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Monthly Archives: October 2008
October 30, 2008
DR. ZULKIFLI HASAN
Derivatives are Financial Weapon of Mass Destruction
Assalamualaikum,
Dear Readers,
“Derivatives are Financial Weapon of Mass Destruction” Warren Buffet.
Click Here
Generally, Shari’ah scholars have discussed almost all major areas of Islamic banking and finance and provide variety of instruments as alternative to the conventional counterpart except derivatives, short selling and speculations in the foreign exchange markets. There must be a cogent reason behind this position. Perhaps, the recent economic crisis may enlighten the issue of why Shari’ah prohibits element of excessive gharar, speculation and interest in any kind of business transaction.
I attach herewith a simple and concise but very informative and illuminating article by Mansoor Durrani where he tries to explain the current phenomenal of economic crisis. For full article
Click Here
Best Regard

ZULKIFLI HASAN

DURHAM UNIVERSITY
Trafalgar Square, London
Islamic finance news
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October 27, 2008
DR. ZULKIFLI HASAN
STAKEHOLDERS MODEL OF GOVERNANCE IN ISLAMIC ECONOMIC SYSTEM: REVISIT
This paper has been presented for Finance, Business and Economic Discussion Group of School of Government and International Affairs, Durham University. (Copyright 2008)

For full article in PDF,
Click Here
ABSTRACT
Corporate governance is one of the essential elements of any corporation development as it plays roles to design and promote principles of fairness, accountability and transparency. Western concept of corporate governance either the Anglo-American model that promotes shareholder-value system or the European Model that upholds the stakeholder-value system has been subject of continuing debate for well over a century. By contrast, it is observed that there is not much discussion or literature on the issue of corporate governance from the Islamic perspective. Due to the lack of literatures, Iqbal and Mirakhor attempts to formulate Islamic corporate governance which is based on stakeholder-oriented model. Their main arguments are founded on two fundamental concepts of Islamic law i.e. property rights and principles of contract. This deconstruction paper is intended to provide brief analysis and commentaries on the issue of corporate governance in Islamic economic system.
1.0	Introduction
Corporate governance in banking has been analyzed very extensively in the context of conventional banking markets. By contrast, little is written on corporate governance from Islamic perspective particularly the governance structures of Islamic finance sector, despite its rapid growth since the mid 1970s and their increasing presence on world financial markets  (Hamid, Y. (2007: 308).
Only in 1990s there are few international infrastructure institutions established with purpose to support the Islamic financial sector particularly on the issue of corporate governance and these include the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) and the Islamic Financial Services Board (IFSB). The AAOIFI has issued 56 standards and 4 of them are specifically related with the shari’ah corporate governance namely the standard on Shari’ah Supervisory Board: Appointment, Composition and Report, Shari’ah Review, Internal Shari’ah Review and Audit and Governance Committee for Islamic Financial Institutions  (Iqbal. M, 2007: 373). The IFSB has issued a few prudential standards on Capital Adequacy, Governance of Investment Funds, and Corporate Governance in Takaful Operations, Shari’ah Governance and Market Conduct. There are few standards which specifically providing guidelines on corporate governance namely the Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (GPCG) issued in December 2005 and the Guiding Principles On Corporate Governance For Institutions Offering Only Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions And Islamic Mutual Funds) issued in December 2006 (IFSB, 2008).
In the context of theoretical framework of Islamic corporate governance, there are a few studies have been carried out particularly Islamic financial institutions to come up with alternative models of corporate governance. Iqbal, Z, and Mirakhor, A, in their paper seem to suggest that the Stakeholder-oriented model of corporate governance finds its strong roots in Islamic economic system.
2.0	The Basic Idea of the Paper
2.1	As pointed out by the author, there are significant problem with the Anglo-Saxon model of corporate governance commonly referred as agency problems. In fact, the business ethicists have considered the shareholder model to be unethical and unacceptable because it neglects the right of non-shareholders and other stakeholders.
2.2	The neo-institutional economists formulate a stakeholder theory of corporate governance and argue that the corporation’s claimants go beyond shareholders and to include others with whom it has any explicit and implicit contractual interaction. The Stakeholder theory rejects the three main propositions of the Shareholder model namely all stakeholders have a right to participate in corporate decisions that affect them, manager’s fiduciary duty to protect the interest of all stakeholder and the corporation’s objective to promote the interest of stakeholder and not only shareholders.
2.3	A critical review of the literatures on the concept of Stakeholder model suggests that there are a lot discrepancy of arguments, contradictory evidence and lack of formal analysis. For instance, the stakeholder theory is unable to resolve the issue of the determination of who really qualifies as an actual stakeholder and whether all the stakeholders should be given rights to influence management decision-making? The authors argue that the stakeholder model have not been able to convince on theoretical, moral or legal grounds that the stakeholders should play an active role in management and control of firm.
2.4	By contrast, the authors view that the stakeholder-oriented theory of corporate governance is strongly recognized in Islam via two fundamental concepts pertaining to property rights and principles of contracts. A major part of discussion attempts to clarify the concept of property rights in Islam and the rest on the principles of contracts as well as corporate governance structure. The authors conclude the paper by emphasizing that the corporation’s objective should be to maximize the welfare of all stakeholders. They further argue that Islam provides strong theoretical foundation to acknowledge the rights and interest of all stakeholders via the principles of property rights and contracts. The governance of any corporation in Islam is ruled by Shari’ah where all the stakeholders including the shareholders, the management, other stakeholders such as the employees, the suppliers, the depositors and the community. The Shari’ah board plays a role to advise and supervise the operation of the corporation so as to ensure that it complies with the Shari’ah principles. The board of directors acting on behalf of the shareholders has duty to monitor and oversee overall business activities and the managers have fiduciary duty to manage the firm as a trust for all the stakeholders and not for the shareholders alone. The other stakeholders such as employees, depositors, customers have duty to perform all of their contractual obligations. In addition, the state as a stakeholder will be the external institution to provide regulatory framework and its enforcement. The definition of stakeholders does not necessary refer to the shareholders per se or to those who have active participation in the decision making process but it includes non-investor or non-owner stakeholders i.e. any party who has direct or indirect participation in the corporation.
3.0	Commentaries
3.1	It is worth to mention that there are other papers on the issue of corporate governance model in Islamic economic system. Chapra, M.U. and Ahmed, H, (2002: 13-20) in their research on corporate governance of Islamic financial institution emphasize on the notion of equitably protecting the rights of all stakeholders irrespective of whether they hold equity or not. In addition, Nienhaus, V., (2003: 290) states that Islamic corporate governance should be based on value oriented and promote the principle of fairness and justice with respect to all stakeholders . Archer, S. and Rifaat, A.A.K. (2007) impliedly view that the corporate governance of Islamic financial institution is inclined toward the stakeholders value based model. This is because the nature of corporation particularly of the directors and the management owe fiduciary duties of care and loyalty to the shareholders and also other stakeholders including especially the investment account holders. Grais, W and Pellegrini, M., (2006) view that corporate governance of Islamic financial sector concerns with the issue of protecting the stakeholders’ financial interests via internal and external arrangements. Wajdi, A.D. (2008: 391-413) further supports the notion of stakeholder oriented model in Islamic financial sector where he provides the pyramid of maslahah as a devise or mechanism to protect rights and interests of various stakeholders. Choudury, M,A. and Hoque, M. Z, (2004) on the other hand provide an epistemological aspect of corporate governance by formulating corporate governance approach based on the principle of consultation where all stakeholders share the same goal of Tawhid or the oneness of Allah. Unlike the five papers, Iqbal, Z and Mirakhor, A, attempt to provide theoretical foundations of the Islamic corporate governance through two fundamental Islamic principles of property rights and contracts.
3.2	Generally, the overall presentation of the paper is theoretical in nature. The paper clearly provides the Islamic concept of corporate governance which is founded on the principles of property rights and contracts. The authors argue that the Stakeholder theory of corporate governance is strongly recognized in Islam and therefore acknowledging the rights and interest of all stakeholders to participate in corporate decisions.
3.3	In term of literature review on the conventional literatures on the stakeholder model of corporate governance, the authors rely on a very few studies which are too brief and lack of empirical evidence. The paper does not provide basic features and characteristics of the Stakeholder model that may useful to differentiate with the Islamic concept of corporate governance in the rest of the paper.
3.4	In the aspect of jurisprudential analysis, the authors justify their arguments by providing evidence mainly from primary sources of al-Quran and al-Sunnah and the legal maxim. There seems to be lack of discussion on certain issue such as the elaboration on the Islamic conception of justice or al-adl wa al-ihsan. In addition, the authors do not provide any legal evidence on their definition of corporation. It is contended that that there is less discussion by Muslim scholars on a concept akin to the corporation . In fact, Kuran, T., (2005) writes that the corporation was absent from the Middle East until the nineteenth century . The authors may explain the concept of corporation to develop the notion of acknowledging the rights and interest of all stakeholders in the firm.
3.5	Chapra, M.U in his critical review on the paper commented that while the paper is positively supported the stakeholder model and acknowledge the stakeholders rights, it does not show how to ensure that these rights are protected. The authors’ argument that the observance of rules of behavior guarantees internalization of stakeholder rights seems difficult to be materialized. Chapra, M.U. argues that Islamic norms had become internalized in the Muslim society in classical period of Islamic society and it does not work in today’s society. There are few factors that contributed to the phenomenon of internalization of the stakeholders’ rights and they include common practice of Islamic values, nature of communities, economic environment, absence of agency problems, extensive legal instrument for trade and independence of judiciary (Chapra, M. Umer, 2007: 329-330). In this aspect, he views that there are other factors need for the internalization of stakeholder rights such as well- functioning competitive markets and proper legal framework for the protection of stakeholders.
3.6	Another debatable argument refers to the authors’ view that the task of designing of a corporate governance system is solely the prerogative of the Islamic government. It is the duty of Islamic government to regulate the rules and legislation to specify the appropriate corporate governance structure. This argument raises a few issues such as question on what is Islamic government and how to design the corporate governance structure of Islamic corporation in the countries where the Muslims are minorities. This point needs to be revisited or supported with other cogent arguments.
3.7	The authors view that the institutional arrangement as part of the governance structure is very important in order to provide protection to all stakeholders and to mediate where disputes arise. Interestingly, the paper considers a Shari’ah board as a unique institutional arrangement in Islamic corporate governance whereby it plays a role to oversea and supervises the Shari’ah aspects of Islamic corporation’s activities. The authors further express their views that the idea of Shari’ah board could be extended to a system level board consisting of scholars from various disciplines of economics, finance, shari’ah, management and commercial law. The paper however does not discuss other essential institutional arrangements in Islamic corporation such as the shareholders and the depositors in the case of Islamic financial institutions, the management and the board of directors.
3.8	The overall arguments of the paper provide theoretical foundation of the Stakeholder model of corporate governance in Islamic economic system where the firm’s objective is to maximize the welfare of all stakeholders. It is observed however in a few researches, the main objective of the corporation including the so called Islamic corporation is to maximize the shareholder’s value of wealth. This implies that in actual practice, many Islamic corporations adopt the Shareholder model of corporate governance rather than the Stakeholder model . Therefore, the issue before researchers and scholars is to come up not only with theoretical foundations of Islamic corporate governance but to support it with empirical evidence and appropriate case studies as to the actual corporate governance practice and possible transformation.
4.0	Conclusion
The model of corporate governance system in Western perspective either the Shareholder or the Stakeholder models raises an issue of the design of an efficient corporate governance structure in Islamic economic system. Iqbal, Z, and Mirakhor, A, come up with an approach that the Islamic corporate governance inclines toward the stakeholder-oriented model where its governance style aims at protecting the rights and interest of all stakeholders as a whole. They provide theoretical foundations of the Islamic corporate governance through two fundamental principles of property rights and contracts. While the paper presents convincing arguments on the stakeholders’ model of governance from Islamic perspective, there are several debatable points that need to be further explored and discussed. A critical review of the paper seems to suggest that there is a need for further research on the issue of corporate governance in Islamic economic system from theoretical and empirical perspectives.
Best Regard

