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Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: June 2011
June 26, 2011
DR. ZULKIFLI HASAN
Islamic banks face dearth of products
Islamic banks face dearth of products
Available at:
http://tribune.com.pk/story/194885/islamic-banks-face-dearth-of-products/
State Bank of Pakistan (SBP) Deputy Governor Yaseen Anwar has said there is a dearth of Shariah-compliant hedging products for mitigating risks arising out of genuine business transactions which put Islamic banking institutions (IBIs) at a disadvantage compared to their conventional counterparts.
Inaugurating a workshop on ‘Hedging in Islamic finance and master hedging agreement’, organised by International Islamic Financial Market (IIFM) in collaboration with SBP here on Thursday, Anwar stressed the need for developing a robust risk management infrastructure in the Islamic banking industry which would enable both Islamic banks and their clients to mitigate genuine business risks.
He, however, said conventional banks had access to a variety of sophisticated risk management and hedging instruments.
Describing the pace of growth and development of the Islamic banking industry as encouraging, he said at present it constituted over seven per cent of the country’s banking system. Given the healthy growth for the past several years, the enabling regulatory and Shariah compliance framework, the growing human resource capacity of IBIs and increasing awareness of Islamic banking among people, the share of the industry was likely to increase manifold in the future, he added.
However, he said, “the industry still faces numerous challenges, including development of a robust risk management infrastructure. Moreover, the absence of standardised documentation invariably results in significantly higher transaction costs.”
He said hedging instruments should cover genuine risks arising due to real business and economic transactions and should in no way allow transactions for speculative motives.
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ZULKIFLI HASAN
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June 21, 2011
DR. ZULKIFLI HASAN
$210bn Islamic finance industry comes to Oman
$210bn Islamic finance industry comes to Oman
By A Staff Reporter – Available at:
http://main.omanobserver.om/node/55522
MUSCAT — The Islamic finance industry is currently valued at $1 trillion worldwide, of which $210 billion is invested in the Middle East.
Following the Royal Decree by His Majesty the Sultan authorising Sharia-compliant financial products in Oman, International Turnkey Solutions (ITS), a global leader in Islamic banking technology solutions successfully concluded its first ‘Oman Islamic Banking Conference 2011,’ attended by over 80 banking decision makers, Islamic banking experts and financial organisations.
“Worldwide, some of the most renowned international banks use Islamic finance instruments such as sukuk (Islamic bonds) to raise funds for Sharia minded ethical investors,” said Mohamed Roushdy, Chief Information Officer, Siraj Finance, who presented an overview on migrating conventional banking structure to Sharia-compliancy.
“We believe that Islamic banking principals are ever more relevant today, given the chaos created by the financial crisis. Conducting business guided by Islamic principles, provides investors with confidence and peace of mind in today’s turbulent global marketplace.”
Dr Mabid al Jarhi, financial expert and Head of Training, Emirates Islamic Bank, commented on the legal infrastructure required to sustain and grow Shariah-compliant finance. He commented that the Central Bank of Oman (CBO) should look into amending its existing laws, or preparing a new draft banking law to put Islamic banks on an equal footing with conventional banks. In terms of taxation, Islamic transactions may also be taxed twice, placing them at a disadvantage.
“[If these factors are in place] the Islamic finance market in Oman could operate at levels that could compete with regional institutions. Funds, that have been flowing outwards, could be repatriated and foreign funds could be attracted in Oman,” Dr Al Jarhi added.
“Islamic banks need to mature operationally and make the technological investments required to be competitive on a global scale. For Oman, the future is very bright if banks here take the necessary steps required to build a solid foundation for Islamic banking,” said Dr Haroun Dharsey, Senior Vice President of Operational Projects at Dubai Islamic Bank (DIB), the UAE’s oldest Islamic bank.
“Successful Islamic banks have been able to combine operational and technological aspects of the business with Islamic practices and traditions. ITS is a leading international Islamic Banking solution provider that lives and breathes Islamic values and culture,” said Khalid al Saeid, Managing Director and General Manager of ITS.
“We have successfully combined this with our technology prowess to produce ‘ETHIX’, a next generation solution portfolio offering Islamic finance institutions Sharia-compliant products and a range of pre-defined business models including Islamic finance, Islamic investment, trading and delivery channels.”

The event will be followed by three days of one-on-one workshops hosted by ITS to individually assess each bank’s existing IT infrastructure and how best to implement Sharia-compliant financial services.
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ZULKIFLI HASAN
Islamic finance news
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June 15, 2011
DR. ZULKIFLI HASAN
Shari`ah-compliant Pensions for UK Muslims
Shari`ah-compliant Pensions for UK Muslims
Available at:
http://ww2.onislam.net/english/news/europe/452636-shariah-compliant-pensions-for-uk-muslims.html
CAIRO – Eyeing to get a share of the booming Islamic finance industry, a British firm has launched a Shari`ah-compliant fund to enable Muslims to save for retirement, the Zawya website reported.

