(7/19) 181قرار رقم

 بشأن
 وقف األسهم والصكىك والحقىق المعنىية والمنافع

ئْ ِجٍس ِجّغ اٌفمٗ اإلسالِٟ اٌذٌٟٚ إٌّثثك ػٓ ِٕظّح اٌّإذّش اإلسالِٟ إٌّؼمذ فٟ
جّادٜ  5ئٌٝ  1ِٓ ( دٌٚح اإلِاساخ اٌؼشت١ح اٌّرذذج ) دٚسذٗ اٌراسؼح ػششج فٟ ئِاسج اٌشاسلح

26اٌّٛافك ٘ـ ، 1430األٌٚٝ  – َ ،2009( ئتش٠ً ) ١ٔساْ 30

وقف األسهم والصكىك تؼذ اطالػٗ ػٍٝ اٌثذٛز اٌٛاسدج ئٌٝ اٌّجّغ تخظٛص
،ٚتؼذ اسرّاػٗ ئٌٝ إٌّالشاخ اٌرٟ داسخ دٌٛٗ ، والحقىق المعنىية والمنافع

:قرر ما يأتي

لٛي اٌّؼٕٝ ِشذثظ تّماطذ اٌٛلف ِٓ أٚسغ أتٛاب اٌفمٗ اٌرٟ ذمَٛ ػٍٝ االجرٙاد ٚ٘ٛ ذظشف ِغ : ووًال
. اٌششع ، ِثرغاٖ ذذم١ك ِظاٌخ اٌٛلف ٌٍٛالف ٚاٌّٛلٛف ػ١ٍُٙ

: وقف األسهم والصكىك والحقىق المعنىية والمنافع ووحدات الصناديق اوستثمارية  : ااناًال

ِشاع ئْ إٌظٛص اٌششػ١ح اٌٛاسدج فٟ اٌٛلف ِطٍمح ٠ٕذسج ف١ٙا اٌّإتذ ٚاٌّإلد ، ٚاٌّفشص ٚاي       (1)
. ، ٚاألػ١اْ ٚإٌّافغ ٚإٌمٛد ، ٚاٌؼماس ٚإٌّمٛي ، ألٔٗ ِٓ لث١ً اٌرثشع ٚ٘ٛ ِٛسغ ِٚشغة ف١ٗ

٠جٛص ٚلف أسُٙ اٌششواخ اٌّثاح ذٍّىٙا ششػا ، ٚاٌظىٛن ، ٚاٌذمٛق اٌّؼ٠ٕٛح ، ٚإٌّافغ ،        (2)
.  ٚاٌٛدذاخ االسرثّاس٠ح ، ألٔٙا أِٛاي ِؼرثشج ششػاًا

: ٌٝ ٚلف األسُٙ ٚاٌظىٛن ٚاٌذمٛق ٚإٌّافغ ٚغ١ش٘ا أدىاَ ِٓ أّ٘ٙاذرشذة ع       (3)

األطً فٟ األسُٙ اٌٛلف١ح تماؤ٘ا ٚاسرؼّاي ػٛائذ٘ا فٟ أغشاع اٌٛلف ١ٌٚس اٌّراجشج تٙا فٟ           (أ )
اٌسٛق اٌّا١ٌح ف١ٍس ٌٍٕاظش اٌرظشف ف١ٙا ئال ٌّظٍذح ساجذح أٚ تششط اٌٛالف فٟٙ ذخضغ

.اٌّؼشٚفح ٌالسرثذايٌألدىاَ اٌششػ١ح

ٌٛ طف١د اٌششوح أٚ سذدخ ل١ّح اٌظىٛن ف١جٛص اسرثذاٌٙا تأطٛي أخشٜ وؼماساخ أٚ أسُٙ      (ب )
. ٚطىٛن أخشٜ تششط اٌٛالف أٚ تاٌّظٍذح اٌشاجذح ٌٍٛلف

. ئرا واْ اٌٛلف ِٛلراًا تاسادج اٌٛالف ٠ُظفٝ دسة ششطٗ       (ج )

ٍُ أٚ طىٛن أٚ غ١ش٘ا فاْ ذٍه األسُٙ ئرا اسرُثّش اٌّاي إٌك         (د ) دٞ اٌّٛلٛف فٟ ششاء أسٙ
ٚاٌظىٛن ال ذىْٛ ٚلفاًا تؼ١ٕٙا ِىاْ إٌمذ، ِا ٌُ ٠ٕض اٌٛالف ػٍٝ رٌه، ٠ٚجٛص ت١ؼٙا

 ٌالسرثّاس األوثش فائذج ٌّظٍذح اٌٛلف، ٠ٚىْٛ أطً اٌّثٍغ إٌمذٞ ٘ٛ اٌّٛلٛف اٌّذثَّس

ٚإٌمٛد ٔذٛ خذِاخ اٌّسرشف١اخ ٚاٌجاِؼاخ ٚاٌّؼا٘ذ اٌؼ١ٍّح  ٠جٛص ٚلف إٌّافغ ٚاٌخذِاخ          (ٖ )
.  ٚخذِاخ اٌٙاذف ٚاٌىٙشتاء ِٕٚافغ اٌذٚس ٚاٌجسٛس ٚاٌطشق

ال ٠إثش ٚلف إٌّفؼح ٌّذج ِذذدج ػٍٝ ذظشف ِاٌه اٌؼ١ٓ تٍّىٗ، ئر ٌٗ وً اٌرظشفاخ اٌّثادح         (ٚ )
 شش٠طح اٌّذافظح ػٍٝ دك اٌٛلف فٟ إٌّفؼح

. ٠ٕمضٟ ٚلف اٌذمٛق اٌّؼ٠ٕٛح تأرٙاء األجً اٌمأٟٛٔ اٌّمشس ٌٙا        (ص )

٠ٚجٛص اٌرٛل١د تاسادج اٌٛلف فٟ وً . ٠مظذ تاٌرٛل١د أْ ذىْٛ ٌٍٛلف ِذج ٠ٕرٟٙ تأمضائٙا       (ح )
. أٔٛاع اٌّٛلٛفاخ

رٗ       (ط ) َِّ ِح ال ٠ؼشف أطذاتٙا أْ ٠ثشب ر ٠ٚرخٍَّض ِٓ خثثٙا  ٠ّىٓ ٌّٓ داص أِٛاالًا ِشثٛ٘ح أٚ ِذشَّ
تٛلفٙا ػٍٝ أٚجٗ اٌثشِّ اٌؼاِح فٟ غ١ش ِا ٠مظذ تٗ اٌرؼثُّذ ، ِٓ ٔذٛ تٕاء اٌّساجذ أٚ طثاػح