ZULKIFLI HASAN

DURHAM UNIVERSITY
International Awqaf Conference, South Africa.
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October 25, 2008
DR. ZULKIFLI HASAN
Why short-selling is Haram
Quoted from the AME Info.
http://www.ameinfo.com/170733.html
Amid the financial crisis, the US stock market regulator SEC banned short selling on September 24, but it aims to lift this ban on Thursday, October 9. In Islamic Finance, however, ‘to go short’ will always be Haram.
In order to protect the stock markets from sliding further the Securities and Exchange Commission (SEC) saw no way out other than banning short-selling. After the enactment of a $700bn rescue package for Wall Street, the SEC, however, announced that the ban would be lifted on Wednesday, at 23.59. Short selling occurs when stock market participants sell stocks or commodities they do not own in order to profit later from an anticipated fall in prices. It is a strategy widely used by hedge funds, which often are blamed for contributing to the fall of market instruments.
Shariah against short-selling. Because of the latter phenomenon, short selling is considered as haram under Shariah. ‘In Islamic Finance, we deny the conventional way of thinking, which aims of creating a new dollar out of every dollar’, says renowned Pakistani Shariah scholar Sheikh Dr. Taqi Usmani. By selling a stock short, the ‘investor’ may gain while the underlying company loses value – a clear violation of the ban of unjust deeds, stated in the Holy Quran, Sure Al Baqara, 2, 278 – 279: ‘Deal not unjustly, and ye shall not be dealt unjustly’. Islamic Finance is about serving society. By selling a stock short, an avalanche of more short-sellers might be triggered, leading the firm to expensive stock buy-back initiatives or in the worst case to bankruptcy. As well as short selling, day trading is labelled as speculation and therefore is counted as haram as well. Market participants are certainly allowed to profit, but this should add value to the entire economic system.
Shariah banking’s moral stance. The aspect of Tauhid, or unity, is also core in Islamic Finance. It is not only about investing in ‘pure’ stocks or avoiding interest. It is about protecting society from trickery, fraud and social tensions. Furthermore, Shariah banking bans sector which allegedly hurt Muslim society and family values as well.Sectors which are unacceptable or haram under Islamic Law (Shariah) are well-known. An Islamic Fund manager is not allowed to invest in stocks pertaining to alcohol, tobacco, pornography, entertainment, defense and the conventional banking and insurance sector.
With the temporary ban of short-selling, Western financial regulators adapted for the first time a core principle of Islamic Finance. Will they now look at the Quran more closely in order to avoid another Black Monday? Remember, most Islamic Banks in the GCC have so far achieved double-digit gains in 2008 while conventional banks currently recount their biggest losses in history.
Best Regard

