BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: September 2011
September 30, 2011
DR. ZULKIFLI HASAN
Polemik Hudud di Malaysia: Satu Tinjauan
Polemik Hudud di Malaysia: Satu Tinjauan
Zulkifli Hasan
1.0 Pendahuluan
Setelah beberapa tahun isu hudud tenggelam dalam perbincangan arus perdana, ianya kembali hangat diperkatakan sejak akhir-akhir ini. Kenyataan tegas Dato’ Nik Abdul Aziz Nik Mat Menteri Besar Kelantan terhadap komitmen untuk melaksanakan undang-undang hudud telah menimbulkan polemik di kalangan masyarakat. Seiring dengan polemik ini, pelbagai pihak telah mengambil kesempatan dalam isu ini sama ada untuk menimbulkan persoalan atau bantahan mahupun pernyataan sokongan terhadap perlaksanaan undang-undang Hudud di Malaysia.
Melihat kepada isu ini secara lebih jujur dan adil, pandangan yang bersandarkan kepada ruang lingkup undang-undang, realiti masyarakat, bidang kuasa dan kehendak rakyat umum perlu diberikan perhatian serius. Respons yang beremosi dan tidak sensitif tanpa ilmu hanya akan memburukkan lagi keadaan bahkan akan mengakibatkan kesalahfahaman masyarakat pada isu yang sepatutnya diselesaikan secara hikmah.
Seiring dengan hasrat untuk membincangkan isu ini secara ilmiah dan jujur, penulis telah meninjau dan membuat analisis ringkas terhadap kenyataan dan pandangan ahli politik, agamawan, peguam serta orang awam terhadap isu hudud ini. Di samping itu, penulis juga berkesempatan menemubual Pakar Undang-undang Perlembagaan Malaysia, Profesor Andrew James Harding, Profesor Undang-undang Universiti Victoria, Kanada baru-baru ini. Berdasarkan kepada sorotan literatur, analisis kenyataan dan pandangan pakar perlembagaan ini, penulis merumuskan bahawa perlaksanaan undang-undang Hudud di Malaysia boleh dilaksanakan dengan beberapa pendekatan. Bagi membincangkan topik ini, artikel ringkas ini dibahagikan kepada empat bahagian iaitu pendahuluan, analisis kenyataan di akhbar, pandangan pakar perlembagaan dan kesimpulan.
2.0 Analisis Kenyataan Akhbar
Sebelum analisis dibuat, penulis menyenaraikan kenyataan dan pandangan pimpinan kerajaan Barisan Nasional dan Pakatan Rakyat, Agamawan, Peguam dan Orang Awam yang dilaporkan di akhbar arus perdana. Ringkasan yang dimuatkan dalam artikel ini akan dapat memperlihatkan komitmen dan tasawwur individu ataupun parti politik dalam berbicara mengenai undang-undang hudud di Malaysia.
(a) Kenyataan Ahli Politik Barisan Nasional
Perdana Menteri, Dato’ Seri Najib Tun Razak: Kerajaan tidak akan laksanakan hukum hudud. Elemen undang-undang Islam telah pun dilaksanakan di Malaysia
Timbalan Perdana Menteri, Tan Sri Muhyidin Yassin: Malaysia tidak bersedia untuk laksanakan hudud
Presiden MCA, Dato Chua Soi Lek: MCA akan keluar BN jika UMNO laksanakan hudud.
Menteri Pertahanan, Dato’ Seri Zahid Hamidi: Hukum hudud belum dapat dilaksanakan kerana masalah kesesuaian dalam masyarakat majmuk negara ini.
Ketua Pemuda UMNO, Khairy Jamaludin: Gesa agar kerajaan pusat meminda perlembagaan bagi membolehkan kerajaan Kelantan melaksanakan hudud.
Ketua Pemuda MCA, Datuk Wee Ka Siong: Mesyuarat majlis pimpinan Pakatan Rakyat berkenaan hudud sebagai usaha yang tidak berguna kerana setiap parti anggota pakatan itu mempunyai pendirian dan ideologi berbeza dalam pelaksanaan hukum hudud.
Ketua Pemuda Gerakan, Tan Keng Liang: Pemimpin PAS mempunyai “impian peribadi” untuk melaksana undang-undang tersebut. PAS harus sedar bahawa Malaysia merupakan sebuah negara yang berbilang kaum dan agama. Adalah tidak wajar PAS memaksa pandangan mereka ke atas semua rakyat Malaysia yang berbilang kaum dan agama.
(b) Kenyataan Ahli Politik Pakatan Rakyat
Ketua Pembangkang, Dato’ Seri Anwar Ibrahim: Hasrat Negeri Kelantan mahu melaksanakan hudud sewajarnya dihormati.
Pengerusi DAP, Karpal Singh: Tidak bersetuju dengan pendirian Dato’ Nik Abdul Aziz yang mahu menegakkan hukum hudud dan menubuhkan negara Islam.
Menteri Besar, Datuk Nik Abdul Aziz Nik Mat: Tetap dengan pendirian untuk menegakkan hukum hudud dan penubuhan negara Islam walaupun mendapat tentangan hebat daripada DAP
Ketua pemuda PAS, Nasrudin Hassan: Mempertahankan hak PAS untuk melaksana undang-undang berkenaan – Enakmen Jenayah Syariah II Kelantan 1993 serta Enakmen Jenayah Syariah Terengganu 2003.
Pakatan Rakyat: Pakatan Rakyat menghormati inisiatif PAS untuk laksanakan Hudud. Untuk melaksanakannya, ia perlu capai kata sepakat dan seterusnya pinda perlembagaan.
(c) Kenyataan Agamawan
Presiden Catholic Bishops Conference of Malaysia, Dr Paul Tan Chee Ing: Tiada bantahan untuk melaksanakan hudud selagi mana terpakai kepada Muslim sahaja.
Mantan Mufti Perlis Profesor Madya Dr Mohd Asri Zainul Abidin: Pelaksanaan hukum hudud memerlukan ijtihad ataupun tafsiran baru dengan mengambil kira aspek perubahan zaman dan tempat.
Mufti Perak, Tan Sri Harussani Zakaria: Menyokong hasrat Pas mahu melaksanakan hukum hudud di Kelantan
Mufti Perlis, Dr Juanda Jaya: Melaksanakan hukum hudud adalah kewajipan orang Islam dan tidak boleh dipersoalkan
(d) Kenyataan Peguam dan Orang Awam
Presiden Majlis Peguam, Lim Chee Wee: Hudud tidak boleh dilaksanakan dalam kerangka Perlembagaan Malaysia dan undang-undang sedia ada.
Mantan Presiden Majlis Peguam, Haji Sulaiman Abdullah: Hudud tidak boleh dilaksanakan di Malaysia pada waktu ini berdasarkan kepada status Malaysia yang tidak berciri Islam sepenuhnya.
Pengerusi Kelab Penyokong Pas, Hu Phang Chaw: Menyeru kerajaan Kelantan untuk membuat referendum bagi meninjau kehendak rakyat terhadap undang-undang Hudud.
2.1 Analisis Ringkas Kenyataan dan Pandangan
Secara umumnya melalui pemerhatian dan pembacaan berdasarkan kepada kenyataan pelbagai di atas, kesimpulan yang boleh dirumuskan adalah seperti berikut:-
(i) Pimpinan Barisan Nasional konsisten menolak perlaksanaan hudud dalam kerangka undang-undang dan realiti masyarakat. Walaupun Khairy Jamaludin menyatakan pendirian untuk menggesa kerajaan meminda undang-undang untuk membolehkan perlaksaan hudud di Kelantan, ianya mungkin tidak boleh diambil kira untuk mewakili kerajaan Barisan Nasional atas dasar pandangan peribadi dan juga kedudukan beliau di dalam kerajaan.
(ii) Pimpinan Pakatan Rakyat PKR dan PAS nampak seia sekata dalam isu ini dengan menghormati hasrat kerajaan Kelantan untuk melaksanakan undang-undang Hudud. Namun begitu, DAP tetap konsisten dengan pendirian mereka menolak sebarang idea perlaksanaan hudud termasuk penubuhan negara Islam. Dalam ketidaksefahaman dan perbezaan ideologi ini, Pakatan Rakyat telah bersepakat untuk menghormati pendirian masing-masing dan bersetuju untuk mendahulukan agenda yang disepakati.
(iii) Menarik untuk diperhatikan ialah tatkala ada juga pimpinan Islam yang mempersoalkan perlaksanaan hudud, pandangan Paderi Paul jelas memperlihatkan bahawa sekiranya ada kefahaman yang baik dalam memahami isu ini, perlaksanaan hudud bukanlah satu perkara yang boleh menimbulkan keresahan di kalangan bukan Islam di Malaysia. Para Mufti pula amat konsisten dan sangat bertegas kepada keperluan melaksanakan hudud di Malaysia keranya ianya merupakan tuntutan akidah.
(iv) Merujuk kepada pandangan peguam dalam isu ini, mahu tidak mahu kita perlu akui bahawa sebarang usaha ke arah perlaksanaan hudud di Malaysia mempunyai halangan dari segi ruang lingkup undang-undang. Isu halangan undang-undang ini perlu diberikan perhatian kerana sekiranya tiada pindaan dan perubahan pada beberapa undang-undang sedia ada, hudud tidak akan dapat diimplementasikan di Malaysia.
(v) Pandangan dari Kelab Penyokong Pas, Hu Phang Chaw menunjukkan kematangan dari segi memahami realiti masyarakat di Malaysia. Idea yang menggesa referendum tinjauan kemahuan dan kehendak rakyat di Kelantan boleh dijadikan kayu ukur dan penentu kepada hasrat rakyat serta penerimaan masyarakat terhadap perlaksanaan hudud.
3.0 Pandangan Pakar Perlembagaan
Berkesempatan menemubual Profesor Andrew Harding di mana karya penulisannya menjadi buku teks wajib undang-undang perlembagaan kebanyakan fakulti undang-undang di Malaysia, pandangan beliau yang lebih bersifat ‘legalistic’ dan tidak berbau politik sangat baik untuk dimanfaatkan. Walaupun banyak isu-isu yang dibincangkan semasa sesi dialog dengan beliau, penulis hanya ingin menyatakan pandangan beliau berkenaan dengan perlaksanaan hudud di Malaysia.
Amat menarik perbincangan kami apabila beliau dengan tegas menyatakan bahawa Perlembagaan Malaysia tidak bersifat sekular. Ini menunjukkan bahawa terdapat pengiktirafan pada Islam yang terkandung di dalam Perlembagaan. Bahkan tidak ada perkataan yang menyatakan Islam sebagai agama rasmi negara tetapi apa yang termaktub ialah Islam adalah agama persekutuan. Namun begitu, beliau berpandangan peruntukan ini tidak boleh dianggap sebagai mutlak bagi membolehkan perlaksanaan hudud di Malaysia. Implementasi hudud memerlukan pindaan perlembagaan dan beberapa undang-undang sedia ada yang sekiranya dilihat dalam konteks komposisi kerajaan dan pembangkang sedia ada agak sukar untuk dimaterialisasikan.
Menurut pemerhatian beliau, kebanyakan pandangan yang dilaporkan diakhbar adalah bersifat politik dan ini tidak banyak memberikan manfaat. Beliau lebih cenderung untuk membicarakan isu hudud ini dari aspek perundangan dan disesuaikan dengan realiti masyarakat di Malaysia. Walaupun ada pandangan yang melihat bahawa Perlembagaan sedia tidak perlu dipinda untuk melaksanakan hudud, beliau sangat tidak bersetuju dengan pandangan ini. Beliau dengan serius menyatakan bahawa perlembagaan harus difahami secara menyeluruh dengan mengambil kira faktor aspirasi penggubal perlembagaan, pentakrifan, penafsiran dan banyak faktor perundangan yang lain. Idea ‘simplistic’ yang mengambil pendirian bahawa hudud boleh dilaksanakan di Malaysia berdasarkan kepada peruntukan Islam sebagai agama persekutuan adalah tidak tepat.
4.0 Kesimpulan
Polemik hudud di Malaysia telah menimbulkan pelbagai spekulasi dan isu yang membelenggu rakyat Malaysia hingga kini. Isu ini dijuarai oleh ahli politik walaupun sepatutnya ia dibicarakan secara jujur, ilmiah, ikhlas oleh segenap lapisan masyarakat terutama mereka yang pakar dan berautoriti. Walaupun tidak dinafikan polemik hudud ini memberikan kesan negatif kepada persepsi masyarakat kepada undang-undang Islam, tetapi dalam masa yang sama ianya boleh menjadi pencetus kepada usaha ke arah penanaman pemahaman masyarakat. Ini dibuktikan dengan sokongan paderi Paul dan Hu Hu Phang Chaw, wakil kelab penyokong Pas berbangsa cina yang secara terang-terangan tidak mempunyai sebarang masalah atau kegelisahan kepada idea perlaksanaan hudud di Malaysia. Hal ini juga dibuktikan di Switzerland di mana Daniel Streich, seorang ahli politik yang anti-Islam membantah pembinaan menara masjid dan sebagainya, akhirnya memeluk Islam dan kini menjadi aktivis yang sangat aktif bergiat memperjuangkan Islam di Eropah.
Semoga dengan perbincangan ringkas di dalam artikel ini akan dapat memberikan kefahaman yang sewajarnya dalam memahami dan menghadami isu perlaksanaan hudud di Malaysia. Bagi orang-orang Islam, mereka tiada pilihan kerana perlaksanaannya adalah tuntutan akidah. Manakala bagi orang bukan Islam, mereka perlu menghormati ideologi dan akidah umat Islam seperti mana Muslim menghormati agama mereka dan ini termasuk dalam hak-hak untuk melaksanakan undang-undang Islam. Sikap hormat-menghormati, berlapang dada, tidak emosi, bersandarkan kepada ilmu dan realiti masyarakat merupakan faktor penentu kepada keharmonian beragama di Malaysia.
Regards

