Islamic Law of Islamic Law of

Banking and Banking and TakafulTakaful

LAB3073LAB3073

DR. ZULKIFLI HASANDR. ZULKIFLI HASAN

ContentContent

� The Basis of the Introduction of Islamic

Finance

� Riba

� Gharar

� Maisir

� Risk

� Islamic finance as a holistic ethical solution

�� UmarUmar b. alb. al--KhattabKhattab said, "There are three things. said, "There are three things.

If Allah's Messenger had explained them clearly, If Allah's Messenger had explained them clearly,

it would have been dearer to me than the world it would have been dearer to me than the world

and what it contains: (These are) and what it contains: (These are) kalalakalala, , ribariba, and , and

khilafakhilafa. [. [SunanSunan IbnIbn MajahMajah] ]

The Fall of the Ottoman EmpireThe Fall of the Ottoman Empire

�� Ottoman Empire : 1299Ottoman Empire : 1299--1922 1922

�� High Interest Loan with British and France  High Interest Loan with British and France

1854: 1854: ££3M interest 6%,3M interest 6%,

�� 1855, 1855, ££5M interest 4%, 5M interest 4%,

�� 1858, 1858, ££5M interest 6%5M interest 6% and and ££8M interest 6%.8M interest 6%.

RibaRiba

�� First: In Mecca First: In Mecca QuranQuran Al Rum 30: 39 Al Rum 30: 39 RibaRiba
deprived wealth of Allahdeprived wealth of Allah’’s blessing, charity s blessing, charity
raised it raised it manifoldlymanifoldly

�� Second: In Medina 1Second: In Medina 1stst H H QuranQuran Al Al NisaNisa: :
161:Severely disapproved or 161:Severely disapproved or ribariba

�� Third: 2Third: 2ndnd H. Al H. Al ImranImran: 130: 130--131. Enjoining 131. Enjoining
muslimmuslim to keep away from to keep away from ribariba..

�� Final: 9 days before the demise of the prophet. Final: 9 days before the demise of the prophet.
2: 2752: 275--281.281.

�� The Noble The Noble Qur'anQur'an -- AlAl--BaqarahBaqarah 275275--281281
�� 275. Those who eat 275. Those who eat RibâRibâ (usury) will not stand (on the (usury) will not stand (on the
Day of Resurrection) except like the standing of a person Day of Resurrection) except like the standing of a person
beaten by beaten by ShaitânShaitân (Satan) leading him to insanity. That is (Satan) leading him to insanity. That is
because they say: "Trading is only like because they say: "Trading is only like RibâRibâ (usury)," (usury),"
whereas whereas AllâhAllâh has permitted trading and forbidden has permitted trading and forbidden RibâRibâ
(usury). So whosoever receives an admonition from his (usury). So whosoever receives an admonition from his
Lord and stops eating Lord and stops eating RibâRibâ (usury) shall not be punished (usury) shall not be punished
for the past; his case is for for the past; his case is for AllâhAllâh (to judge); but whoever (to judge); but whoever
returns [to returns [to RibâRibâ (usury)], such are the dwellers of the Fire (usury)], such are the dwellers of the Fire --
they will abide therein. they will abide therein.

�� 276. 276. AllâhAllâh will destroy will destroy RibâRibâ (usury) and will give increase (usury) and will give increase
for for SadaqâtSadaqât (deeds of charity, alms, etc.) And (deeds of charity, alms, etc.) And AllâhAllâh likes likes
not the disbelievers, sinners. not the disbelievers, sinners.

�� 277. Truly those who believe, and do deeds of 277. Truly those who believe, and do deeds of
righteousness, and perform Asrighteousness, and perform As--SalâtSalât ((IqâmatIqâmat--asas--SalâtSalât), and ), and
give give ZakâtZakât, they will have their reward with their Lord. On , they will have their reward with their Lord. On
them shall be no fear, nor shall they grieve. them shall be no fear, nor shall they grieve.

�� َيـأيھا ٱلذين ءامنوا ٱتقوا ٱ� وذروا م َ َ َ َ َ َْ ْ ُ ْ ُُ َ َ � � ِ � � َ ٓ َيـأيھا ٱلذين ءامنوا ٱتقوا ٱ� وذروا مٰ َ َ َ َ َ َْ ْ ُ ْ ُُ َ َ � � ِ � � َ ٓ ِا بقى من ٱلربوا إنٰ ْ ٓ ٰ َ َ َ َ� ِ ِا بقى من ٱلربوا إنِ ْ ٓ ٰ َ َ َ َ� ِ َكنتم مؤمنين  ِ ِ ِ ۡ � ُ َكنتم مؤمنينُ ِ ِ ۡ � ُ ُ

�� َفإن لم تفعلوا فأذنوا بحرب من ٱ� ور َ َ َ َِ � � ٍ ۟ ۡ ِ ِْ ُ َْ ۡ َ َ َُ ۡ ۡ َفإن لم تفعلوا فأذنوا بحرب من ٱ� ور� َ َ َ َِ � � ٍ ۟ ۡ ِ ِْ ُ َْ ۡ َ َ َُ ۡ ۡ ۦ ۖ وإن تبتم فلڪُم رءوس � ُسوله ُ ُ ُۡ َۡ َ ُ ُۡ ِ َ ِ ۦ ۖ وإن تبتم فلڪُم رءوس ِ ُسوله ُ ُ ُۡ َۡ َ ُ ُۡ ِ َ ِ ِ
ۡأموٲلڪُم  ِ َ ۡ ۡأموٲلڪُم َ ِ َ ۡ َوَوَ

�� 6َ تظلمون و6 تظلمون َ َُ َُ َ َۡ ُۡ ِ 6َ تظلمون و6 تظلمونَ َ َُ َُ َ َۡ ُۡ ِ َ

�� 278. O ye who believe! Fear Allah, and give up 278. O ye who believe! Fear Allah, and give up

what remains of your demand for usury, if ye are what remains of your demand for usury, if ye are

Indeed believers.Indeed believers.

�� 279. If ye do not, take notice of war from Allah and 279. If ye do not, take notice of war from Allah and

His Messenger: but if ye turn back, ye shall have His Messenger: but if ye turn back, ye shall have

your capital sums; Deal not unjustly, and ye shall your capital sums; Deal not unjustly, and ye shall

not be dealt with unjustly.not be dealt with unjustly.

�� "Hakim relates on the authority of "Hakim relates on the authority of IbnIbn Mas'udMas'ud

that the Prophet said, 'that the Prophet said, 'RibaRiba is of seventy three is of seventy three

kinds, the lightest in seriousness of which is as kinds, the lightest in seriousness of which is as

bad as one's marrying his own mother; for the bad as one's marrying his own mother; for the

Muslim who practices Muslim who practices ribariba goes mad.' " (Related goes mad.' " (Related

by by IbnIbn MajahMajah) )

RibaRiba

�� Excess, expansion, increase, addition or growthExcess, expansion, increase, addition or growth

�� Technically, unlawful gain derived from the Technically, unlawful gain derived from the

quantitative inequality of the counterquantitative inequality of the counter--values in values in

any transaction purporting to affect the any transaction purporting to affect the

exchange of two or more species which belongs exchange of two or more species which belongs

to the same genus and are governed by the same to the same genus and are governed by the same

efficient cause. efficient cause.

RibaRiba on loan contracton loan contract

�� RibaRiba al al duyunduyun-- occurs in lending and borrowing.occurs in lending and borrowing.

�� RibaRiba al al nasiahnasiah (to delay):  excess due to delay in (to delay):  excess due to delay in

paymentpayment

�� RibaRiba al al QuranQuran

�� Any unjustified increment in borrowing or Any unjustified increment in borrowing or

lending money whether in kind or cash over and lending money whether in kind or cash over and

above the principal amount as a condition above the principal amount as a condition

stipulated or agreed stipulated or agreed btnbtn the parties. the parties.

RibaRiba in Exchange Contractsin Exchange Contracts

�� RibaRiba al al BuyuBuyu: occurs from trading or exchange : occurs from trading or exchange

transactions in which a commodity is exchanged transactions in which a commodity is exchanged

for the same commodity from the for the same commodity from the ribawiribawi

commodities in unequal amount and/or delay commodities in unequal amount and/or delay

for the delivery of one of the commodities. for the delivery of one of the commodities.