ZULKIFLI HASAN
Global Conference on Business and Finance, South Padre Island, Texas, USA
Islamic finance news
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October 21, 2008
DR. ZULKIFLI HASAN
Is Islamic finance at tipping point?
Quoted from the Economist By Christopher Watts
In January this year when the UAE’s Sharjah Electricity and Water Authority (SEWA) needed cash to construct a power generation and desalination plant in the town of Hamriyah, it was Islamic finance that provided the answer: The utility raised USD 350 m by issuing its first ever sukuk – asset-backed bonds that comply with Shari’a, the Islamic legal code that prohibits interest.By no means is SEWA alone in venturing into the Islamic capital markets. Corporate sukuk issuance leapt from USD 0.4 billion in 2000 to USD 24.5 billion in 2006, according to International Islamic Financial Market (IIFM), an industry association. Growth topped 122% in 2006 alone. “Islamic finance is no longer a niche market,” says David Pace, CFO of Bahrain-based Unicorn Investment Bank (UIB), a Shari’a-compliant house. “It is increasingly a mainstream component of the global banking system.”
To be sure, while the world’s first Islamic bank was founded back in 1975, it is only in the last five years or so that Islamic finance has surged. Sniffing opportunity, conventional banks are now scrambling to set up Shari’a-compliant operations; and there has been a flurry of all-Islamic start-ups, from full-service investment banks to specialist advisory firms. Products have moved beyond lending, insurance and investment funds to include sukuk, hedge funds, currency swaps, and more.
Despite this boom – largely concentrated in the Middle East and South-East Asia – it’s plain the Islamic finance industry still lacks global scale. Professor Rodney Wilson of the Institute for Middle Eastern and Islamic studies at Durham University in the UK estimates Islamic banking assets speak for less than 0.5% of the world’s total. And worldwide sukuk debt outstanding amounts to perhaps USD 100 billion – just 0.1% of the global bond market. Still, the signs point to a continuing surge in Islamic finance. Take economic growth: The Middle East and Asia are the two fastest-growing areas of the world. Kuwait Finance House expects 2007 GDP to rise 6.1% in the GCC and 6.2% in South-East Asia – in contrast to 2.4% in the EU and 2.2% in the US. Oil revenues lie behind the boom in the GCC; and in South-East Asia it is “the financial rigour adopted in the wake of the Asian currency crises,” according to Douglas Clark Johnson, CEO of Calyx Financial, an alternative investment adviser based in New York.
Continuing growth in the GCC states and South-East Asia is fast creating a prosperous middle class among the regions’ combined 410 m-strong Muslim population. As the ranks of the regions’ newly well-off snap up credit to buy homes and cars, and invest in savings and retirement plans, demand for Shari’a-compliant retail financial services is set to accelerate. Behind such consumer products is a need for Islamic institutional finance too.
Consider, too, the vast cash-flows into the GCC region and South-East Asia: The IMF expects Indonesia and Malaysia alone to record a cumulative current account surplus of USD 132 billion for the five-year period to end-2008, in contrast to a deficit of USD 32 billion for the same period a decade earlier. And in the GCC, the surplus should reach USD 680 billion, versus a prior deficit of USD 8 billion.
Buoyed by this cash, regional governments are planning ambitious infrastructure programmes: Indonesia alone expects USD 110 billion of expenditure in the five years to end-2010; and consulting firm McKinsey estimates the GCC will invest USD 200 billion in the same period. Much of this spending is already being financed by sukuk – and the volume is set to balloon: Following its successful sukuk issue, SEWA hopes to raise another USD 2.7 billion. And in neighbouring Dubai, the electricity and water authority is eyeing a debut sukuk issue, with plans to raise USD 2.5 billion.
With ever-stronger foundations in the Middle East and Asia, Islamic finance is now starting to take hold in London, too. The UK’s first standalone Shari’a-compliant bank opened its doors in 2004; two others have followed; another is on the way. (All are backed by Middle Eastern institutions.) And in April this year the London Stock Exchange listed its maiden sukuk, adding much-needed depth and liquidity to the market. Another milestone is in sight: the UK government is mulling its first sovereign sukuk issue, perhaps as soon as early-2008.
But challenges remain. If Islamic finance is to move deeper into mainstream global finance, the industry needs to improve transparency and foster credibility by harmonising standards and practices. Not least, Shari’a interpretation varies between regions and even institutions. Regulatory oversight need to be sharpened as well. These measures – and others – could be critical in broadening the appeal of Islamic finance and bridging the gap between Islamic and conventional financial systems.
The Islamic finance industry needs to work on innovation, too. Shari’s-compliant products can be more complex than conventional ones because every transaction is backed a non-financial trade. Many instruments are still lacking, including corporate treasury and derivatives products. As UIB’s Pace points out: “We [in the industry] need to change our perception of R&D, and view it as a core ingredient of success.” But at the same time, innovation is hampered by the limited number of Islamic scholars able to vet financial products for Shari’a compliance.
For certain, industry practitioners are making progress. Earlier this year the International Capital Market Association and the IIFM agreed to develop standard contracts and common best practice for secondary trading of sukuk and other Islamic instruments. And it may help, too, that global banking giants are putting their weight behind Islamic finance. (Deutsche Bank, Barclays Capital and BNP Paribas are already among the world’s top five issuers of sukuk.) The question whether Islamic finance has reached critical mass remains open, of course. But Johnson of Calyx Financial is optimistic: “The tipping point may already have arrived,” he ventures. Even if Johnson is wrong in his optimism, it seems unlikely history will prove him to have been very far wide of the mark.
Best Regard