.ٚششواخ اٌرأ١ِٓ اٌرم١ٍذ٠ح ( اٌشت٠ٛح)اٌّظادف ، ِغ ِشاػاج دشِح ذٍّه أسُٙ اٌثٕٛن اٌرم١ٍذ٠ح

ِٕٙا ٚاٌؼائذ ٠ىْٛ أسطاداًا ٌٗ دىُ  ٠جٛص ٌّٓ داص أِٛاالًا ٌٙا ػائذ ِذشَ أْ ٠مف سأس ِاٌٗ      (ٞ )
ّْ ِظشف ٘زٖ اٌؼٛائذ ٚاألِٛاي ئٌٝ اٌفمشاء ٚاٌّساو١ٓ ٚٚجٖٛ اٌثّش اٌؼاِح  األٚلاف اٌخ١ش٠ح ؛ أل

ٚػٍٝ ِرٌٟٛ اٌٛلف أْ ٠ؼًّ تأسشع ٚلد ػٍٝ أْ ٠سرثذي . ػٕذ ػذَ اٌرّىٓ ِٓ سّد٘ا ألطذاتٙا
ٌٛالف ئر ال ػثشج تششط اٌٛالف ئرا تٙزٖ األِٛاي ِا ٘ٛ دالي ششػاًا ٌٚٛ خاٌف تزٌه ششط ا

.ذؼاسع ِغ ٔض اٌشاسع

: ويىصي بما يلي

دػٛج اٌذىِٛاخ ٚاٌّجاٌس اٌرشش٠ؼ١ح فٟ اٌثٍذاْ اإلسال١ِح ئٌٝ ذؼذ٠ً لٛا١ٔٓ ٚٔظُ األٚلاف ف١ٙا        (1)
.  تّا ٠رفك ِغ لشاساخ ِجّغ اٌفمٗ اإلسالِٟ اٌذٌٟٚ

اخ فٟ اٌثٍذاْ اإلسال١ِح ئٌٝ ذخظ١ض ِمّشساخ دساس١ّح ذؼٕٝ دػٛج ٚصاساخ اٌرؼ١ٍُ ٚاٌجاِغ       (2)
. تذساسح اٌٛلف دساسح ػ١ٍّّح ِٛضٛػ١ّح

دساسح اٌّجّغ ِٛضٛع ئداسج اٌٛلف ٚأُسسٙا ٚذٕظ١ّٙا ٚضٛاتطٙا ِٚؼا١٠ش اخر١اس ٚاسرّشاس        (3)
أساس  اإلداسج فٟ ِٛلؼٙا فٟ دٚساخ لادِح ٚأْ ذٌٟٛ ٘زا اٌّٛضٛع ػٕا٠ح خاطح تاػرثاسٖ

. ٔجاح ٚٔٙضح األٚلاف ٚاسرثّاساذٙا

 وهللا  علم

Decision number 181 (19/7)

regarding

endowing shares, sukuk, material rights and benefits

The International Council of Fiqh Academy (the Council), which is an offshoot of the

Organization of Islamic Conferences (OIC), in its 19
th

 session which was held in Sharjah, United

Arab Emirates, from 1 - 5 of Jamadil Ula 1430 AH, corresponding to 26 – 30 April 2009,

decided on the following:

Having reviewed the research papers that were presented to the Council regarding the topic of

endowing shares, sukuk, material rights and benefits, and after listening to the related

discussions, the following were proposed:

First: In fiqh, endowment is the widest door that stands on interpretative judgement (ijtihad),

which means using reasonable meaning that is related to the aims of the Shari’ah, which its goal

is to acquire endowment benefits for the founder and the beneficiary.

Second: Endowing shares, sukuk, material rights, benefits and investment fund units:

(1) The Shari’ah texts regarding endowment are absolute. Endowment can be segregated into

permanent and temporary endowment, individual and common property, real property,

benefit, money, estate and movable item.

(2) Endowing the shares of companies are allowed. Sukuk, material rights, benefits and

investment fund units are also considered lawful properties.

(3) Rulings have been issued as a result of the endowment of shares, sukuk, material rights

and benefits. The most important of these rulings are:

(a) The capital of the shares endowed must be intact and the returns will be used for

endowment purposes, and not for trading in the stock market. The endowment

supervisor has no right of disposal with regard to the shares, except for a reasonable

benefit or with the stipulation of the founder that is under the Shari’ah rulings, which

are subjected to change (i.e. for rulings open to ijtihad).

(b) If the company (in which its shares have been endowed) is liquidated or the value of

the sukuk has been paid, then the endowment can be changed to another property, like

estates or the shares of another company and other sukuk, with the stipulation of the

founder or to generate reasonable benefits for the endowment.

(c) If the founder intends the endowment to be temporary, then it will be cleared

according to his stipulation.

(d) If the endowment is in the form of money and is then invested to buy shares or sukuk

or types of properties, those shares/sukuk are not considered as part of the

endowment, which can be replaced by money, i.e. if the founder did not mention

anything on that. It can be sold for another investment that is more beneficial for the

endowment, and the capital amount is considered as the endowment.

(e) It is allowed to endow benefits, services and money towards financing the activities

of hospitals, universities, learning institutions or for utilities (telephone, electricity) or

housing benefits or public infrastructures (bridges and roads).

(f) Temporary endowment does not bar the original owner from benefiting from the

endowment. The owner is accorded with all lawful disposal of the property, as long as

he preserves the rights of endowment in the property.

(g) The endowment of material rights will end with the stipulation of the founder or by

the requirements of the law.

(h) Timing means that the endowment is limited to the time specified by the founder.

Timing is allowed, with the intention of the founder, i.e. for all types of endowed

properties.

(i) A person who possesses dubious or unlawful properties, whose owners are unknown

has to free himself and leave them (donate the properties) to the public, without the

intention of worship (ibadah), i.e. either for building mosques or printing the Quran,

by considering the impermissibility of earning interest from conventional financial

institutions (e.g. banks and insurance companies).

(j) A person who possesses properties that earn illegal income should endow the income

and retain the capital. Whoever spends these returns or money for the poor and

destitute and in kindness for public that can be returned to their owners, the person in

charge of the endowment should quickly work to change these properties into lawful

properties, even if that contravenes the stipulation(s) of the founder. This is because

the stipulation of the founder will not be considered if it runs contrary to the texts of

the Lawgiver.

The Council also recommends the following:

(1)Calling upon the governments and Shari’ah councils in Muslim countries to revise its

laws and endowment system, so that they are consonant with the decisions of the

Council.

(2)Calling upon the ministries of education and universities to conduct specialized study

courses on endowment.

(3)Research should be conducted with respect to the management of endowment, its

foundations, system, criteria for choosing and continual management of its location in the

following sessions.

Allah Knows best.