“We developed this product because we realized that there were no Shari`ah compliant registered pension schemes in the UK that supported Islamic wealth management,” Jo French, managing director of Pointon York, told The Islamic Globe.
Launched by Pointon York, a UK-based financial advisory company, the self-invested personal pensions (SIPP) allow British Muslims to save for retirement in compliance with religious and ethical principles.
Point York is the first firm to get Shari`ah-compliant accreditation by the Islamic Bank of Britain (IBB).
“People are being alerted to the risks of not putting enough aside in pensions for their retirement,” said Sultan Choudhury, the commercial director of IBB, according to The Independent.
The fund offers four products, one of which is the corporate SIPP, which is made up of three tiers to allow an extensive and varied range of investments.
The first level is the e- SIPP, which is a simple product aimed at individual savers who want to manage their pension investments online.
A second level is the Single Investment SIPP, a straightforward SIPP for clients wishing to invest in a single asset.
The third individual SIPP serves more sophisticated investors through a fully flexible SIPP allowing an extensive and varied range of investments.
Accordingly, investors will be able to save in a self-invest personal pension and choose from a range of Shari`ah-compliant assets. These could include cash, funds and property.
Savers will also be able to enjoy tax relief on their pension contributions.
Britain is home to a sizable Muslim minority of nearly 2 million.
Growing Demand
The new fund is aimed to fulfil a growing demand for Muslims for Shari`ah-compliant products.
“As we developed the SIPP product we realized that many of the ethical concerns of our existing, non-Muslim clients were reflected in this Shari’ah compliant product,” French, the managing director of Pointon York, said.
Despite the presence of five Islamic banks, Britain’s retail Muslim market has been underserved for Shari`ah-compliant products and savings vehicles for a number of years.
“Retirement planning has been neglected because, among other reasons, the specific needs of Muslims have not been addressed,” Choudhury of the IBB said.
The IBB will monitor the SIPPs to ensure they do not invest in non Shari`ah- compliant markets such as gambling and tobacco.
Islam forbids Muslims from usury, receiving or paying interest on loans.
Islamic banks and finance institutions cannot receive or provide funds for anything involving alcohol, gambling, pornography, tobacco, weapons or pork.
Shari`ah-compliant financing deals resemble lease-to-own arrangements, layaway plans, joint purchase and sale agreements, or partnerships.
Investors have a right to know how their funds are being used, and the sector is overseen by dedicated supervisory boards as well as the usual national regulatory authorities.
The Shari`ah-compliant system is now being practiced in 50 countries worldwide, making it one of the fastest growing sectors in the global financial industry.
Starting almost three decades ago, the Islamic banking industry has made substantial growth and attracted the attention of investors and bankers across the world.
A long list of international institutions, including Citigroup, HSBC and Deutsche Bank, are going into the Islamic banking business.
Currently, there are nearly 300 Islamic banks and financial institutions worldwide whose assets are predicted to grow to $1 trillion by 2013.
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ZULKIFLI HASAN
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June 14, 2011
DR. ZULKIFLI HASAN
Singapore officials rue low understanding of Islamic finance among investors
Singapore officials rue low understanding of Islamic finance among investors
By MUSHTAK PARKER | ARAB NEWS Available at:
http://arabnews.com/economy/islamicfinance/article453485.ece
It has almost become a ritual that there has to be some sort of announcement either by the government, regulator or a financial institution at international conferences on Islamic finance.
Singapore is no exception. Not surprisingly, Lim Hng Kiang, Minister for Trade and Industry, who is also the Deputy Chairman, Monetary Authority of Singapore (MAS) (the financial regulator), announced a few days ago at one such conference in the island state that Singapore will in due course issue new income tax regulations for Islamic finance to provide greater tax clarity and certainty to the industry.
He also said the FInance Ministry will provide additional clarification and detailed explanation of the income tax treatment on more prescribed Islamic financing arrangements including financing through a partnership arrangement, project finance as well as interbank placement of funds.
“This is in keeping with our long-standing principle that Shariah-compliant products should not be disadvantaged in terms of regulatory and tax treatment where the economic substance and risks are similar to conventional products.”
It is no secret that Singapore aspires to be a global hub for Islamic wholesale banking services, asset management and capital markets.
MAS has over the last few years facilitated the development of Islamic finance in Singapore’s financial markets, which in recent times has seen several sizeable cross-border transactions, including the world’s first Shariah-compliant data center fund (Securus Data Property Fund), the listing of the world’s largest Islamic Real Estate Investment Trust (Sabana Shariah-Compliant REIT) on the Singapore Exchange, as well as Khazanah Nasional’s controversial S$1.5 billion Sukuk — the largest Singapore Dollar Sukuk to date.
Minister Lim Hng Kiang predictably raised the usual issues of challenges relating to taking the Islamic finance industry forward — the need for further standardization and harmonization of both regulatory and Shariah standards and documentation across the Middle East and Asia to increase efficiency and certainty; easier cross-border offering of financial products that would reach a wider investor base and reduce transaction costs; and would foster better risk management by ensuring that risks are clearly identified and appropriately mitigated between financial institutions and other relevant partners.
Similarly, regulators need to ensure that the legal and regulatory regimes remain robust in ensuring the safety and soundness of markets and institutions, and yet conducive for Islamic finance to grow at a sustainable rate.
At the same time, the industry needs to meet the human capital challenge especially given the rapid growth of the industry in which the demand for financial, accounting and legal professionals who are conversant with Islamic finance will rise.
But if Minister Lim Hng Kiang had been present at the seminar on ‘Strategies for Development of Islamic Capital Markets’ which was organized by the Islamic Financial Services Board (IFSB), the prudential and Supervisory standard setting body for the global Islamic finance industry, in Singapore just a week earlier, he would have heard a different take on the reality of the Islamic finance challenge in Singapore and other East Asian markets.
Similarly, for new IFSB Secretary-General Jaseem Ahmed, it should also be a wake-up call as to the sustainability and expansion of the Islamic finance proposition even in major international financial centers such as Singapore, Hong Kong, Luxembourg and London.
Indeed, Tai Boon Leong, Executive Director, MAS, at the IFSB seminar, rightly reiterated that the progress on Islamic finance in Singapore achieved so far has been encouraging, especially for a small but internationally-orientated market, where a wide range of Islamic financial instruments and products had already been launched.
He, however, acknowledged that “the frequency and size of these instruments and transactions are low and smaller than their conventional equivalents,” however, “these deals underscore that there are no regulatory or market impediments to their origination in Singapore.”
The level of activity (or inactivity), he stressed “can be partly attributed to the low understanding and awareness of Islamic financing structures” (amongst investors, corporates and financial institutions) in Singapore.
“The Middle East and Asia,” he advised, “continue to present attractive opportunities. Both regions need to work closer together to achieve greater synergy and accelerate the global growth of Islamic finance. Singapore will play its part in this international effort together with our regional and industry partners.”
Tax neutrality whether for income, stamp duty or any other financial products — be they Islamic or conventional — is always welcome.
But in terms of building market confidence, especially in the targeted Islamic Capital Market (ICM), both the Minister and the executive director were conspicuous in not mentioning the dreaded ‘double S’ words ‘Sovereign Sukuk’. Imagine the impact it would have made on both events had the Singapore government announced that it may go the wholesale financial market to raise funds for a sovereign Sukuk during 2011 or early 2012.
Alas, there was no such announcement.
MAS launched the country’s first sukuk facility in 2009 to enable Islamic financial players in Singapore to meet their capital and liquidity requirements. The MAS sukuk is the Shariah-compliant equivalent of Singapore government securities, which meant it qualified as eligible assets under MAS liquidity framework for banks in Singapore. That sukuk, however, was issued under the reverse enquiry mechanism, and specifically designed for Islamic banks and the like to subscribe to it.
There are those who stress that the best way the Singapore government could stress the sustainability of the growth of Islamic finance in the country and region (and at the same time its meaningful commitment to expand Singapore as an ICM hub) is to issue a benchmark sovereign Sukuk (not reverse enquiry) under its normal government notes issuance program and debt management criteria.
The proceeds could be used to finance infrastructure projects or any other relevant government program.
There is also the option of issuing local currency domestic Sukuk like in neighboring Malaysia or as in Bahrain.