ZULKIFLI HASAN
With Professor Andrew James Harding, Professor of Law, University of Victoria, Canada
My Thought
3 Comments
September 27, 2011
DR. ZULKIFLI HASAN
Islamic Finance Industry will need 25 percent more experts in a decade
Sharia MBAs on the rise as 25% more experts needed
By Bloomberg 26 September 2011 Available at:
http://www.arabianbusiness.com/sharia-mbas-on-rise-as-25-more-experts-needed-422173.html?page=1
A Bahraini group that sets standards for Islamic finance in 45 countries is helping universities start Sharia-compliant business courses to avert a shortage of experts in the $1 trillion market.

The industry will need 15 percent more personnel over the next five years and 25 percent more in a decade, said Khairul Nizam, deputy secretary general of the Accounting & Auditing Organization for Islamic Financial Institutions.
Pakistan is offering its first doctorate in Sharia banking, while the United Arab Emirates has introduced an Islamic Masters of Business Administration.

“There is a shortage of people in the industry at the entry level,” Nizam said. “We will need to make sure there are enough heads in the future.”
Sharia-compliant bonds returned 6.9 percent this year, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index, outpacing the 5.9 percent jump in emerging-market debt, data compiled by JPMorgan Chase & Co shows. Countries including Nigeria, Thailand, Australia and France plan to introduce legislation to facilitate Islamic financing, moves that will boost demand for scholars to certify that the products meet Islam’s ban on interest payments.
“If you don’t have quality people, then growth in the industry won’t be sustainable,” said Azahari Kamil, the chief executive officer of Kuala Lumpur-based Asian Finance Bank, a unit of Qatar Islamic Bank. “Governments and central banks should encourage universities to come up with more professional courses.”
The Canadian University of Dubai is offering a UAE- accredited MBA in Islamic banking, Foteini Lavda, the institution’s marketing manager, said in a statement. The International Islamic University in Islamabad, Pakistan, started its doctorate course in Sharia banking to compliment its Masters program in August, said Shagufta Haroon, the director of academics. La Trobe University, based in Melbourne, began courses in the subject last year.
Experts in Singapore are also setting up an association focused on Sharia-compliant investments to foster links between bankers, lawyers and investors in the Arabian Gulf and Asia, Raj Mohamad, managing director at Five Pillars, a consulting firm in the city-state, said in an interview yesterday. Mohamad will be the secretary of the new body.
The Accounting & Auditing Organization, known as AAOIFI, has more than 200 members and its standards are used in Islamic finance in Bahrain, Jordan, Lebanon, Qatar, Sudan and Syria, according to its website.
The organization may issue 35 Sharia standards for Islamic institutions in 2012, according to a Sept 7 statement, citing Secretary General Mohamed Nedal Alchaar.
Under Islamic law, commercial transactions can take place as long as the provisions don’t violate the Koran. The charging or receiving of interest on a loan or bond is banned and investment in businesses that deal in tobacco, gaming or alcohol are prohibited, making conventional stock and bond indexes off limits to those wanting to invest in accordance with Islamic principles. “We have been speaking with a few universities to help them introduce some courses on Islamic finance and we are helping other universities to improve the courses they offer,” AAOIFI’s Nizam said. “We are also offering our own courses.”

Assets that comply with Islam’s tenets are estimated to almost triple by 2015 to $2.8 trillion, according to the Kuala Lumpur-based Islamic Financial Services Board.
Global sales of sukuk have risen to $17.4bn in 2011, from $10.7bn in the same period last year. Issuance reached a record $31bn in 2007.

Islamic banking assets in Malaysia, which pioneered financing along religious guidelines 30 years ago, have grown an average 20 percent annually since 2006 to 350.8 billion ringgit ($111bn) in 2010. The Southeast Asian nation accounts for 66 percent of global sukuk outstanding, according to the central bank’s annual report issued in March.
Australia and Thailand are pushing through legislation to remove tax barriers on Sharia-compliant products that would pave the way for issuance of Islamic bonds. Nigeria’s Stanbic IBTC Bank Plc, a unit of South Africa’s Standard Bank Group, has been issued with a preliminary license to offer Islamic banking services.

Stanbic would be the African nation’s second lender to gain approval.
The International Islamic University of Malaysia offers postgraduate and Ph.D. courses in Sharia-compliant banking and finance, according to its website. The UK’s Durham University, also offers Islamic finance courses, while Harvard University in Cambridge, Massachusetts, runs an Islamic legal studies program through its law school, according to data on their websites. The Paris-based French Institute for Islamic Finance in partnership with the French Institute for Management is providing vocational training in Sharia-compliant finance through 15 programs, according to its website. “There’s been a surge in Islamic finance courses,” said Nik Norzrul Thani, chairman and senior partner of Kuala Lumpur-based legal firm Zaid Ibrahim & Co.
Regards