Translated and edited by:

Ibrahim Ali and Mohammad Ashadi Mohd. Zaini (ashadi@isra.my)

mailto:ashadi@isra.my


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
September 28, 2012
DR. ZULKIFLI HASAN
Tajdid and Mujaddid
Tajdid dan Mujaddid
Zulkifli Hasan
Selain dari tajdid terdapat juga perkataan lain yang digunakan untuk merujuk kepada pembaharuan seperti tanmiya (pembangunan), nahda (reinassance), taghyir (perubahan), dan islah (reformasi). Namun demikian, penulis memilih untuk menggunakan istilah tajdid dalam artikel ringkas ini berdasarkan maknanya yang lebih tepat dan sesuai bagi merujuk kepada sumbangan pemikiran seorang ‘reformist’yang telah mencapai darjat seorang ‘mujaddid’.
Konsep tajdid dan mujaddid ini secara umumnya adalah bersandarkan kepada hadis Rasulullah Sallallahualaihiwasallam (SAW) diriwayatkan oleh Abu Hurairah Radiallahuanhu (RA) yang menjanjikan setiap awal kurun, Allah akan mengirimkan kepada umat Islam ini seorang mujaddid. Rasulullah SAW bersabda: ‘Sesungguhnya Allah akan mengutus  pada umat ini setiap awal 100 tahun seorang mujaddid yang membaharui urusan agamanya”  (Abu Dawud, 1998: 647).
Tajdid berasal dari perkataan jaddada yujaddidu, tajdidan yang bermaksud telah, sedang atau akan membaharui. Di dalam al Quran, terdapat lapan kali perkataan dari kalimah ‘jadid’. Terjemahan tajdid di dalam Bahasa Ingeris ialah ‘renewal’. Al Maududi (1953: 43-44) mendefinisikan tajdid sebagai ‘the purification of Islam of all aspects of jahiliyya (non-Islamic practices)’iaitu mensucikan ajaran Islam dari sebarang aspek jahiliya atau perkara yang tidak menepati hukum syarak. Berdasarkan kepada takrifan Al Maududi ini, tajdid dengan itu bukanlah bermaksud membawa ajaran baru tetapi ianya merujuk kepada usaha dan agenda untuk mensucikan dan mengembalikan ajaran Islam kepada ajaran yang sebenarnya sepertimana yang terkandung dalam al Quran dan al Sunnah. Selaras dengan definisi ini mujaddid atau ‘reformist’ itu merujuk kepada orang yang membawa pembaharuan tersebut.
Terdapat beberapa kajian dijalankan mengenai konsep tajdid dan di antaranya ialah Tajdid Usul al-Fiqh al-Islami (Hasan al-Turabi, 1980), Usul al-Fiqh Fi Nasijih al-Jadid (Mustaf al-Zilmy, 1989), Hawlah Qadiyyat Tajdid Usul al Fiqh (Ali Jum`a, 1992), Nahwa Manhaj Jadid lidirasat Ilm Usul al-Fiqh (Muhammad al-Dusuqi, 1994), Al Fiqh al-Islami fi Tariq al-Tajdid (Muhammad Salim al Awwa, 1998) dan Al-Tajdid wa al Mujaddidun fi Usul al-Fiqh (Abd al-Salam Abd al-Karim, 2004). Namun demikian, penulisan mengenai tajdid yang dibicarakan dalam buku-buku ini membicarakan tajdid dan mujaddid secara khusus dalam aspek fiqh dan usul fiqh.
Al Suyuti dan al Azimabadi merupakan dua ulama yang secara khusus membicarakan konsep tajdid dan Mujaddid di mana mereka telah  mengenalpasti mujaddid di beberapa kurun. Perlu diingat bahawa seorang mujaddid hanyalah seorang ‘reformist’ dan tiada mujaddid yang sempurna atau maksum bahkan tiada kesepakatan ulama untuk mengiktiraf seseorang mujaddid melainkan Khalifah Umar Abdul Aziz. Al Suyuti dan al Azimabadi merupakan dua ulama yang secara khusus membicarakan konsep tajdid dan Mujaddid di mana mereka telah  mengenalpasti mujaddid di beberapa kurun. Perlu diingat bahawa seorang mujaddid hanyalah seorang ‘reformist’ dan tiada mujaddid yang sempurna atau maksum bahkan tiada kesepakatan ulama untuk mengiktiraf seseorang mujaddid melainkan Khalifah Umar Abdul Aziz. Perlu juga diingat bahawa hadis mengenai mujaddid tidak bermaksud bahawa kita hanya perlu menunggu kemunculan mujaddid pada setiap abad. Maksud yang lebih dinamik dan tersirat ialah hadis ini ingin mengingatkan bahawa perlunya ada usaha-usaha ke  arah melahirkan mujaddid pada setiap zaman. Dalam erti kata lain penulis ingin mengetengahkan pemahaman yang lebih segar mengenai konsep tajdid ini iaitu ‘tajdid as a notion’. ‘Tajdid as a notion’ ini memerlukan umat Islam untuk secara kolektif memikirkan program dan pendekatan yang berkesan untuk melahirkan mujaddid-mujaddid ini.
Al Suyuti, (1937) meletakkan beberapa ciri dan kelayakan seseorang mujaddid berdasarkan hadis tersebut di atas iaitu: (i) mujaddid mestilah seorang individu; (ii) mujaddid mestilah hidup di permulaan kurun; (iii) mestilah menguasai Shari’ah dan ilmu; dan (iv) diiktiraf keilmuan oleh masyarakat. Ciri-ciri mujaddid oleh Al Suyuti adalah berdasarkan maksud zahir hadis. Namun demikian, Al Azimabadi, Ibnu Hajar dan al Minawi termasuk ulama kontemporari telah bersetuju bahawa mujaddid bukan sahaja hanya boleh merujuk kepada individu bahkan ianya boleh juga dalam bentuk institusi atau sekumpulan individu. Mereka juga berpandangan bahawa mujaddid tidak semestinya muncul di awal kurun sepertimana teori Al Suyuti tetapi boleh sahaja di awal, pertengahan atau akhir kurun seperti Al Juwayni seorang mujaddid yang hidup di pertengahan dan pengakhiran kurun kelima hijrah.
Al Suyuti, (1937) meletakkan beberapa ciri dan kelayakan seseorang mujaddid berdasarkan hadis tersebut di atas iaitu: (i) mujaddid mestilah seorang individu; (ii) mujaddid mestilah hidup di permulaan kurun; (iii) mestilah menguasai Shari’ah dan ilmu; dan (iv) diiktiraf keilmuan oleh masyarakat. Ciri-ciri mujaddid oleh Al Suyuti adalah berdasarkan maksud zahir hadis.
Namun demikian, Al Azimabadi, Ibnu Hajar dan al Minawi termasuk ulama kontemporari telah bersetuju bahawa mujaddid bukan sahaja hanya boleh merujuk kepada individu bahkan ianya boleh juga dalam bentuk institusi atau sekumpulan individu. Mereka juga berpandangan bahawa mujaddid tidak semestinya muncul di awal kurun sepertimana teori Al Suyuti tetapi boleh sahaja di awal, pertengahan atau akhir kurun seperti Al Juwayni seorang mujaddid yang hidup di pertengahan dan pengakhiran kurun kelima hijrah.
Mujaddid tidak semestinya seorang untuk setiap abad. Dalam setiap 100 tahun berkemungkinan akan terdapat lebih daripada seorang mujaddid. Mujaddid juga bukan hanya merujuk kepada tajdid dalam aspek undang-undang Islam atau fiqh bahkan ianya merangkumi apa-apa tajdid yang berkaitan dengan Islam. Di antara mujaddid kontemporari abad ke-20 yang diiktiraf oleh ulama ialah Jamaludin Afghani, Muhammad Abduh dan Rashid Ridha yang mempelopori gagasan pembaharuan modenisme Islam, Hassan al Banna melalui gerakan al Ikhwan al Muslimun, Abul A’la Al Mawdudi dengan Jamaat Islami dan Bediuzzaman Said Nursi dengan Risalat al Nur. Sejarah juga telah menunjukkan bahawa tajdid diperlukan untuk memperbaharui ajaran Islam dalam pelbagai aspek. Tajdid dalam siyasah dipelopori oleh mujaddid Khalifah Umar Abdul Aziz, tajdid dalam ijtihad dan usul fiqh oleh Imam Shafii, tajdid berkaitan Tauhid oleh Imam Abu Hasan al Ashaari, tajdid dalam metod tafsir al Quran oleh Imam Fakhrulrazi, tajdid berkaitan Tauhid, fiqh dan tasawuf oleh Imam Al Ghazali. Bagi abad ke-21 penulis berpandangan bahawa Yusuf al Qaradhawi adalah mujaddid kontemporari dalam ijtihad berdasarkan sumbangan dan pemikirannya yang sangat signifikan dan besar kepada umat Islam seluruh dunia.
Nota: penulisan di atas hanyalah sebahahagian daripada artikel penuh bertajuk ‘ Yusuf al Qaradhawi, Mujaddid Kontemporari dan Sumbangan Pemikirannya’ yang akan dibentangkan pada 29 September 2012 di Seminar Pemikiran Yusuf al Qaradhawi anjuran ABIM. Artikel penuh akan dikongsi selepas pembentangan tersebut.
Regards