ZULKIFLI HASAN

DURHAM UNIVERSITY
International Conference on Endowment’s Investment, Dubai.
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October 20, 2008
DR. ZULKIFLI HASAN
Malaysian Financial System Can Weather Current Global Financial Turmoil
Quoted from
http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1701
Despite the increased volatility in the global financial markets, Malaysian financial institutions remain resilient . Several years of reforms, institutional development and capacity building, continuous efforts to enhance corporate governance and risk management standards and practices have significantly strengthened the banking system. The level of non-performing loans has also improved to 2.5%. In addition, the standardised approach of the Basel II capital adequacy framework was implemented effective January 2008. There is also ample liquidity in Malaysia ‘s financial system to facilitate the orderly functioning of economic and financing activities. As at end-August 2008, net interbank placements with Bank Negara Malaysia by the banking system amounted to RM198.5 billion.
The banking and insurance industries are therefore operating with adequate capital and liquidity buffers that have been accumulated over several years. Malaysia ‘s financial institutions also have negligible exposure to both sub-prime related securities and to the affected financial institutions of other countries, with more than 90% of total assets of the banks and insurance companies in ringgit denominated assets. In addition, all foreign financial institutions in Malaysia are locally incorporated and have a high level of capital that is committed to support their domestic operations. As at end-August 2008, the risk-weighted capital ratio for these foreign financial institutions was at 12.6%.
The banking system’s leverage position remains manageable and continues to record strong risk-weighted capital ratio of 13.2% as at end-August 2008, exceeding the minimum 8% capital requirement by RM42.3 billion. The insurance industry also recorded high solvency surplus of RM16.5 billion. The strong capital position combined with ample liquidity provides adequate capacity to the banking system to continue to perform its intermediation function and to meet its financial commitments as well as the demands for financing and financial services in supporting domestic economic activities. The aggregate domestic household sector continues to exhibit stable level of indebtedness and wealth where total financial assets are more than two times of total debts. Overall, corporations also continue to exhibit sound financial position and manageable leverage position with debt-to-equity ratio of 48% in the first half of 2008.
The Central Bank has a fully developed supervisory and surveillance system. It continuously monitors all financial institutions under its purview and will take appropriate action to safeguard the soundness of the financial system. The Bank stands ready to provide liquidity, whenever necessary, to financial institutions under its purview. The Bank is also closely engaging with the other monetary authorities in the region to monitor and respond with co-ordinated measures in managing the current challenging environment.
Best Regard

ZULKIFLI HASAN

DURHAM UNIVERSITY
Times Square, New York.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
March 29, 2012
DR. ZULKIFLI HASAN
Global Islamic finance assets reached $1.3 trillion in 2011 – report
Global Islamic finance assets reached $1.3 trillion in 2011 – report
Available at:
http://www.cpifinancial.net/news/post/13315/global-islamic-finance-assets-reached-1-3-trillion-in-2011-report
A new report from The CityUK’s UK Islamic Finance Secretariat (UKIFS) indicates that Islamic finance assets worldwide continued a long run of growth to reach an estimated $1.3 trillion in 2011, 150 per cent up over the previous five years. Despite political unrest in some countries the industry has continued to expand, not only in its core markets of the Middle East but also in South East Asia and offshore jurisdictions such as Bermuda.
Islamic funds, for example, reached a new high of $58 billion in 2010, with the available pool about ten times larger at over $500 billion. Even so, competition is fierce, with average management fees worldwide down from 1.5 per cent in 2006 to 1.0 per cent in 2011.
Keith Phillips, Executive Director, UKIFS, comments, “Our report once again shows that the UK continues to maintain its position as the leading Western provider of Islamic finance with assets of $19 billion.

“The UK also benefited from a globally buoyant sukuk market in 2011, with issuance up 60 per cent to $84 billionn. This was reflected in ten new sukuk listings on the London Stock Exchange’s markets in 2011 and two in early 2012. There are now 37 sukuk with a combined value of $20 billion listed on the London Stock Exchange’s markets. Additionally, seven exchange traded funds and two exchange traded products are also listed on these markets.”
In the UK, banks, sukuk issuance and exchange traded products are buttressed by the strong infrastructure of professional support for Islamic finance deals and transactions. This includes over 25 major law firms and the largest four professional services’ firms, and this has yet to be seriously rivalled by any other European financial centre.
The UK is also making an increasing contribution to the development of Islamic finance education and skills with four professional institutions and 10 universities and business schools offering qualifications. These include the Chartered Institute of Management Accountants, CassBusinessSchool, the University of East London and DurhamUniversity. With shari’ah-compliant finance utilised for the redevelopment of Chelsea Barracks and the construction of the Shard of Glass in London, Islamic finance also has a crucial role to play in infrastructure development in the UK.
Considerable potential exists for expansion of the industry worldwide, although appropriate legal and regulatory structures are crucial for its development in individual countries. The work that is now being undertaken through UKIFS with its six practitioner-led workstreams covering topics from wholesale banking to skills is looking to address these issues by creating more efficient structures and processes and applying greater innovation to drive market development.
Regards

ZULKIFLI HASAN
Dubai Desert, with my good friends from South Africa and Singapore
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Islamic Science University of Malaysia
Islamic Science University of Malaysia (USIM) or formerly known as Islamic University College of Malaysia (KUIM) is the 12th Public Higher Education Institution (IPTA) in Malaysia. KUIM was approved by the Cabinet on 11 June 1997 and made public on 13 March 1998. KUIM started its operations in January 2000 at 5th Floor, Faculty of Islamic Studies Building, Universiti Kebangsaan Malaysia, Bangi.
The first enrolment for KUIM began on 18 June 2000 in our temporary location at Institut Professional Baitulmal (IPB), Kuala Lumpur. In January 2002, KUIM moved to another temporary campus in Tower A and B, Persiaran MPAJ, Pandan Indah, Kuala Lumpur. Currently, KUIM is operating in stages at a permanent campus in Bandar Baru Nilai starting 15 July 2005. KUIM was officially upgraded to USIM on 1 February 2007, in line with the government’s aim to upgrade the development of higher education to an international level.
Among the objectives of the establishment of USIM are to uphold and enhance Islamic studies, bring Islamic Studies into the national main education stream, emphasize the use of information technology in education and research systems. Focus is also put in mastering Arabic and English language as well as the national language.
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19 thoughts on “Islamic Science University of Malaysia”
zaidan ismail rashid says:
August 17, 2009 at 11:26 pm

Asalam Alaikum,

I am a degree holder in Business Administration ,and I want to pursue my masters in your university ,please kindly advice me on how to apply for admission and the the possible time for the enrolment ,

Thank you

Yours Faithfully

zaidan ismail rashid

Reply

ZULKIFLI HASAN says:
August 18, 2009 at 1:40 pm

Salam,

Please go to the durham university website and page graduate school. You may find a lot of information on any postgraduate degree offered by the university. You may choose business school but it has not offered any programme on Islamic finance. Durham Islamic finance programme is offered by the School of Government and International Affairs. In the meantime you may approach academic staff of both schools by emailing your query to them.

Best Regards

ZULKIFLI HASAN

Reply

Isamotu Ayodele Qosim says:
September 15, 2009 at 4:38 pm

Salam Alaykun,

I am a Nigerian, a muslim who wants to know more about the deen. I also would like to enrol into your University for my  1st degree (undergradute).What are the procedures for  enrolment and time of enrolment.RAMADAN KAREEM.