Tai Boon Leong of MAS could not have put it more aptly at the IFSB seminar, when he stressed that Islamic financial institutions face a general shortage of high quality Shariah-compliant assets to invest their growing deposit base. He also called for the expansion of the breadth and depth of Islamic capital markets in terms of products and capacity to absorb larger flows from a growing industry.
“Sukuk and other short-term market instruments,” he advised, “are sorely needed to enhance the liquidity available to Islamic finance players. This handicap has plagued the industry since its modern re-birth four decades ago. Liquid instruments such as sukuk allow isolated pools of Islamic funds in certain centers to flow cross-border to seek better returns; thereby unlocking the full international potential of Islamic finance.”
Nobody is suggesting that MAS issue Islamic papers on a regular basis, even though the business case may suggest that this could be an option in any diversified government fund-raising strategy especially since sukuk are now very competitive in the aftermath of the global financial crisis which has also affected the conventional bond market in general.
But one foray into the sovereign Sukuk market is not going to inspire that much confidence in international investors, especially when sukuk arrangers seem to be crying out for more AAA-rated sukuk issuances and the recently-established International Islamic Liquidity Management Corporation (IILM) has the unenviable mandate of issuing a pool of AAA-rated sukuk backed by asset pools owned by sovereign or quasi-sovereign entities to stimulate short-term liquidity management for the global Islamic finance industry.
This is the message not only to non-Muslim jurisdictions such as Singapore, UK and Luxembourg, but also for Muslim countries per se. In fact, Malaysia is the only country that has issued two global sovereign sukuk (not including the sukuk issued by its sovereign wealth fund, Khazanah Nasional or domestic issuances), and reports suggest that Kuala Lumpur has already mandated a group of banks to arrange its third international Sukuk.
No wonder there is desperate talk amongst market players and investors about the dearth of a critical mass of highly-rated sukuk, which in turn is partly responsible for the lack of secondary trading, albeit such a culture is only starting to reach the Middle East amongst sukuk certificate holders, and the reluctance of global majors to assume the mantle of market maker, a task which has now fallen on the IILM.
It was noticeable that Singapore, one of the first countries outside the OIC to join the IFSB for instance, did not see fit to become a founder member of the IILM especially when countries such as Luxembourg and Mauritius, who both also aspire to be international Islamic capital markets hubs, indeed were. The founding equity subscription is a modest maximum of $10 million.
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ZULKIFLI HASAN
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June 11, 2011
DR. ZULKIFLI HASAN
Tazkiyah al Mal Through Islamic Finance
Tazkiyah al Mal Melalui Kewangan Islam
Pendahuluan
Tazkiyah merupakan proses penyucian yang diperlukan oleh setiap individu mahupun organisasi atau institusi bagi menjamin mendapat kerahmatan, keberkatan dan keredhaan Allah. Tazkiyah melibatkan proses ilmu dan amal bagi mensucikan hati dan membentuk keikhlasan yang menjadi penentu kepada penerimaan hidayat dan nur dari Allah. Melalui aspirasi Tazkiyah ini jugalah berlakunya perkembangan disiplin ilmu tasawwuf sehingga hari ini. Teori berkaitan rindu, ma’rifat, fana’, baqa’ dan persoalan nafs, ruh, `aql dan qalb serta konsep zuhud dan uzlah menjadi metode penyucian jiwa  dan rohani.
Menurut pemerhatian, perbincangan mengenai konsep Tazkiyah banyak memfokuskan kepada aspek al Nafs iaitu penyucian diri atau jiwa. Agak kurang persoalan tentang Tazkiyah al Mal menjadi topik perbincangan yang seharusnya diberi perhatian yang sama. Di samping Tazkiyah al Nafs melalui zikir, amalan ibadah serta amal ma’ruf nahi munkar, Tazkiyah al Mal juga wajib dijadikan keutamaan. Sehubungan dengan itu, artikel ini akan membincangkan secara ringkas mengenai kepentingan Tazkiyah al Mal dan cuba menjelaskan ruang lingkup yang boleh dilaksanakan bagi tujuan ini dalam konteks kehidupan moden masa kini.
Tazkiyah al Mal
Islam menuntut setiap individu mahupun organisasi, institusi termasuk negara untuk melaksanakan proses Tazkiyah al Mal. Imam Shatibi di dalam kitabnya yang masyhur ’al Muwafaqat’ meletakkan al Mal sebagai salah satu daripada maqasid Shari’ah iaitu memelihara agama, aqal, diri, keturunan dan harta atau al Mal. Manusia sebagai pemegang amanah kepada al Mal yang dipinjamkan oleh Allah untuk sementara perlu dipelihara dan menepati sepenuhnya kehendak syarak di mana ianya menuntut satu proses pensucian atau Tazkiyah. Di antara proses Tazkiyah atau pensucian al Mal dalam Islam merujuk kepada perlaksanaan kewajipan zakat dan juga amalan menjauhi riba dan apa-apa perkara yang bersangkutan dengannya. Memandangkan topik riba ini agak kurang diperbincangkan sebagai salah satu metode Tazkiyah al Mal berbanding zakat, penulis mengambil peluang untuk membicarakan secara ringkas dan khusus mengenai Tazkiyah al Mal melalui amalan menjauhi riba dalam kehidupan.
Al Quran telah meletakkan riba sebagai salah satu dosa besar. Jika ditelusuri sejarah penurunan ayat al Quran, ayat terakhir diturunkan kepada Rasulullah Sallalallahualaihiwasallam ialah ayat bersangkutan dengan riba. Jumhur secara umumnya bersetuju bahawa ayat yang mula-mula diturunkan ialah 5 ayat pertama daripada surah al-‘Alaq, surah al-Taubah sebagai surah panjang terakhir, surah al-Nasr surah pendek terakhir dan ayat 275 hingga 281 surah al-Baqarah merupakan ayat terakhir diturunkan . Ini adalah riwayat yang paling rajih di mana ‘Umar dan ‘Abdullah Ibn ‘Abbas mengatakan ayat riba ini diturunkan 9 hari sebelum kewafatan Rasulullah Sallalallahualaihiwasallam sebagaimana yang diriwayatkan juga oleh Sa’id bin Jubayr dan Ibn Jurayj .
Berdasarkan riwayat di atas, secara rasionalnya kewajipan untuk menjauhi segala amalan berkaitan merupakan perkara yang sangat awla dalam kehidupan. Jika diambil analogi seorang yang sedang tenat dan menghampiri maut, sudah tentulah perkara yang paling penting akan diwasiatkan kepada waris. Begitu juga dengan ayat terakhir diturunkan oleh Allah kepada rasulNya sebelum wafat, semestinya peringatan untuk menjauhi amalan riba merupakan satu perkara yang sangat-sangat awla dan perlu diberikan perhatian serius oleh umat Islam. Berdasarkan analogi ini, adalah bermanfaat untuk kita merujuk dan menganalisis ayat 278-279 surah al Baqarah yang bermaksud, ”Hai orang-orang yang beriman, bertakwalah kepada Allah dan tinggalkan sisa riba (yang belum dipungut) jika kamu orang-orang yang beriman” dan ”Maka jika kamu tidak mengerjakan meninggalkan sisa riba, maka ketahuilah, bahwa Allah dan rasul-Nya akan memerangimu. Dan jika kamu bertaubat dari pengambilan riba, maka bagimu pokok hartamu; kamu tidak menganiaya dan tidak pula dianiaya”.
Jika dirujuk kepada asbabun nuzul ayat ini. Abu Ja’far Muhammad bin Jarir Ath Thabary meriwayatkan bahawa kaum Tsaqif, penduduk kota Thaif, telah membuat suatu kesepakatan dengan Rasulullah bahawa semua hutang dan piutang mereka yang ada unsur riba dibekukan dan dikembalikan hanya pokoknya saja. Setelah pembukaan Makkah, Rasulullah melantik Itab bin Usaid sebagai Gabenor Makkah yang juga meliputi kawasan Thaif sebagai daerah administrasinya. Sejak zaman jahiliah, bani Amr bin Umair bin Auf merupakan pihak yang sentiasa meminjamkan wang secara riba kepada Bani Mughirah. Setelah kedatangan Islam, mereka tetap memiliki kekayaan dan asset yang banyak melalui amalan ini. Suatu ketika datanglah Bani Amr untuk menagih hutang dengan tambahan riba dari Bani Mughirah. Namun pada waktu itu, bani Mughirah telah memeluk Islam dan menolak untuk memberikan tambahan riba tersebut. Maka dilaporkanlah masalah tersebut kepada Gabenor Itab bin Usaid. Gabenor Itab menulis surat kepada Rasulullah dan turunlah ayat surah al Baqarah 275-281. Rasulullah lantas menulis surat balasan kepada Gabenor Itab dan mengisytiharkan jikalau Bani Amr bin Umair bin Auf redha dengan ketentuan Allah maka itu baik, tetapi jikalau mereka menolaknya maka Rasulullah akan isytihar perang kepada mereka.
Menerusi pengisytiharan perang oleh Rasulullah Sallalallahualaihiwasallam di dalam riwayat di atas berdasarkan ruh ayat 278-279 surah al Baqarah, dapat disimpulkan bahawa usaha-usaha memastikan setiap harta dan rezeki yang diterima bebas dari riba merupakan salah satu metode pensucian al Mal. Tazkiyah al Mal melalui menjauhi dan mengelakkan dari terlibat dengan riba ini perlu berlaku di setiap peringkat sama ada individu, institusi termasuk negara. Tuntutan ini amat jelas kerana amalan riba telah dibuktikan terdapatnya elemen penindasan, ketidakadilan dan kezaliman.
Secara umumnya, usaha Tazkiyah al Mal melalui pemeliharan harta dari unsur riba perlu dilaksanakan pada setiap transaksi dan aktiviti kehidupan. Di peringkat individu perlu memastikan setiap transaksi muamalat yang di buat bebas dari unsur riba seperti pembiayaan perumahan, kad kredit, peribadi dan kereta. Di peringkat institusi, entiti perniagaan, badan bukan kerajaan, persatuan, kelab, masjid, sekolah, universiti dan apa sahaja bentuk institusi yang lain perlu memastikan akaun dan setiap transaksi yang berlaku perlu dipastikan tiada unsur riba. Begitu juga di peringkat negara di mana kerajaan dan jenteranya seperti kementerian, badan berkanun dan lain-lain wajib berusaha untuk melaksanakan apa sahaja transaksi yang berteraskan Shari’ah. Segala pelaburan, simpanan dan sistem yang digunapakai perlu bebas dari segala unsur riba. Malangnya hingga kini, didapati masih terdapat individu Muslim, institusi perniagaan termasuk persatuan dan badan bukan kerajaan yang dimiliki orang Islam serta institusi kerajaan yang masih mempunyai akaun dan berurusan dengan bank konvensional yang jelas terlibat dengan aktiviti berlandaskan riba. Jika kita menghayati maksud dan pengajaran dari ayat di atas, sesungguhnya kelalaian dan kealpaan dalam melaksanakan tuntutan Allah ini tidak akan berlaku.
Implikasi Ketiadaan Tazkiah Al Mal