Zulkifli Hasan
With Professor Masudul Alam Choudhury and Professor Rodney Shakespeare in Jakarta.
Share this:
Facebook

X
Like this:
Related
Islamic finance news
permalink
1 Comment
Post navigation
← Previous
Next →
One thought on “Tajdid and Mujaddid”
Hasnan Daud (HD)
says:
October 22, 2015 at 6:48 am

saja belek balik article lama dr zul..

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

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

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

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30
« Aug
Oct »
Academic
Centre for Islamic Area Studies at Kyoto University

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

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

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

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

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

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

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

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

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

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

Follow

Following

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

Join 235 other followers

												Sign me up

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

Customize

Follow

Following

Sign up

Log in

Copy shortlink

Report this content

View post in Reader

Manage subscriptions

Collapse this bar


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: March 26, 2012
March 26, 2012
DR. ZULKIFLI HASAN
What Can We Learn From Islamic Finance?
What Can We Learn From Islamic Finance?
Otaviano Canuto Vice President, Poverty Reduction, World Bank

Available at:
http://www.huffingtonpost.com/otaviano-canuto/what-can-we-learn-from-is_b_1373040.html
In over 70 countries, from financial centers in Malaysia to the Middle East, Islamic finance has been growing rapidly around the world. In fact, Shariah-compliant financial assets have increased from about US$5 billion in the late 1980s to about US$1 trillion in 2010. Even more impressive is that this class of financial instruments appears to have avoided many of the worst effects of the recent crisis, making it an increasingly attractive investment vehicle.
Given its rapid growth and relative stability, are there lessons we can garner from Islamic finance? Three years after the onset of the global financial crisis as regulators are still grappling with how to deal with predatory lending practices, opaque derivatives, and overly leveraged financial institutions can Shariah-compliant finance challenge our notion of conventional banking?
Perhaps it can. By and large, Islamic finance relies on the core principles of Islam concerning property rights, social and economic justice, wealth distribution, and governance. Two of its main tenants are the prohibition of interest on debt in any form and the removal of ambiguous contracts to enhance disclosure and proscribe deception. Among its other key precepts is a commitment to back all financial contracts by assets and activities in the real economy, as well as an emphasis on the principles of morality and ethics in conducting business.
According to the most recent Economic Premise, authored by World Bank Managing Director Mahmoud Mohieldin, these underpinnings have generally helped Islamic banks escape some of the worst effects of the 2008 financial crisis. To be sure, Mohieldin notes that “The recent financial crisis affected the asset quality of conventional banks adversely. In contrast, as shown in recent research, Islamic banks had higher asset quality, were better capitalized, and more likely to continue their financial intermediation role during crises than their conventional counterparts.” As they were not exposed to subprime and toxic assets and had instead maintained a close connection to the real sector, only when the real economy contracted and real estate prices dropped did Islamic financial institutions begin to feel the second round effects of the crisis.
Yet as Islamic finance continues to grow, some challenges still need to be met. For example, the Economic Premise notes that many aspects of Islamic finance suffer from emulation and reengineering of conventional instruments, which result in inefficiencies and higher transaction costs. In addition, challenges associated with Basel III core capital requirements — which place Islamic financial institutions at a disadvantage need to be addressed. By dealing with these and other issues, Islamic finance could increasingly meet the preferences of local cultures, augment financial inclusion and intermediation, and contribute to financial stability and development in the years ahead.
Regards

ZULKIFLI HASAN
Sultan Qaboos Mosque, Muscat, Oman
Islamic finance news
Leave a comment
Post navigation
AUTHOR
DR. ZULKIFLI HASAN
Menu
Welcome to My Blog of Knowledge

