubpoenaSubpoena””..

ContCont……
First InterviewFirst Interview

�� Witness must be interviewed as early as possible. Never Witness must be interviewed as early as possible. Never

coach your witness.coach your witness.

�� During interview ask the witness to relate the story to During interview ask the witness to relate the story to

the case.The matter must be within his knowledge.the case.The matter must be within his knowledge.

�� Interview the witness separately.Seek clarification and Interview the witness separately.Seek clarification and

reduce the statement in writing.reduce the statement in writing.

�� Prove the testimony. Ask question if necessary.Prove the testimony. Ask question if necessary.

�� Give the witnesses statement which comprise of things Give the witnesses statement which comprise of things

which is admissible or not, relevant or not.which is admissible or not, relevant or not.

ContCont……

�� Second InterviewSecond Interview

�� To see whether there is any recollection that he To see whether there is any recollection that he

has not disclose. To compare with the has not disclose. To compare with the

testimony of other witness.testimony of other witness.

�� Try to fill any gap and find any contradiction.Try to fill any gap and find any contradiction.

�� DonDon’’t ever coach the witness to give false t ever coach the witness to give false

evidence. Offence of Perjury and abetting.evidence. Offence of Perjury and abetting.

Cont..Cont..

�� Third InterviewThird Interview

�� Prepare written statement signed by the witness Prepare written statement signed by the witness
known as affidavit.known as affidavit.

�� Formulate the question to be asked in Formulate the question to be asked in
examination in chief.examination in chief.

�� Tell the witness how long would the case is Tell the witness how long would the case is
expected to last. Formulate cross examination expected to last. Formulate cross examination
question. Witness must be prepared to be cross question. Witness must be prepared to be cross
examined.examined.

ContCont……

�� Write out chronology of eventWrite out chronology of event

�� Research. The requirements of law and itResearch. The requirements of law and it’’s s

related.related.

�� Realize the weakness in the evidence and Realize the weakness in the evidence and

sometime you may have to reformulate the sometime you may have to reformulate the

case.case.

�� Best witness comes first. Prepare list of Best witness comes first. Prepare list of

witness.witness.

Speaking In  CourtSpeaking In  Court

�� Qualities needed by a Qualities needed by a Peguam SyariePeguam Syarie

�� A good voiceA good voice

�� Command of wordsCommand of words

�� ConfidenceConfidence

�� PersistencePersistence

�� Knowledge of law (Law of evidence, Professional Knowledge of law (Law of evidence, Professional

ethics, Logic or Knowledge of Mankind and of ethics, Logic or Knowledge of Mankind and of

affairs and General principles of law. )affairs and General principles of law. )

�� ExperienceExperience

ContCont……..

�� Good AdvocacyGood Advocacy

�� AppearanceAppearance-- must look neat and tidy.must look neat and tidy.

�� Speak clearlySpeak clearly

�� Keep your papers and document in good order.Keep your papers and document in good order.

�� Punctual, do not rush.Punctual, do not rush.

�� Cite relevant authorities and in chronological Cite relevant authorities and in chronological

order.order.

�� Equal approach either big case or small case.Equal approach either big case or small case.

ContCont……

�� General Principles General Principles

�� Find out who is the judge and list of your case. Be Find out who is the judge and list of your case. Be
punctual.punctual.

�� Introduce ourselves and our opponent in a courtesy Introduce ourselves and our opponent in a courtesy
manner.manner.

�� The lawyers should not be standing up together.The lawyers should not be standing up together.

�� Prepare all the documents and call witness on time if Prepare all the documents and call witness on time if
necessary.necessary.

�� Avoid any conduct which amount to contempt of Avoid any conduct which amount to contempt of
Court.Calm and patient.Court.Calm and patient.

ContCont……

�� As a general rule brevity in a speech of any sort is As a general rule brevity in a speech of any sort is

a great virtue.a great virtue.

�� Begin the speech by introducing the parties to the Begin the speech by introducing the parties to the

dispute followed by statement of the points at dispute followed by statement of the points at

issue. Words that simply child can understand.issue. Words that simply child can understand.

�� Explain the detailed facts in dispute. Make sure Explain the detailed facts in dispute. Make sure

you understand it firmly. Strive for accurate you understand it firmly. Strive for accurate

statement of fact.statement of fact.

�� Deal with opponentDeal with opponent’’s argument point by point.s argument point by point.

ContCont……

�� Explain your rivalExplain your rival’’s contention accurately and s contention accurately and

fairly.fairly.

�� Be good humored if necessary.Be good humored if necessary.

�� Deal in detail with the law applicable to the case.Deal in detail with the law applicable to the case.