Reply

pako says:
December 16, 2009 at 2:10 am

i will be completing my LLM corporate finance law in january 2010 and took islamic finance as one of my modules. i would really like to pursue a career on islamic finance. any advice on which places i should look for internship?

Reply

ZULKIFLI HASAN says:
December 16, 2009 at 9:13 am

Grateful to hear from you. I am not sure about any recent internship opportunity. But you may apply to several institutions such as AAOIFI, IFSB, Islamic Development Bank, Dubai International Financial Centre, Qatar Financial Centre and International Shari’ah Research Academy (ISRA). I recommend you to send application letter together with your cv and letter of recommendation if any to these institutions.

Best Rgrds

ZULKIFLI HASAN

Reply

Abdifatah says:
December 7, 2010 at 3:22 pm

Salaam aleykum,

I would like to know what are the courses i need to take in grade 12 to enter this university. I am currently in grade 10 and i want to pursure my studies in Al-Qur’an & Al-Sunnah at this university inshallah

Brother from Canada

ZULKIFLI HASAN says:
December 7, 2010 at 6:14 pm

Salam Brother,

Grateful to hear from you. You may contact directly to the Dean of Faculty of Al Quran and Al Sunnah, Dr. Adnan Mohamed Yusoff at his email
adnan@usim.edu.my
He will response to your queries insyaAllah. I will introduce you then so you can follow up with him.

Salam and Good Luck

Las Uma
says:
May 20, 2010 at 1:19 am

Salam,

It is nice to see someone who have the attention to spread up the knowledge. Please to meet you brother and salam from your varsity neighbor.

Reply

Abdifatah says:
December 12, 2010 at 2:37 am

What city is this amazing university located in Malaysia

Brother from Canada, Toronto

Hoping to attend inshallah after i finish highschool

Reply

ZULKIFLI HASAN says:
December 12, 2010 at 9:10 am

Salam Abdifatah, this university is located in Nilai about 30km from Kuala Lumpur. It is very near to Kuala Lumpur International Airport, about 15 minutes driving.

Good luck.

Regards

ZULKIFLI HASAN

Reply

Abdifatah says:
December 12, 2010 at 5:20 pm

Salaam, what would first year be like if i took Qur’an & Sunnah Studies. And does anyone know where i can find the tuition fee per year, cost of books , fees, and if i were to be staying at this university the cost per year for room and board.

Jizakallah Kair

Reply

Abdifatah says:
December 12, 2010 at 6:33 pm

Salaam

Do i have to take certain courses in grade 12 to get into USIM the program i want to get into is Quran & Sunnah Studies

Reply

M. Reza Temoor says:
March 3, 2012 at 7:43 pm

assalamu alaykum

dear brother i would love if u could send me a calender of the islamic studies faculty. i an a south african graduate of iium,1997 and currently studying at UNISA, the university of South Africa. i want to study quran and sunna or usul u din

regards reza

Reply

Jafar sabitu s/magori says:
March 15, 2012 at 10:29 am

Assalamu alaikum my dear brother zulkifilu, am starting a degree this year in education islamic studies, so when i finished have you give me post graduate in islamic law ?

Reply

Jafar sabitu s/magori says:
March 15, 2012 at 10:31 am

Assalamu alaikum my dear brother zulkifilu, am starting a degree this year in education islamic studies, so when i finished have you give me post graduate in islamic law ? Please my brother send my answear to my email adress.
Jafarsabite@yahoo.com
. Tnx and regard.

Reply

Rena Othman says:
August 26, 2012 at 12:06 pm

Assalamualaikum brother Dr. Zul

My son is due to complete his ‘O’ this year. As he is interested in pursuing his career in Islamic Banking and Finance, hence, would appreciate it if you could recommend the best institution that he can start with…

Your recommendtion is greatly appreciated.

Thank you.

Salam

Sis Rena

Reply

zeal says:
August 8, 2014 at 12:47 am

is there any latest update about LLB recognition?

Reply

DR. ZULKIFLI HASAN says:
August 8, 2014 at 2:14 pm

Click to access kronologi-pengiktirafan-program-sarjana-muda-syariah-dan-undang.pdf

Until now, no news at all from the LPQB. We have issued a letter to them but no reply. You may refer the above document explaining what we did so far.

Reply

zeal says:
August 8, 2014 at 2:44 pm

tq for your reply, hopefully the fac &uni will closely follow up this matter in concern.
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+

Regulation in Islamic Finance: LAB3073

Zulkifli Hasan, PhD

+
CONTENTS

n  Legal Framework of Islamic Finance

n  Jurisdiction

n  Guidelines on Islamic Finance

+INTRODUCTION
n Malaysia has a unique legislative framework

consisting of mixed jurisdictions and mixed
legal systems namely the common law and
shariah.

n The growth and development of Islamic
banking industry are supported through
goods governance and its comprehensive
legal frameworks. As Malaysia is one of the
common law countries, it is very essential to
have standard law of practice, which
harmonizes both shariah and civil law. The
integration of these two traditions is really
necessary in the context of Islamic banking in
Malaysia.

+ Legal Development
n  Dual Banking system and Moderate approach

n  Federal List, Fed Const

n  IBA 1983 and  BAFIA 1989

n  GIA 1983 statutory reserves and liquidity reserve requirements,
allowing them to be interest-free.

n  TA 1984

n  DFIA 2002

n  SCA 1993, CMSA 2007

n  CBA 2009

n  IFSA 2013

n  BNMs Guidelines

REGULATORS

BNM
SECURITIES

COMMISSION
LABUAN

OFFSHORE

+BNM
n 2 Objectives: 1) To promote monetary stability and a

sound financial structure

n 2) To influence the credit situation to the advantage of
the federation

n implementing all the regulations concerned with
these matters as laid by the law, as well as issuing
policies and directives to further the implementation
of these regulations.

n Where and when certain of the regulations have
become inadequate or new or additional regulations
become necessary, it is also the Central Bank's
responsibility to initiate the formulation of such
changes.

+BNM Section 5 CBA

n (a) to formulate and conduct monetary policy in
Mala

n (b) to issue currency in Malaysia;

n (c)  to regulate and supervise financial
institutions which are subject to the laws
enforced by the Bank;

n (d)  to provide oversight over money and
foreign exchange markets;

n (e)  to exercise oversight over payment
systems;

+
Cont…

n (f)  to promote a sound, progressive and inclusive
financial system;

n (g)  to hold and manage the foreign reserves of
Malaysia;

n (h)  to promote an exchange rate regime consistent
with the fundamentals of the economy; and

n (i)  to act as financial adviser, banker and financial
agent of the Government.