ZULKIFLI HASAN
Islamic finance news
2 Comments
September 15, 2011
DR. ZULKIFLI HASAN
Economics, politics spur Islamic banking in Oman
Economics, politics spur Islamic banking in Oman
By Martina Fuchs and Shaheen Pasha Available at:
http://af.reuters.com/article/worldNews/idAFTRE78D3U720110914?sp=true
MUSCAT/DUBAI (Reuters) – For religious reasons, Omani clerk Ali al-Sulaimi does not believe in paying interest on borrowed money, but he badly wants to build a house for his family.
Islamic banks “should open today already”, said Sulaimi, dressed in a white dishdasha robe and traditional Omani woven hat called the kuma, as he went to prayers at the Sultan Qaboos Grand Mosque in the capital Muscat.
Now an edict issued by the central bank in May this year is set to meet demand from Sulaimi and other Omani Muslims who have long called for the sultanate to embrace the Islamic finance industry, which operates according to the religion’s sharia law.
Oman, home to roughly 3 million Muslims, is seen as an untapped opportunity for Islamic finance, which prohibits the lending of money for interest and other activities that violate religious principles.
The Islamic finance market has grown to nearly $1 trillion (634 billion pounds) globally, analysts estimate. But unlike neighbouring states such as the United Arab Emirates and Iran, which have embraced the industry, Oman until this year remained stubbornly secular in its approach to finance. Its central bank head said in 2007 that “banks should be universal.”
Oman reversed its stance after seeing a steady trickle of investment money flow to nearby countries with well-established Islamic banking sectors. The decision was also seen as one way of appeasing its population, after the sultanate faced several public protests demanding more jobs and an end to corruption — demonstrations which prompted the government to promise to boost spending by $2.6 billion.
Setting up Islamic banking is not an overnight proposition. Legal and banking experts said it could take between three to five years for the industry to gain momentum in Oman as financial institutions acquired expertise and brought in experienced professionals. Many banks appear to consider the effort worthwhile, however.
“There is a lot of opportunity for Islamic finance in Oman, with almost every bank considering launching an Islamic window and one or two full-fledged Islamic banks being launched,” said Ashar Nazim, leader for Islamic financial services in the Middle East and North Africa at consultancy Ernst & Young.
“Islamic banking could be 8 to 10 percent of (banking) market share over the next three to five years. I’m comfortable with saying it could be at least a $6 billion industry in Oman.”
The commercial banking sector has seen steady gains in both deposits and assets over the past two years, according to central bank data. Total deposits at commercial banks reached 11.2 billion rials (18.4 billion pounds) at the end of June, up 14.3 percent from a year earlier, while total assets climbed 4.5 percent to 16.3 billion rials.
CHALLENGES
In an Islamic mortgage transaction, of the kind which may allow Sulaimi to build a house in the next year or two, a bank does not lend money. Instead, it might typically buy the asset from the customer and then resell it at an implicit profit, allowing the customer to pay the bank in instalments — a practice called Murabahah.
Ernst & Young estimates that Oman’s banking industry will need 500 bankers to cater to demand for Islamic finance. Designing and launching a full-fledged Islamic bank could typically take six to twelve months, Nazim said; obtaining capital and expertise could mean further delays.
Bank Nizwa and Al Izz International Bank, two lenders currently been set up, have received licences from the central bank to operate as wholly Islamic financial institutions but it is unclear when they will open their doors. Both banks will be sponsored by local investors in Oman; Al Izz has in the past raised the possibility of obtaining additional capital through an initial public offer of shares.
National Bank of Oman, the sultanate’s second-largest lender by assets, may seek board approval be the end of the year to open an Islamic branch, its chief executive said.
Bank Dhofar is also looking to apply for an Islamic banking licence before the end of the year, its acting chief executive Mohammed Redha Jawad told Reuters, although there are challenges in training staff and obtaining experienced bankers, he added.
“There has been growing pressure from investors for Oman to come in line with the rest of the region and allow Islamic finance,” said George Sanders, partner at international law firm SNR Denton in Muscat.
“We’ve come across transactions that were held up or modified because investors had been hoping to use Islamic finance and had to rethink the deal because Oman didn’t have it.”
Sanders said he expected large commercial financings to be the first Islamic deals in Oman, pending the opening of other Islamic banking services. Islamic bonds, or sukuk, have gained momentum in the region and could be a new source of funding for Omani companies.
Oman’s Capital Markets Authority “is in the process of coming up with new rules and regulations for (the sukuk) market”, said Yahya al-Jabri, executive president of the authority. “Beyond doubt, the sukuk plays a significant positive role in the development of the market.”
(Editing by Reed Stevenson and Andrew Torchia)
Islamic finance news
1 Comment
September 5, 2011
DR. ZULKIFLI HASAN
Is the Arab Revolution good for Islamic Finance?
Gadhafi’s exit to spur Libya’s Shariah banking
By Bloomberg News Available at:
http://www.dailyherald.com/article/20110828/business/708289949/
Islamic banking in Libya, where rebels stormed the capital Tripoli this week, may benefit from the departure of Moammar Gadhafi, who stifled the industry’s growth, a former central bank chief said.

Gadhafi, who ruled Libya for more than 40 years, rejected proposals to develop the banking industry “without giving reasons,” said Farhat Bengdara, 45, who was central bank governor until he fled the country in February. The regulator awarded Doha-based Qatar Islamic Bank the only license to operate a Shariah-compliant bank a month before the start of the fighting. The country’s secular banks provide Islamic services.
Revolts that toppled leaders in Tunisia and Egypt and sparked uprisings in Syria and Yemen may help boost Islamic banking as regimes that blocked the industry’s growth are removed, according to Raza Agha, Middle East and Africa economist at Royal Bank of Scotland Group Plc. Egypt’s Muslim Brotherhood, which was banned under ousted president Hosni Mubarak’s rule, will push the government to sell Islamic bonds. Libya, where almost all of the 6.6 million people are Muslim, has no stand-alone Islamic banks.

“I allowed banks to open Islamic windows with separate balance sheets when I was governor,” Bengdara said in an interview in Bloomberg’s Dubai office on Aug. 22. “Everything we did, we did gradually because the political decision-makers were against this. Gadhafi said ‘If we call them Islamic banks, so what about the banks we have? Are they infidel banks?’”
The $1 trillion global Islamic finance industry, which provides financial services and products that comply with the religion’s ban on interest and speculation, offers an alternative market to tap funding, Agha said.
“If Gadhafi is toppled, and if there is a need, any future government could well try and tap that liquidity as well,” Agha said by email on Aug. 23. “There is no reason why Islamic finance could not prosper under a more representative government in Tripoli, although it seems we are still some way from that.”
The uprising in Libya, which has the largest proven oil reserves of any African country, began in February and spread from the eastern rebel stronghold in Benghazi. Libyan rebels stormed Qaddafi’s compound in Tripoli yesterday after battling loyalist forces for control of the capital in a third day of fighting.

Gadhafi, who vowed to “never to give up” in an Aug. 21 audio broadcast, remains at large.

The “era of Gadhafi is over,” Mustafa Abdel Jalil, the head of the rebel National Transitional Council, told reporters on Aug. 22 at a news conference in the eastern Libyan city of Benghazi.
Even as the fighting continues, rebel and western leaders are looking ahead to a transition of power. U.S. President Barack Obama said on Aug. 22 that “the Gadhafi regime is coming to an end, and the future of Libya is in the hands of its people.”
“There’s a lot of money in Libya, there’s a lot of interest in Islamic banking coming from the Muslims there,” Nida Raza, senior vice president of capital markets at Unicorn Investment Bank BSC, said in a phone interview on Aug. 23 from Manama, Bahrain. “Before the uprising, the government was starting to work on getting the industry off the ground.”
Global sales of sukuk have jumped 71 percent to $16.8 billion in 2011 from the year-earlier period, according to data compiled by Bloomberg.
The average yield on emerging-market sukuk dropped eight basis points, or 0.08 percentage point, this month to 3.57 percent yesterday, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index. The debt returned 6.6 percent in 2011, the data show.
Bonds in developing markets rose 6.8 percent this year, JPMorgan Chase & Co.’s EMBI Global Composite Index shows. The Bloomberg Malaysian Sukuk Ex-MYR Index, which measures foreign- currency Islamic debt sold by companies and governments in Malaysia, climbed 6.6 percent in the period. The yield on the Dubai government’s 6.396 percent sukuk maturing in November 2014 jumped 15 basis points so far this month to 4.69 percent. The extra yield investors demand to hold Dubai’s bonds over Malaysia’s 3.928 percent sukuk maturing June 2015 widened 28 basis points this month to 236, according to data compiled by Bloomberg.

The U.S. backed rulers such as Mubarak in Egypt partly because they promised a bulwark against radical Islam. New governments in countries such as Tunisia and Egypt, which previously banned Islamic parties, may facilitate the development of a local Shariah-compliant banking industry, Agha at Royal Bank of Scotland said. “Syria, Tunisia and Egypt have had a long history of repressing Islamic parties,” Agha said. “A part of how incumbents sustained themselves internationally was by projecting themselves as secular governments. Libya is somewhat different because it appears a lot more tribal than Egypt or Tunisia.”
Libya’s economy suffered as much as $15 billion in damages during the conflict, according to former central bank chief Bengdara’s estimates. Oil output from Libya dropped to 100,000 barrels a day in July, down from the 1.6 million barrels pumped before the uprising started, a Bloomberg News survey showed.

The nation’s oil production will recover more quickly than forecast after the “sudden takeover” of fields and export facilities by rebels, Goldman Sachs Group Inc. said in a report on Aug. 22. The country will probably boost supply to 585,000 barrels a day in the next 12 to 18 months, according to Goldman.

About 70 percent of Libya’s nominal gross domestic product is made up of hydrocarbon revenue, Royal Bank of Scotland’s Agha said. The economy grew 4.16 percent last year after contracting 2.3 percent in 2009, according to the International Monetary Fund. The Washington-based IMF doesn’t have a Libyan growth forecast for 2011.
“There is a huge opportunity for Islamic banking,” Bengdara said. “The Libyans are conservative and many of them don’t like dealing with interest so having full-fledged Islamic banks will be very attractive to them.” Qatar Islamic Bank declined to respond to calls through its public relations agency yesterday about the full-fledged Islamic banking license in Libya. The Persian Gulf nation’s biggest Islamic lender was to own a 49 percent stake in the bank, while 51 percent was to be sold on the Libyan Stock Exchange, Bengdara said. The challenge is “getting a stable government in place, and working on the regulations for Shariah-compliant banking, which will take time,” Unicorn’s Raza said.
Regards

ZULKIFLI HASAN
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AAOIFI – World Bank 14th Annual Conference on
Islamic Banking and Finance 2019
The revolution in the global Islamic finance ecosystem: the need for
governance, standardization and regulatory support

Irshad Mahmood | 3-4 November 2019

2

Agenda

Topics to be covered today

Item Topic

1 Introduction

2 Aim of AAOIFI standards

3 Perceived gaps in FAS

4 Known differences from IFRS

5 Emerging areas for new guidance

6 Characterization of Islamic finance
transactions

3

1. Introduction

Presenter’s background:

✓ Over 25 years of professional experience specializing in financial services
including banking, Islamic banking, private equity and real estate funds, insurance
and capital markets

✓ Significant industry experience having led the finance function of Samba
Financial Group in Saudi Arabia and Ufone (a subsidiary of Etisilat)

✓ Responsible for assisting the audit teams and clients across the Middle East region
with technical issues related to IFRS and Islamic finance

✓ Board Member of the Accounting Board of the Accounting and Auditing
Organization for Islamic Financial Institution (AAOIFI)

✓ Member of the Technical Accounting and Interpretation Committee (TAIC) at the
AAOIFI

Irshad Mahmood

Partner

Audit and assurance

Deloitte and Touche (M.E.)

M: +973 36020261

E: imahmood@deloitte.com

✓ Over 20 years of professional experience specializing in financial services
including banking, Islamic finance, asset management, telecom, insurance and
capital markets

✓ Head of Department of Professional Practice and IFRS and AAOIFI
technical partner for KPMG in the region and part of KPMG Global International
Standards Group topic team on Business Combinations and Consolidation.

✓ Responsible for assisting the audit teams and clients across the Middle East region
with technical issues related to IFRS and Islamic finance

✓ Member of the Technical Accounting and Interpretation Committee (TAIC) at the
AAOIFI

✓ Project manager leading the development of FAS 25 and FAS 26 for AAOIFI and
part of team supporting industry standard Wakala contracts developed by IIFM.