�� RibaRiba al al fadlfadl

�� RibaRiba al al SunnahSunnah

RibaRiba al al BuyuBuyu

�� UbadahUbadah b b SamitSamit that the Prophet said: Gold for that the Prophet said: Gold for

gold, silver for silver, wheat for wheat, barley for gold, silver for silver, wheat for wheat, barley for

barley, dates for dates and salt for salt, like for barley, dates for dates and salt for salt, like for

like, equal for equal and hand to hand, if the like, equal for equal and hand to hand, if the

commodities differ, then you may sell as you commodities differ, then you may sell as you

wish provided that the exchange is hand to hand wish provided that the exchange is hand to hand

((SahihSahih Muslim)Muslim)

RibaRiba al al BuyuBuyu

�� 1. It must be a spot transaction: If one of the 1. It must be a spot transaction: If one of the

commodities are delayed, commodities are delayed, ribariba al al buyubuyu occursoccurs

�� 2. It must be equal counter2. It must be equal counter--value. 2kg of wheat value. 2kg of wheat

with 2 kg of wheat. with 2 kg of wheat.

HadithHadith UbadahUbadah

�� 1. Medium of exchange: gold and silver and 1. Medium of exchange: gold and silver and

currencycurrency

�� 2. Food stuff: Barley, dates and salt.2. Food stuff: Barley, dates and salt.

�� ShafieShafie: Edible: Edible

�� HanafiHanafi: saleable by the measurement of weight : saleable by the measurement of weight

or capacityor capacity

�� MalikiMaliki: staple foodstuffs and : staple foodstuffs and preservablepreservable

HadithHadith UbadahUbadah

�� If gold for gold: Equality and spot deliveryIf gold for gold: Equality and spot delivery

�� If wheat for wheat: E and S.If wheat for wheat: E and S.

�� If gold for silver: Spot deliveryIf gold for silver: Spot delivery

�� If wheat for dates: Spot deliveryIf wheat for dates: Spot delivery

�� If gold for wheat: Willing seller willing buyerIf gold for wheat: Willing seller willing buyer

Illustration for currencyIllustration for currency

�� RM100 and RM100= on the spot =No RM100 and RM100= on the spot =No ribariba

�� RM100 and RM100=delay=RM100 and RM100=delay=RibaRiba

�� RM100 and RM150=excess=RM100 and RM150=excess=RibaRiba

�� RM380 and USD100= on the spot=No RM380 and USD100= on the spot=No ribariba

�� RM380 and USD100=delay=RM380 and USD100=delay=RibaRiba

�� Money is not a commodity. Money is a medium Money is not a commodity. Money is a medium

of exchange, store and measure of value.of exchange, store and measure of value.

Illustration for FoodIllustration for Food

�� 10kg Rice and 10 kg rice=on the spot=No 10kg Rice and 10 kg rice=on the spot=No ribariba

�� 10kg rice and 10 kg rice=delay=10kg rice and 10 kg rice=delay=ribariba

�� 10kg rice and 15 kg rice=on the spot=10kg rice and 15 kg rice=on the spot=RibaRiba

�� 10kg rice and 15 kg wheat=spot=No 10kg rice and 15 kg wheat=spot=No ribariba

�� 10kg rice and 15kg wheat=delay=10kg rice and 15kg wheat=delay=ribariba

Reason or RationaleReason or Rationale

�� 1.  Violate the equity aspect of economic organization.1.  Violate the equity aspect of economic organization.

�� 2. The inflexibility of an interest2. The inflexibility of an interest--based system is a loss based system is a loss

situation can lead to a bankruptcies in loss of situation can lead to a bankruptcies in loss of

productive potential and unemployment.productive potential and unemployment.

�� 3. Security oriented 3. Security oriented vsvs growth oriented.growth oriented.

�� 4. discourage innovation. 4. discourage innovation.

�� 5. Wrongful appropriation of other5. Wrongful appropriation of other’’s property. (Allow s property. (Allow

through contract through contract egeg partnership, partnership, muawadhatmuawadhat, , ibraibra, ,

hibahhibah, , waqfwaqf, will and inheritance)., will and inheritance).

GhararGharar

�� Risk, uncertainty and hazardRisk, uncertainty and hazard

�� IbnIbn QayyimQayyim: as a sale in which the vendor is not : as a sale in which the vendor is not

in position to hand over the SM to the buyer in position to hand over the SM to the buyer

whether the SM is in existence or not. whether the SM is in existence or not.

�� WZ: Contract which contains a risk to any of WZ: Contract which contains a risk to any of

the parties which could lead to his loss of the parties which could lead to his loss of

properties. properties.

GhararGharar

�� SurahSurah al Nisa:29 al Nisa:29 ““ O you who believe? Eat not O you who believe? Eat not

your property among yourselves unjustly by your property among yourselves unjustly by

falsehood and deception, except it be a trade falsehood and deception, except it be a trade

amongst you by mutual consentamongst you by mutual consent””..

�� The world The world batilbatil unjustly include all categories of unjustly include all categories of

illegal and defective elements in commercial illegal and defective elements in commercial

contracts, including that of a contracts, including that of a gharargharar. .

HadithHadith

�� Abu Abu HurayrahHurayrah narrated that the Prophet narrated that the Prophet

prohibited all sales on prohibited all sales on gharargharar. .

Rationale Rationale

�� Rule of justice and fair dealingsRule of justice and fair dealings

�� To avoid oppression and injustice and loss of To avoid oppression and injustice and loss of

propertiesproperties

�� May infringe the rule of mutual consent, due to May infringe the rule of mutual consent, due to

inadequate knowledge.inadequate knowledge.

�� To avoid future disputes.To avoid future disputes.

Types of Types of GhararGharar

�� NonNon--existence of the exchanged counterexistence of the exchanged counter--values values
or the control of the parties over the SM to be or the control of the parties over the SM to be
exchanged.exchanged.

�� Inadequacy or inaccuracy of information: Non Inadequacy or inaccuracy of information: Non
disclosure. disclosure. EgEg characteristics of the exchanged characteristics of the exchanged
counter value, its species, quantities, data of counter value, its species, quantities, data of
future delivery,.future delivery,.

�� Undue complexity of the contracts. Undue complexity of the contracts. EgEg two sales two sales
in one. in one.

Degree of Degree of GhararGharar

�� GhararGharar yasiryasir: Minor : Minor gharargharar: unavoidable : unavoidable gharargharar

due to the nature of the subject matter without due to the nature of the subject matter without

causing considerable damage to one of the causing considerable damage to one of the

parties will not affect the validity of the contract.parties will not affect the validity of the contract.

�� GhararGharar fahishfahish: Major : Major gharargharar: Important and : Important and

material information. Contract is void.material information. Contract is void.

MaysirMaysir

�� QimarQimar

�� Involves betting whereby the winner will take Involves betting whereby the winner will take

the entire bet and the loser will lose his bet. the entire bet and the loser will lose his bet.

�� Games of pure chance where any party might Games of pure chance where any party might

gain at the expense of the loss of the party.gain at the expense of the loss of the party.

undesirable and detestable.undesirable and detestable.

�� They ask thee concerning wine and gambling.They ask thee concerning wine and gambling.
Say: In them is a great sin and some benefit for Say: In them is a great sin and some benefit for
men. The sin is greater than the benefit. (2:219) men. The sin is greater than the benefit. (2:219)

Declared UnlawfulDeclared Unlawful

�� O you who believe! Intoxicants and gambling, (dedication of) O you who believe! Intoxicants and gambling, (dedication of)
stones and arrows are abomination of stones and arrows are abomination of ShaytaanShaytaan’’ss handiwork: handiwork:
Abstain from it so that you may prosper. Abstain from it so that you may prosper. Shaytaan'sShaytaan's plan is (but) plan is (but)
to excite enmity and hatred between you, with intoxicants and to excite enmity and hatred between you, with intoxicants and
gambling, and binder you from the remembrance ofgambling, and binder you from the remembrance of AllahAllah, and , and
from prayer: Will you not then abstain?from prayer: Will you not then abstain? (5: 90,91) (5: 90,91)

Risk (Risk (KhatarKhatar))

�� Not every riskNot every risk--taking is prohibitedtaking is prohibited

�� Islam had Permitted sale due to fairness in risk Islam had Permitted sale due to fairness in risk

and return.and return.

�� Sale: assumes riskSale: assumes risk--taking (market risk the seller taking (market risk the seller

deserves the profit from the sale). deserves the profit from the sale). RibaRiba is is

prohibited because it involves profiting without prohibited because it involves profiting without

taking or sharing in related risk.taking or sharing in related risk.

RationaleRationale

�� MajallahMajallah al al AhkamAhkam Al Al AdliyahAdliyah in 1876.in 1876.

�� Article 85: the benefit of a thing is a return for Article 85: the benefit of a thing is a return for
the liability for loss arising from that thing.the liability for loss arising from that thing.

�� Art 87: The detriment is as a return for the Art 87: The detriment is as a return for the
benefit.benefit.

�� ArtiArti 88: the burden is in proportion to the 88: the burden is in proportion to the
benefit and the benefit in proportion to the benefit and the benefit in proportion to the
burden.burden.

�� Al Al kharajkharaj bidhamanbidhaman: the right to the return is : the right to the return is
justifiable by assuming the risk of loss.justifiable by assuming the risk of loss.