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

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

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

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

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

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

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

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

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

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

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

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

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

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

Following

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

Join 235 other followers

												Sign me up

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

Customize

Follow

Following

Sign up

Log in

Report this content

View site in Reader

Manage subscriptions

Collapse this bar


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: October 2009
October 31, 2009
DR. ZULKIFLI HASAN
BBA Judgement Erroneous, Rules Court of Appeal
Available at the Malaysian Reserve, Oct, 19, 2009.
The Court of Appeal, in a written judgement on the Bai Bithaman Ajil (BBA) case presided earlier by High Court judgde Datuk Justice Abdul Wahab Patail, had found that the judge had erred when equating profit with riba, misinterpreted a key definition in the Islamic banking regulations and had side stepped earlier rulings made by the Supreme Court. The written judgment is for the March 31 unanimous decision when the Court of Appeal reversed the earlier High Court decision that BBA contracts were contrary to Malaysia’s Islamic banking regulations, providing a relief to local Islamic banks that had earlier feared a potential spike in defaults of Islamic contracts, especially for home financing.
In the judgment dated Aug 26 and signed off by Justice Datuk Md Raus Sharif, he wrote that “judges in civil court should not take upon themselves to declare whether a matter is in accordance to the Religion of Islam or otherwise”, further adding “whether the bank business is in accordance with the Religion of Islam, it needs consideration by eminent jurists who are properly qualified in the field of Islamic jurisprudence.”
The judgment by Justice Md Raus, who sat together with justices Datuk Abdull Hamid Embong and Datuk Ahmad Maarop in a three-men panel, brings to closure the much-debated Abdul Wahab’s judgment in 2008 which probably triggered Bank Negara Malaysia (BNM) into making it mandatory for the courts to refer to the central bank’s Shariah Advisory council (SAC) when deciding on Shariah matters in Islamic banking and finance cases.
In the new Central Bank of Malaysia Act (CBA) 2009, which was gazetted on Sept 3, it now makes it mandatory for courts to refer to SAC for rulings concering Shariah matters. Section 56 provides states that where ‘in any proceeding relating to Islamic finance business before any court or arbitrator any question question arises concering a Shariah matter’, the court or the arbitrator shall take into consideration SAC published rulings or refer such questions to the council for its ruling. On top of that, CBA’s Section 57 makes it clear that SAC rulings shall be binding on the Islamic financial institutions, the court or the arbitrator.
The judgment, in favour of plaintiff Bank Islam Malaysia Bhd (BIMB), was for nine BBA contract cases, including the case of Bank Islam Malaysia Bhd v Ghazali Shamsuddin & 2 Others. The Malaysian Reserve first reported on Abdul Wahab’s judgment on Sept 8, 2008.
PROFIT AND RIBA

In one of the salient points in the 31-page judgment, Justice Md Raus said that Justice Abdul Wahab was plainly wrong when he equated the profit earned by BIMB as being similar to riba or interest.

“We have no hesitation in accepting that riba or interest is prohibited in Islam. But the issue at hand is whether such comparison between a BBA contract and conventional loan agreement was appropriate.

“With respect, we do not think so. This is because the two instruments of financing are not alike and have different characteristics. BBA contract is a sale agreement whereas a conventional loan agreement is a money lending transaction. The profit in BBA contract is different from interest arising in a conventional loan transaction. The two transactions are diversely different and indeed diametrically opposed,” he writes.
He also noted that 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,” he said.
REWRITING CONTRACT

The justices also commented on Justice Abdul Wahab’s attempts to replace the sale price under the Property Purchase Agreement with an ‘equitable interpretation’ and substituting the obligation of customer to pay the sale price with a ‘loan amount’ and ‘profit’ computed on a daily basis, as Justice Abdul Wahab had expounded in Affin Bank Bhd. v Zulkifli Abdullah (Supra).

This, in the views of the Court of Appeal, was the act of “rewriting the contract for the parties”.

“It is trite law that the Court should not rewrite the terms of the contract between the parties that it deems to be fair or equitable,” writes Justice Md Raus.
WHAT IS ISLAMIC BANKING?

The judgment then commented on Abdul Wahab’s interpretation of ‘Islamic banking business’ in section 2 of the Islamic Banking Act (IBA) 1983 where the High Court judge had argued that if a facility is to be offered as Islamic to Muslims generally, regardless of their mazhab, then the test to be applied by a civil court must logically be that there is no element not approved by the Religion of Islam under the interpretation of any of the recognised mazhabs.

Here, Justice Md Raus writes that it is our view that judges in civil court should not take upon themselves to declare whether a matter is in accordance to the Religion of Islam or otherwise.

“As rightly pointed out by Suriyadi J (as he then was) in Arab-Malaysian Merchant Bank Bhd [2005] 5 MLJ 210 that in the civil court ‘not every presiding judge is a Muslim, and even if so, may not be sufficiently equipped to deal with matters, which ulamak take years to comprehend’.

“Thus, whether the bank business is in accordance with the Religion of Islam, it needs consideration by eminent jurists who are properly qualified in the field of Islamic jurisprudence,” he said.
PRECEDENTS

The Court of Appeal judgment also noted that the questions raised by Wahab Patail on the validity and enforceability of the BBA contracts is not novel and that it had been raised in previous cases and had been ruled upon.

It cited the case of Adnan bin Omar v Bank Islam Malaysia Berhad (unreported) where the Supreme Court upheld the validity and enforceability of the BBA contract. In that case, the Supreme Court accepted as correct and affirmed the judgment of Ranita Hussein JC.
Subsequently, it added that the validity and the enforceability of BBA contracts was again decided by this court in Datuk Hj Nik Mahmud Nik Daud v Bank Islam Malaysia Bhd [1998] 3 CLJ 605, and Bank Kerjasama Rakyat Malaysia Bhd v Emcee Corporation Sdn Bhd (Supra).