+Securities Commission
n Security Commission Act 1993;

n (a) to advise the Minister on all matters relating to
securities and futures industries;

n (b) to regulate all matters relating to securities and
futures contracts;

n (c) to ensure that the provisions of the securities laws
are complied with;

n (d) to regulate the take-overs and mergers of
companies;

n (e) to regulate all matters relating to unit trust
schemes;

n (f) to be responsible for supervising and monitoring
the activities of any exchange holding company,
exchange, clearing house and central depository;

+Labuan FSA
n LOFSA ACT 1996
n Section 3(2) spells out the objectives of the Authority

are-(a) to promote and develop Labuan as a centre
for offshore financial services; (b) to develop
national objectives, policies and priorities for the
orderly development and administration of offshore
financial services in Labuan, and to make
recommendations to the Minister

n Offshore Banking Act 1990 (OBA)

n Offshore Insurance Act 1990 (OIA)

n Labuan Offshore Securities Industry Act (LOSIA)
n Labuan Offshore Financial Services Authority Act

1996

n Labuan Offshore Business Activity Tax Act 1990

Islamic Banking and Takaful

BNM
Central Bank of  Malaysia Act 2009

Islamic Capital Market

SC
Securities Commission Act 1993

Part VII, Chapter 1 of the CBA  2009 Section 16B (2003)

It should be read together with the Shari’ah
Governance Framework for IFIs 2010.

It should be read together with the (BNM/
GPS 1) 2004.

It grants authority to the BNM to establish the
Shari’ah Advisory Council (SAC) and to specify its
functions as well as the secretariat to assist the
SAC in carrying out its definitive roles. This vividly
clarifies the roles and responsibilities of the SAC as
the highest and sole authority in Islamic financial
matters

It provides the establishment of the SAC
but does not clearly clarify the roles and
responsibilities of the SAC. No provision
mentioning the setting up of the SAC’s
secretariat.

CBA 2009 (Section 51-58)

Part VII, Chapter 1 of the CBA  2009 Section 16B (2003)

In parallel with the status of the SAC as the highest
authority, the appointment of the SAC members
shall be made by the Yang di-Pertuan Agong. The
SAC’s remuneration and the terms of reference
shall then be determined by the BNM.

The appointment shall be made by the
Minister on the recommendation of the
BNM.

It sets the minimum fit and proper criteria of the
SAC members. knowledgeable and qualified in
Shari’ah or have appropriate knowledge and
experience in banking, finance and law. Also allows
experts in other related disciplinesto be the SAC
members.

It has similar provision.

Part VII, Chapter 1 of the CBA  2009 Section 16B (2003)

No similar provision with the retired section
16B (6).

No member of the SAC shall become
a member of any Syariah advisory
body with any IFIs.

It affirms the legal status of the Shari’ah
pronouncement issued by the SAC to be
binding upon both the court as well as
arbitration.

It merely provides that Shari’ah rulings
issued by the SAC are binding upon
the arbitration.

Part VII, Chapter 1 of the CBA  2009 Section 16B (2003)

It is mandatory for the court or arbitrator to
refer to the SAC for deliberation on any
Shari’ah issue, as well as taking into
account its existing Shari’ah rulings.

The court or arbitrator is not obligated
to refer to the SAC to resolve any
Shari’ah issue .

It clarifies the status of the Shari’ah rulings
issued by the SAC in the event that they
contradict the Shari’ah pronouncement of a
Shari’ah committee at an individual IFI. The
Shari’ah rulings of the SAC shall prevail
and have binding force over the Shari’ah
resolutions of the Shari’ah committees of
IFIs.

It does not clearly stipulate the
position of Shari’ah rulings in the case
of conflicting with any other Shari’ah
resolutions.

+CMSA 2007

n The Capital Markets and Services Act 2007 is
governed by the Securities Commission Malaysia.

n The practice of Capital Market and Islamic capital
market in Malaysia are governed by The Capital
Markets and Services Act 2007 (CMSA).

n The Act  incorporates three key legislation on the
capital market that are the Securities Industry Act
1983, Futures Industry Act 1993 and Part IV of the
Securities Commission Act 1993. This is an Act to
regulate and to provide for matters relating to the
activities, markets and intermediaries in the capital
markets, and for matters consequential and
incidental thereto

+
Jurisdiction

n List 1 (Federal List), of the 9th Schedule of
Federal Constitution includes civil, criminal
procedures, contracts, lex mercatoria (inclusive
of banking and financial laws), arbitration, the
administration of justice, etc.

n Para 1 of List 11 (State List) of the 9th Schedule
of the Federal Constitution. Matters under the
state list, inclusive of family law, personal law,
divorce, waqf, succession, and the religion of
Islam, including offences against it (except
what falls under the Federal Law).

+ Q: Which Court has jurisdiction to
hear Islamic banking and finance

cases?

   DECISION
  BY
  Y.A
  DATO’
  HJ

MOHD
  ZAWAWI
  BIN
  SALLEH

IN

MOHD
  ALIAS
  IBRAHIM

V

RHB
  BANK
  BHD
  &
  ANOR

[2011]
  4
  CLJ
  654

[2011]
  3
  MLJ
  26

+Federal List

n  Islamic banking was put under Federal List since it refers to
commercial dealings although it actually falls under the purview
of Islamic law.

n  Thus, it is the parliament to pass any law governing the Islamic
financial institutions.

n  The disputes will be heard in the Civil court due to Schedule Nine,
List 2 of the Federal Constitution.

n  Bank Islam Malaysia Bhd v. Adnan bin Omar.

+
Bank Kerjasama Rakyat Malaysia v
Emcee Corporation (2003) 2 MLJ 408;

n The appellant granted the respondent a facility
under the Islamic banking principle of BBA.
Both parties executed two agreements on the
same date. Under the first agreement, the
respondent sold 22 pieces of land to the
appellant for RM20Million.

n The second agreement, the appellant sold to
the respondent the same properties upon
deferred payment terms for 36 monthly
installments. As security for the repayment of
the sale price under the second agreement,
the respondent charged to the appellant 15
pieces of the land under the NLC.

+COA

n “The law was mentioned at the
beginning of this judgment the
facility is an Islamic banking
facility but that does not mean
that the law applicable in this
application is different from the
law that is applicable if the
facility were given under the
conventional banking”.

n  The charge was a charge under
the National Land Code. The
remedy available and sought was
a remedy provided by the Code.
The procedure was provided by
the National Land Code and the
Rules of the High Court 1980.

+ BANK
  ISLAM
  MALAYSIA
  BHD
  V

LIM
  KOK
  HOE
  &
  ANOR
  AND
  OTHER
  APPEALS

[2009]
  6
  CLJ
  22

“Similarly,
   the
   law
   applicable
   to
   BBA
   contracts
   is
   no

different
   from
  the
   law
  applicable
   to
   loan
  given
  under

the
   conventional
   banking.
   The
   law
   is
   the
   law
   of

contract
   and
   the
   same
   principle
   should
   be
   applied
   in

deciding
  these
  cases.
  Thus,
  if
  the
  contract
  is
  not
  vitiated

by
   any
   vitiating
   factor
   recognised
   in
   law
   such
   as
   fraud,

coercion,
   undue
   influence,
   etc.
   the
   court
   has
   a
   duty
   to

defend,
  protect
  and
  uphold
   the
   sanctity
  of
   the
  contract

entered
  into
  between
  the
  parties.”