Types of Risks (Types of Risks (FiqhFiqh))

�� 1. Entrepreneurial risk which might occur as 1. Entrepreneurial risk which might occur as

part of the normal course of business: part of the normal course of business:

PraiseworthyPraiseworthy

�� 2. Risk due to possibility of the occurrence of 2. Risk due to possibility of the occurrence of

natural disasters and calamities: Allowed if by natural disasters and calamities: Allowed if by

way of cooperative.way of cooperative.

�� 3. Unnecessary risk. Arise from game of chance. 3. Unnecessary risk. Arise from game of chance.

Prohibited.Prohibited.

Types of RisksTypes of Risks

Types of RiskTypes of Risk Roles of BOD and Senior ManagementRoles of BOD and Senior Management

Credit RiskCredit Risk ••Strategy for financing and recognize the potential credit exposuStrategy for financing and recognize the potential credit exposures.res.

••Carry out due diligence reviewCarry out due diligence review

••Appropriate methodologies for measuring and reporting credit risAppropriate methodologies for measuring and reporting credit risk k

exposureexposure

••ShariahShariah--compliant credit risk mitigating techniquescompliant credit risk mitigating techniques

Equity Investment Equity Investment

RiskRisk

••Strategy for risk characteristics of equity investmentsStrategy for risk characteristics of equity investments

••Appropriate valuation methodologiesAppropriate valuation methodologies

••Establish exit strategies in respect of equity investment activiEstablish exit strategies in respect of equity investment activitiesties

Market RiskMarket Risk ••Appropriate framework for market risk management in respect of aAppropriate framework for market risk management in respect of all ll

assets heldassets held

Liquidity RiskLiquidity Risk ••Appropriate liquidity management frameworkAppropriate liquidity management framework

••Able to assume that liquidity risk commensurate with their abiliAble to assume that liquidity risk commensurate with their ability to ty to

have sufficient recourse to have sufficient recourse to ShariahShariah--compliant funds to mitigate such compliant funds to mitigate such

risksrisks

Rate of Return Rate of Return

RiskRisk

••Comprehensive risk management and reporting process to assess thComprehensive risk management and reporting process to assess the e

potential impacts of market factors affecting rates of returns opotential impacts of market factors affecting rates of returns on assets n assets

in comparison with the expected returns for IAHin comparison with the expected returns for IAH

Operational RiskOperational Risk ••Adequate system and controls to ensure Adequate system and controls to ensure ShariahShariah compliancecompliance

••Appropriate mechanism to safeguard the interest of all fund provAppropriate mechanism to safeguard the interest of all fund providers.iders.

EthicsEthics

� Tenet bound:

• Fundamental tenets are derived from Shariah

o Absence of interest-based transactions

O Avoidance of economic activity involving speculation

o Prohibition on production of goods and services which
contradict the values of Islam

� Principles based:

• Concept is grounded in ethics and values

� Principles akin to ethical investing

o Emphasis on risk-sharing and partnership contracts

o Credit and debt products are not encouraged

ContCont……

� Real economy linked:

• Islamic finance offers an alternative financing paradigm

o Asset-backed transactions with investments in real, durable assets

o Stability from linking financial services to the

productive, real economy

o Restrains consumer indebtedness as credit is linked to real assets

� Society Service

• Islamic banking is community banking

o Serving communities, not markets

o Open to all-faith clients

o Instruments of poverty-reduction are inherent part of Islamic
finance (zakat & qard hasan)


Islamic Banking, Islamic Banking,

TakafulTakaful and Al and Al RahnuRahnu

LCA4562LCA4562

DR. ZULKIFLI HASANDR. ZULKIFLI HASAN

ContentsContents

�� Insurance Insurance

�� TakafulTakaful

HISTORICAL BACKGROUND OF HISTORICAL BACKGROUND OF

WESTERN CONCEPT OF INSURANCEWESTERN CONCEPT OF INSURANCE

�� 1. Ottoman Empire1. Ottoman Empire-- First introduce western First introduce western

concept of insuranceconcept of insurance-- Maritime Code 1863.Maritime Code 1863.

�� 2. Ottoman Law of Insurance 18742. Ottoman Law of Insurance 1874--only life only life

insurance is insurance is haramharam or unlawfulor unlawful

�� Since then, western concept of insurance is Since then, western concept of insurance is

practiced almost in all countries in the worldpracticed almost in all countries in the world

Insurance?Insurance?

�� Financial protection which involves the Financial protection which involves the

execution of contracts between the insurer and execution of contracts between the insurer and

the insured in which the insurer agrees to the insured in which the insurer agrees to

underwrite the subject risk of such contracts.underwrite the subject risk of such contracts.

Nature of Insurance ContractNature of Insurance Contract

Premium Compensation

Premium Compensation

General Insurance

Life Insurance

ShariahShariah Position on InsurancePosition on Insurance

�� Three major groups.Three major groups.

��Those who consider both the concept Those who consider both the concept
and practice of commercial insurance and practice of commercial insurance
unun--Islamic.Islamic.

��Those who are in agreement with the Those who are in agreement with the
present insurance and find nothing present insurance and find nothing
wrong in it.wrong in it.

��Those who accept the concept of Those who accept the concept of
insurance, but find prohibited elements insurance, but find prohibited elements
in its present practice.   in its present practice.

Rulings of Collective Rulings of Collective FiqhiFiqhi BodiesBodies

�� Islamic Research Institute of AlIslamic Research Institute of Al--AzharAzhar UniUni: 1965: 1965

�� Council of Grand Council of Grand UlamaUlama of Saudi Arabiaof Saudi Arabia

�� MajlisMajlis TahqiqatTahqiqat--ee--Shari'yahShari'yah LucknowLucknow,   India ,   India

�� Islamic Islamic FiqhFiqh Academy of Academy of RabitaRabita alal--Aa'lamAa'lam--ee--
IslamiIslami

�� Al Al MajmaMajma’’ AlAl--FiqhiFiqhi AlAl-- IslamiIslami of OIC: 1975of OIC: 1975

�� Council of Islamic Ideology, PakistanCouncil of Islamic Ideology, Pakistan

�� International conference on International conference on islamicislamic economic economic
19761976

�� European Council for Fatwa.European Council for Fatwa.

�� According to these According to these FiqhiFiqhi bodies Conventional bodies Conventional
Insurance is unlawful because of involvement of Insurance is unlawful because of involvement of
prohibited elementsprohibited elements

Fatwa on Conventional InsuranceFatwa on Conventional Insurance

�� In 1972 the Fatwa Committee declared the In 1972 the Fatwa Committee declared the

western concept of insurance was unlawful western concept of insurance was unlawful

because of because of gharargharar, , ribariba and and maisirmaisir

�� In 1982In 1982-- a committee set up by the a committee set up by the govtgovt to to

study the implementation of study the implementation of takafultakaful..

�� FiqhFiqh Academy of the Organization of Academy of the Organization of

Islamic Conference (OIC) at its gathering in Islamic Conference (OIC) at its gathering in

Jeddah in December 1985 resolved that no Jeddah in December 1985 resolved that no

form of insurance, be it life or general, had form of insurance, be it life or general, had

conformed to the Islamic principleconformed to the Islamic principle

FuqahaFuqaha Views on Life InsuranceViews on Life Insurance

�� 1. Opponents:1. Opponents:-- Sheikh Sheikh ShaukatShaukat, Abu , Abu

ZaharahZaharah and others.and others.

�� Reason:Reason:--

�� i. Insuring onei. Insuring one’’s lifes life

�� Ii. BettingIi. Betting

�� Iii. Element of Iii. Element of ribariba, , maisirmaisir, , gharargharar..

�� Iv. Supersede the will of AllahIv. Supersede the will of Allah

�� V. against the principle of V. against the principle of mirathmirath

�� Vi No direct authority to justify itVi No direct authority to justify it

FuqahaFuqaha Views on Life InsuranceViews on Life Insurance

�� 2. Justification of life insurance but in different 2. Justification of life insurance but in different

form namely Family form namely Family TakafulTakaful..

�� i. mere financial transaction through mutual i. mere financial transaction through mutual

cooperation.cooperation.

�� Ii. No unlawful element.Ii. No unlawful element.

�� Iii. Implied model of Iii. Implied model of takafultakaful--aqilahaqilah and and

mudharabahmudharabah..

�� Iv. Mutual cooperation to protect the necessities.Iv. Mutual cooperation to protect the necessities.

�� V. Securing the offspring it does not supersede the V. Securing the offspring it does not supersede the

will of Allah.will of Allah.

2. Justification of life insurance but in 2. Justification of life insurance but in

different form namely Family different form namely Family TakafulTakaful

�� Vi. Security for poor.Vi. Security for poor.

�� Vii. Protection of unexpected difficulties.Vii. Protection of unexpected difficulties.