Berpandukan kepada pengajaran yang didapati melalui ayat 278-279 di atas, penulis berpandangan bahawa kebangkitan umat Islam yang diimpikan selama ini tidak akan berlaku sepenuhnya jika sistem dan amalan bersangkutan dengan riba masih lagi diamalkan. Malahan ianya tidak mungkin berlaku kerana dengan jelas amalan seumpama ini mendapat kemurkaan Allah dan rasulNya. Kebejatan sosial dan keruntuhan akhlak serta kemunduran umat Islam pada hari ini sebenarnya adalah akibat daripada kurang mendapat rahmat Allah. Hal ini dijelaskan dan diperingatkan oleh Rasulullah di dalam banyak hadis.
(i)	Peringatan oleh Rasulullah Sallalallahualaihiwasallam
•	“Akan datang suatu zaman kepada manusia, mereka memakan riba.” Lalu ada yang bertanya. “Apakah semua manusia wahai Rasullullah ?.” Sabdanya.” Orang yang tidak memakannya namun terkena debunya.” [Riwayat Bukhari dan Muslim daripada Abu Hurairah]
•	Jauhilah tujuh perkara yang membinasakan. Syirik, Sihir, membunuh tanpa hak, makan harta anak yatim, makan riba, lari dari medan peperangan kerana takut dan menuduh perempuan yang suci dengan zina tanpa saksi adil. “ [Riwayat Al-Bukhari dan Muslim.]
•	“Satu dirham riba dosanya lebih berat daripada dosa orang berzina tiga puluh enam kali .” [Hadith Riwayat Muslim]
•	“Riba mempunyai 73 pintu, Riba yang paling ringan (dosanya) seperti seorang lelaki berzina dengan ibunya”. [Hadith Riwayat Ibnu Majah]
Melalui hadis di atas di samping ayat larangan riba, para sahabat dan fuqaha memberi amaran keras tentang azab dan balasan kepada sesiapa yang mengamalkan riba. Ibn Abbas umpamanya berkata: “Akan dikatakan kepada pemakan riba di hari kiamat : “ambillah senjata kamu untuk berperang dengan Allah Subhanahuwataala kerana Allah dalam mengistiharkan atau mengizinkan perang ke atasnya” [Jami Al-Bayan ‘An Takwil Ayyi Al-Quran, At-Tabari, 3/68 ; Ad-Durru Al-Manthur, As-Suyuti, 3/366]. Beliau juga berkata: “Tidak diterima dari pemakan riba ( yang menggunakan harta riba tadi) sedeqahnya, hajinya, jihadnya dan persaudaraannya.” [Al-Jami’ li Ahkamil Quran, Al-Qurtubi, 3/362 ; Az-Zawajir ‘An ‘Iqtiraf al-Kabair , ibid, 1/224]. Imam Malik Bin Anas pula berkata: “Telah ku buka lembaran-lembaran Kitab Allah Subhanahuwataala dan Sunnah Nabi Sallalallahualaihiwasallam dan tidak ku dapati (dosa) yang lebih buruk dari Riba, kerana Allah Subhanahuwataala dalam mengistiharkan atau mengizinkan perang ke atasnya” [Al-Jami’ Li Ahkam Al-Quran, Al-Qurtubi, 3/364 ]. Ini diikuti dan disepakati oleh Imam Abu Hanifah yang mengatakan: “Riba, inilah ayat didalam al Quran yang paling menakutkan.” [Rujuk At-Tabari, Hamisyh An-Naisaburi, 4/73].
(ii)	Bukti ’Empirical’ Peringatan Rasulullah Sallalallahualaihiwasallam
Bukti jelas peringatan Rasulullah dapat disaksikan kepada apa yang berlaku pada umat Islam masa kini. Kemunduran dari aspek ekonomi, pendidikan, teknologi dan lain-lain jelas menunjukkan bahawa umat Islam sebenarnya mengalami krisis dengan Allah Subhanahuwataala. Hipotesis yang disebutkan di dalam al Quran mengenai pengisytiharan perang dengan golongan yang terlibat dengan riba dan hadis Rasulullah yang memberi peringatan keras tentang azab dan implikasinya secara jelas menunjukkan mengapa dan kenapa umat Islam mundur dan ketinggalan dari pelbagai sudut selama ini. Berikut ialah beberapa fakta tentang situasi umat Islam masa kini:-
•	57 negara OIC iaitu 25% daripada jumlah keluasan dunia dan 70% daripada pengeluaran minyak dunia. GDP hanya 4.7% daripada GDP dunia, eksport hanya 7.9% daripada jumlah eksport dunia dan 1.3% daripada perdagangan dunia.
•	51.5% muslim di 26 negara OIC berpendapatan USD2 sehari dan 24.6% kurang dari USD1 sehari.
•	1.8 bilion orang Islam dengan Qatar di tangga pertama pendapatan perkapita di dunia USD83,841 dan Brunei di tangga kelima dengan USD49,110 dan 7 negara OIC diklasifikasi negara pendapatan tinggi tetapi 22 negara diklasifikasikan sebagai ’Low-income countries’ dan ’Heavily Indebted and Poor Countries’.
•	70-85% daripada 1.8 bilion orang Islam diklasifikasikan sebagai ’non-bankable’. 50% hidup di bawah garis kemiskinan dan miskin tegar serta 25% tiada akses pada kemudahan perubatan dan air bersih.
•	GDP negara OIC, melainkan Turki dan Indonesia adalah lebih kecil daripada syarikat di senarai bursa saham di barat. GDP Malaysia pada 2009 hanya USD193 billion, bersamaan dengan “market capitalisation” Google.
•	Daripada 57 negara, hanya ada 500 universiti, bersamaan dengan 1 universiti bersamaan 3 juta muslim dan purata 8.7 universiti setiap negara. Di Amerika sahaja ada 5,758 universiti purata 115 universiti setiap negeri. Negara OIC juga hanya keluarkan 500 PhD setahun berbanding 5,000 di UK.
Tazkiah al Mal Melalui Kewangan Islam
Setelah jatuhnya empayar Turki Uthmaniah  sebagai mewakili pemerintahan kerajaan Islam, hampir semua negara Islam telah dijajah dan yang paling malang ialah sistem ekonomi telah digantikan dengan sistem berpaksikan kepada riba. Kesemua negara hingga kini mengamalkan sistem kewangan berlandaskan riba termasuk negara-negara Islam. Akhirnya setelah tidur sekian lama, kebangkitan Islam yang umumnya bermula pada abad ke 19 telah membuka ruang kepada penghasilan idea ekonomi Islam sebagai salah satu pendekatan untuk memajukan umat. Melalui idea ini, pada 1960an telah tertubuhnya institusi kewangan Islam bebas riba di Mesir dan seterusnya hingga kini terdapat lebih 500 institusi di lebih 75 buah negara di dunia.
Dalam konteks taklif untuk memastikan urusan kehidupan bebas dari unsur riba, Tazkiyah al Mal berbentuk mikro (individu) dan makro (institusi atau negara) perlu menjadi salah satu dari matlamat utama. Melihat kepada zaman kegelapan umat Islam iaitu sewaktu penjajahan imperialis barat, berbanding dengan umat Islam pada waktu itu, kita sebenarnya amat beruntung kerana telah terdapat institusi kewangan Islam yang menyediakan pelbagai instrumen kemudahan kewangan. Oleh itu sebarang usaha ke arah membebaskan kehidupan dari riba perlu dianggap sebagai ibadah dan satu cabang jihad ekonomi yang perlu dilaksanakan. Sheikh Hussain Shahatah di dalam bukunya ’Jihad Ekonomi’ secara jelas menyatakan bahawa jihad ekonomi adalah kefarduan yang telah ditentukan oleh syarak dan keperluan yang dituntut oleh akidah.
Dalam konteks masa kini, kewangan Islam bukan lagi alternatif bahkan ianya merupakan kewajipan kepada umat Islam. Penulis berhipotesis dan berpandangan bahawa kebangkitan Islam hanya akan berlaku secara menyeluruh dan kegemilangan semula umat Islam juga hanya akan tercapai jika dapat membebaskan dari sistem dan transaksi yang berlandaskan riba. Mana mungkin umat Islam akan bangkit semula dan mendapat keberkatan dan rahmatNya jika sistem yang diamalkan merupakan pencetus peperangan denganNya dan rasulNya.
Jika ditinjau perkembangan kewangan Islam, setakat ini sektor perbankan Islam hanya mewakili peratusan kecil sektor perbankan dunia iaitu tidak sampai 1% meliputi saiz US$1 trilion daripada US$232 trilion. Di Malaysia, dengan bilangan penduduk seramai 28 juta di mana 60.4% Muslim, jumlah aset perbankan Islam hanya menjangkau 20% daripada total aset perbankan. Indonesia yang mempunyai penduduk Muslim paling ramai di dunia iaitu 88% daripada 234.6 juta hanya merekodkan 2.9% aset perbankan Islam. Begitu juga di Pakistan dengan 170 juta penduduk, 97% Muslim, aset perbankan Islam hanya mencapai 6.4%. Di Kuwait dengan 3.6 juta penduduk, 100% Muslim, aset perbankan Islam hanya mencecah 34.3%. Di Qatar, dihuni 1.4 juta penduduk, 95% Muslim, merekodkan 19.3% aset perbankan Islam. Arab Saudi dengan 25% jumlah seluruh simpanan minyak dunia mempunyai 26.1 juta penduduk, 100% Muslim, aset perbankan Islam hanya 15.9%. UAE mempunyai 5.1 juta penduduk, 96% Muslim, hanya mencatatkan 14% aset perbankan Islam. Bahrain merekodkan hanya 10.9% aset perbankan Islam. Fakta ini dengan jelas menunjukkan hampir kesemua negara di dunia Islam tidak mengamalkan sistem berlandaskan Shari’ah secara menyeluruh. Hal ini menimbulkan tanda tanya mengenai kesedaran dan keghairahan umat Islam untuk merealisasikan perintah Allah agar menjauhi riba dalam setiap aspek kehidupan.
Di samping melihat kewangan Islam sebagai salah satu mekanisme mematuhi perintah Allah dari aspek larangan amalan riba, tidak dapat dinafikan bahawa terdapat pelbagai kritikan kepada amalan dan perlaksanaannya yang dikatakan tidak memenuhi maqasid Shari’ah dan gagal meningkatkan sosio-ekonomi masyarakat. Ramai juga cendiakawan yang berpandangan produk kewangan Islam mempunyai unsur riba dalam erti kata yang lain dan cenderung kepada sistem ekonomi kapitalis. Namun demikian, perkara ini bukanlah faktor yang boleh melepaskan tanggungjawab kita untuk bertransaksi dengan institusi kewangan Islam. Sekurang-kurangnya endorsemen dari penasihat Shari’ah di setiap institusi kewangan Islam mahupun di peringkat nasional dan antarabangsa termasuk Majma Fiqh Islami dan badan-badan Shari’ah yang lain. Usaha-usaha memperbetul dan mentrasformasikan amalan kewangan Islam melalui kritikan dan proses pentarbiyahan juga merupakan satu tuntutan agama. Ini bertepatan dengan ruh yang terkandung di dalam ayat 55 surah al dhariyat yang bermaksud ”Dan tetaplah memberi peringatan, kerana sesungguhnya peringatan itu bermanafaat bagi orang-orang yang beriman”.
Kesimpulan
Seiring dengan perkembangan semasa dan keperluan kehidupan dalam konteks masyarakat pada hari ini, keperluan kepada instrumen kewangan dan institusi yang bebas dari amalan riba merupakan satu tuntutan yang wajib dilaksanakan. Insan mahupun institusi dan negara yang berjaya menyucikan harta mereka akan mampu melaksanakan tujuan asal penciptaannya iaiatu sebagai hamba Allah dan Khalifah di muka bumi ini. Ayat 278-279 yang memberi peringatan kepada tercetusnya peperangan dengan Allah dan rasulnya kepada golongan yang terlibat dengan riba sudah pastinya menimbulkan kegerunan dan ketakutan kita kepada azab yang dijanjikan. Sudah tiba masanya kita melakukan transformasi dalam kehidupan melalui usaha-usaha untuk memastikan setiap urusan kehidupan yang membabitkan al Mal bebas daripada unsur yang dimurkai Allah. Ini sudah pastinya perlu dimulakan di peringkat individu dan diikuti keluarga, masyarakat, institusi dan negara. Hanya dengan mentaati perintah Allah dan rasulNya kita akan mendapat keredhaan dan seterusnya menjamin al falah di dunia dan akhirat.
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Legal
  Documentation
  in