Mahesh Balasubramanian

Partner

Financial Services

KPMG Fakhro

M: +973 39184644

E: bmahesh@kpmg.com

4

2. Aim of AAOIFI standards

Accounting and auditing, governance and ethics

Ethics standards

❑ Provide code of
ethics for
accountants,
auditors, and
employees of
IFIs

Governance
standards

❑ Provide guidance on
Shari’ah compliance
and supervision
framework and
processes for IFIs

Accounting and

Accounting and
Auditing standards

❑ Provide guidance on
accounting
treatment for
specific Islamic
finance products and
mechanisms

❑ Provide guidance on
presentation of
financial statements
for Islamic financial
institutions (IFIs)

❑ Provide guidance on
external auditing of
IFIs

5

3. Perceived gaps in FAS
What are the perceived gaps in FAS compared to other global acceptable
accounting practices?

One of the major challenges facing IFIs lies in the preparation of the financial
statements under different accounting standards and which may lead to
problems of comparability, reliability and compliance level measurement. This
has resulted in a heated debate among scholars which has hitherto translated
to the evolving existing literature surrounding the interpretation of the level of
compliance with the Islamic accounting standards.

Development

• IFRS are developed and continuously being developed.
• Unfortunate fact that there is no significant effort on

standardization of accounting principles in Islam.
AAOIFI standards cater to the IFIs only, and not all
the businesses in general.

Information Needs

Information needs of Muslim or Shari'ah compliant stakeholders differ
significantly from a conventional stakeholder. This is due to its
information needs for computation of Zakat, profit and loss distribution,
screening of permissible investments and laws of inheritance.

Accounting Principles

Differences in accounting principles arising because of
rejection of conventional financial system and its
transactions by the Islamic economic system or rather
the Islamic financial system, to be specific.

6

3. Perceived gaps in FAS
(continued)

• Conventional accounting aims to
permit informed decisions by
information users, whose ultimate
purpose is, to efficiently allocate
scarce resources available to the
best efficient and profitable manner.

• Conventional accounting
concentrates on the information
identifying economic activities and
transactions.

Conventional accounting

• Islamic accounting abides by the
principles of Shari'ah and rules in
their dealings and to assess whether
the objectives of the organization are
being met.

• Islamic accounting also identifies and
deals with certain socio-economic
factors, religious activities and
transactions.

Islamic accounting

Objectives and focus

7

3. Perceived gaps in FAS
(continued)

Conventional
accounting

✓ Islamic accounting additionally
aims to serve a wider range of
stakeholders, in a wider array of
information needs.

Users

Islamic
accounting

✓ Present and potential investors,
employees, lenders, suppliers and
other trade creditors, customers,
governments and their agencies
and the public.

8

3. Perceived gaps in FAS
(continued)

Time value of money

There is a view
that for the

purpose of better
accounting,

comparability and
transparency, the
concept of time
value of money

should be applied
in accounting for
Islamic finance.

On the other hand, if time value
of money concept is accepted in
accounting for Islamic finance
then Islamic banking  may no

longer be termed as Islamic in its
essence.

In an interest free
economic system,
the discount rate
should always be

zero and hence the
present value of

receivables should
be equivalent to
their par value.

9

4. Known differences from
IFRS

Major differences seen in practice

There is a view
that for the

purpose of better
accounting,

comparability and
transparency, the
concept of time
value of money

should be applied
in accounting for
Islamic finance.

On the other hand, if time value
of money concept is accepted in
accounting for Islamic finance
then Islamic banking  may no

longer be termed as Islamic in its
essence.

In an interest free
economic system,
the discount rate
should always be

zero and hence the
present value of

receivables should
be equivalent to
their par value.

Equity of IAH and Attribution
of profits and losses1

Variability and
consolidation 8

Revenue recognition5

Wakala (agency
arrangements)

11

Recycling and OCI3

Transition guidance4

Linked contracts2

Foreign Exchange
accounting9

PER and IRR6

Investment property10

Leasing and
reserves (FAS 30)7

10

5. Emerging areas for new
guidance (continued)

Emerging areas which require new guidance

There is a view
that for the

purpose of better
accounting,

comparability and
transparency, the
concept of time
value of money

should be applied
in accounting for
Islamic finance.

On the other hand, if time value
of money concept is accepted in
accounting for Islamic finance
then Islamic banking  may no

longer be termed as Islamic in its
essence.

In an interest free
economic system,
the discount rate
should always be

zero and hence the
present value of

receivables should
be equivalent to
their par value.

Presentation and
disclosures

1

Tawaruq8

Revenue recognition5

Dealing in own
equity investments

11

Hedging and
Derivatives

3

Takaful and
Retakaful

4

Sukuk2

Foreign Exchange
accounting9

Growing/ Diminishing
Musharaka6

Restructured
contracts

10

Micro-finance7

11

6. The case for separate characterization of Islamic finance

transactions

➢ If a transaction is Shari'ah
compliant it would be
meeting most of the
definitions and
requirements of IFRS for
accounting for assets and
liabilities in different
stages of a transaction.

➢ Adverse scenarios: most of
the Islamic finance
transactions would prove
to be different from
conventional in the
adverse scenarios because
of different risks and
rewards structures on
assets and investments.
Accordingly, they need
separate accounting.

➢ Accounting must reflect
the transactions in their
reality and in the right
sequencing.

➢ The risk profiles of
Islamic finance
instruments:

o are different from
conventional transactions;
and

o change with the transaction
sequencing.

➢ Most of the recognition
and de-recognition
principles for assets and
liabilities are similar to
those of IFRS.

Presentation title
[To edit, click View > Slide Master > Slide Master]

Member firms and DTTL: Insert appropriate copyright
[To edit, click View > Slide Master > Slide Master]

12

Questions?

12

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Islamic Crowd Funding:
Opportunities and Challenges
Faheem Ahmed
President–Strategic Planning and Global Relationships

Islamic International Rating Agency – Bahrain

November 3, 2019

Crowd Funding

➢ The concept of ‘soliciting capital directly from the
investors’ is not new;

➢ Although remained unregulated till The Great

Depression, the practice dates back to the 18th

century;

➢ Regulatory Reforms of 1930s restricted P2P

investments and lending;

➢ Crowd funding revived with the recent

advancements in technology and enabling

regulatory environment post Global Financial Crisis of

2008;

➢ Crowd funding reportedly achieving triple-digit
growth in the last decade with UK, China and US in

the lead;

➢ Most activity being witnessed in debt-financing to

individuals and SMEs;

Top 5

Crowd funding

Platforms

Crowd Funding

➢ With the presence of regulatory obstacles and inherent
riskiness, equity-based crowd funding remains lackluster.

Alternative Finance in the UK, the EU and North America (NA), 2015 [in million]

Source: Islamic Financial Services Industry Stability Report, 2017 by IFSB

Shari’a Principles & Crowd Funding

➢ Direct P2P financial activity allows greater communication among

parties and higher trust and transparency encouraged in Shari’a

principles;

➢ Social solidarity dimension of crowd funding that enables regular

and direct interaction between parties also contributes towards

reduction in transaction cost;

➢ With regulatory initiatives by various Islamic countries like Malaysia,

Turkey, Morocco, Bahrain etc. and formation of Islamic FinTech

Alliance, Islamic crowd funding is gaining grounds;

➢ IFSB’s research indicates that of 80 originating from OIC member

states:

➢ the number of non-charity based platforms that explicitly refer

to  Shari’a is very small;

➢ A very small number of platforms could be termed as ‘active’..

Regulating Islamic Crowd Funding Market

➢ Major areas of consideration while regulating Islamic crowd funding

markets:

➢ Shari’a compliance confirmation;

➢ Risk assessment of investment seekers and the transaction;

➢ Determination of risk profiles of funding providers & seekers,

➢ Nature of contracts drawn with clear assumption of liabilities,

guidelines on over-/ under-subscriptions and legal recourse;

➢ Disclosure guidelines for local and cross-border seekers;

➢ Mechanisms for post-investment surveillance throughout the life of

the transaction;

➢ Provisions for emergency exit and nature of compensations in cases

of contractual breaches or technology failures;

➢ In addition to determining obligations of CF platforms, considering

engagement of qualified 3rd parties where required; Examples could

be Governance, Social and Environmental Evaluators.

THANK YOU

Islamic Crowdfunding

Opportunities

ETHIS GLOBAL

Q4 2019

An emerging fintech model - a

marketplace for funds.

Platforms can raise funds from

almost any source and match

them to almost any project.

Funds flow directly to the real

economy.

The Crowdfunding (CF) Opportunity

The crowd provides term financing to

projects, companies or individuals, typically

structured as debt-financing with interest.

Islamic structures earn income from profit-

sharing, rental and trade.

Large growth in these verticals: SMEs,

Property and Consumer loans.

The crowd provides investment for equity in

private companies and SPVs, typically

ordinary or preference shares.

Shariah screening focuses on the issuer’s

business and internal finances.

Large growth in these verticals: SMEs,

Property and Startups.

Peer to Peer (P2P) Financing Equity Crowdfunding

Investment CF

Growth of P2P Crowdfunding

December

2016

December

2017

January

2019USA UK China Australia

Our Problems

Direct investments and charity in

emerging nations is broken.

● Incumbent financial institutions serve

limited preferred segments, and have

low social impact

● Local capital flows are poorly organised

● Global flows lack intelligence and

facilitation

ISVEN DECK

ETHIS believes that Crowdfunding

is the FUTURE of Islamic Finance.

The Difference

Money movement driven by the people.

Mechanisms to enforce transparency,

screening and accountability.

Increases efficiency of existing flows and

activates new flows.

Key Opportunities and Applications

Great potential for Zakat, Waqf and Sadaqah.

Funding for the underserved. An opportunity

for everyone.

Current growth is in consumer, SME/ MSME,

Property.

Crowd - Investors, Backers, Donors

Low minimums, wide variety

Transparent campaigns with updates

Ease of use and cross-border

Fundraisers

New, faster and more flexible avenue

Public awareness and market validation

Leverage on communities

Excellence

Transparency

Honesty

Integrity

Sincerity

Mission

Lead crowdfunding for impactful circulation of capital

globally, based on universal ethical principles.

Create crowdfunding unicorns in the Ethis group by 2023.

Vision

Affordable housing project supported by a

government program.

Investment Club

Club Ethis Islamic Investment SMEs,

Startups and Property
2015

Pivot

EthisCrowd.com Property CF Social

Housing in Indonesia

Pilots

Processing license in Malaysia

Piloted various models

Tightening Dealflow

Fund one campaign at a time

Processing license in Indonesia

Scaling Up

Fund multiple campaigns

Licenses obtained

2016

2017

2018

2019

PoC: Ethis Indonesia

3,000
Investment

Transactions

$43m
Projects

Value

8,000
Affordable

Houses

The Ethis community includes

❖ Millenials and young professionals

❖ Islamic finance practitioners

❖ Foundations and community groups

❖ High-networth individuals

❖ Venture and early-stage investors

❖ Impact investors

Our crowd of 28,000 has made 1,300 investments.