�� Viii. Self reliant society.Viii. Self reliant society.

OBJECTION TO THE WESTERN OBJECTION TO THE WESTERN

CONCEPT OF INSURANCECONCEPT OF INSURANCE

�� 1. 1. RibaRiba..

�� Life insuranceLife insurance-- insurer undertakes to pay the insurer undertakes to pay the

insured. The sum is in excess of the total insured. The sum is in excess of the total

premium paid. Premium =Loanpremium paid. Premium =Loan

�� NonNon--Life insuranceLife insurance-- The insurance The insurance

companies invested the premium paid in companies invested the premium paid in

fixed interest earnings investment. fixed interest earnings investment.

2. 2. GhararGharar

�� Uncertainty= Risk, hazard or perilUncertainty= Risk, hazard or peril

�� Neither the insurer nor the insured knows Neither the insurer nor the insured knows
the nature and extent of their rights and the nature and extent of their rights and
obligation until after the occurrence of the obligation until after the occurrence of the
insured event.insured event.

�� Any transaction must free from excessive Any transaction must free from excessive
uncertaintyuncertainty

�� The insured is ignorant of the terms of the The insured is ignorant of the terms of the
insurance.insurance.-- Unacceptable reason.Unacceptable reason.

How To Free From Excessive How To Free From Excessive GhararGharar

�� 1. Mutual and Cooperative basis1. Mutual and Cooperative basis

�� 2. The 2. The takafultakaful coverage must be genuinely coverage must be genuinely

required in order to safeguard interest required in order to safeguard interest

collectivelycollectively

�� 3.such coverage can only be safeguarded 3.such coverage can only be safeguarded

through the insurance mechanism.through the insurance mechanism.

�� 4. Type of contract is Unilateral Contract4. Type of contract is Unilateral Contract--

AlAl--TabarruatTabarruat..

3. 3. JuhalaJuhala

�� Uncertainty per seUncertainty per se-- all particulars of the all particulars of the

contract must be known to the parties at the contract must be known to the parties at the

time of the contract. Otherwisetime of the contract. Otherwise-- invalidinvalid

�� Life insuranceLife insurance-- The insured does not know The insured does not know ––

how long he will be paying the premiums.how long he will be paying the premiums.

�� Non life insuranceNon life insurance-- does not know how does not know how

much the insurer will pay him in the case of much the insurer will pay him in the case of

insured event takes placeinsured event takes place

4. 4. MaisirMaisir

�� Prohibition of unearned gains.Prohibition of unearned gains.

�� To court unnecessary risk by entering into a To court unnecessary risk by entering into a
transaction with a hope of gain as well as transaction with a hope of gain as well as
fear of loss.fear of loss.

�� Undertaking a risk in the spirit of Undertaking a risk in the spirit of
speculationspeculation

�� Life insuranceLife insurance-- If dies earlyIf dies early--Lucky= Policy Lucky= Policy
money will be paid.money will be paid.

�� Non life insuranceNon life insurance-- if the insured event if the insured event
occursoccurs-- Lucky. If noLucky. If no-- gets nothinggets nothing

5. Violation of Islamic Law of 5. Violation of Islamic Law of

InheritanceInheritance

�� Law on NominationLaw on Nomination-- insurer can nominate insurer can nominate
to any person as beneficiaries.to any person as beneficiaries.

�� S 23S 23-- Hock HoeHock Hoe’’s Policy. Nominee enjoys s Policy. Nominee enjoys
full benefit of the insurance policy.full benefit of the insurance policy.

�� This objection is not relevant anymore. This objection is not relevant anymore.
Amendment to the Insurance Act and Amendment to the Insurance Act and
introduction of the introduction of the TakafulTakaful Act 1984.Act 1984.

�� In IslamIn Islam-- nomination is just a trustee. The nomination is just a trustee. The
policy money must be distributed policy money must be distributed ––faraidfaraid..

6. Contravention of the Conception 6. Contravention of the Conception

of Preof Pre--Destination Destination

�� Concept of Concept of QadaQada and and QadarQadar-- The ultimate The ultimate
destiny is in the hands of Allah.destiny is in the hands of Allah.

�� IrrelevantIrrelevant-- Failure to appreciate the real Failure to appreciate the real
function of insurance.function of insurance.

�� The insurance does not prevent preThe insurance does not prevent pre--destined destined
events. It only reduces the pain and events. It only reduces the pain and
suffering resulting from the insured events.suffering resulting from the insured events.

�� This is in fact in line with the Islamic This is in fact in line with the Islamic
principle.principle.

7. Objection to forfeiture of 7. Objection to forfeiture of

PremiumsPremiums

�� Insurer may forfeit the premiums that have Insurer may forfeit the premiums that have

been paid in certain circumstances.been paid in certain circumstances.

�� May forfeit in the event of avoiding nonMay forfeit in the event of avoiding non--

disclosure or breach of warranty by the disclosure or breach of warranty by the

insured.insured.

�� Islam does not allow the forfeiture of the Islam does not allow the forfeiture of the

capital. capital.

Development of Development of takafultakaful

�� TakafulTakaful started some  30 years ago in Sudan and Middle started some  30 years ago in Sudan and Middle

East in 1979 :East in 1979 :

�� The Islamic Arab Insurance Co. (IAIC) in the UAE The Islamic Arab Insurance Co. (IAIC) in the UAE

andand

�� The Islamic Insurance Co. of SudanThe Islamic Insurance Co. of Sudan

�� Later in 1984, Malaysia played a pioneering role in Later in 1984, Malaysia played a pioneering role in

setting the first Legal framework specific to setting the first Legal framework specific to TakafulTakaful

((TakafulTakaful Act Malaysia).Act Malaysia).

�� This was instrumental in the successful launching of the This was instrumental in the successful launching of the

TakafulTakaful movement in Malaysia and in other countries of movement in Malaysia and in other countries of

South East Asia.South East Asia.

TakafulTakaful Operators Operators

�� AIA AFG AIA AFG TakafulTakaful BhdBhd..

�� AmFamilyAmFamily TakafulTakaful BerhadBerhad

�� CIMB CIMB AvivaAviva TakafulTakaful BerhadBerhad

�� EtiqaEtiqa TakafulTakaful BerhadBerhad

�� Great Eastern Great Eastern TakafulTakaful SdnSdn BhdBhd

�� Hong Hong LeongLeong MSIG MSIG TakafulTakaful BerhadBerhad

�� HSBC HSBC AmanahAmanah TakafulTakaful (Malaysia) (Malaysia) SdnSdn BhdBhd

�� ING PUBLIC ING PUBLIC TakafulTakaful EhsanEhsan BerhadBerhad

�� MAA MAA TakafulTakaful BerhadBerhad

�� Prudential BSN Prudential BSN TakafulTakaful BerhadBerhad

Origin of Origin of TakafulTakaful

�� 1. 1. AqilahAqilah-- Blood moneyBlood money

�� The tribe had to be ready to compensate the The tribe had to be ready to compensate the

heir of the victim.heir of the victim.

�� Compensation likes indemnity in insurance Compensation likes indemnity in insurance

policypolicy

�� 2. 2. S.UmarS.Umar-- AlAl--DawawinDawawin SystemSystem-- Ministry to Ministry to

contribute money for emergency or in need.contribute money for emergency or in need.

�� 3. 3. KhairatKhairat KematianKematian--

Sources of Law Affecting Sources of Law Affecting TakafulTakaful

�� 1. Al1. Al--QuranQuran-- elements of mutual cooperation= elements of mutual cooperation=

AlmaidahAlmaidah: 5:2. Alleviation of hardship= 2:201: 5:2. Alleviation of hardship= 2:201

�� 2. 2. SunnahSunnah= Prophet said: Tie the camel first and = Prophet said: Tie the camel first and

then leave it to Allahthen leave it to Allah

�� 3. Practices of the companion3. Practices of the companion-- AlAl--DawawinDawawin

System by S. System by S. UmarUmar..

�� 4. Fatwa or 4. Fatwa or IjtihadIjtihad: : IbnuIbnu AbidinAbidin=Permissible =Permissible

insurance in trade for merchant known as insurance in trade for merchant known as SukraSukra..

�� Muhammad Muhammad AbduhAbduh, , ZarqaZarqa-- agreed to the agreed to the

validity of Islamic insurancevalidity of Islamic insurance

Sources of Law Affecting Sources of Law Affecting TakafulTakaful

�� 5. 5. MasalihMasalih MursalahMursalah= Life, necessity. A way = Life, necessity. A way
of providing material security.of providing material security.

�� 6. 6. UrfUrf-- Tribal Custom practice known as Tribal Custom practice known as
AqilahAqilah..