Islamic
  Finance

Sharing
  Moment

Universiti
  Sains
  Islam
  Malaysia

18
  October
  2016

Zalmanizam
  Mahadi

Development
  Bank
  of
  Malaysia

Special Characteristic of Malaysian
Islamic Finance Legal Framework

Dual Legal Systems

Common Law Shariah

“Islamic Finance Laws shall be applied and
acted upon within existing Common Law

system and authorities of all existing laws
inclusive the court system and procedures”

Clash
  Of
  Convictions:
  Conventional
  Banking
  vs
  Islamic
  Banking
  [2010]
  5
  MLJ
  xi
  -‐

Aishath
  Muneeza,
  Ismail
  Wisham
  &
  Rusni
  Hassan

Pre
  Documentation

Stage

Documentation
  Stage

Pre
  Disbursement

Stage
   Post
  Disbursement

Stage

Post
  Facility
  Stage

[…
  Flow
  Chart
  …]

Know
Your

Custom
er

Evaluatio
n

Structure
the

Facility

Structure
the

Security

Approva
l

Pre Documentation Stage

Know
  Your
  Customer

Kn
ow

  Y
ou

r
  C
us

to
m
er

Person

Artificial
  Person

Company

Society/
Association

Statutory
  Body

Reporting
  Agency

Central
  Credit
  Reference
  Information
  System

(CCRIS)
  Report
  (Sample
  Report)

RAM
  Credit
  Information
  (RAMCI)
  Report
  (Sample
  Report)

Winding
  Up
  &
  Bankruptcy
  Search

Company
  Search

Company
  Search

Company
  Search

Structuring
  the
  Facility

Conventional

Term
  Loan

Bank
  Guarantee/

Advance
  Payment
  Guarantee

Letter
  of
  Credit

Factoring

Leasing

Bridging
  Loan

Bonds

Islamic

Bai
  al
  Innah

Murabahah

Musyarakah

Ijarah

Mudharabah

Dayn

Kaffalah

     TAWARRUQ FINANCING - STRUCTURE - SAMPLE

COMMODITY

SUPPLIERS

[T1]
  Upon
  receiving
  undertaking
  from
  the

  Customer
  ,

BPMB
  purchases
  the
  commodity
  from
  supplier

registered
  under
  BSAS.
  (Owner
  :
  BPMB/Financier)

System
  :
  BSAS

Forms
  :

  TWF
  P1
  (Notice)

  TWF
  P2
  (Request
  to
  purchase)

  TWF
  P3
  (Indemnity
  to
  purchase)

  TWF
  P4
  (Instruction
  CM
  to
  Treasury)

[T2a]
  BPMB
  sells
  the
  commodity
  to
  the
  Customer
  on

deferred
  term
  (selling
  price)
  Cost
  Plus
  Profit
  based
  on

Bai’
  Murabahah
  concept.
  (Owner:
  Customer/
Purchaser)

  System
  :
  BSAS

Form
  :
  TWF
  Akad
  (New)

[T3]
  The
  Customer
  appoints
  BPMB
  as
  an
  AGENT
  to
  sell
  the

commodity
  to
  BSAS
  for
  cash.
  (Owner:

  BSAS
  Purchaser)

System
  :
  BSAS

Forms
  :

  TWF
  S1
  (Request
  to
  sell)

  TWF
  S2
  (Indemnity
  to
  sell),

  TWF
  S3
  (Instruction
  CM
  to
  Treasury)

[T2b]The
  deferred

selling
  price
  shall
  be

payable
  by
  Customer

on
  installment
  basis
  or

lump
  sum
  for
  stipulated

time
  by
  using
  payment

schedule
  and

acknowledge
  by

Customer

System
  :
  ELMS-‐BPMB

Doc
  :
  Payment

Schedule

CUSTOMER

WAKALAH-‐SELL

Structuring
  the
  Security

Guarantee

Undertaking

Person

Debenture

Charge

Lienholder

Caveat

Property

Assignment

Rights

Pre Documentation Stage
Pr

od
uc

t
O

ff
er

ed

• Shariah
Compliance

• No inter
conditional

• No Pre
Signing

Pi
lla

rs
 &

 V
al

id
it

y
of

 t
he

 C
on

tr
ac

t • Purchaser/
Seller;

• Asset(s);
• Amount
• Transferable
• Ownership
• Deliverable
• Valuable
• Determine

• Price;
• Clear under
one price

• Clear on the
period
repayment

• Aqad

Pr
oh

ib
it

ed
 E

le
m

en
ts

•  Illegality
(Financing
Activities,
Transaction
Asset &
Financing
Asset)

• Falsehood
(batil);

•  Illegal
conditions;

• Mixed
business;

A
llo

w
ab

le
 F

ee
s

&
 C

on
di

ti
on

s • Ujrah
• Ta’widh
• Gharamah;
• Takaful

Se
cu

ri
ty

 C
on

di
ti

on
s • Charge;

• Assignments;
• Memorandum
of Deposit;

• Guarantee;
• Debenture
• Undertaking

Issuance of
Letter of Offer

Appointment of
Solicitor

Drafting Facility
and Security
Instruments

Finalizing and
Execution of the

Instruments

Stamping,
Registering and
Perfecting the
Instruments

Conditions
Precedent

Compliance

Documentation Stage

Letter
  of
  Offer

Conditional

Contract

Drafting Facility and Security Instruments

Conventional
  Loan

• Loan
  Agreement

Bai’
  Istisna’

• Master
  Facility
  Agreement

• Istisna’
  Sale
  Agreement

• Istisna’
  Purchase
  Agreement

Bai’
  Innah

• Master
  Facility
  Agreement

• Property
  Purchase
  Agreement

• Property
  Sale
  Agreement

Drafting Facility and Security Instruments

Bai’
  Murabahah

• Master
  Facility
  Agreement

• Murabahah
  Sale
  Agreement

• Murabahah
  Purchase
  Agreement

Ijarah

• Master
  Facility
  Agreement

Tawarruq

• Master
  Facility
  Agreement

Effect of the Void Instruments

Tan
  Sri
  Abdul
  Khalid
  Ibrahim
  v
  Bank
  Islam
  Malaysia

  Berhad
  [2009]
  6
  MLJ
  416
  HC

• “…
  Learned
  counsel
  contends
  that
  the
  mode
  of
  execution
  of
  APA
  and
  ASA
  was
  improper

because
  Tan
  Sri
  Khalid
  was
  made
  to
  sign
  both
  agreements
  first
  before
  they
  were
  passed
  back

to
  be
  completed
  by
  the
  bank.
  There
  was
  therefore
  no
  separation
  of
  the
  APA
  with
  the
  ASA
  and

no
  distinction
  in
  term
  of
  time
  of
  execution
  as
  required
  under
  the
  said
  ruling
  of
  the
  SAC.
  As

such
  there
  was
  no
  complete
  sale
  of
  shares
  to
  the
  bank
  under
  the
  APA
  before
  the
  bank
  can

resell
  shares
  to
  Tan
  Sri
  Khalid
  in
  the
  ASA.
  To
  my
  mind,
  this
  issue
  is
  based
  on
  mere
  technicality

and
  a
  trivial
  one.
  The
  consensus
  between
  parties
  has
  been
  arrived
  at
  the
  point
  the
  letter
  of

offer
  was
  accepted
  by
  Tan
  Sri
  Khalid.
  The
  agreement
  to
  be
  bound
  is
  subject
  to
  the
  formalities

of
  the
  execution
  of
  various
  documents.
  Signing
  of
  the
  written
  agreements
  is
  to
  formalise
  and

to
  translate
  the
  consensus
  of
  parties
  in
  the
  terms
  clearly
  agreed
  upon.
  Besides,
  it
  has
  always

been
  a
  practice,
  for
  the
  borrower
  to
  affix
  signatures
  on
  all
  banking
  documents
  before
  the
  bank

execute
  the
  same,
  and
  it
  is
  rather
  inconceivable
  to
  suggest
  that
  it
  can
  affect
  the
  validity
  of
  the

contract.
  Furthermore,
  a
  written
  confirmation
  from
  the
  bank’s
  own
  Shariah
  Council
  in
  exh
  GN4

confirmed
  that
  the
  mode
  employed
  for
  the
  execution
  of
  the
  documents
  in
  the
  present
  case
  is

in
  order
  and
  has
  no
  bearing
  from
  Shariah
  perspective.
  With
  seven
  sets
  of
  APA
  and
  ASA

documents
  signed
  in
  the
  same
  manner,
  the
  parties
  would
  have
  condoned
  and
  accepted
  such

practice.
  As
  such,
  I
  fail
  to
  see
  how
  these
  agreements
  will
  not
  be
  binding
  on
  parties
  merely

because
  they
  are
  signed
  without
  following
  orders
  of
  precedent,
  when
  after
  entering
  into
  the

seven
  sets
  of
  transaction
  the
  defendant
  never
  protests
  or
  raises
  any
  issue.”