�� Clarity in speaking and useful ornaments.Clarity in speaking and useful ornaments.

�� DonDon’’t be sycophantic but be polite and respect the t be sycophantic but be polite and respect the

court.court.

�� DonDon’’t speak too fast and never express your t speak too fast and never express your

opinion. opinion.

ContCont……

Legal Profession (Practice and Etiquette) Legal Profession (Practice and Etiquette)

Rules 1978Rules 1978

�� Rule 13Rule 13-- To guard against insulting or annoying To guard against insulting or annoying
questionquestion

�� Rule 14Rule 14--Not to ask irrelevant question.Not to ask irrelevant question.

�� Rule 15Rule 15--Respect to courtRespect to court

�� Rule 18Rule 18--To conduct with courtesy and fairness.To conduct with courtesy and fairness.

�� Rule 30Rule 30--Not to wear robes when appear as a Not to wear robes when appear as a
witness.witness.

�� Rule 31Rule 31--To uphold dignity of the professionTo uphold dignity of the profession

Required Reading Required Reading

�� Michael Michael HyamHyam, Advocacy Skills, , Advocacy Skills,
1990,Blackstone Press Limited 1990,Blackstone Press Limited

�� Jeffrey Jeffrey PinslerPinsler, Evidence, Advocacy and The , Evidence, Advocacy and The
Litigation Process, 1982, Litigation Process, 1982, ButterworthButterworth..

�� John John MunkmanMunkman, The Technique of Advocacy, , The Technique of Advocacy,
London,1991, London,1991, ButterworthsButterworths. .

�� Legal Profession (Practice and Etiquette) Rules Legal Profession (Practice and Etiquette) Rules
19781978

Thank youThank you

““““““““You are what you readYou are what you readYou are what you readYou are what you readYou are what you readYou are what you readYou are what you readYou are what you read””””””””