�� 7. Unanimous Decision of Muslim Scholars7. Unanimous Decision of Muslim Scholars--

�� Islamic Islamic FiqhFiqh Week Syria 1961, Muslim Week Syria 1961, Muslim
Scholars Conference 1965 Egypt and Islamic Scholars Conference 1965 Egypt and Islamic
Economic Conference Mecca 1976Economic Conference Mecca 1976-- Validity Validity
of insurance business except life insurance.of insurance business except life insurance.

�� International Islamic Insurance Dubai 1996 International Islamic Insurance Dubai 1996
and and LabuanLabuan 19971997-- Validity of Validity of TakafulTakaful. .

TakafulTakaful and and MaqasidMaqasid al al ShariahShariah

�� Protection of property and Protection of life: Protection of property and Protection of life:
hajiyathajiyat and and daruriyatdaruriyat

�� Legal maxim: Legal maxim: darardarar must be must be removed.removed.

�� To spread the risks of losses around the large To spread the risks of losses around the large
number of participantsnumber of participants

�� Dr Dr mohdmohd dauddaud bakarbakar: making : making takafultakaful mandatory mandatory
to to muslimsmuslims..

�� CompulsaryCompulsary to protect the essential needs of the to protect the essential needs of the
society.society.

TakafulTakaful

�� KafalaKafala: responsibility, guarantee or : responsibility, guarantee or suretyshipsuretyship

�� Mutual Guarantee, shared responsibility, joint Mutual Guarantee, shared responsibility, joint
guarantee, collective assurance and mutual guarantee, collective assurance and mutual
undertaking= mutuality and cooperation.undertaking= mutuality and cooperation.

� method of joint guarantee among a group of members
or participants against loss or damage that may inflict
upon any of them. The members of the group agree to
guarantee jointly that should any of them suffer a
catastrophe or disaster, he would receive certain sum of
money to meet the loss or damage. All members of the
group pool together their efforts to support the needy.

TakafulTakaful Act 1984Act 1984

�� S 2: Scheme based on brotherhood, solidarity, S 2: Scheme based on brotherhood, solidarity,

and mutual assistance which provides for mutual and mutual assistance which provides for mutual

financial aid and assistance to the participants in financial aid and assistance to the participants in

case of need whereby the participants mutually case of need whereby the participants mutually

agree to contribute for that purpose.agree to contribute for that purpose.

TakafulTakaful Act 1984Act 1984

�� ““takafultakaful businessbusiness”” means business of means business of takafultakaful

whose aims and operations do not involve any whose aims and operations do not involve any

element which is not approved by the element which is not approved by the SyariahSyariah; ;

Classification of Classification of TakafulTakaful

�� General General takafultakaful

�� Short tem policyShort tem policy

�� Contribution goes to GTF which is then invested and Contribution goes to GTF which is then invested and

the profits are paid back to the fundthe profits are paid back to the fund

�� Contributions go to a common pool to compensate Contributions go to a common pool to compensate

participants in the event of a loss. participants in the event of a loss.

�� No saving and investment No saving and investment elements.TOelements.TO will distribute will distribute

any underwriting surplus to the participants.any underwriting surplus to the participants.

�� EgEg motor vehicle, marine, personal accident, health.motor vehicle, marine, personal accident, health.

Family Family takafultakaful

�� Long term policy (children education, pension, Long term policy (children education, pension,

compensation in the event of death) 10compensation in the event of death) 10--30 years.30 years.

�� PA: saving accountsPA: saving accounts

�� PSA: PSA: tabarrutabarru accountsaccounts

�� In the event of a loss the participants will be In the event of a loss the participants will be

compensated.compensated.

�� TO: fees or profit sharingTO: fees or profit sharing

Underlying contracts Underlying contracts

�� TakafulTakaful Business is based on the concepts of Business is based on the concepts of

MudarabahMudarabah, , wakalahwakalah, , waqfwaqf, , jualahjualah and and

TabarruTabarru.  .

�� Involvement of these two Islamic forms of Involvement of these two Islamic forms of

business eliminates the elements of business eliminates the elements of RibaRiba

from insurance contract and convert from insurance contract and convert

GhararGharar into tolerable form. into tolerable form.

Contract among Contract among takafultakaful participantsparticipants

�� TabarruTabarru: gift or donation, which given by one in : gift or donation, which given by one in

favor of someone without seeking any favor of someone without seeking any

consideration. consideration.

�� A A tabarrutabarru’’ made based on the general principles of made based on the general principles of

contract in which the person binds himself contract in which the person binds himself

unilaterally by offering something valuable for the unilaterally by offering something valuable for the

noble cause of welfare of others noble cause of welfare of others

�� Issue:  outright Issue:  outright gitftgitft ((hibahhibah) or endowment?) or endowment?

�� AAOIFI: AAOIFI: iltizamiltizam bit bit tabarrutabarru or or nihdnihd

Concept of AlConcept of Al--TabarruTabarru’’

�� participantsparticipants’’ contributions credited mainly contributions credited mainly

into two accounts; participantinto two accounts; participant’’s account s account

(PA) and participants(PA) and participants’’ special account special account

(PSA). (PSA).

�� PAPA-- To be invested based on To be invested based on mudharabahmudharabah

�� The amount credited into the PSA is The amount credited into the PSA is

regarded asregarded as tabarrutabarru’’, which is managed by , which is managed by

the the takafultakaful operator to provide a security for operator to provide a security for

others who deserve others who deserve

Contracts Contracts btnbtn participants and TOparticipants and TO

�� 1. 1. mudharabahmudharabah: profit sharing: profit sharing

�� 2. 2. wakalahwakalah: fees: fees

�� 3. 3. jualahjualah: commission. Commitment to pay for : commission. Commitment to pay for

the performance.the performance.

�� 4. 4. waqfwaqf: TO as trustee. : TO as trustee.

Characteristics of Characteristics of TakafulTakaful

�� 1. Mutual Help1. Mutual Help

�� 2. Mutual Responsibility2. Mutual Responsibility

�� 3. Mutual Protection3. Mutual Protection

�� Mutual insure one another.Mutual insure one another.

�� RelationshipRelationship-- not as an insurer and insured not as an insurer and insured

but participants and manager of the but participants and manager of the

contribution money.contribution money.

�� 4. Free from any element of 4. Free from any element of ribariba, , maisirmaisir, ,

juhalajuhala, excessive , excessive gharargharar..

TakafulTakaful Conditions (Mutual Assistance Conditions (Mutual Assistance

and Cooperation)and Cooperation)

�� 1. 1. SpecialitySpeciality ConditionCondition

�� Compliance with the Islamic cooperative Compliance with the Islamic cooperative

principlesprinciples

�� 2. Partnership Condition2. Partnership Condition= =

�� ParticipantsParticipants-- right t entitlement of surplus right t entitlement of surplus

profit and render liable to cover losses.profit and render liable to cover losses.

�� Surplus may be paid= pro rata basis.Surplus may be paid= pro rata basis.

TakafulTakaful Conditions (Mutual Conditions (Mutual

Assistance and Cooperation)Assistance and Cooperation)
�� 3. Investment Condition3. Investment Condition= =

�� To invest in To invest in halalhalal sectors.sectors.

�� 4. Management Condition4. Management Condition= =

�� Policy to have adequate representation on Policy to have adequate representation on

the board of directors of the company to the board of directors of the company to

scrutinize its accountsscrutinize its accounts

Thank YouThank You

Zulkifli Bin Zulkifli Bin HasanHasan

Faculty of Faculty of SyariahSyariah & Law& Law

EE--mail: mail: zulkiflih@admin.kuim.edu.myzulkiflih@admin.kuim.edu.my

EE--mail: mail: zul361977@yahoo.comzul361977@yahoo.com..

Tel. No: 06Tel. No: 06--79884557988455

Mobile: 0163379776Mobile: 0163379776


429 Too Many Requests

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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: May 2010
May 31, 2010
DR. ZULKIFLI HASAN
Israel attacks Gaza aid fleet (19 people were killed and dozens injured)
Israel attacks Gaza aid fleet

Available at:
http://english.aljazeera.net/news/middleeast/2010/05/201053133047995359.html
Al Jazeera’s report on board the Mavi Marmara before communications were cut. Israeli forces have attacked a flotilla of aid-carrying ships aiming to break the country’s siege on Gaza. At least 19 people were killed and dozens injured when troops intercepted the convoy of ships dubbed the Freedom Flotilla early on Monday, Israeli radio reported.
The flotilla was attacked in international waters, 65km off the Gaza coast. Avital Leibovich, an Israeli military spokeswoman, confirmed that the attack took place in international waters, saying: “This happened in waters outside of Israeli territory, but we have the right to defend ourselves.” Footage from the flotilla’s lead vessel, the Mavi Marmara, showed armed Israeli soldiers boarding the ship and helicopters flying overhead.
Al Jazeera’s Jamal Elshayyal, on board the Mavi Marmara, said Israeli troops had used live ammunition during the operation.
Aftermath of Israel’s attack on Gaza flotilla
The Israeli military said four soldiers had been wounded and claimed troops opened fire after demonstrators onboard attacked the IDF Naval personnel with live fire and light weaponry including knives and clubs”. Free Gaza Movement, the organisers of the flotilla, however, said the troops opened fire as soon as they stormed the convoy. Our correspondent said that a white surrender flag was raised from the ship and there was no live fire coming from the passengers. Before losing communication with our correspondent, a voice in Hebrew was clearly heard saying: “Everyone shut up”.
Israeli intervention
Earlier, the Israeli navy had contacted the captain of the Mavi Marmara, asking him to identify himself and say where the ship was headed. Shortly after, two Israeli naval vessels had flanked the flotilla on either side, but at a distance.