Effect of the Void Instruments

Maybank
  Islamic
  Berhad
  v
  M-‐10
  Builders
  Sdn
  Bhd
  &
  Anor
  [2015]
  3
  CLJ
  526
  HC

• It
  was
  held
  that,
  if
  the
  murabahah
  contract
  contradicts
  the
  Shariah
  principles
  and
  the

basis
  tenets
  of
  the
  financing
  based
  murabahah,
  the
  murabahah
  Facility
  was
  declared

null,
  void
  and
  unenforceable

Documents
Compilation

Solicitor to
Advice
Release

Satisfaction
on the

Documents

Verification on
the Terms by
Compliance

Verification on
the Amount

Disburse

Pre Disbursement Stage

Documentation & Pre Disbursement
Stage

Correct Instrument Used
• Master Facility Agreement;
• Asset Sale/Purchase Agreement;
• Wakalah Agreement;
• Ancillary instruments;

Pillars & Validity of the Contract
• Purchaser/ Seller;

• Asset(s);
• Price;
• Aqad.

Sequence & Transaction Documents
• Agency Agreement prior to purchase;
•  Invoice Date;
• Agency Agreement prior to sell;
• Commencement of lease.

Prohibited Elements
•  Illegality (Financing Activities, Transaction Asset & Financing Asset);

• Falsehood (batil);
•  Illegal conditions;
• Mixed business;

Post Disbursement Stage

Repayment
Monitoring

Project Monitoring

Compliance of the
Agreed Covenants

Post Disbursement Stage

Monitoring
No breach of the agreement

Repayment shall not exceed
Sale Price

Prevent any unnecessary fees

To monitor on illegal activities

Keep insure/takaful coverage

To monitor on any rescheduling/
restructuring

Non-Performing Loan

Reschedule

Rescheduling

repayment
  tenure
  &

installment
  amount

Restructure
  Restructure
  the

entire
  facility

Termination
   Termination
  of

the
  facility

Settlement

Shariah Non-Compliance (”SNC”)

   ISSUES
  DETECTED

   POTENTIAL
  SNC

ISSUES
  TABLE
  TO

SHARIAH
  ADVISORY

BOARD

ACTUAL
  SNC

   RECTIFIABLE

REPORT
  TO
  BNM

   RECTIFY

Effect on Shariah Non-Compliance (”SNC”)

Financial
Impact

• Total
  Loss;

• Derecognize
  Profit;

• Fine;

Reputable
Impact

• BNM
  Reprimand;

• Public
  Assumption;

Shariah Personnel

Shariah
Advisor
yBoard

Shariah
Departme

nt

Shariah
Audit

Shariah
Complian
ce Review

Shariah
Risk

Managemen
t

Shariah

Advisory

Board

Responsible
  and

accountable
  for

all
  shariah

decisions,

opinions
  and

views

To
  advise
  Board

and

Management
  on

Shariah
  matters

To
  validate
  and

endorse
  on
  the

Islamic
  products,

services,
  policies

and
  procedures

To
  confirm
  and

form
  an

independent

opinion
  on

Shariah

To
  advise
  the

bank
  to
  consult

Shariah
  Advisory

Council
  BNM

Shariah

Department

Shariah

Advisory

Research
  &

Secretariat

Shariah

Transaction

Product

Development

Responsible
  for
  providing

Shariah
  Advice
  and
  consultancy

to
  relevant
  stakeholders

Responsible
  for
  performing
  in-‐
depth
  Shariah
  research
  and

studies
  in
  Shariah
  issues

identified
  from
  time
  to
  time

Responsible
  for
  reviewing
  and

vetting
  through
  the
  relevant
  legal

&
  non-‐legal
  documents

Responsible
  to
  develop
  new

Islamic
  products

Shariah
  Audit

Provides
  independent
  assurance
  on
  the

effectiveness
  of
  the
  internal
  control
  system

and
  related
  policies
  &
  procedures

Shariah
  Compliance

Review

Ensuring
  the
  activities
  and
  operations
  are

Shariah
  compliance
  including
  examine
  &

evaluating
  level
  of
  shariah
  compliance,
  remedial

rectification
  measures
  on
  non
  compliance
  and

control
  mechanism
  to
  avoid
  recurrences

Shariah
  Risk
  Management

To
  facilitate
  a
  systematic
  and
  consistent

approach
  in
  managing
  shariah
  non-‐compliance

Thank you

zalmanizam@bpmb.com.my
  /
  zalmanizam.mahadi@gmail.com


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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
My Selected Publication
My selected publications consist of all my academic writings in the form of books,chapters and articles in book, conference proceedings, working papers and articles in magazine and newspaper.
The Future of Islamic Finance

Membina Generasi Kelas Dunia Madrasah Idrisiah

Ijtihad, Legitimasi, Fiqh Siyasi dan Ilusi

Commentaries on the Draft of Islamic Finance Undergraduate

Reflection on the Young Muslim Intellectuals in South East Asia Programme

Does Islamic Islamic Financial Institutions Need to Pay Zakat?

Islamic law of Inherintance in Malaysia

The Position of Al-Quran As a Source of Law under the Malaysian Legal System

Optimising Uqud In Financial Services: A Case Study of The SME Bank.

Ahmad Ibrahim, Sumbangan dan Pemikirannya Dalam Perlaksanaan Sistem Perbankan Islam di Malaysia

Undang-Undang Produk Halal Di Malaysia: Isu Penguatkuasaan Dan Pendakwaan

A Challenge of Globalization to Muslims Youth

Metod Ibnu Al-Arabi dalam Kitab Tafsir “Ahkam Al-Quran” dan Hubungannya Dengan Metod Pentafsir Masa Kini

The Future of Islamic Financ

The Investment Of Waqf Land As An Instrument Of Muslims’ Economic Development In Malaysi

Corporate Governance Of Islamic Financial Institutions

An Overview of the Islamic Law of Property in Malaysia

Zakat Instrumen Penyumbang Pembentukan Usahawan

The Effectiveness of the Legal Framework of Islamic Banking System in Malaysia

Stakeholders Model of Governance in Islamic Economic System: Revisit

Akauntabiliti Akademia

Commentaries on the IFSB Exposure Draft Guiding Principles on Shari’ah Governance System

Adult in Higher Education

Interview With Hawkamah, the Institute for Corporate Governance, Dubai International Financial Centre, United Arab Emirates

Risk Management and Corporate Governance in Islamic Financial Institutions

Islam and Malay under the Constitution

Shari’ah Governance and the Effect of the Central Bank of Malaysia Act 2009

Questions and Answers on the BBA Financing Facilities in Malaysia

Miracle of Ramadhan (Ramadhan Article Edition)

Zakat: The Most Neglected Obligation

Tenth Malaysia Plan from Regulatory Perpesctive

Malaysian Courts System

Surah Yusuf verse 43-49, Tenth Malaysia Plan and “Buku Jingga”

Dinar and Dirham: Strength and Practicalit

Kewangan Islam Sebagai Medan Dakwa

Tazkiah al Mal Melalui Kewangan Isla
m

Antara Belanjawan Negara dan Belanjawan Alternatif 20

Shariah Criminal Offence (Hudud and Qisas) Enactment (State of Terengganu): Its Impact on People of Terengganu with Special Reference to the Federal Constitution

Refining the Misconception of Apostasy in Islam

Menelusuri Literatur Sirah Nabi Muhammad Sallallahualaihiwasallam

Benefiting the Social Media for the Sake of Da’wa

Tentangan Pelaksanaan Syariah di Malaysia: Antara Kefahaman dan Tohmahan

Ke Mana Arah Tuju Kewangan Isalm

Quest for Meaning in Hijaz

Yusuf Al Qaradhawi As a Public Intellectual

Characteristics of Money from Fiqhi Perspective

Sovereign Debt

Medical Negligence from Shariah and Legal Perspectives

Innovation and Creativity in Infaq or Giving in the Way of Allah

Window dressing and Scholars Wannabes

Peranan Kewangan Islam Dalam Industri Halal

Kronologi Pengiktirafan Program Sarjana Muda Syariah dan Undang-undang

Memaknai Kehidupan Sebagai Penuntut Ilmu

Visiting Research Scholar Fulbright Experienc

FAQ Hudud

Pasca Islamisme Gerakan Islam

Bicara Anak Mud

I have a Dream

KEBANGKITAN ISLAM GELOMBANG KEDUA

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20 thoughts on “My Selected Publication”
nurul huda says:
October 13, 2008 at 3:50 am

salam.

boleh saya tahu bila tahun publication ini; “An overview of the islamic law of property in malaysia”  ? saya ingin menggunakannya sebagai rujukan literature review saya tentang topik faraid.

terima kasih.

nurul huda ismail
i.nurulhuda@yahoo.com.my

Reply

Isa says:
December 1, 2015 at 2:36 am

Salam Nurul @ Dr Zulkifli, May I get the ref for article titled ” AN OVERVIEW OF THE ISLAMIC LAW OF PROPERTY IN MALAYSIA”? I want to cite it in my thesis.