98% are first-time investors in Indonesia

Global Crowd-investors

3. Enter new regions in the Muslim world
Obtain licenses to cover MENA and and Central Asia.

Global Expansion Pillars

1. Scale-up in large emerging markets
Indonesia is our main market. It is one of the most attractive emerging
markets in the world and has a booming crowdfunding sector.

2. Branches in major Islamic finance hubs
We are licensed in Kuala Lumpur and obtained an approval in Dubai.

Recent Licenses

Awards & Accolades

GIFA Award for Best Islamic Crowdfunding

Platform 2016

Islamic Economy Award 2016 from the Crown

Prince of Dubai

World Islamic Fintech Awards 2018 for Best Islamic Peer to Peer Finance Platform (Ethis)

& Best Social Impact Islamic Fintech Platform (Global Sadaqah)

Ethis won the coveted US$100,000 ‘Innovation for Impact’ grant

and will be featured in the Dubai Expo 2020

Awards & Accolades

Datuk is a proven leader with a demonstrated track

record of transforming large business groups and

organisations to achieve successful turnarounds. A

firm believer in ‘Doing well to be able to do more

good”, Datuk sits on various boards of listed

companies across healthcare, property and

education. Datuk provides leadership to the

dynamic founding duo of Umar and Ronald.

A social entrepreneur since partnering with Umar a

decade ago, Ronald has wide experiences as an

entrepreneur and business consultant in various

sectors across Indonesia including health-tech,

trading, property and manufacturing. Ronald is the

president of the Association of Shariah Fintech

Indonesia (AFSI), the largest such group globally with

>50 startup founders.

Datuk Mohd Radzif Yunus, Founder/ Chairman

Ronald Wijaya, Founder/ COO

Ethis Global Founders

A social entrepreneur since 18, with experiences in

health-tech, Islamic finance and education that

brought him from Singapore to Saudi, a long stint in

Indonesia in a partnership with Ronald, and now

Kuala Lumpur. Umar is well-connected to the fintech

world, as the Chairman of the Islamic Fintech

Alliance and a committee member of Fintech

Association Malaysia.

Umar Munshi, Founder/ CEO

Azizuddin @AJ

SEA, Europe

Shura - Advisors and Industry Leaders

Md Raafi Hossain

MENA

Rehan Noor Pathan

MENA
Daud (David) Vicary

Global

Dr Shamsiah A K

SEA, MENA

Ridzuan Aziz

SEA. Europe

Waqf and Zakat

specialist, now an

Islamic banker. A

former regulator at

the Singapore Islamic

Religious Authority

Technopreneur,

Venture Builder & Go-

to-Guy. 21 yrs in tech,

AJ has strong

ecosystem knowledge

and relationships.

Founder of Finocracy,

which develops

fintech in partnership

with corporates,

governments and

multilaterals.

Over 2 decades of

experience building

institutional sales

businesses for global

institutions and Family

Office investors

Global Islamic

Finance leader.

Advisor to various

corporates,

governments and

multilaterals.

President of Fintech

Malaysia. Former

regulator turned

consultant and

entrepreneur with

successful exits.

Current Capability:

Web Platform

Web presence (SEO),

user-interface, clarity

of content

Version 2

API-based Web App

Robust, seamless and

automated internal

operations and

integration with external

vendors and partners

Version 3

Smart Contracts and

Tokenised Securities

Seamless global transfers,

secondary market, end-to-

end automation, robust

data capabilities and robo-

advisory

Tech Roadmap

14th AAOIFI – World Bank Annual Conference on Islamic Banking and Finance:
“The Revolution in the Global Islamic Finance Ecosystem: The Need for Governance, Standardization and Regulatory

Support”, Kingdom of Bahrain. 3-4 November 2019, Kingdom of Bahrain

Dr Ahcene Lahsasna

CEO. Salihin Shariah Advisory (Malaysia)

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

SHARI’AH DECISION MAKING PROCESS

Dimensions of Shari’ah decision making in Islamic
finance

• Shari’ah decision making is a
process/ an exercise undertaken by
the Qualified Islamic finance
scholars or professionals in order to
provide a Shari’ah position that
could be in a form of Shari’ah Ruling
on operations matter or
management decision to resolve a
Shari’ah compliant matter and to
provide a solution for existing or
future issues faced by the IFI within
the Shari’ah rules, values and
principles.

The difference between Shari’ah decision making of Shari’ah board and senior

management in the IFI;

• The Shari’ah board will form a fatwa or Shari’ah ruling related to Shari’ah matters,

• The decision of the senior management would be in a form of resolution of decision

that is operational and management in nature but has Shari’ah implications.

• Both decision have Shari’ah implications by end result

• Shari’ah board decision covers on Shari’ah matter

• Decision of senior management encompasses the operations and management

matters.

The Shari’ah decision making of Shari’ah board and

senior management in the IFI

• The key point here is that the management and board should not discount the

importance of Shari’ah in their resolution, it should be integrated in their thinking and

decision-making process.

The structured methodology &
process of obtaining Shari’ah
ruling/ resolutions in Islamic
finance matters

• The Shari’ah board of the Islamic Financial
Institutions in issuing resolutions or Shari’ah rules
related to Islamic finance matters follow a sound
structured and process to ensure consistency and
robustness of the decision making; the methodology
employed is briefly described as follows:

Shari’ah decision making and Consideration for
Maqasid al Shari’ah in economics and finance

The Shari’ah decision making should reflect Maqasid al Shari’ah, where the outcome of the decision must be in

accordance with the objective of Shari’ah.

Shari’ah decision making and Consideration for Sustainability

ESG SDG VBI Maqasid al
Shariah

Sustainable financing

Sustainability is one of the most significant trends in the current financial markets:
1. Whether in the form of investors’ desire for sustainable responsible investing (SRI),
2. or corporate management’s focus on corporate social responsibility (CSR),

The content, focusing on sustainability and ESG (environmental, social and governance) issues, is
the same.

Sustainable finance

ESG

Environment

Social

Governance Governance is all of the processes of governing. It is
the way the rules, norms and actions are structured,
sustained, regulated and held accountable.

mans are social when they live collectively in
interacting populations, whether they are aware of
it, and whether the interaction is voluntary or
involuntary

Environment is everything that is around us. It can
be living or non-living things.

Sustainable finance refers to any form of financial service integrating environmental, social and
governance (ESG) criteria into the business or investment decisions for the lasting benefit of both
clients and society at large.

E                                      S                                          G

S                                           D                                          G

Consideration of the criteria of green technology and sustainable development in offering products and services

The benefit

Value Based Intermediation

An intermediation function that aims to deliver the intended outcomes of Shariah through practices, conduct and offerings
that generate positive and sustainable impact to the economy, community and environment, without compromising the
financial returns to shareholders

Criteria of sustainability for financing decision
making

1 2 3 4 5 6 7

CSR Policies,
Procedures,
Departments

Financial
Inclusion,
Micro and
SME Finance

Non Profit
Financing

Philanthropic
and Social
Programmes

Impact of the
Environmental
and Social
Activities

Assessing,
Screening of
Environmental
and Social
Risks

Staff
Competency
and Customer
Relations

      

The above process is after
• Compliance with Shari’ah requirements
• Compliance with Legal requirement
• Compliance with other requirements where applicable (depending on each country)

Criteria of sustainability in investment decision
making

1 2 3 4 5 6 7

CSR Policies,
Procedures,
Departments

Financial
Inclusion, Micro
and  SME Finance

Non Profit
Financing

Philanthropic
and Social
Programmes

Impact of the
Environmental and
Social Activities

Assessing,
Screening of
Environmental and
Social Risks

Other Elements of
ESG, SDG & VBI

      

Suggesting Green category for Shariah compliance investment

SC Methodology for

Shariah compliance stock

screening

Green Shariah compliance

category stock

ESG SDG VBI Maqasid al Shariah

Sustainable financing

Examples

Independence and conflict of interest issue

Conflict of interest could represent an issue if it is not well addressed in the context of Shari’ah
decision making process, among the vital aspects that should be considered in the conflict of interest
is as follows:

• Disclosure requirement of potential conflict of interest such as having relationship or interest in
the subject matter of the decision.

• It could be the person who is making decision is a Shari’ah advisor of that particular company, he
or she could be one of the shareholders of the company, he or she could have relatives working in
the subject company.

Risks Mitigation in Shari’ah decision making

• Shari’ah non-compliance risk or otherwise, is part of the possible risks that could be associated
with the Shari’ah decision making.

• Shari’ah non-compliance risk may have a significant impact and implication on the profitability of
the IFI and its branding, imageas well as reputation.

• Hence, Shari’ah non-compliance risk must be mitigated in Shari’ah decision making.

The role of good governance practices in avoiding hidden traps

• Governance aspect is a very important in Shari’ah decision making, it determine the appropriate
process that should be followed, to determine the accountability, responsibility and scope of
agreed upon duties to discharge the obligations.

• It should be clearly incorporated in the SOP and corporate governance framework of IFI.
• Proper illustration on the line of reporting
• Proper illustration on the delegation of power

The importance of critical Shari’ah analysis

• Shari’ah analysis is part and parcel of Shari’ah decision making
• An appropriate Shari’ah analysis must take place to ensure very effective an efficient decision and

resolutions.
• Brief descriptions of the different dimensions of the Shari’ah analysis are as follows:

Cont.