“From the above cases, it is clear that the validity and enforceability of the BBA contract had been ruled upon by the superior courts. It is trite law that based on the doctrine of stare decisis, a decision of a superior court is binding on all courts below it. The importance of this principle must not be taken lightly,” writes Justice Raus.
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Note: Most predicted judgement by the Court of Appeal. Slight release to Islamic finance industry but continuous nightmare to Islamic banks’ customers. Despite of the High Court judgement was overruled by the Court of Appeal, the decision made by the learned judge at least effectively highlighted several significance issues on the actual implementation of BBA and signalled a strong message about the status of some controversial Islamic financial products.
Stratford, Birthplace of William Shakespeare
Islamic finance news
4 Comments
October 31, 2009
DR. ZULKIFLI HASAN
Need For Deeper Look Into Islamic Financial Products
Available at:
http://www.bernama.com/bernama/v5/newsbusiness.php?id=451329
KUALA LUMPUR, Oct 31 (Bernama) — While Malaysia is doing a great job in promoting Islamic finance, the adaptation process to some of its products will need a deeper look or “a second visit”, according to a renowned Muslim scholar. Dr Hatem El-Karanshawy, founding dean of the Qatar Faculty of Islamic Studies, has voiced caution over the need to quickly Islamise products just to be at par with other conventional instruments. “We should not rush to adopt products and Islamise them in a way because we would like the products to be on the same footing as other western institutions or non-Islamic banking that are not based on Islamic principles,” he said.
Egyptian-born El-Karanshawy, who was previously director of the Central Bank of Egypt, however, declined to name the products concerned when interviewed by Bernama during a recent financial event in Doha, Qatar.
He said that he had discussed the matter with those involved in the industry in Malaysia. However, El-Karanshawy said Malaysia had done a great job in promoting the industry by hosting important international associations working for Islamic finance with the government giving a push in the social development of the system. He dispelled the notion that Islamic finance is not progressive, saying that it is one of the fastest growing industries in the world. However, he pointed out that some Islamic financial institutions are not adhering as they should be to the proper Islamic finance and this is where the real challenge is.
“If they can develop innovative products that would really correspond to the needs of society and adhere to the basic principles, then the growth would be faster and attract more financial institutions,” he said. On the notion that Islamic bank should not be profitable, El-Karanshawy said no one said that financial institutions in Islam should be charitable organisations. “Yes they have to make profits but what type of profits? They have to make profits, they have to be successful. They are talking about corporate social responsibility after the aggressive movement of the market,” he said.
This, he added, has been the misconception of Islamic finance. Asked whether Islamic finance should be incorporated into the new global financial architecture, El-Karanshawy said the market then should be involved in social responsibility. “If the financial sector job is financing investments, in the sense, it will study what’s the money, where the money is going to and then have its returns based on fundamentals of investment and develop ways to share the risks, I think that is the direction that Islamic finance principles would help,” he said.
He added that some elements for venture capital companies in the world could be easily adapted to accept or adhere to the idea of Islamic principles. At the recent CNBC Global live debate in Doha, El-Karanshawy said current banking and finance had strayed from its function of being the “servant of the real economy” in facilitating productivity and development. “People are talking about the secondary market, derivatives. Thinking about making profits rather than the real reason for making investments,” he said. With the problems posed by derivatives, El-Karanshawy questioned the action taken by the free market to address this. Such innovations, according to him, have to be balanced and not risking investors’ money. BERNAMA
Best Regards

ZULKIFLI HASAN

Durham, UK
The London Eye
Islamic finance news
Leave a comment
October 27, 2009
DR. ZULKIFLI HASAN
ISDA Writes Global Standards for Islamic Derivatives
Available at:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5tbswiWa758
Oct. 27 (Bloomberg) — Global standards for Islamic derivatives contracts may be published as soon as December, helping companies and investors manage risk more effectively, according to the International Swaps and Derivatives Association. “This is a real innovation in what could potentially be a huge growth area,” ISDA Chairman Eraj Shirvani said in an interview in Singapore yesterday. “Establishing market standards with the input of the scholars’ opinions, combined with the expertise and benefits of the ISDA framework, potentially opens up a significant array of new hedging possibilities for issuers and investors.”
The New York-based ISDA, which represents more than 830 organizations active in the $592 trillion derivatives market, started working on its Shariah-compliant master agreement with the Bahrain-based International Islamic Financial Market in 2006. The first version of their framework will focus on swaps for profit-rate and currency transactions, Shirvani said. Islamic finance is the fastest-growing segment of the global financial system with $919 billion of assets under management, including $114 billion of Shariah-compliant bonds, known as sukuk, Prudential Financial Inc. said on Oct. 7. Assets will grow to as much as $1.1 trillion this year, Kuwait Finance House KSC forecast in July, as the world emerges from recession and a recovery in oil prices boosts Arab wealth. Derivatives are financial instruments derived from stocks, bonds, loans, currencies and commodities, or linked to specific events like changes in the weather or interest rates.
Bond Trading
“Investors will have the ability to trade in sukuk they perhaps wouldn’t have been able to before without a hedging tool available to them,” Angus Amran, treasury and capital markets head for Cagamas Bhd., Malaysia’s biggest buyer of home loans, said in a phone interview from Kuala Lumpur. The standards will “promote homogeneity and acceptance of Islamic financial products,” he said. Because Muslim Shariah law prohibits payment or receipt of interest, speculation and uncertainty, many Islamic investors avoid derivatives. To ensure compliance with Shariah, new Islamic financial products must be vetted and approved by recognized scholars who are versed in its principles.
Standardized terms in derivatives agreements may help market participants focus on “developing a more innovative and diverse range of Shariah-compliant derivative tools and products instead of channeling resources to reduce documentation risks,” said Mark Toh, who helps manage about $525 million in Islamic funds at Prudential Corp. Asia in Kuala Lumpur.
Oil Prices
Created in the 1970s after an almost 20-fold jump in oil prices over 10 years, the Shariah finance industry caters to the world’s 1.57 billion Muslims. From being almost non-existent a decade ago, the Islamic bond market has grown to $130 billion, according to Moody’s Investors Service. Sukuk have returned 27 percent this year, an HSBC Holdings Plc index shows, after the market fell four times as much as conventional investment-grade corporate debt last year. The Dubai government set up a $2.5 billion Islamic bond program on Oct. 25 as the emirate seeks to sell international bonds for the first time in more than a year.
Malaysia, which has 14 Islamic banks and the biggest sukuk market, said in July that it would introduce a trading platform to make it easier for companies to buy and sell commodities like palm oil and rice that are used to back Islamic securities. Sukuk are asset-based bonds that pay a profit rate to investors to avoid interest.
Government Efforts
South Korea said on Aug. 26 that it plans to exempt sukuk from tax on distributions, joining countries including Singapore, Hong Kong, the U.K. and France that are modifying regulations to help attract Islamic investments.
Islamic financial institutions have been more resilient to the global financial crisis than their conventional counterparts because direct investment in subprime assets and derivatives is prohibited to them, Moody’s said in February. “We have had many enquiries regarding derivatives and some people say this is important for the industry and some people have done without them,” Mohamad Alchaar, secretary-general of the Accounting & Auditing Organization for Islamic Financial Institutions, said in a phone interview today. The Bahrain-based AAOIFI, which promotes industry standards, is not part of the ISDA’s project with the IIFM, Alchaar said.
Market Contagion
U.S. and European regulators have called for the adoption of central clearinghouses to reduce risk in derivatives after President Barack Obama’s administration described the contracts as a “major source of contagion” in the credit crunch.  The derivatives market relies on counterparties negotiating their own buy and sell orders, with no guarantees either will complete the trade.
“In Islamic finance gambling is prohibited, but running a big un-hedged open position is gambling in my way of thinking, so I’m pleased to hear there will now be more alternatives available for reducing risk,” Deborah Schuler, Moody’s group credit officer for Asia, the Middle East and Africa, said in a phone interview from Singapore.
Best Regards