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: September 2014
September 5, 2014
DR. ZULKIFLI HASAN
The Future of Islamic Finance
KE MANA HALA TUJU KEWANGAN ISLAM?
Zulkifli Hasan
Pada 2-3 September lalu, telah berlalunya Global Islamic Finance Forum 2014 (GIFF) yang dihadiri ribuan ahli perbankan, ekonomi, penganalisis kewangan, penasihat Shari’ah dan ramai lagi dari seluruh dunia. GIFF dianggap antara majlis terpenting dan berprestij tinggi dalam dunia kewangan Islam yang saban tahun dianjurkan. Topik dan isu serta tema perbincangan di dalam forum ini pastinya mendapat liputan dan perhatian seluruh dunia termasuk bank-bank pusat, Bank Dunia, IMF, BCBS, IFSB, IASB, RSA, MDB dan AAOIFI.  Harapan yang sangat tinggi diletakkan kepada industri kewangan Islam untuk memberikan sumbangan yang lebih signifikan kepada pembangunan, kadar pertumbuhan ekonomi dan sektor kebajikan sosial serta mampu menjadi peneraju bagi mengurangkan ketidakadilan ekonomi dan merapatkan jurang kemiskinan.
Sepanjang pemerhatian, GIFF 2014 ini memberi gambaran senario sebenar dan realiti kewangan Islam di dunia. Secara umumnya, kerangka pemikiran yang masih lagi berlegar di sekeliling idealism ‘Neo-Classical Economics’ yang menjadikan ’supply’ dan ‘demand’, ‘rationality’ dan ‘utility’ sebagai asas utama. ‘Shareholders value’ dan ‘maximisation of profit’ terus dijadikan asas kepada model perniagaan. Panelis serta ahli perbankan yang mewakili pemain kewangan Islam masih lagi selesa dengan trend dan amalan kewangan Islam semasa yang didominasi oleh pembiayaan berasaskan hutang atau ‘debt-based’ ekonomi. Krisis kewangan yang melanda dunia, seumpama tidak memberikan pengajaran dan ada yang masih beranggapan bahawa dengan amalan kewangan Islam sedia ada, industri ini adalah ‘immune’ daripada krisis. Malahan didapati beberapa elemen kepatuhan Shari’ah juga dipandang ringan di mana terdapat forum perbincangan yang dikendalikan oleh wanita berpakaian yang tidak menepati Shari’ah bahkan menjolok mata. Walaupun dilihat remeh, namun aspek ini sepatutnya diberikan perhatian oleh pihak penganjur bagi menggambarkan kewangan Islam yang benar-benar bersifat holistik dan bukan tempelan semata-mata. Penulis tertarik untuk menyentuh isu kecil ini kerana ia dibangkitkan oleh bukan individu yang mempunyai latarbelakang Shari’ah tetapi oleh individu luar yang tidak terlibat secara langsung dengan kewangan Islam.
Aspirasi dan paradigma ideal kewangan Islam agar ianya lebih signifikan dalam pembangunan ekonomi yang seimbang disampaikan oleh Gabenor Bank Negara Malaysia sendiri. Menariknya, Gabenor BNM, Tan Sri Dr. Zetty Akhtar Aziz memperkenalkan istilah ‘Investment Intermediaries’ berbanding ‘Financial Intermediaries’ yang sering difahami sebelum ini. Perkara ini kemudian diketengahkan dan diperjelaskan kepentingannya oleh Professor Abbas Mirakhor, salah seorang sarjana ekonomi Islam berpengalaman puluhan tahun di IMF yang mengabadikan penyelidikannya dalam bidang kewangan Islam. Beliau memetik beberapa kajian komprehensif mengenai faktor krisis ekonomi dan ‘inequality’ yang berlaku dalam konteks kerangka sistem kewangan.  Professor Abbas Mirakhor sangat konsisten dan tegas dengan pendiriannya yang memberikan gagasan agar sistem kewangan Islam ini juga perlu memfokuskan kepada aspek ‘risk sharing’ yang dilihat sangat tidak popular di pasaran. ‘Risk sharing and Value-Based Economy’ bukan sahaja dapat menjadikan ekonomi lebih efisyen bahkan dapat menjana kadar pertumbuhan dengan lebih pesat dan seimbang. Walaupun mendapat perlian dan sambutan hambar ahli perbankan malahan dilihat pandangannya tidak realistik, Professor Abbas Mirakhor telah membuktikan pandangannya melalui penyelidikan-penyelidikan berkualiti tinggi diterajui sarjana kelas dunia.
Thomas Piketty, Profesor Ekonomi di Universiti Paris dalam bukunya ‘Capital in the Twenty First Century’ jelas membuktikan bahawa ‘inequality and wealth concentration’ adalah disebabkan faktor ‘the tendency of returns on capital to exceed the rate of economic growth’. Inilah yang dilihat sedang berlaku dalam amalan dan perlaksanaan kewangan Islam pada hari ini. Dapatan ini selari dengan kajian yang dilakukan oleh Professor Atif Mian dan Amir Sufi masing-masing Profesor di Universiti Princeton dan Universiti Chicago. Menerusi karya bertajuk ‘House of Debt’, Amir Sufi dan Atif Mian membuktikan bahawa ‘great recession and great depression’ adalah disebabkan faktor dominasi sistem kewangan berasaskan hutang yang mengakibatkan hutang isirumah yang tinggi dan seterusnya mencetuskan krisis ekonomi. Ini dikuatkan lagi oleh pandangan Professor Raguram Rajan, Profesor of Finance di University Chicago dalam bukunya ‘Fault Lines’ di mana beliau menjelaskan bagaimana sistem kewangan berasaskan hutang dan faedah (interest) menjadi faktor utama fenomena ‘inequality’ dan kemiskinan. Begitu juga kajian oleh VOX iaitu badan yang menjadi platform kepada penyelidikan oleh ramai ‘leading economists’ telah memberikan gagasan khas bagi mencegah berlakunya sekali lagi ‘Eurozone Crisis’. Pakar ekonomi eropah berpandangan bahawa ‘burying the debt seems to be the only way we can end the crisis’.  Banyak lagi karya hebat yang membuktikan perkara yang sama dan berkaitan seperti ‘the Price of Inequality’, Globalization and Its Discontents’ dan ‘Freefall’ oleh Joseph Stiglitz, Pemegang Anugerah Nobel yang mengenalpasti antara faktor berlakunya krisis kewangan adalah kerana ‘excessive financialisation’ dalam sistem ekonomi dan ini termasuk Jeffrey D Sachs dengan karyanya ‘the Root of Crisis’ dan Michael Spence dalam artikelnya ‘From Global Imbalances to Effective Global Governance’.