+Co-Ordination With Judicial Body

n Lack of scholars with the right combination of
knowledge of Islamic law, modern finance and
technical English to serve on the Shariah committees of
institutions based around the Gulf and beyond.

n BNM with a cooperation of judicial body has agreed to
set up a special High Court in the Commercial Division
known as the Muamalah bench.

n According to Practice Direction No.1/2003, paragraph
2, all cases under the code 22A filed in the High Court
of Malaya will be registered and heard in the High
Court Commercial Division 4 and this special high
Court will only hear cases on Islamic banking.

+
Shariah Guidelines

n  Guidelines on the Governance of Sharīʿah
Committee for the Islamic Banks, known as
BNM/GPS1

n  Sharīʿah Governance Framework for IFIs
2011

n  the Guidelines on the Disclosure of Reports
and Financial Statements of Islamic Banks
known as BNM/GPS8-i

n  Shariah Parameter Reference 1 - Murabahah

n  Concept Paper on Shariah Parameter
Reference 4: Musharakah Contract

n  Concept Paper on Shariah Parameter
Reference 5: Istisna' Contract

+Guidelines
n  Guidelines on International Islamic Bank

n  Guidelines on Establishment of International Takaful
Operator

n  Guidelines on Application for Registration and Operation of
Retakaful Operator.

n  Guidelines on Establishment of International Currency
Business Unit (Islamic, Commercial and Investment Banks)

n  Guidelines on International Currency Business Unit (Takaful
Operator) Guidelines on Tax Holiday for ICBUs, IIBs and
ITOs

n  Circular on Stamp Duty Exemption for MIFC Instruments

n  Guidelines on Tax Neutrality for Islamic Banking & Takaful

n  Circular on Issuance of Special Employment Pass for Islamic
Finance Expatriates under the Malaysia International Islamic
Financial Centre (MIFC) Initiative

+
Islamic finance Litigation

n The implementation of muamalat bench
shows a positive result on the increasing
numbers of settled cases. From the statistic, it
shows that more than 75% out of 656 cases
has been settled by the court from year 2003
to 2005.

n Cases Registered from 1.3.2003 –
1.12.2005=656

n Settled Cases from 1.3.2003-1.12.2005=497

n Balance of Cases up to 1.12.2005=388

n Percentage of Settled Cases from 1.3.2003
– 1.12.2005=75.7%

n 2000 Cases 2010-2011

+ Case Law, Specific Law, Guideline,
Resolution, Parameter

GUIDELINES ISUED BY BNM
e.g. Guideline on ibra’, Guideline on
ta’widh etc

SAC PUBLISHED
RESOLUTIONS

SHARIAH PARAMETERS
ISSUED BY BNM
e.g. MPO,

SPECIFIC LAWS
APPLICABLE

LATEST CASE
LAWS

+ Sec. 56 of the CBA 2009

n Section
  56.
  Reference
  to
  Shariah
  Advisory
  Council
  for
  ruling

from
  court
  or
  arbitrator.

n

  (1)
  Where
  in
  any
  proceedings
  relating
  to
  Islamic
  financial

business
  before
  any
  court
  or
  arbitrator
  any
  question
  arises

concerning
  a
  Shariah
  matter,
  the
  court
  or
  the
  arbitrator,
  as

the
  case
  may
  be,
  shall—

n (a)
  take
  into
  consideration
  any
  published
  rulings
  of
  the

Shariah
  Advisory
  Council;
  or

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

its
  ruling.

n (2)
  Any
  request
  for
  advice
  or
  a
  ruling
  of
  the
  Shariah
  Advisory

Council
  under
  this
  Act
  or
  any
  other
  law
  shall
  be
  submitted
  to

the
  secretariat.


429 Too Many Requests

nginx


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Welcome to My Blog of Knowledge
Dear all,
This is an introduction page to those have accessed to my weblog. 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 download my recent writings and publication for your reading pleasure.
My Weblog won the Best Educational Blog Award 2012 in the category of Public and Private Institution of Higher Learning in Malaysia.
Best Regard
ZULKIFLI HASAN
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28 thoughts on “Welcome to My Blog of Knowledge”
Mohd Farid Din
says:
June 16, 2008 at 1:53 pm

Assalamualaikum,

Thanks for accepting us into your blog. we would expect a good guidance eventhough we are far seperated.

Best regards.

Farid Din. (SMFF)

Reply

muzammil majeed says:
January 29, 2013 at 2:34 pm

Brother I wanted to get assistance regarding my son’s education in Malaysia. So can you kindly send me your e-mail id so I can write in details. Jazakkalahu Khair. Muzammil from Sri Lanka

Reply

ZULKIFLI HASAN says:
June 16, 2008 at 10:20 pm

Assalamualaikum,

Dear Farid,

I trust you are well. Please do not hesitate to contact me via this blog if you need any help on your study. You may inform others about my weblog and may benefit something from it. I will update from time to time any relevant materials to FSU students. You may upload the lecture notes and my articles for free.

Send my regard to my other students.

Cheers

ZULKIFLI HASAN

Reply

Zakhiri Md Nor says:
September 22, 2008 at 5:07 am

Assalamualaikum,

Dear Zulkifli,

Congratulations…Keep up your good works

Best regards

Zakhiri MCL 04

Reply

Hamid Murad says:
November 17, 2008 at 6:47 am

Assalamualaikum En Zul,

Congratulations on the blogsite, really informative. Keep blogging.

Tq, wassalam.

Hamid Murad

Reply

syafiqe says:
November 27, 2008 at 5:01 am

Salaam, Dr Zul

Congratulations and thanks for a very nice blog. Lots of materials especially on Islamic Banking Law.

Regards,

SYAFIQE

Reply

A.H.M.Siyam says:
December 17, 2008 at 7:11 am

Dear Sir

Assalamu Alaikum,

I am very happy to visit your Blog of Knowledge site

Jazakallahu Khairan May allah bless you to write more about Islamic

finance, The final & complete solution for the world economy.

Best

RGDs

Br.Siyam

Reply

Nor Sham says:
September 27, 2010 at 11:34 am

Assalammualaikum,

I just found out about your blog recently. It is very informative and helpful for a student like me. I have an assignment on saving-i of Islamic Banking in Malaysia, what would be the best reference for me?

So far, i have found several articles and books on Islamic Banking, but is there any particular book on saving-i?

Best of luck for your PhD research and your blog!