ZULKIFLI HASAN

DURHAM, UK
With branch manager and credit officer of Bank Muamalat Malaysia Berhad, Miri, Sarawak.
Islamic finance news
Leave a comment
October 24, 2009
DR. ZULKIFLI HASAN
Malaysia Budget 2010: Government To Issue USD887 Million 1Malaysia Sukuk
Available at:
http://bernama.com/bernama/v5/newsbusiness.php?id=449151
KUALA LUMPUR, Oct 23 (Bernama) — The government will issue 1Malaysia sukuk totalling RM3 billion to give opportunity for the rakyat to increase their income, Prime Minister Datuk Seri Najib Tun Razak said on Friday. Najib, who is also Finance Minister said that the sukuk would be offered to all Malaysians aged 21 and above, with a minimum investment of RM1,000 and a maximum of RM50,000. “This sukuk has a maturity period of three years with a five per cent annual rate of return paid quarterly,” he said when tabling the Budget 2010 in Parliament. This will gave opportunity for individuals who were not able to subscribe the earlier, syariah-compliant savings bond totalling RM5 billion launched under the Second Stimulus Package.
Najib said the syariah-based savings bond received overwhelming response. To ensure rapid development of financial services, particularly Islamic finance, the government has proposed that the existing tax incentives to be extended to 2015.
These include stamp duty exemption of 20 percent on Islamic financing instruments, tax exemption on banking profits derived from overseas operations which is also extended to profits of insurance and takaful companies as well as deduction on expenditure incurred in the establishment of Islamic stock broking companies. Besides that, the Ar-Rahnu micro credit programme, which uses gold as collateral to secure financing, is expected to be expanded to all syariah-compliant financial and banking institutions such as Bank Muamalat and Bank Islam.
BUDGET HIGHLIGHTS (Available at:
http://www.btimes.com.my/Current_News/BTIMES/articles/20091023164903/Article/index_html
)
* Malaysia economy to grow 2-3 per cent in 2010

* Mining to grow 1.1 per cent, manufacturing sector 1.7 per cent, agriculture 2.5 per cent, construction 3.2 per cent and service 3.6 per cent.

* Private consumption expand 2.9 per cent while private investment 3.4 per cent

* Per capita income to increase by 2.5 per cent to RM24,661

* TNB to spend RM5 billion to implement electricity generation, transmission and distribution projects in 2010.

* Individual tax relief on broadband subscription fee up to RM500 a year from 2010 to 2012.

* Public-private collaborations to include an integrated immigration, customs and quarantine complex in Bukit Kayu Hitam, construction of six UiTM campuses and the development of MATRADE centre

* 1Malaysia Development Bhd (1MDB) will establish a corporate social responsibility fund totalling RM100 million as a start to finance community activities

* Government to allocate RM899 million to intensify tourism industry.

* Government to enhance tax incentives for healthcare service providers who offer services to foreign health tourists with income tax exemptions of 100 per cent on the value of increased exports from 50 per cent previously.

* Individual taxpayers to be given tax relief on broadband subscription fee up to RM500 a year from 2010 to 2012

* Civil servants are eligible to apply for computer loans once in every three years and up to a maximum of RM5,000 from the government once in every five years

* Formulate Halal Act in collaboration with State Islamic Religious Councils.

* To corporatise the Halal Industry Development Corporation as an agency under MITI

* Intensify Halal Certification by the Islamic Development Department of Malaysia (JAKIM) by collaborating with international institutions to obtain standards certification such as HACCP ad GMP.

* To provide RM24 million to develop halal products anti-smuggling system at three entry points and three main ports.

* Allocate RM137 million to upgrade and improve drainage and irrigation infrastructures in paddy fields involving 180,000 farmers.

* To provide RM70 million to build the Paya Peda Dam Project in Terengganu to increase water supply capacity to paddy irrigation scheme in Besut.

* Allocate RM82 million to modernise aquaculture industry and conduct entrepreneurship training scheme for aquaculture breeders with focus on production of fish fry and ornamental fish.

* “The stock market will be further liberalised to enhance its efficiency as well as attract domestic and foreign investment. For this purpose, the government will undertake the following measures: First, liberalise the commission sharing arrangements between stockbrokers and remisiers in 2 stages to encrouage retail participation in the stock market. The first stage, which takes effect immediately, allows flexible brokerage sharing at a minimum rate of 40 percent for remisiers. The commission sharing will be fully liberalised in the second stage, effective 1 January 2011.

* Allow 100 per cent foreign equity participation in corporate finance and financial planning companies compared with the present requirement of at least 30 per cent local shareholding.

* Islamic banking assets account for 18.8 per cent of Malaysia’s total banking assets while takaful industry assets contribute 7.7 per cent of total insurance and takaful industry assets. To ensure rapid development of financial services, particulalrly in Islmaic finance, the government proposes that the existing tax incentives be extended to 2015.

* The government is currently at the final stage of completing the study on the implementation of goods and services tax (GST), particularly to identify the social impact of GST on the people. The purpose of this study is to ensure that if GST needs to be implemented to stabilised Government finance, it will not burden the population. “If the government implements GST, it will replace the current sales tax and service tax as well as exemption will be granted to the low income group. The GST rate to be imposed will be lower than the current sales tax and service tax rates.

* The government needs to ensure that the Malaysian tax system is equitable and able to generate revenue for development purposes. In line with this, the government proposes that a tax of five per cent be imposed on gains from the disposal of real property from 1 January 2010.

* Effective Jan 1 2010, government agrees to allow agencies to retain 50 per cent of rentals received while the remaining 50 per cent will be remitted to the government as revenue.

* The Government will implement fuel subsidy management system in early 2010.

* The Government proposes the maximum income tax rate to be further reduced to 26 per cent from 27 per cent effective from the 2010 year of assessment.

* Maximum tax rate for cooperatives will be reduced to 26 per cent while the fixed tax rate for non-resident individuals will be cut to 26 per cent.

* Personal tax relief will be increased to RM9,000 from RM8,000 effective from the 2010 year of assessment.

* The Government also proposes income tax on employment income of Malaysians and foreign knowledge workers residing and working in Iskandar Malaysia be imposed at 15 per cent compared with the maximum 26 per cent for the rest of the country.

* Government to launch a scheme in January 2010 that enables EPF contributors to utilise current and future savings in Account 2 to promote house ownership.

* RM14.8 billion is allocated to manage, build and upgrade hospitals and clinics.

* The Government will issue 1Malaysia Sukuk totalling RM3 billion.

* The Government will establish the 1Malaysia Retirement Scheme to be administrated by EPF.

* Employees EPF contributions will be raised again to 11 per cent on a voluntary basis with immediate effect. However, from Jan 1, 2011 employees’ EPF contribution will revert to 11 per cent.

* The Government proposes existing personal tax relief of RM6,000 for EPF contributions and life insurance premiums be raised to RM7,000.

* Government allocates RM2.3 billion to build and upgrade infrastructures in rural areas.