A. Fundamental Aspects of
Shari’ah analysis in Shari’ah
decision making
• Understanding the

composition of Islamic
finance industry

• Understanding Shari’ah
principles and values in
Islamic economics and
finance

• Connecting the dots
between the Shari’ah
contracts and the
enhanced Shari’ah
contracts

• Appreciate the enhanced
of Shari’ah concepts and
terms in Islamic finance

B. Framework of Shari’ah
analysis in Shari’ah decision
making
• Product descriptions and

features
• Legal and Regulatory

requirements
• Shari’ah compatibility

C. Practical and technical knowledge in Shari’ah
analysis in Shari’ah decision making. Understand:
• The nature of Islamic finance business model
• Islamic finance versus conventional finance
• Prohibited elements and activities in Islamic

financial system
• Business ethics, values, principles and norms of

Islamic Finance
• The different Islamic finance portfolios
• Understanding the scope of the proposed product

and its niche market
• Selection and mapping of the Shari’ah contracts
• Differentiate exchange contracts and voluntary

contracts
• Ensure the compliance of the Shari’ah contracts
• Careful design of the combination of contracts
• Observation of the sequence of the execution of

contracts

D. Parties involved in

Shari’ah decision making

at approval stage

• Owner of the product

• Shari’ah department

• Legal department

• Risk management

• Shari’ah board

• Risk management

THANK YOU
ahcene@salihin.com.my

Islamic International Rating Agency

AAOIFI’s Governance Standard on Shari’ah
Compliance & Fiduciary Rating for IFIs

&
Islamic International Rating Agency (“IIRA”) Rating

Methodology

1

IIRA
Ratings –

Niche

 IIRA was set up as an infrastructure institution for Islamic

Finance in 2002

 Islamic Development Bank was the founder shareholder

 Two key objectives were and are relevant

 Growth of national and international sukuk markets through

ratings in Islamic countries where rating culture is not well

developed

 Providing a value added service to Islamic investing by

formalizing a view on Shari’ah compliance

2

Core
Services

 IIRA provides ratings for all types of issuers and issues

o Shari’ah Compliance and Fiduciary Rating

o Sovereign Ratings

o Issuer Ratings

o Sukuk Ratings

o Takaful Financial Strength and Fiduciary Ratings

o Participation Banks Fiduciary Ratings

o Governance Ratings

o Waqf Assessment (Development in progress)

o Collective Investment Scheme (CIS) Ratings

 Financial Data Portal (available through Subscription )

 Rating and training workshops

3

IIRA’s
Presence in

Islamic
Markets

GCC

 Bahrain

 Kingdom of Saudi
Arabia

 United Arab Emirates

 Oman

Levant

 Egypt

 Jordan

 Lebanon

 Syria

 Turkey

Africa

 Sudan

 Tunisia

 South Africa

 Algeria

 Nigeria

South & South East Asia

 Malaysia

 Pakistan

4

IIRA –
Primary

Objectives

Customized approach to rating Islamic Financial
Institutions

Facilitate Development of Sukuk markets
through National Scale Ratings

Facilitating Cross-border Transactions

Form local base in key OIC member economies

Be an alternate voice in international ratings

Wide coverage of  Sovereign Ratings  in OIC
Countries

5

IIRA’s
Fiduciary
Ratings

 IIRA provides ratings for all types of issuers and issues

through a value added methodology that incorporates the

element of Shari’ah governance in all of its ratings through its

“Fiduciary Ratings”

 IIRA’s Fiduciary Ratings appeal to the diverse needs of

investors, with greater information regarding institutional

financial strength, in addition to governance infrastructure,

while giving specific coverage to Shari’ah governance

6

Fiduciary
Ratings

 How are Fiduciary Ratings differentiated from conventional

ratings?

o Two-dimensional assessment – recognizes the mutually

dependent nature of credit & Fiduciary risks in an IFI

Poorly governed institutions – may be more susceptible

to the risk of credit failure

Credit event could be triggered by perception regarding

Shari’ah Governance

o Credit ratings may be faced with downward pressure on

account of developments in terms of fiduciary capacity

7

8

IIRA’

Shari’a

Rating

Standard

Objective

 Market participants recognize the need of investors to discern the

level of compliance with generally accepted standards

 Hence a standard focused on providing such information

 Encapsulates all areas of coverage laid out in GSIFI 10 to be

finalized shortly

 Comprehensive guidance for best practices, resulting in a

continuously evolving framework of governance for Islamic

financial institutions.

9

Rating
Outcome

 The Standard and methodology envisages the

institutionalization of a system of review of IFIs’ adherance to

Shari’ah related guidance and standards.

 Issues an independent opinion

 The final output in the form of an Alpha-numeric symbol is

indicative of the rank order classification of a financial

institution in terms of compliance of and fulfillment of the

Fiduciary responsibilities of Shari’ah based investing.

10

Hierarchy
of

Compliance

 The fundamental objective of ratings is to evaluate the process

of compliance to a pronouncement, as put in place, more than

evaluate the ‘correctness’ of the underlying structure itself.

 IIRA further evaluates Islamic financial services or products of

an institution against a ‘hierarchy of standards of Compliance’,

being ‘international’, ‘local’ or ‘institution’ level

 International best practices

 Country level guidance

 institutional approvals or guidance

11

Scope

 Best practices remain universal; ratings will be benchmarked to

international best practices (save in areas where regulations or

commercial law bars an institution from instituting such

practices).

 In terms of product structure and design, where permitted

practices are notably weaker than internationally relevant

guidance, ratings may be relatively lower rating than those of an

institution which follows international best practices.

 Rating evaluation is conducted annually to capture both positive

and adverse developments on a timely basis

12

Key
Parameters

of
Assessment

 Reflects a combined assessment of an IFI’s relative state of

compliance, duly reflected on a rating scale, with standards,

regulations and best practices (collectively called benchmarked

practices) with regard to

 (A) Compliance with Shari’ah principles and rules

 (B) Shari’ah Governance Framework

 (C) Corporate Governance Practices

 (D) Transparency and Disclosures

 (E) Ethics and Values

 (F) Fiduciary Responsibility and Performance.

13

Key Pillars
described

Compliance with Shari’ah principles and rules-

 A.1 Compliance with Shari’ah principles and rules in terms of product

structure,

 A.2 Adherence to approved structures and policies as also evidenced in the

generation of non-halal income as a consequence of inconsistent

implementation of A.1 above,

 A.3 Asset Manager Quality, i.e. quality of business generated and avoidance

of unnecessary risk backed by a sound, business screening process, reflected in

risks and return characteristics vis-à-vis peers.

Shari’ah Governance Framework

 B.1 Empowerment, Independence, Competence and Integrity of Providers of

Shari’ah Guidance through Shari’ah Supervisory Board and Management

engaged in the enabling of Shari’ah compliant finance,

 B.2 Organization wide acceptance and respect for faith based finance,

 B.3 System of checks and balances through internal and external audit,

enabling the roll out of Shari’ah principles in business.

14

Key Pillars
described

Corporate Governance framework

 C.1 Empowerment, Independence, Competence and Integrity of

Leadership to enable a system for protection of rights of stakeholders

including unrepresented shareholders, and most significantly

investment accountholders

 C.2 System of Internal Control enabling A.3 and C.1 above

Transparency and disclosure

 D.1 Disclosure of practices and performance through published and

web based media,

 D.2 Investor engagement and in particular communication with

takaful participants in Takaful firms and investment account holders in

Islamic banks, by recognizing the difference in nature of claim of

investment account holders in IFIs vis-à-vis that of depositors in

conventional banks.

15

Key Pillars
described

Ethics and Values

 E.1 A code of ethics and values should be adopted at all levels within

the organization,

 E.2 An appreciation of environmental and social ecosystems as a

tenet of faith based investing should be incorporated in investment

screening processes,

 E.3 Entity level adoption of practices that respect the environment

and social causes.

Fiduciary Responsibility and Performance

• F.1 Methods employed for distributing returns,

• F.2 Comparison of returns or losses transferred to investors.

16

Rating
Definition

s

AAA (SCFR) –conforms to the highest level of standards in terms of

fulfilling fiduciary obligations of Shari’ah compliant Finance AA (SCFR)

AA (SCFR) - Conforms to very high level of standards in terms of

fulfilling fiduciary obligations of Shari’ah compliant Finance

A (SCFR)–conforms to high level of standards in terms of fulfilling

fiduciary obligations of Shari’ah compliant Finance

BBB (SCFR) –conforms moderately to standards in terms of fulfilling

fiduciary obligations of Shari’ah compliant Finance and has few

weaknesses in some areas of Shari’ah compliant Finance

BB (SCFR) –conforms to satisfactory level of standards of Shari’ah

requirements and has notable weaknesses in some areas of Shari’ah

compliant Finance.

B (SCFR)– Does not conform adequately toS hari’ah requirements and

has notable weaknesses in several areas of Shari’ah compliant Finance

Regulatory
Recognition

 On the panel of approved rating agencies of IDB

 Recognized as an External Credit Assessment Institution (ECAI) by:

o Central Bank of Bahrain (CBB)

o Central Bank of Jordan (CBJ)

o Banking Regulation & Supervisory Agency (BRSA), Turkey

o Central Bank of Sudan (CBoS)

 Recognized as an External Credit Rating Agency (ECRA)

o Astana Financial Services Authority (AFSA), Kazakhstan

o The Securities and Exchange Commission of Pakistan (SECP)

 IIRA is also an approved rating agency by the National Insurance

Regulatory Authority, Sudan

 IIRA is also licensed to operate as a rating agency in Sultanate of

Oman
17

IIRA’s
Competitive

Edge –
(Cont’d…..)

 Rating Committee consists of

o Core members

o Shari’a experts.

All members are completely independent with no conflict of

interest

 IIRA’s website www.iirating.com makes full disclosure regarding

its ownership, management, rating methodology for all its

services and rating scales and definitions

http://www.iirating.com/

THANK

YOU

19

•
•

•

•

•

•

•

•

•

•

•

•

PROJECT
BACKGROUND

•
•

•

•

•

•

•

•

•

•

PROJECT GOAL
AND OBJECTIVES

GLOBAL PROBLEMS
OF THE AGRIFOOD MARKET. HUNGER

•
•

•

•

•

OLIGOPOLISTIC STRUCTURE
OF THE GLOBAL FOOD MARKET

SPECULATIVE
PRICING

SPECULATIVE
PRICING

97,57

180,04

403,81

227,31

149,21

317,60 319,46
287,91

122,85

174,53

211,29

GRAIN PRODUCTION IN RUSSIA.
EXPORT POTENTIAL

GRAIN PRODUCTION IN RUSSIA.
EXPORT POTENTIAL

NEW MARKETS

AGROFINMOST PROJECT CONCEPT

•
•
•
•

GRAIN SECURITY FUND OUTSIDE OF RUSSIA

ADVANCING WORKING CAPITAL TO FARMERS

•
•
•
•
•

GENERAL PROJECT CHART

AGROFINMOST PROJECT
CONCEPT (1/2)

•
•
•

•
•

•

•
•
•
•
•

AGROFINMOST PROJECT TIMELINE (2/2)