Many thanks

isa.

Reply

maryama
says:
January 14, 2009 at 6:13 pm

help me i am a student.i need some data for completion of my project.principle of limited company,joint stock company,islamic corporation islamically.

Reply

ZULKIFLI HASAN says:
January 14, 2009 at 9:09 pm

Salam,

You may refer to Nyazee, I.A.K. (2006). Islamic Law of Business Organization Partnerships. Petaling Jaya, Selangor: The Other Press Sdn. Bhd.

Nyazee, I.A.K. (1998). Islamic Law of Business Organization Corporations. Islamic Law and Jurisprudence, Volume 2. Islamabad: The Islamic Research Institute Press.

Although the concept of partnership in the form of musyarakah or mudharabah is well known since in the early period of Islam, it is found that there is less discussion on a concept akin to the corporation . In fact, Kuran, (2005) writes that the corporation was absent from the Middle East until the nineteenth century . One of the reasons is that the role of unincorporated trust or waqf which is able to stimulate the economy and provided additional fund to the state and therefore less demand for commercial or financial organizations in the form of corporation is needed for sake of boosting tax revenue .  Only in 1851, in Istanbul, the first Muslim-owned joint-stock company of the Ottoman Empire known as the Sirket Hayriye, a marine transportation company, was established with 2,000 tradable shares.  The largest shareholder of the Sirket Hayriye was Sultan Abdul Mecit followed by the government officials and prominent financiers (Kuran, 2005: 785-786).

It is contended that the corporate form of business organization with a separate legal entity does not appear directly in the classical fiqh discussions by Muslim jurists.  Vogel, (2006: 133-134, 167-169) mention that classical Islamic law only discusses a concept of partnership and not modern companies with an artificial personality. Nevertheless, such contention is not truly accurate as the Muslim jurists have already accepted a concept of corporation known as Shahsiyah I’tibariyah (fictitious person) based on principles of qiyas (analogy) and istihsan (equity) or masalih mursalah (public interest) (Ghazali, 2005:456). In fact, the existence of public treasury (Bayt al-Mal) and Waqf implies the recognition on the concept of corporation with separate legal entity. Although there was no corporation during the time of the Prophet Muhammad, the notion of such concept has already existed in the form of limited partnership or Syarikah al-Inan where the shareholders may sell their shares in the market and their liability is limited . In addition, the structure of joint-stock-company is a variation of the concept of mudharabah where it acknowledges the notion of separation of ownership and control (Abdul Rahim. 1998: 60-61) .

Nyazee, (2006: 297-301) clearly states that the earlier Muslim jurists were fully aware of the concept of corporate personality but they rejected it for the system they were dealing with. He further mentions that most of Muslims modern scholars claim that this concept was known to Islamic law and only some of the scholars are doubtful on this position. Nyazee, (1998) views that the legal personality did exist in an undeveloped form as contained in the principle of aqila .  In term of appropriate model of corporation, he proposes that the Islamic corporation to be based on the principle of wakala. Dien, (2001: 329-331) in his commentaries on Nyazee, (1998) states that the concept of corporate legal personality can be found in the institution of bayt al-mal (Muslim Treasury) or awqaf  and the system of aqila whereby the former refers to private corporation and the latter refers to public corporation .

Reply

ahmed amin says:
October 13, 2009 at 10:31 am

pls assist me with ur articles on islamic finance

Reply

yasir says:
June 26, 2012 at 3:11 pm

Salem Aleikum Dr. Hasan,

I was wondering in which year the following article was written because I need references for my master thesis.  This is the article: The Effectiveness of the Legal Framework of Islamic Banking System in Malaysia.

Thanks in advance.

Kind regards,

Yasir

Reply

DR. ZULKIFLI HASAN says:
June 27, 2012 at 1:44 am

Hasan, Z. (2006). The Effectiveness of the Legal Framework of the Islamic Banking System in Malaysia, National Seminar In Islamic Banking and Finance, Islamic Science University of Malaysia, 29-30th August 2006.

Reply

Amal Zaira Dianza
says:
September 7, 2012 at 9:03 am

Assalam Dr, saya nak dapatkn reff utk penerbitan bertajuk: Undang-Undang Produk Halal Di Malaysia: Isu Penguatkuasaan Dan Pendakwaan, terima kasih.

DR. ZULKIFLI HASAN says:
September 9, 2012 at 3:15 pm

25.	Hasan, Z. (2007). Undang-Undang Produk Halal Di Malaysia: Isu Penguatkuasaan Dan Pendakwaan. Law Convention: Issues on Enforcement and Prosecution, Islamic Science University of Malaysia, 11th-12th August 2007.

Azie A.R. says:
November 22, 2012 at 12:45 pm

Salam Dr,

Appreciate if you can provide info on this publication; A Challenge of Globalization to Muslims Youth.  I would like to cite them for my MA dissertation.

Thank you, Azie

Reply

ain says:
December 10, 2013 at 6:23 am

As salam…Dr Zulkifli ..saya dan rakan saya sedang melaksanakan projek tahun akhir yg bertajuk risiko kredit dalam perbankan Islam…dalam ckop yg lebih kecil berkenaan faktor yg mempengaruhi risiko kredit…Boleh tk Dr tolong bg contoh pembolehubah yang berkaitan…Terima kasih

Reply

Zulaipa Ruzulan says:
March 14, 2014 at 5:56 am

As Salam Dr, Boleh Dr, provide kan rujukan artikel Dr. yang bertajuk, “The Position of Al-Quran As a Source of Law under the Malaysian Legal System”.  Sekian , terima kasih

Reply

DR. ZULKIFLI HASAN says:
March 24, 2014 at 1:30 am

Hasan, Z. and Ab Rahman, A. (2005). The Position of Al-Quran as a Source of Law under the Malaysian Legal System. International Seminar on Al-Quran, Islamic Science University of Malaysia, 19th-20th September 2005.

Reply

Zulaipa Ruzulan says:
June 1, 2014 at 7:11 am

Terima kasih Dr.

masturah mokhtar says:
March 19, 2014 at 9:17 am

Salam Dr.

boleh sya tahu tahun publication tajuk “islamophobia”?
masturah.casablanca@gmail.com

Reply

DR. ZULKIFLI HASAN says:
March 24, 2014 at 1:29 am

Hasan, Z. (2014). Fiqh Isu Semasa. KUala LUmpur: ABIM. (pp 2-22).

Reply

Norafidah says:
July 6, 2015 at 10:10 am

Assalamualaikum Dr,

Boleh saya dapatkan reference untuk article ” Sumbangan Intelektual Islam Dalam Seni”? Terima kasih Dr.

Reply

Isa says:
December 1, 2015 at 2:42 am

Salam Dr Zulkifli,

May I know how to cite your paper titled “An overview of the Islamic law of property in Malaysia”?

Many thanks

Isa

Reply

Zaid says:
December 23, 2015 at 8:23 am

Salam Dr,

Appreciate if you could guide me on how to cite your paper titled:

KRITIKAN PELAKSANAAN KEWANGAN	ISLAM: REALITI DAN CABARAN

Thanks.