* Government provides RM41 million to improve income and quality of life of the Orang Asli Community by implementing various projects.

* Budget 2010 allocations totalled RM191.5 billion, of which RM138.3 billion is for operating expenditure and RM53.2 billion for development expenditure.

* Federal Government revenue in 2010 to decline by 8.4 per cent to RM148.8 billion.

* Budget deficit at 5.6 per cent of GDP compared with 7.4 per cent in 2009. – Bernama/Reuters
BEST REGARDS

ZULKIFLI HASAN

DURHAM, UK
Raja Perempuan Zainab II Hospital, Kota Bharu, Kelantan, Malaysia
Islamic finance news
1 Comment
October 22, 2009
DR. ZULKIFLI HASAN
Islamic bank loses millions in New Zealand investment
Available at:
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10604858
An Islamic bank has been burned by tens of millions of dollars from its investment in one of New Zealand’s most iconic brands. It has been revealed the Bahrain-based Kuwait Finance House was owed more than $54 million when it decided to pull the plug on Canterbury Clothing’s European operations earlier this year.
According to a report by KPMG, the bank called in the receivers in August as a result of “significant losses” by Canterbury in Europe, and after months of “extensively marketing” the business for sale. The brand was sold to giant British retail chain JD Sports shortly afterwards for $16.2 million.
The KPMG report estimates Canterbury’s New Zealand holding company owed more than $100 million to creditors at the time of the receivership, including $54 million to the Kuwait Finance House, and $3.6 million to a New Zealand-born academic who lives in the United States, David Teece. The other $43 million was owed to a creditor identified only as “Bridge SPC Ltd”.
The receivers have estimated nearly $16 million is likely to be recovered from other companies linked to Canterbury, and $14 million elsewhere, leaving a total deficit of around $71 million. It is likely there will be a “significant shortfall” to creditors, they say. KFH-Bahrain has had mixed success with its New Zealand investments. Its other investments here include Woosh Wireless, the Radius Health Group, and touchscreen technology company NextWindow.
Meanwhile, a civil court case in the United States has provided further insight into the buyout 10 years ago of Canterbury. The case, in the US Tax Court, is a dispute between the Internal Revenue Service and the partners who bought clothing company Lane Walker Rudkin (LWR) from Brierley Investments (BIL) in 1999.
According to Judge Mark Holmes, Teece and his partners bought LWR in 1999 because they saw “hidden value” in the Canterbury brand, and believed they could make it more profitable by shifting production overseas. They chose to use a New Zealand shell company because they “feared a wholly foreign deal would spur negative public reaction to the expected sale of an iconic New Zealand brand”. They also thought it would help the deal “survive New Zealand’s own legal obstacles to overseas investment in existing New Zealand businesses.”
However, “its ride turned rough, and the shell company that Canterbury was using had to pony up more money in 2000 and 2001 to make the deal go through”. Teece and his partners originally bought one-third of LWR, with a call option over the rest.
According to the judge, Teece complained that BIL “misrepresented LWR’s financial situation”, and BIL eventually agreed to mark down the price on its call option from $22.7 million to just $6.2 million. The judge noted that Teece and his partners “at least nosed around the possibility of doing other deals” in New Zealand, “even as the problems at LWR took ever larger amounts of the partners’ time”. Teece also hoped that by working with BIL, he would get “a foot in the door” promoting his consulting business, LECG, in New Zealand, the judge said in his findings.
The partners sold the manufacturing assets of LWR to Christchurch couple Ken and Patricia Anderson in 2001. The business, which celebrated its centenary shortly afterwards, struggled to make a profit and was placed in receivership in May this year, owing more than $120 million, mostly to Westpac. The Serious Fraud Office has since revealed it is investigating the failure, following a complaint from LWR’s receivers. The receivers claim the company misrepresented its financial strength to Westpac, and say if Westpac had known the true position it would not have lent so much.
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Trisakti University, Jakarta, Indonesia
Islamic finance news
Leave a comment
Post navigation
← Older posts
AUTHOR
DR. ZULKIFLI HASAN
Menu
Welcome to My Blog of Knowledge

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

My Movie
Search
Al-Baqarah, 2:275
Calendar
October 2009

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

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

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

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

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

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

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

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

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

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

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

June 2008
Categories
Islamic finance news
Muslims News
My Publication
My recent publication
My Story
My Thought
News
Palestine
Poem
Create a free website or blog at WordPress.com.
BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Create a free website or blog at WordPress.com.
Cookie Policy
Follow

Following

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

Join 235 other followers

												Sign me up

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

Customize

Follow

Following

Sign up

Log in

Report this content

View site in Reader

Manage subscriptions

Collapse this bar


Imran Nazar Hosein

About

Articles

E-Books

Video Lectures

Learn

Contact

Page Not Found

The page you are looking for does not exist, or it has been moved. Please try searching using the form below.

SearchSearch

Imran Nazar Hosein

Islamic Scholar

About

Team

History

Careers

Privacy

Privacy Policy

Terms and Conditions

Contact Us

Social

Facebook

Instagram

Twitter/X

Designed with
WordPress


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: March 31, 2010
March 31, 2010
DR. ZULKIFLI HASAN
Muslims Best Football Players
Assalamualaikum,
Dear all,
It has been quite sometimes that I do not add a new post in my thought column. Unlike the previous posts which were too academic, this time I just want to share some information on the Muslims best football players in the world. At least, in the coming world cup, we as a Muslim may have our own favourite Muslim football players. We do have a choice. You may visit to the following informative weblog at
http://muslimsoccer.blogspot.com
.
* Abel Xavier

    * Eric Abidal

    * Franck Ribery

    * Frederic Kanoute

    * Hasan Salihamidzic

    * Hatem Ben Arfa

    * Ibrahim Afellay

    * Karim Benzema

    * Khalid Boulahrouz

    * Kolo Toure

    * Lee Woon-Jae

    * Mahamadou Diarra

    * Nicolas Anelka

    * Samir Nasri

    * Seydou Keita

    * Sulley Muntari

    * Yaya Toure

    * Zinedine Zidane
It is Islam that gives me strength on the field and outside” Frank Ribery of France and Bayern Munich
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Frank Ribery in Mecca.
Samir Nasri of Arsenal and France.
Frederick Kanoute of Seville and Mali.
My Thought
24 Comments
Post navigation
AUTHOR
DR. ZULKIFLI HASAN
Menu
Welcome to My Blog of Knowledge

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

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

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

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

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

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

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

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

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

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

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

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

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

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

Following

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

Join 235 other followers

												Sign me up

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

Customize

Follow

Following

Sign up

Log in

Report this content

View site in Reader

Manage subscriptions

Collapse this bar


429 Too Many Requests

nginx