Thanks

Reply

hadi
says:
February 6, 2011 at 12:47 am

Assalam Aleykum

I just discovered this blog and im very happy, thank you brother Zulkifli. your blog is very interesting. Im french when you will come back to europe just let me know and we will meet us Inshalllah. here is my website
http://www.muslim-homeexchange.com/
please use it at your convenience,its an exchange platform for Muslim

regards  hadi

wasalam

Reply

Dr Mahyuddin Ismail says:
March 7, 2011 at 8:22 am

assalamualaikum Zul,

How are u? Still remember me? long time not seen?

Bila balik malaysia? nak jemput datang bagi talk for my students (currently they are taking Bachelor in Shariah (Economics and Islamic Banking), a JV program with Yarmouk University, Jordan.

anyway, very interesting blog…I would promote it to my students

Reply

ZULKIFLI HASAN says:
March 7, 2011 at 9:23 am

Salam Dr. Mahyuddin, mcm mana tak boleh ingat. Mesti ingat. InsyaAllah pertengahan tahun ni balik Msia. Takde hal, nak bagi talk utk student. Ni mmg tanggungjawab sbg pendidik. Ok, nanti apa2 hal contact.

Salam

ZULKIFLI HASAN

Reply

Zayd Salauroo
says:
April 21, 2011 at 6:38 pm

Assalamualaikum,

Dear Brother,

Hope you are fine.

Actually I need the following for a literature review for my fiancee.

1st Part –

For the title below she just need some empirical evidences together with reference (Source).

.

Impact of financial crisis: can Islamic finance really help?

2nd part –

Journal of Financial Services Marketing 15, 228-240 (December 2010) / doi:10.1057/fsm.2010.19

Shariah-compliant equities: Empirical evaluation of performance in the European market during credit crunch.

Author: Nafis Alam and Mohammad Shadique Rajjaque – She needs this article but she does not have access because she needs to pay for it. Do you have it?

Awaiting your kind reply.

Thank you for your help and attention.

God bless.

Best regards,

Zayd Salauroo, F.I.A.B, C.A.T

Financial Accountant

Z S Certified Accounting Technician

Head Office                           Branch

10, Corps de Gardes Street    04, Carnation Street

Port Louis                              Pointe aux Piments

Republic of Mauriritus             Republic of Mauriritus

T: (230) 240 4915                  T: (230) 261 5211

M: (230) 945 3747

E :
zayd.zscat@accountant.com
W:
http://zscataccountant.hpage.com

A member of A Z Cert Accountants Ltd, a specialist Accounting Firm & Tax Adviser

Business Registration Number: I10000019

Z S CERTIFIED ACCOUNTING TECHNICIAN

Reply

safatoo
says:
August 25, 2011 at 4:49 am

waaaw

very niceeeee  ^^

Reply

Syafran Afriansyah
says:
September 28, 2011 at 7:15 pm

Assalamu alaikum,

Salam kenal, ini kali pertama berkunjung ke blog ustaz. izin untuk menimba ilmu dan sharing..

Salam.  Syafran Afriansyah, Palembang Sumatera.

Reply

Simon Ng says:
February 13, 2012 at 2:48 am

Dear Dr Zul

Just discovered your blog. Very interesting read.

Would like to ask if you point me to the right website to obtain the following info:-

a) Market share of islamic vehicle financing (AITAB and BBA) in Malaysia compared to conventional Hire Purchase

b) Fundamental differences between AITAB and BBA

c) Biggest lender (bank) in Malaysia for Islamic Hire Purchase

Thanking you in advance for your help

Rgds

Simon

Reply

ghaith ghrab says:
February 13, 2012 at 5:32 pm

Dear Sir,

I am writing to you Sir to ask for more information about your book “The Stability of Islamic Finance: Creating a Resilient Financial Environment for a Secure Future”, I need to buy this book, can you tell me Sir the library where I can find it. (Tunisia or France).

I am Ghaith Ghrab from Tunisia , I am working on the Islamic finance to obtain the master degree. My topic is “Islamic Finance and Economic Development”. I am trying to do a theoretical modeling.

I would also be grateful if you could send me some recommendation or document which can help me.

Thanking you in anticipation, I look forward to hearing from you in the near future.

Yours faithfully

Reply

Ben Othman says:
February 15, 2012 at 7:39 am

Salam to you.

Firstly, congratulations for having successfully obtained your  Doctorate .Secondly, I will appreciate if you could provide me with some insight on the Drafted Islamic Hire Purchase Act.It was reported in the papers the Act is to be tabled in parliament soon. Some information on the salient features would be useful.

Thank You.

Ben Othman

Reply

aidil yusrie
says:
March 13, 2012 at 6:29 am

Assalamualaikum ustaz

Ana Aidil Yusrie from Phd student of UNISSA Brunei Darussalam, ana buat tentang shariah governance, teringin nak jadikan tesis phd anta jadi ana punya literature review, dimana ana boleh acces? ill buy the hard copy if you sell it

Reply

aidil yusrie
says:
March 13, 2012 at 6:37 am

for your information my topic is Accountability and responsibility of shariah governance in islamic financial institution

kindly seek your advise on this matter regarding your phd theses

Reply

DR. ZULKIFLI HASAN says:
March 14, 2012 at 3:05 pm

Salam, give me your email address.

waseem khan says:
March 30, 2012 at 8:07 pm

assalamualaikum,

    I am planning to open a technical institute in India at my village , how can I get intrest free loan, and what are the requirements for the loan.

regrds,

waseem khan

Reply

ahmad muttaqin
says:
August 29, 2012 at 3:21 am

Assalamu’alaikum

saya ahmad dari indonesia. bolehkah saya meminta email DR. Zulkifli Hasan??

Saya sedang ingin belajar tentang ekonomi Islam secara serius. Terima kasih

Wassalamu’alaikum

Reply

aisyah says:
September 30, 2012 at 7:09 pm

assalamualaikum Dr.

boleh tak kalau saya nak minta emel Dr? saya adalah pelajar master dan ada beberapa perkara yang saya ingin tanya Dr.

terima kasih.wassalam

Reply

DR. ZULKIFLI HASAN says:
October 1, 2012 at 5:53 am

zul361977@yahoo.com

Reply

Shamsaddin says:
October 1, 2012 at 6:37 pm

Salam Sir

i am a PhD student in Islamic banking law in the UK, i have some problems about my topic. can i have your email please. i would like to know your opinion.

thanks in advance

SHAMS

Reply

Bintul Islam says:
October 2, 2012 at 4:36 pm

Assalamu alaikum,

congratulations Brother.Allah give barkat in ur work.i just read this blog.its v.interesting n informative.its really amazing.Allah bless u.

Reply

Sala says:
October 7, 2012 at 2:01 pm

salam Dr.

I just want to know, are there any specific Islamic banking law in Malaysia? or it is under the general banking law?

wassalam

Reply

Abu Khalifa
says:
July 26, 2013 at 1:56 pm

Mabruk sir,

Its very imformative blog.

We are islamic cooperative in southern Philippines.Hope can meet in person inshallah.

ramadhan kareem,

sukran,

hessam.

Reply
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