Reply

DR. ZULKIFLI HASAN says:
December 25, 2015 at 2:01 pm

9.	Hasan, Z. (2013). An Analysis on Islamic Finance Critiques, Journal Muamalat, 5, 97-109.

Reply
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ABSTRACT

The Ma‡nƒn of al-Ghaz~l‚:
A Critical Edition of the Unpublished Major Ma‡nƒn

with Discussion of His Restricted, Philosophical Corpus

M. Afifi al-Akiti, Worcester College, Oxford
D.Phil. thesis submitted in Michaelmas 2007

How medieval Islamic authors produced a religiously acceptable synthesis of the Greek
philosophical/scientific traditions and the established Muslim religious disciplines is very
important for the whole subsequent history of Islam.  The work of al-Ghaz~l‚ (d.
505/1111), a leading religious scholar and philosopher of the twelfth century (and of all
periods of Islamic thought), provides an outstanding example.  The thesis investigates his
esoteric philosophical writings, the Ma‡nƒn, previously unstudied as a corpus, and
identifies and interrelates the authentic writings that this difficult and complicated oeuvre
comprises.  In that process, the problems of the Maq~‰id(s) and the “Qaw~`id al-`aq~|id”
are resolved.  Problems of authorship, textual transmission, structure, and contents of the
Ma‡nƒn had formed a strong barrier against scholarly use of those works, but the Ma‡nƒn
has now been placed within the authenticated body of al-Ghaz~l‚’s work.  The first
critical edition of the most advanced and technically philosophical manual among the
Ma‡nƒn works, the Major Ma‡nƒn, is presented here along with a survey of most of the
unpublished manuscripts of the corpus.
 The worst gap in Ghaz~lian scholarship has been filled.  The Ma‡nƒn corpus can
now be used in contextualizing and assessing al-Ghaz~l‚’s philosophical endeavours and
his career overall, and it will enable much more accurate analysis of the role of the
rational tradition in Muslim thought.  The Ma‡nƒn shows how al-Ghaz~l‚, who belonged
to the Ash`ar‚ school of theology (kal~m) and is famous in the Islamic world for being the
refuter of the Greek-derived philosophical and scientific tradition in Islam (falsafa), made
effective use of Aristotelian ideas from—especially and extraordinarily—the Metaphysics
and the De Anima, as modified by the Peripatetic thinker, Avicenna (d. 428/1037). In the
Ma‡nƒn, al-Ghaz~l‚ demonstrates how greatly his theologizing came to rely on the
philosophical and scientific tradition even while it continued to be expressed in
traditional, religious terms.  His Ma‡nƒn project reveals the ways of intellectual synthesis
in medieval Islamic culture and society and illuminates the history of philosophy and
science, religion and secular culture there—not least by showing that philosophy/science
and religion were mutually relevant and interactive in a rich variety of ways.  Easy
generalisations are not profitable here; and individual, densely contextualised studies are
what are valuable.


AlHuda Center of Islamic Banking and Economics

 AlHuda CIBE International Events/Trainings Calendar September – December, 2023

Sr.
#

Topic Date Country

September

1 Specialized Training on Islamic Banking for Regulators 07 - 08 UAE

2 Exposure Visit and Executive Training on Islamic Banking & Takaful 12 - 15 Turkey

3 One Day Specialized Training on Islamic Fintech 26 Online

4
Two days Specialized Training on Operational, Technical and Shariah Aspects
of Islamic Banking and Takaful

25 - 26 Kyrgyzstan

5 Two days Specialized training on Islamic Micro and Agriculture Finance 27 - 28 Online

October

6
Two days Specialized training on Operational, Technical and Shariah Aspects of
Islamic Banking, Takaful and Islamic Microfinance (French Language)

03 - 04 Online

7 Two days Specialized training on AAOIFI Sharaih Standards 05 - 06 Online

8
Two Days Specialized Training Workshop on Islamic Banking, Finance and
Islamic Microfinance

10 - 11 Zimbabwe

9
Exposure Visit and Executive Training on Islamic Banking, Islamic Microfinance
& Takaful

16 - 19 Malaysia

10
Two days specialized training on Islamic Banking and Finance

24 -25
Washington
DC, USA

November

11
Two days Specialized Training Workshop on Basics & Practical Aspects of
Islamic Banking and Finance

01 - 02
Toronto,
Canada

12 11th African Islamic Finance Summit 2023 12 Somaliland

13
Two days Post Event Workshop on Islamic Banking, Islamic Microfinance &
Takaful

13 -14 Somaliland

14 5th Global Takaful & Re Takaful Forum 2023 23 Ethiopia

15
Post Event Workshop on Operational aspects of Interest-Free (Islamic)
Banking, Finance, Takaful and Micro-Takaful

24 -25  Ethiopia

16
Two days Specialized training on Islamic Banking, Finance and Takaful
(Russian Language)

28 - 29 Online

December

17
Two Days Specialized Training on Operations and Practices of Islamic, Banking,
Finance and Islamic Microfinance

10 - 13 Djibouti


Shariah Standards

1

Content

n  Why?
n  Objectives
n  Shariah Standards issued by BNM
n  AAOIFI Shariah Standards

Why?

n  Differences in interpreting Shari’ah has led to a diverse legal and
regulatory landscape as well as diviers practice of Islamic finance.

n  Harmonization is needed :
n  Lack of consensus and consistency in Shari‘ah rulings has created

uncertainties and confusion.
n  the consistent Shari‘ah rulings will stimulate the growth
n  The absence of globally accepted Shari‘ah standards is one of the

factors that impedes the realisation of the full potential of
Islamic finance.

Objectives of Shariah Standards

n  To solve the general confusion created by the
heterogeneous interpretations of the fundamental
Shariah rules resulting in differences in financial
reporting, auditing and accounting treatments by
Islamic banks.

n  To streamline practices and products of Islamic
financial institutions.

n  To serve as a GUIDE for product development as well
as for Shari’ah reviewers, Shari’ah auditors and external
auditors when they review and audit the whole
operations of Islamic financial institutions.

Shariah Standards of BNM
n  Concept Paper on Shariah Parameter Reference 4:

Musharakah Contract
n  Concept Paper on Shariah Parameter Reference 5:

Istisna' Contract
n  Concept paper on Shariah Requirements, Optional

Practices and Operational Requirements of
Musharakah

n  Concept paper on Shariah Requirements, Optional
Practices and Operational Requirements of
Mudarabah

n  Concept paper on Ijarah Istisna’ Concept Paper
on Wadi'ah

n  Mudarabah
n  Musyarakah
n  Concept Paper on Wakalah Rahn (Shariah

Requirements and Optional Practices) -
Exposure Draft

n  Bai' al-Sarf (Shariah Requirements and Optional
Practices) - Exposure Draft

n  Concept Paper on Hibah Concept Paper on
Qard Concept Paper on Wa'd

n   Concept paper on Kafalah
n  Shariah Standard on Mudarabah
n  Tawarruq
n  Murabahah

AAOIFI Shariah Standards

n  Countries where AAOIFI standards are either
mandatory or recommended include:

n  Bahrain, Malaysia, UAE, Saudi Arabia, Lebanon,
Syria, Sudan and Jordan.

AAOIFI Shariah Standards
n  1.TRADING  in Currencies
n  2. Debit Card, Charge Card and Credit Card
n  3. Procrastinating Debtor
n  4. Settlement of Debt by Set-Off
n  5. Guarantees
n  6. Conversion of a Conventional Bank to an Islamic Bank
n  7. Hawalah
n  8. Murabahah
n  9. Ijarah and Ijarah Muntahia Bittamleek
n  10. Salam and Parallel Salam

n  11. Istisna’a and Parallel Istisna’a
n  12. Sharikah (Musharakah) and Modern Corporations
n  13. Mudarabah
n  14. Documentary Credit
n  15. Jua’lah
n  16. Commercial Papers
n  17.INVESTMENT  Sukuk
n  18. Possession (Qabd)
n  19.LOAN  (Qard)
n  20. Commodities in Organised Markets

n  21. Financial Papers (Shares and Bonds)
n  22. Concession Contracts
n  23. Agency
n  24. Syndicated Financing
n  25. Combination of Contracts
n  26. Islamic Insurance
n  27. Indices
n  28. Banking Services
n  29. Stipulations and Ethics of Fatwa in the Institutional

Framework
n  30. Monetization (Tawarruq)

n  31.   Controls on Gharar in Financial Transactions
n  32.   Arbitration
n  33.   Waqf
n  34.   Hiring of Persons
n  35.   Zakah
n  36.   Impact of Contingent Incidents on Commitments
n  37.  Credit Agreement
n  38.  Online Financial Dealings
n  39.  Mortgage and its Contemporary Applications
n  40.  Distribution of Profit in Mudarabah-based investment

Accounts

n  41. Islamic Reinsurance
n  42. Financial Rights and How They Are Exercised and

Transferred
n  43. Insolvency
n  44. Obtaining and Deploying Liquidity
n  45. Protection of Capital and investment
n  46. Al-Wakalah Bi Al-Istithmar Investment Agency)
n  47. Rules for Calculating Profit in Financial Transactions
n  48. Options to Terminate Due to Breach of Trust (Trust-Based

Options)
n  49. Unilateral and Bilateral Promise
n  50. Irrigation Partnership (Musaqat)

n  51. Options to Revoke Contracts Due to
Incomplete Performance

n  52. Options to Reconsider (Cooling-Off
Options, Either-Or Options, and Options to
Revoke Due to Non-Payment)

n  53. Arboun (Earnest Money)
n  54. Revocation of Contracts by Exercise of a

Cooling-Off Option


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Best Regards

ZULKIFLI HASAN
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