Organisers of the flotilla carrying 10,000 tonnes of humanitarian aid then diverted their ships and slowed down to avoid a confrontation during the night. They also issued all passengers life jackets and asked them to remain below deck.
Al Jazeera’s Ayman Mohyeldin, reporting from Jerusalem, said the Israeli action was surprising. “All the images being shown from the activists on board those ships show clearly that they were civilians and peaceful in nature, with medical supplies on board. So it will surprise many in the international community to learn what could have possibly led to this type of confrontation,” he said.
Meanwhile, Israeli police have been put on a heightened state of alert across the country to prevent any civil disturbances. Sheikh Raed Salah,a leading member of the Islamic Movement who was on board the ship, was reported to have been seriously injured. He was being treated in Israel’s Tal Hasharon hospital. In Um Al Faham, the stronghold of the Islamic movement in Israel and the birth place of Salah, preparations for mass demonstrations were under way.
Protests
Condemnation has been quick to pour in after the Israeli action. Mahmoud Abbas, the Palestinian president, officially declared a three-day state of mourning over Monday’s deaths. Turkey, Spain, Greece, Denmark and Sweden have all summoned the Israeli ambassador’s in their respective countries to protest against the deadly assault. Thousands of Turkish protesters tried to storm the Israeli consulate in Istanbul soon after the news of the operation broke. The protesters shouted “Damn Israel” as police blocked them.
“(The interception on the convoy) is unacceptable … Israel will have to endure the consequences of this behaviour,” the Turkish foreign ministry said in a statement.
Ismail Haniya, the Hamas leader in Gaza, has also dubbed the Israeli action as “barbaric”. Hundreds of pro-Palestinian activists, including a Nobel laureate and several European legislators, were with the flotilla, aiming to reach Gaza in defiance of an Israeli embargo.
The convoy came from the UK, Ireland, Algeria, Kuwait, Greece and Turkey, and was comprised of 800 people from 50 nationalities. But Israel had said it would not allow the flotilla to reach the Gaza Strip and vowed to stop the six ships from reaching the coastal Palestinian territory.
The flotilla had set sail from a port in Cyprus on Sunday and aimed to reach Gaza by Monday morning. Israel said the boats were embarking on “an act of provocation” against the Israeli military, rather than providing aid, and that it had issued warrants to prohibit their entrance to Gaza. It asserted that the flotilla would be breaking international law by landing in Gaza, a claim the organisers rejected.
(Note (s): What we can do besides our Doa’?
(i) Write to your MP:
http://www.facebook.com/l/9d315;www.writetothem.com/
(ii) Write/Call the BBC: The complaints line is down so call their foreign desk instead at 02086249111, or go to
http://www.facebook.com/l/9d315;https://www.bbc.co.uk/complaints/forms/
(iii) Protest: London: outside 10 Downing Street, 2pm Monday 31st May, Manchester: Outside the BBC, Oxford Road, 5pm, Sheffield: Outside the Town Hall, Town Centre, 12 noon
(iv) Write to Foreign Office: private.office@fco.gov.uk, AINAGCorrespondence@fco.gov.uk, haguew@parliament.uk
(v) Write to the Prime Minister or Foreign Secretary

David Cameron, Prime Minister
https://email
. number10. gov.uk/Contact. aspx

William Hague, Foreign and Commonwealth Office MSU.PublicIn@ fco.gov.uk
“Peace will not come out of a clash of arms but out of justice lived and done by unarmed nations in the face of odds.” Mahatma Gandhi
ZULKIFLI HASAN

DURHAM
Free Palestine Demonstration at Trafalgar Square, London
Muslims News
News
Palestine
3 Comments
May 28, 2010
DR. ZULKIFLI HASAN
Investment Dar battle with Blom adds sharia risk – Moody’s
Investment Dar battle with Blom adds sharia risk – Moody’s
by Shaheen Pasha Available at:
http://www.arabianbusiness.com/589134-investment-dar-battle-with-blom-adds-sharia-risk—moodys
A legal wrangle between Kuwait’s Investment Dar and Lebanon’s Blom Bank has raised sharia risk in the Islamic finance industry, ratings firm Moody’s said in a research note on Wednesday. Blom Bank sued Dar for $10.7 million in a British court last year, seeking the principal it invested plus a 5 percent return, as was structured in an Islamic deal it concluded with the company in 2007.
Dar said it would not pay as the fixed return constituted interest which it said was not sharia compliant and broke the company’s own charter.
A judge ruled that while Dar should repay the principal, it had an arguable defence regarding the extra profit. While the case has not yet concluded, legal experts and Islamic bankers have been debating its significance for the industry.
Moody’s senior credit officer Khalid Howladar said that the ratings firm will closely the watch the case as the final outcome may set a precedent. In the note, Howladar wrote: “Such precedent when coupled with legal opinions will likely form part of our rating analysis of such instruments and institutions.”
He added that the case highlights the need for the industry to improve its due diligence when structuring such Islamic transactions. He said that Moody’s may require clear documentation demonstrating that sharia risk has been addressed before it rates sukuks and Islamic institutions in the future. Documentation may include disclosure of approvals from company sharia boards and a signed waiver in the contract disallowing a sharia related defence. (Reuters)
“The person who risks nothing, does nothing, has nothing, is nothing, and becomes nothing. He may avoid suffering and sorrow, but he simply cannot learn and feel and change and grow and love and live.” Leo F. Buscaglia
Best Regards