•

•

•

0,48
0,53
0,57
0,63
0,64
0,77
0,78
0,92
0,92

1,1
1,16
1,16
1,3
1,4
1,4

1,6
2,1

2,4
5,5

7,6

Mexico
Mozambique

Morocco
UAE

Azerbaijan
Kenya

Jordan
Philippines

Lebanon
Yemen

Indonesia
Sudan
Latvia

Nigeria
Saudi Arabia
Bangladesh

Vietnam
Iran

Turkey
Egypt

ISLAMIC FINANCE: POTENTIAL ROLE
IN BOOSTING GRAIN EXPORTS (1/2)

ISLAMIC FINANCE:
PARTNERSHIP AND REAL ASSETS

SOME FORBIDDEN AND DISLIKED ELEMENTS
IN CURRENT COMMODITY TRADING

ربا

غرر

بيع قبل القبض

ميسر

الجلبتلقی

نجش

إحتكار

RUSSIA
ON THE ISLAMIC FINANCE MARKET

SUKUK IN RUSSIA:
LACK OF SUSSESSFUL STORIES

SUKUK IN RUSSIA:
MARKET OVERVIEW

SELECTION OF SUKUK STRUCTURE

FINANCIAL AND INVESTMENT TOOLS:
SUKUK SALAM*

FINANCIAL AND INVESTMENT TOOLS:
SUKUK MUSHARAKA*

•

•

•

FINANCIAL AND INVESTMENT TOOLS:
SUKUK WAKALA BIL ISTITHMAR

•
•
•
•

•
•
•
•
•
•

SUKUK STRUCTURE FOR AGROFINMOST
(WAKALA BIL ISTITHMAR)

NOTES ON SUKUK STRUCTURE (1/3)

•
•
•

•

•

NOTES ON SUKUK STRUCTURE (2/3)

NOTES ON SUKUK STRUCTURE (3/3)

•

•

SUKUK ISSUE DOCUMENTATION

CONTACTS

© 2019 HSE-Skolkovo Institute for Law and Development. All rights reserved.

mailto:afmost@hse.ru

https://agrofinmost.com/

 ك الدولي السنوي الرابع عشر  البن –مؤتمر أيوفي

 ت الجذرية في منظومة المالية اإلسالمية الدولية  الالتحو

 ة والدعم الرقابي الحاجة إلى الحوكمة والمعير

 2019فمبر  نو   3-4

 ات الشرعية تخاذ القرار عملية ا

 عل د. عبدالباري مش

 كة رقابة )أمريكا(شر  –الشريك المدير

 مقدمة

عملية  بشأن  12معيار الحوكمة رقم األولية غير المعتمدة من سودة لمل ةمختصر إضاءة تتناول هذه الورقة

 . رى ذات الصلةخوالدراسة األولية للمعيار وبعض الدراسات األ ارات الشرعيةاتخاذ القر

  تخاذ القرارات الشرعية في المؤسسات المالية اإلسالمية لية العم عمل إطار اغةيص إلى دف المعيار وقد ه

تمت وهو الذي  فتوى إصدار ال :ولاأل، عمليةال ههذ في جانبان  هناك حول العالم.  ممارسات يط التنم ض غر ب

الحصول  الخاصة بضوابط الحوكمة    :ثانيالو ،  بشأن ضوابط وأخالقيات الفتوى   29تغطيته بالمعيار الشرعي رقم

 .  12، وهي موضوع معيار الحوكمة رقم تطبيقهاالفتوى و  على

 عل  . عبدالباري مشد - ات الشرعيةتخاذ القرار عملية ا

 pg. 2

ذا المعيار  لذا فإن هو ، مخاطر متعددةتنطوي على ات الشرعية اتخاذ القرار عملية هذا الموضوع أن لع افالد و

ة المالية اإلسالمية  المؤسسإدارة شرعية و توجيهات تفصيلية بشأن تحسين العالقة بين هيئة الرقابة اليتضمن

  في هذا الشأن. مابينهوتعزيز التعاون

مراعاتها    يجب االعتبارات الجوهرية التي  ،  الشرعية  التي تصدر بشأنها القرارات لمجاالت  ا؛  ويشمل نطاق المعيار

ه  ي هذ فمة المختلفة المتدخلة  الحوكأجهزة  دور ومسؤولية  ،  طوير المنتجات عملية ت،  في اتخاذ القرارات الشرعية

 إطار العمل المقدم في هذا المعيار.  تطبيق وتبليغ آليات ، العملية

 : القرارات الشرعيةمجاالت  .1

 : المنتجات من  نوعينرق المعيار بين  يف :نتجات عتماد الما  .1.1

: كحد أدنى  في اآلتي  الشرعي  ، وهذا تتطلب النظرنفسها  لنمطية الخاصة بالمؤسسةا  المنتجات  .1.1.1

يات المعتمدة من اإلدارة  التفاقشرعية لمذكرة عرض معد من القسم الشرعي الداخلي، مراجعة

لي، ، مراجعة شرعية لنظام المعلومات اآللجوانب الماليةشرعية لمراجعة القانونية بالمؤسسة،

 لعالقة. مراجعة شرعية ألدلة العمل ذات او ، يقسو ومواد الت

مثل الصكوك والتمويل الجماعي  أخرى،  هيئات شرعية  من  المعتمدة من    لنمطيةا  المنتجات غير .1.1.2

مراجعة الهيكل  في اآلتي: الشرعي وهذه تتطلب النظر ات االستثمار، وغيرها، شروعوم

 األخرى. شرعية الهيئة التوى المصدرة والمستندات ذات العالقة، أو المصادقة على الف

 : االستفسارات بين نوعين من  المعيار : ويفرق االستفسارات  .1.2

 معامالت. خاصة بالاستفسارات  .1.2.1

 عل  . عبدالباري مشد - ات الشرعيةتخاذ القرار عملية ا

 pg. 3

  معامالت: ال عالقة لها بالت استفسار ا .1.2.2

رف في ة المخصصات، حساب الزكاة، التصتطبيقات المحاسبة، سياس مثل ،ماليةفسارات ستا -

 ، وغيرها.  ديل مبلغ الضرائب حساب الخيرات، تع

 ية، أنشطة العالقات العامة. ويق، الموارد البشر سمواد الت مالية، مثل ستفسارات غير ا  -

لى  وعمعالجتها، و  للتوجيه بتصحيحهاظات تحف تنظر في هذه الية الشرع الهيئة : الشرعية فظات تحال .1.3

 يعة. مخالفة الشر ، أو إجراءات خاصة لتجنب منهجيةني الهيئة الشرعية أن توجه المؤسسة لتب

 ات الشرعية: ات الجوهرية في اتخاذ القرار العتبار ا .2

أن تأخذ في االعتبار العوامل التي تؤدي إلى إمكانية اتخاذ قرارات غير   يجب على هيئة الرقابة الشرعية

وقد تؤثر سلًبا على أهداف المؤسسة بصفة  رعية ات الش لى مخرجات القرار يمكن أن تؤثر عها في ب مرغو

 التي ينبغي تجنبها:   تبارات ع عامة. وتشمل هذا اال

Product
Endorsement

Periodic
Queries

Non-
transcational

Queries
Observations

 عل  . عبدالباري مشد - ات الشرعيةتخاذ القرار عملية ا

 pg. 4

2.1. Fatwa preference:  ما  الفقهية والفروع من الجزئيات  نتقاءمسبًقا واالالبحث عن فتوى محددة

   ، (the arbitrage should be avoided) يتالءم مع الفتوى المرغوبة

2.2. Lak of consultation:     التصال  بسبب ضعف ا  معلومات بين األطراف ذات العالقةفجوة  جوة  و

.  ولتجنب هذه من قبل المؤسسة  (fatwa rejection) مخاطر رفض الفتوى  إلىقد األمر الذي  الفعال

 اآلتي:  تجنب يجب المخاطر

 اآلراء الضعيفة والشاذة.  .2.2.1

 مستثمرين.  عدم تضمين الفتوى التفاصيل المطلوبة لل .2.2.2

الهياكل الموصوفة لعمليات او اإلحاطة بافي ( مؤسسة أخرى )ستثمر شل الهيئة الشرعية للمف .2.2.3

 .  بولةارات غير مقواعتب مفاهيم تضمين غياب الشرح المالئم أو  في الفتوى ل

Considerations
in Shari’ah

decision-making

Fatwa preference

Lack of consultation

Psychological impacts

 عل  . عبدالباري مشد - ات الشرعيةتخاذ القرار عملية ا

 pg. 5

وظهور الفتوى بأن تصورات نظرية  بشكل كاف،  والعملية    والقانونية  االعتبارات الدينيةأخذ  عدم   .2.2.4

 . األسواقواقع عالقة بال

2.3. Psychological Impacts  :

اتخاذ  حيز في التالتأثيرات النفسية التي يمكن أن تؤدي إلى تتجنب  على الهيئة الشرعية أن .2.3.1

أثيرات  وتعد هذه الترات والمالحظات.   مختلفة على مستوى المنتجات واالستفساالشرعية  القرارات  ال

  وتعالج هذه المخاطر الخفية  الشرعي.  ارلمتخذ القر ( hidden traps)صائد خفية بمثابة م

 . (skills of critical Shari’ah analysis)ي ليل الشرعي النقد التحوير مهارات تطينبغي

2.3.2.

Psychological
Impacts

Framing
impact

Status quo
Impact

Anchoring
impact

Confirming-
evidence
impact

Loss
aversion
impact

Causality
impact

 عل  . عبدالباري مشد - ات الشرعيةتخاذ القرار عملية ا

 pg. 6

وتعالج هذه    الشرعي.    ار لمتخذ القر (  hidden traps)صائد خفية  أثيرات بمثابة م وتعد هذه الت .2.3.3

 skills of critical Shari’ah)ي  ليل الشرعي النقد التحوير مهارات  تطينبغي    المخاطر الخفية

analysis) . ة االتي:مراعاللهيئة الشرعية  ينبغي النقدي لتحليل لووفًقا

تحقيق المناط في المسألة  ن خالل  مالتصور الصحيح  جهد في  قبول التصور األولي، وبذل الب  تجن -

 ضة، المعرو

وتجنب  ، السائدةالتطبيقات خالفة وم هاد وعدم التخوف من االجتكل الخيارات المتاحة وتحليل تقييم  -

   الركون للوضع القائم.