Kajian dan penyelidikan yang mengkritik amalan sistem kewangan berpaksikan ‘debt based’ umumnya adalah sangat relevan dengan perlaksanaan kewangan Islam pada hari ini. Keprihatinan ini diluahkan oleh ramai sarjana ekonomi Islam seperti Professor Nejatullah Siddiqi, Professor Umer Chapra, Professor Mehmet Asutay dan ramai lagi. Antara dialog penulis baru-baru ini dengan Profesor Habib Ahmad, Pemegang Kerusi Sharjah di Universiti Durham juga menyebut bahawa industri kewangan Islam tidak kebal atau ‘immune’ malahan bakal dibelenggu krisis sekiranya ia tidak melakukan anjakan paradigma dan berhijrah daripada amalan sedia ada yang dilihat mengikuti jejak langkah kewangan konvensional. Dalam erti kata lain, fenomena berlakunya ‘Convergence’ bukannya ‘divergence’ antara kewangan Islam dan kewangan konvensional. Profesor Mehmet Asutay menyuarakan perkara yang sama di mana beliau melihat kegagalan industri kewangan Islam untuk memberi fokus kepada pembangunan sosio ekonomi terutamanya  yang melibatkan golongan bawahan. Begitu juga dengan isikandungan ucaptama oleh Datuk Dr. Abdul Halim Ismail, pemenang anugerah berprestij Anugerah Diraja Kewangan Islam 2014 yang menyebut bahawa industri kewangan Islam pada masa ini hanya menumpukan pada sektor kerajaan dan sektor swasta manakala masih kurang inisiatif di sektor kebajikan sosial.
Reaksi yang kurang memberangsangkan dan sambutan hambar terhadap kritikan yang dilemparkan kepada industri kewangan Islam yang berpaksikan kepada ‘debt-based’ memperlihatkan bahawa ia memerlukan lebih usaha dan inisiatif berterusan untuk mempengaruhi pasaran. Berbanding dengan pemain-pemain kewangan Islam, institusi di barat khususnya seperti di Amerika, Eropah dan Australia sudah lama mengorak langkah melakukan anjakan paradigm dengan membuat pelbagai inovasi dan inisiatif instrumen kewangan berasaskan ‘risk sharing’. Inisiatif berbentuk “Crowdfunding and Equity Crowd Funding’, ‘Equity Finance’, ‘Business Angel Investment’, ‘Investors New Paradigm’, ‘Risk Sharing Finance Facility’,  “Risk Sharing Securities’, dan ‘Customer-Owned Banking’ yang kini berkembang maju secara meluas sebagai alternatif kepada instrumen kewangan berasaskan hutang atau riba. Instrumen dan inisiatif sebegini dilihat bakal menjadi arus perdana, menerajui dan mendominasi ekonomi dalam masa beberapa tahun lagi. Institusi-institusi ini jelas cuba mengambil iktibar daripada kesilapan lalu yang mengakibatkan kerugian ribuan juta ringgit dan kemerosotan ekonomi yang menjejaskan kesejahteraan semua. Berbanding dengan institusi ini, amalan kewangan Islam sedia ada seakan bergerak kebelakang bahkan cuba mengikuti jejak langkah dan trend kewangan konvensional ini.
Kewangan Islam merupakan antara sektor yang menjadi harapan bagi menjana kadar pertumbuhan ekonomi dan pembangunan seimbang. Perlaksanaan kewangan Islam pada hari ini mendapat kritikan ramai sarjana dan cendiakawan khususnya dari aspek instrument, ‘character’ dan pendekatan sedia ada yang dilihat seakan cenderung untuk ‘convergence’ dengan kewangan konvensional. Pelbagai kajian dan penyelidikan yang membuktikan kelemahan dan bahaya sistem kewangan yang didominasi hutang juga menyerlahkan betapa kewangan Islam perlu mengorak langkah memikirkan untuk membuat anjakan paradigma dalam ‘business model’nya. Semua pihak akur bahawa kewangan Islam pastinya tidak kebal atau ‘immune’ daripada krisis dan potensi berlakunya krisis juga dilihat sangat berkemungkinan untuk berlaku sekiranya tiada perubahan dilaksanakan. Gagasan sarjana yang mengusulkan ‘risk sharing and value based-system’ adalah sangat bertepatan dan perlu difikirkan untuk dilaksanakan. Walaupun diakui bahawa terdapat halangan-halangan dan cabaran-cabaran sama ada dari sudut ‘supply and demand’, ruanglingkup undang-undang, ‘shareholders’ appetite’ dan sebagainya, ia tidak sepatutnya menjadi alasan untuk tidak berbuat demikian. Jika di barat sudah ada gerakan dan inisiatif berasaskan ‘risk sharing and value-based instrument’ seperti Crowdfunding and Equity Crowd Funding’, ‘Equity Finance’, ‘Business Angel Investment’, ‘Investors New Paradigm’, ‘Risk Sharing Finance Facility’,  “Risk Sharing Securities’, dan ‘Customer-Owned Banking’, kewangan Islam sewajibnya lebih terkehadapan sesuai dengan aspirasi maqasid Shari’ah yang menjadi paksi kepada sistem ekonomi Islam itu sendiri.
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