ZULKIFLI HASAN

DURHAM, UK
London
Islamic finance news
2 Comments
May 24, 2010
DR. ZULKIFLI HASAN
Malaysia establishes programs to train on Islamic banking
Malaysia establishes programs to train on Islamic banking
Available at:
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093337724&src=MOEN
(MENAFN – Khaleej Times) The Central Bank of Malaysia and the Malaysian government have established programmes to educate central banks in other parts of the world on regulating Islamic financial systems.
The local universities in Malaysia will also offer programmes to educate and train bankers on Islamic financial products, Tan Sri Dr Zeti Akhtar Aziz, Governor of Bank Negara, Malaysia said while addressing one of the sessions at the sixth World Islamic Economic Forum here on Thursday.
Emphasising that Islamic financial products are innovative and competitive she said about 50 to 70 per cent Islamic financial products are used by non-Muslims in Malaysia while multinationals have issued sukuk bonds from the Malaysian bond market and this is a testament to the success of Islamic financial products.
Humphrey Percy, Chief Executive Officer, Bank of London and the Middle East said even though the global Muslim population was about 1.6 billion only 14 per cent use banks while Islamic finance represents less than one per cent of global
 finance systems.
He said Islamic financial institutions are faced with several challenges which have to be addressed before their financial products can be marketed at global level.
The challenges include lack of education on Islamic financial products in Western countries and the narrow range of products offered in Islamic financial markets with few instruments that hedge and manage risks, Humphrey argued.
“Another major challenge is the lack of standardisation of terms among countries offering Islamic financial instruments,” he said. He said London was an emerging Islamic financial market and the largest in Europe but currently there is little room for growth as most central banks in Europe do not have the ability to regulate Islamic financial instruments.
John Sandwick, specialist in Islamic Wealth and Asset Management, Switzerland said that $65 trillion worth of funds are under wealth management funds and of this amount only $ 2.5 trillion are owned by Muslims with most of the wealth being invested in deposits, bonds, stocks and real estate and less than two per cent in equity.
He pointed out that the Swiss banking system handles about $200 billion worth of funds but the country does not have an Islamic finance system.
He said traditional methods of wealth management are part of the problem as most of the wealth in the Muslim world was invested in real estate which has lost its some of its value due to the global economic crisis.
“These funds could have been invested in sukuk and other Islamic financial instruments but these are not available in most European nations,” he said.
Khalled Abdullah-Janahi, Vice Chairman Ithmar Bank, Bahrain agreed that there is a need to educate regulators and bankers on Islamic financial products. There is also a need to regulate investors and depositors to direct their fund managers to invest in Islamic financial products.
Mumtaz Khan, Chief Executive Officer of Maybank MEACP Pte Ltd Singapore said in order to move Islamic financial products forward, there was a need to put in place a new world order with more equitable distribution of wealth.
“The Group of 20 is one of the platforms for the new world order but there are only three Muslim nations in this group; Saudi Arabia, Turkey and Indonesia. The global financial system is still defined by the International Monetary Fund and the World Bank’’, Mumtaz recalled.
“The Islamic Development Bank is not a key player in the G20 or the G8. There is a need for the WIEF, IDB and Malaysia to be part of the G20 as many Islamic institutions based in Malaysia have strong ties with the West, Islamic nations, India and China. This group will be able to bring Islamic finance to the same global level as other global financial players,” he said.
“The difference between school and life? In school, you’re taught a lesson and then given a test. In life, you’re given a test that teaches you a lesson.” Tom Bodett
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Lake District National Park, Cumbria, England
Islamic finance news
1 Comment
May 23, 2010
DR. ZULKIFLI HASAN
A role for sports in Islamic finance?
A role for sports in Islamic finance?
By Rushdi Siddiqui, Special to Gulf News Available at:
http://gulfnews.com/business/markets/a-role-for-sports-in-islamic-finance-1.630735
Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, made an extraordinary comment last month, “… we are conducting feasibility studies to evaluate the costs and benefits of a bid [for the 2020 Olympics].” Qatar submitted a bid to host the 2022 World Cup, and bid committee Chairman, Shaikh Mohammad Khalifa Al Thani, said, “… A World Cup in Qatar will be a new World Cup, bringing people and different cultures together in the name of football…”
I’ve been involved in sports for 40 years tennis, bicycling and basketball and, after reading such comments, a question comes to mind: what role should Islamic finance play in ‘local’ sports, besides offering Islamic mortgages for villas and apartments in, say, Dubai Sports City or ‘guidance’ on appropriate attire and logo/emblem?
Sports builds friendship bridges across cultures, countries and faiths by uniting people, be it the Olympics or World Cup, and Islamic finance needs to be involved in a variety of capacities. It will not only be part of the necessary brand building exercise by showing the progressive side of this embryonic industry and encourage more media stories from the business section to the main section but also show leadership in addressing local health issues with sports.
GCC Sporting Events
In the GCC/Malaysia, which are hubs for Islamic finance, there are international sporting events — such as in tennis and golf, Formula One and Asian Games which are attended by bankable customers. However, are the Islamic banks major (or even minor) sponsors? Do Islamic banks support any of the local or regional teams and star athletes with their name on their stadiums or jerseys, as commonly found in, say, US and UK? The young and old, rich and poor follow sports passionately, hence, an opportunity to not only affiliate Islamic banks to international ‘halal’ entertainment, but also recruit and add to customer base.
Naming rights
A Dubai metro train station having naming rights from an Islamic bank, while interesting, may not have the same impact as naming, as say, KFH, DIB or Al Hilal Football Stadium. Regional banks have acquired companies, via proprietary capital allocation, including high end car company (Aston Martin), in the G-20 countries — either via Islamic financing or with an Islamic tranche, where target companies are within the permissible precepts of Islamic Sharia.
In the west, leisure sport companies like Callaway, Wilson (subsidiary of Amer Sports), with Callaway in the S&P Islamic equity indexes, are not national security issues [may be local icons], and have changed hands a few times. Hence, an interesting Islamic finance acquisition consideration, with the possibility of also listing on a GCC exchange.
Unlike technology or finance companies, challenging business to understand, sports companies are an easier explanation. Obviously, a thorough vetting, under the watchful eye of the Sharia Board on operations, non-compliant subsidiary ownership/revenue, athlete endorsement will be necessary. With sporting companies come athletes, like Nike’s entourage of Tiger Woods and David Beckham, who are corporate brand-building ambassadors.
Best examples
One of the best examples of a global athlete (in good standing) is the Chinese basketball superstar Yao Ming of the Houston Rockets who raised the profile of basketball and his endorsed products in China. In basketball and football, retired Muslim international superstars like Kareem-Abdul Jabbar and Hakeem Olajuwon, and Zinedine Zidan are still global brand names, and Islamic banks should reach out to build sports academy in the region for the local youth and expatriate community.
Take this one step further and have exhibition games from teams in the National Basketball Association and the National Football League in the US, Premier League, games in UAE, Qatar, Bahrain or Malaysia, and Islamic banks take part in funding for such ‘delegations.’
Olympic sukuk
Imagine a consortium of Islamic banks, from GCC, Malaysia, Indonesia, Pakistan and Turkey, issuing and listing a Triple A, multiple currency, long dated benchmark size UK Olympic and Brazilian World Cup Sukuk, that is, beginning of real standardisation! It would show the sukuk market’s resilience and reach, deployment of petro-liquidity for legacy projects for indebted countries looking for ‘sports’ funding, and make Islamic finance an important part of the global financial intermediation.
It would build bridges of two way commerce to new geographies: funding opportunity in, say, natural resource-rich South America looking for liquidity, with liquidity looking for diversified opportunity. Shaikh Mohammad spoke of the ‘feasibility study’ on making a bid for the Olympics, and Islamic banks need to be part of the study.
A good beginning is supporting selected Olympic sports and activities in the country, strategic acquisition of sports companies and obtaining appropriate brand ambassadors, in addition to having the collateral benefit off an enhanced image with cross sell appeal, potential recruits, new customer base, plus raise profile of local health issues with sports.
“Sports is the toy department of human life.” Howard Cosell
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Brussels, Belgium
Islamic finance news
4 Comments
May 17, 2010
DR. ZULKIFLI HASAN
Regulatory Framework of Shari’ah Governance System in Malaysia, GCC Countries and the UK
Assalamualaikum,
Dear Readers,
Alhamdulillah and I am very grateful to share with you my recent article entitled “Regulatory Framework of Shari’ah Governance System in Malaysia, GCC Countries and the UK” in the special issue of the Kyoto Bulletin of Islamic Area Studies on Islamic Finance (2010 March, Vol. 3 No.2). The Kyoto Bulletin of Islamic Area Studies is a refereed journal published by the Centre for Islamic Area Studies of Kyoto University. I presented this paper during the Kyoto-Durham Workshop on Islamic economic that took place in Kyoto, Japan last July. This article will also be published by Routledge in a book edited by Asutay, Kosugi and Sairally entitled “New Horizons in Islamic Studies” Series this year, InsyaAllah.
For full article, click here:
REGULATORY FRAMEWORK OF SHARIAH GOVERNANCE SYSTEM IN MALAYSIA GCC AND UK
Enjoy Reading!
….Uniquely, it is a sine qua non for the significant differences of Shari’ah governance system

particularly from the regulatory overview as Malaysia represents model in mixed legal jurisdiction, GCC in Islamic and mixed legal environment and the UK in non-Islamic legal environment…… Hasan, (2010: 82).
Best Regards