يئة أو إدارة االلتزام  انة الهأم بحوث إضافية من ر على المعلومات األولية وطلب صاعدم االقت -

   ، الشرعي

 ،  يرطرأ عليها التغيقائق وظروف في ضوء حاوى المبكرة التي صدرت الفتوال بد من مراجعة  -

 بًقا،  رأي محدد مسد أييال بغرض توعدم تتبع األقو  -

 ، قدان األرباحاإلدارة بحدوث الخسائر أو فوعدم الخضوع لتخويف ِ   -

كسبب  رازهوإب داث مصاحبة كان نوعه بأي أحقرار الهيئة مهما  عدم ربطإلدارة على ا يجب وأخيًرا  -

  . له

تعارض المصالح في كل وظائف  تجنب تحقق االستقاللية و ويساند في تخفيف هذه المخاطر  -

، تدامةأهداف التنمية المسيعة و مقاصد الشر  مراعاةمدى منتجات و منهجية تطوير ال، و مةحوكال

 وسيأتي بيان ذلك.

 عل  . عبدالباري مشد - ات الشرعيةتخاذ القرار عملية ا

 pg. 7

   تطوير المنتجات  .3

 Product development process (PDP)تطوير المنتجات عملية   .3.1

في  التي تؤثر على القرارات الشرعية تعود إلى غياب عملية تطوير منتجات بعض المخاطر  .3.2

 – من توليد األفكار: المنتجات المؤسسة. لتخفيض المخاطر يجب أن تعتمد نموذج شامل لتطوير

 .  الراجعةالتغذية  – ذ يف نتل ا – قيو ستلا -االختبارات – الشرعية  ةالموافق – صميمالت

 Consideration of SDGs throughلشريعة دامة من خالل مقاصد اات التنمية المستعتبار ا  .3.3

Maqāṣid Al-Shari’ah

للتنمية المستدامة الصادرة عن  17األهداف غي تشجيع المؤسسات المالية اإلسالمية على مراعاة ينب

تتفق  ، وهي  وغيرهابيئية  قتصادية والاالبعاد االجتماعية و األ تطوير  هذه األهداف تشمل  ،  مم المتحدةاأل

مقاصد ومن المالئم وضع إطار لدمج هذه األهداف ضمن . ةمع أهداف ومبادئ الشريعة اإلسالمي

  سالمية. ية اإلسات المالحكم عمليات المؤستالتي  يعةالشر

 تخاذ القرارات الشرعية ادور ومسؤوليات أجهزة الحوكمة المتدخلة في  .4

   :هيئة الرقابة الشرعية .4.1

فية، التي من شأنها  المخاطر، والمصائد الخخيف  رعي النقدي لتاتباع منهج التحليل الشينبغي   .4.1.1

 بيانها من قبل. كما سبق عملية اتخاذ القرارات الشرعية، ثر سلًبا على أن تؤ

 عل  . عبدالباري مشد - ات الشرعيةتخاذ القرار عملية ا

 pg. 8

رقابة اء هيئة العضتحقق االستقاللية وعدم تعارض المصالح في جميع أ ى ذلك ويضاف إل .4.1.2

ما يأتي: تقديم االستشارات تجنب ، وعلى سبيل المثال تنفيذيبمن فيهم العضو ال الشرعية

جة مع كبار  ابة من الدر ايا تفضيلية، عالقة القر مز تمويل بالحصول على التدريب، الشرعية،

في   ماعصويت أو حضور االجتالتفي العضو مشاركة أو المدراء التنفيذيين، وتجنب ؤولين المس

يمنع أن يكون أيًا من أعضاء الهيئة موظفين و ذلك العضو. موضوع يهدد االستقاللية الخاصة ب

 ارات تنفيذية.  قر ا في أي أن يشاركو مؤسسة، كما يمنع ين في الأو مدراء تنفيذي

لخص لمفصل، ومالشرح ا  لمنتج معكل ايجب أن تتضمن الفتوى في الحد األدنى ما يأتي: هي .4.1.3

و التحفظات  أ ستفسار األصليبالعقود األساسية، اال عمليات، المستندات ذات العالقةفق اللتد

ضوابط الرقابية الخاصة بمخاطر  ارية، الجتلاالشرعية والشروط  حكام  المرفوعة للهيئة، ملخص األ

إن  أي والمخالفة للر  تملة، األساس الشرعي للفتوى المصدرة، التحفظحلمالشرعي ا عدم االلتزام

 .  كل عضو توقيعاسم و وذكر ، جد مع ذكر السبب و

   :أمانة هيئة الرقابة الشرعية .4.2

ي  جهاز األمانة، ف في حال غياب  إدارة االلتزام الشرعياألمانة أو  حهازتستعين الهيئة ب .4.2.1

 تحضير الدراسات الخاصة باألعمال المعروضة على الهيئة،

آي ل أر  إ ساند تطبيق تقنية  تقديم دراسات مالئم لهيئة الرقابة الشرعية يجب على الجهاز المول .4.2.2

(LRA technique) - ((Legal documentation, Risk management and

Accounting treatment))  ونية، المحاسبية، قانمان أن القرار الشرعي لم يغفل الجوانب اللض

 عل  . عبدالباري مشد - ات الشرعيةتخاذ القرار عملية ا

 pg. 9

بنك أي تعليمات لل  يذكر في الدراسة المقدمة  و تها.  ليات الشركة وسمعمتعلقة بعمال  وإدارة المخاطر

 وضوع محل العرض. أو للمعايير الشرعية تتعلق بالمالمركزي

ه  تأثير  لفحص وتقييم المخاطرإدارة ية، والمحاسبة، و يعود إلى اإلدارة القانون عد صدور القرار ب .4.2.3

بليغ الهيئة بتطبيق القرار أو عدم تطبيقه  يجب توعلى مستوى التطبيق عمليات المؤسسة،  على

 باب. كليا أو جزئيا مع بيان األس

LRA Model
as a Risk

Managment
Tool

Legal
Documentation

Risk
Management

Accounting
Treatment

 عل  . عبدالباري مشد - ات الشرعيةتخاذ القرار عملية ا

 pg. 10

 : إلدارةا .4.3

وتجنب تقديم  ملة،  حة، وكايجب على اإلدارة تقديم معلومات صحيالشرعي،    القرارلضمان دقة   .4.3.1

بشأن الموضوع محل المختصة    حسب تقدير اإلدارة ودون الرجوع للجهات حات  تفسيرات أو إيضا

 . العرض

 اتخاذ القرار الشرعي،  ذات العالقة بالتوجيه المناسب لألجهزة توفير التدريب و  .4.3.2

 ،  تطبيقات السائدةجديد يتحدى المقترح د أي ضتحيز اإلدارة  وال ينبغي أن ت   .4.3.3

بسبب أنها أجيزت لهيئة الشرعية أن توافق على المنتجات والخدمات  اطلب بإلحاح من  تجنب ال .4.3.4

 لفة، أو مؤسسات منافسة.  فقهية أخرى مخازمالء أو مدارس علماء و من

 ة مسبًقا. حدد ط باتجاه الفتوى المغتجنب الض .4.3.5

 .  وإجمااًل يجب عرض جميع األعمال على الهيئة .4.3.6

   .راللمبو كيو في الطريق إلى كو طو -هانيداهللا في مطار  تم بحمد

 ري مشعل عبدالباد.

30 /10 /2019

	 1

03	November	2019

Special	event
‘Islamic	Finance	for	Food	Security:	Connecting	Russia	and	Muslim	Countries’

held	by	HSE-Skolkovo	Institute	for	Law	and	Development

chaired	by	Sheikh	Muhammad	Taqi	Usmani,
with	contributions	by	Shari’ah	scholars	and	Islamic	finance	industry	experts

supported	by	AAOIFI	and	in	association	with	Usmani	and	Co	during	the

14th	AAOIFI	—	World	Bank	Conference
‘Revolutionary	Changes	in	Global	Islamic	Finance	Ecosystem:	Need	for

Governance,	Standardization	and	Regulatory	Support’

RESOLUTION

Participants	 of	 the	 special	 event	 ‘Islamic	 Finance	 for	 Food	 Security:	 Connecting
Russia	and	Muslim	Countries,’

Taking	 into	 account	 the	 keynote	 speech	 delivered	 by	 Sheikh	 Muhammad	 Taqi
Usmani	and	the	presentation	of	the	Agrofinmost	project	made	by	the	HSE-Skolkovo
Institute	for	Law	and	Development;

In	view	of	the	opinions	expressed	by	and	contributions	made	by	attendees;

Having	regard	to	the	discussions	held	as	part	of	the	event,

have	agreed	that:

	 2

1. Food	security	is	an	urgent	concern	requiring	innovative	solutions.

2. The	 contemporary	 food	 trade	 model	 is	 unsustainable,	 characterized	 by
monopolisation	and	speculation,	and	is	in	conflict	with	the	basic	principles	of
fair	trade,	incapable	of	delivering	food	to	all	people,	as	a	public	good	and	not
as	an	object	of	speculation.

3. Alternative	 models	 of	 farmer	 financing	 are	 required	 that	 would	 meet	 the
needs	of	market	participants.

4. Islamic	finance	instruments,	in	particular	sukuk,	may	be	a	viable	alternative	to
industry-distorting	instruments,	such	as	speculative	futures,	and	will	attract	a
wider	base	of	investors,	including	those	who	focus	on	ethical	investments.

5. The	Agrofinmost	project	and	 the	 solutions	 it	proposes	have	 the	potential	 to
improve	food	security	of	the	Muslim	countries	dependent	on	food	imports.

6. The	project	proposes	a	fairer	and	more	equitable	model	of	food	trade	based
on	the	principles	of	Islamic	financing	while	safeguarding	the	interests	of	food
producers	and	consumers	alike.

7. The	project	has	 the	potential	 to	 reduce	 the	 cost	of	 food	 to	 combat	hunger,
give	 the	 underprivileged	 rural	 population	 broader	 access	 to	 food	 resources
and	bring	peace	to	society.

8. The	 project	 will	 set	 up	 sustainable	 trade	 corridors	 between	 Russia,	 its
neighbouring	 countries	 and	 the	Muslim	 world	 for	 the	 benefit	 of	 the	 wider
community.

9. Islamic	businesses,	 institutions	 and	governments	 are	encouraged	participate
in	 the	Agrofinmost	project	 for	 their	own	benefit	 and	 for	 that	of	 the	Muslim
community	at	large.

Mr Faheem Ahmed_crow funding_session 3

Islamic Crowdfunding Opportunities cmprss

AAOIFI conference November 2019

IIRA-AAOIFI-1

SESSION Agrofinmost v. 6.1 ENG[1]

SDM - Dr. Abdulbari Mashal

Resolution v.5 ENG


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February 23, 2017
DR. ZULKIFLI HASAN
Announcing the Launch of My Newly Redesigned Website zulkiflihasan.com
Announcing the Launch of My Newly Redesigned Website
zulkiflihasan.com
Dear all,
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