ZULKIFLI HASAN

DURHAM, UK
With Dr. Mehmet Asutay, Professor Kosugi Yasushi, Mr. Hylmun Izhar and Professor Abdul Ghafar Ismail at Kyoto University.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: May 14, 2013
May 14, 2013
DR. ZULKIFLI HASAN
Guru Sebagai Murabbi, Mudarris, Mualim, Muaddib Dan Mursyid “Selamat Hari Guru”
GURU SEBAGAI MURABBI, MUDARRIS, MUALIM, MUADDIB DAN MURSYID: “SELAMAT HARI GURU”
Dr. Zulkifli Hasan
Pendahuluan
Sebuah negara yang disegani di dunia memiliki satu ketamadunan yang mempunyai masyarakat yang berdisiplin, berhemah tinggi berilmu, beriman, bertaqwa serta berakhlak mulia. Pada tahun ini hari guru bertemakan “Guru Malaysia: 1aspirasi, 1agenda”. Walaupun tema ini masih lagi boleh didiskusikan tetapi ia sekurang-kurangnya masih lagi menyimpan hasrat murni pendidikan iaitu pembinaan kualiti akhlak terunggul atau “towering personality” bagi memastikan kejayaan pembentukan bangsa yang cemerlang, gemilang dan terbilang.
Demi mencapai pembentukan akhlak terunggul, ianya memerlukan kegemilangan ilmu dan pendidikan bagi menjadi pemangkin kemakmuran dan kemajuan. Sejarah telah membuktikan bahawa kegemilangan sesebuah negara bergantung kepada kecemerlangan rakyatnya dan orang yang berperanan besar mewujudkan kegemilangan tersebut, ialah guru. Dalam erti kata lain tidak akan adanya doktor, jurutera, saintis, professor, menteri, ahli korporat dan sebagainya tanpa adanya didikan awal dari guru.
Mutakhir ini kita sering mendengar rungutan ibubapa dan masyarakat terhadap guru. Aduan mengenai guru mendera pelajar, tidak terlatih, tidak ikhlas mendidik, mengajar sambil lewa dan sebagainya sering dipaparkan di dada akhbar mahupun di kaca televisyen. Kajian juga mendapati bilangan kes saman guru di Mahkamah juga meningkat dari masa ke semasa. Sesetengah pihak seringkali menyalahkan guru apabila dikaitkan dengan gejala keruntuhan dan kerasukan moral dan syahsiah generasi muda ketika ini. Faktor-faktor ini serba sedikit telah melemahkan semangat guru untuk menaburkan bakti secara ikhlas di dalam proses pendidikan dan pembelajaran. Kerap kali guru melahirkan rasa tidak puas hati dan kekecewaan mereka apabila pengorbanan mereka tidak dihargai bahkan disalahanggap oleh sesetengah pihak. Guru yang telah semakin terhakis keikhlasannya tidak akan dapat menumbang bakti dengan cemerlang ke arah pembentukan peribadi dan kualiti akademik generasi muda negara. Hal ini mesti diberikan perhatian dan persepsi masyarakat terhadap institusi pendidikan dan pendidik itu sendiri perlu ditransformasikan ke arah yang lebih adil dan seimbang.
Peranan pendidik yang paling utama adalah untuk menyampaikan ilmu pengetahuan agar dapat membina rohani, jasmani, emosi, intelektual dan sosial pelajar yang seimbang. Dalam melaksanakan tanggunjawab ini pendidik yang baik mestilah mempunyai ciri-ciri tertentu seperti yang telah ditunjukkan oleh Rasulullah Sallallahualaihiwasallam. Islam amat menitikberatkan ilmu pengetahuan dan meletakkan darjat yang tinggi kepada orang yang menyebarkan ilmu. Ini telah dirakamkan oleh Allah Subhanahuwataala di dalam surah al-Mujadalah ayat 11 yang bermaksud: “Allah meninggikan darjat orang yang beriman dan di antara kamu, dan orang-orang yang diberi ilmu pengetahuan agama beberapa darjat”. Ayat ini menunjukkan bahawa orang yang berilmu mempunyai darjat yang lebih tinggi di kaca mata Islam lebih-lebih lagi orang yang menyebarkan ilmu pengetahuan seperti pendidik sama ada di peringkat rendah mahu pun di institusi pengajian tinggi.
Sebagai seorang pendidik yang diberkati Allah, mereka mestilah menjaga akauntabilitinya selaras dengan kesucian dan keberkatan profesion ini yang melibatkan proses transformasi ilmu pengetahuan. Secara umumnya, para sarjana Islam telah mengemukakan bahawa pendidik perlu memainkan fungsi seorang guru dan mencapai martabat sebagai pendidik (mudarris), penyampai yang benar (mualim), murabbi (pengasuh dan pendidik dengan kasih sayang, muaddib (pembentuk adab dan akhlak) dan mursyid (pembimbing ke arah kebaikan).
Akauntabiliti Seorang Pendidik
Akauntabiliti seorang pendidik merupakan perkara yang amat penting untuk dipelihara oleh setiap pendidik. Secara umumnya akauntabiliti ini merujuk kepada tanggungjawab seorang pendidik kepada setiap perkara mahu pun hasil kerjanya. Sebagai seorang yang profesional, pendidik perlu memelihara dan melaksanakan tanggunggjawabnya dengan penuh ikhlas dan sebaik mungkin. Ini adalah kerana pendidik merupakan pihak yang bertanggungjawab menghasilkan sumber manusia yang baik dalam pelbagai bidang demi keperluan negara bahkan umat seluruhnya. Secara ringkasnya akauntabiliti akademik ini boleh dibahagikan kepada tiga aspek utama iaitu kepimpinan, profesionalisme dan ketelusan serta kerahsiaan.
Kepimpinan
Aspek kepimpinan ini merangkumi segenap aspek kependidikan termasuk pengajaran. Kepimpinan yang dimaksudkan adalah keupayaan mencorak, mengemudi dan memandu dalam proses pencapaian matlamat kecemerlangan institusi. Pendidik yang mempunyai ciri kepimpinan yang baik akan dapat mengatur strategi institusi dan berusaha mempertingkatkan kualiti, berusaha penambahbaikan kecekapan dan kejituan ilmu dan proses penyebaran ilmu pengetahuan.
Profesionalisme
Profesionalisme dalam konteks pendidik merujuk kepada keupayaan dan kecekapan melaksanakan sesuatu tanggungjawab berdasarkan kepada panduan ilmu dan latihan, serta kepakaran. Di dalam melaksanakan sesuatu perkara seorang pendidik yang profesional adalah terikat dengan etika profesion yang merangkumi etika dalam keilmuan, etika sikap dan etika kemahiran.
Sebagai contoh seorang pendidik perlu menyerlahkan elemen-elemen penjagaan tingkahlaku seperti, cara berpakaian, berkomunikasi, tidak mengadakan hubungan dengan pelajar, mematuhi masa, menghormati rakan sejawat, mengelak plagiarisme, kerja berpasukan dan menjaga kerahsiaan. Para pendidik juga menjaga amanah ilmu bukan sahaja bertindak untuk memperkayakan ilmu dalam diri sebaliknya sentiasa menyalurkan idea-idea dan ilmu yang ada pada mereka baik kepada pelajar mereka disamping mempunyai integriti yang tinggi

Profesionalisme juga menitikberatkan aspek ketelusan dan kerahsiaan. Pendidik mesti sanggup menerima teguran-teguran dan ini akan dapat meningkatkan lagi proses pengajaran dan pembelajaran. Dari aspek kerahsiaan, pendidik perlu menjaga hal kerahsiaan ini umpamanya soal penyediaan soalan peperiksaan dan juga maruah pelajar yang mempunyai masalah peribadi.
Pembudayaan Kualiti
Adalah menjadi kewajipan seorang pendidik untuk memastikan setiap hasil kerja mereka sesuatu yang berkualiti dalam semua aspek pengajaran dan yang berkaitan. Kualiti ini dapat dinilai melalui sumber manusia yang dilahirkan. Oleh itu pendidik perlu mempergiatkan aktiviti ilmiah dalam perkongsian ilmu, perluasan ilmu dan rangkaian tokoh-tokoh keilmuan, diinstitusi tempatan dan luar negara.
Ciri-Ciri Pendidik Unggul
Secara umumnya para ilmuan Islam telah menggariskan beberapa ciri pendidik unggul. Adalah menjadi kewajipan kepada semua pendidik untuk berusaha memenuhi kesemua ciri ini dan seterusnya mendapat keberkatan dari Allah Subhanahuwataala pada setiap perkara yang dilakukan. Ciri-ciri ini dapat disimpulkan seperti berikut:-
Mudarris
Mudaris berasal dari perkataan arab yang bermaksud mengajar ataupun pengajaran. Pendidik hendaklah bertanggunjawab menyampaikan ilmu yang ada padanya kepada pelajarnya yang boeh membina pemikiran, rohani, jasmani,emosi dan juga sosial. Apa yang diketahuinya hendaklah disampaikan kerana kerja pengajaran adalah sebahagian daripada amal soleh. Manakala enggan menyampaikannya adalah merupakan satu kesalahan.
Mualim
Pendidik sebagai mualim boleh didefinasikan sebagai mengajar atau menyampaikan limu kepada orang lain dan mengamalkan apa yang disampaikan di samping berusaha menambah ilmu pengetahuan. Mualim mempunyai rasa belas kasihan kepada pelajar dan menganggap mereka seperti anak sendiri. Mualim mengajar kerana Allah Subhanahuwataala dan bukannya kerana ganjaran dan tidak mengharapkan balasan daripada pelajar.
Murabbi
Murabbi bermaksud memperbaiki, memimpin dan mentadbir. Pendidik sentiasa menyayangi pelajar dan menasihati dan membimbing dalam pembentukan syahsiyah mereka. Pendidik juga adalah kaunselor dan penyebar nilai budaya yang elok dan menjadi contoh kepada pelajar.
Muaddib
Muaddib bermaksud mendidik ke arah memperelokkan lagi akhlak pelajar. Pendidik yang muaddib merupakan individu yang bertanggungjawab dan melaksanakan pendidikan peradaban dalam pengertian yang luas dan mendalam terhadap peribadi dan kehidupan pelajar. Muaddib seorang yang memberi ilmu dan mendidik mereka dalam akhlak dan adab yang baik. Pendidik juga mendidik pelajar agar tidak merendahkan ilmu pelajaran lain selain dari yang diajar olehnya. Pendidik mendidik pelajar melalui akhlak yang baik daripada hanya penyampaian secara teori sahaja.
Murshid
Pendidik yang mursyid bermaksud sebagai penuntun jalan hidup yang benar dan betul dengan nilai dan sikap yang benar dan berperanan sebagai hamba Allah Subhanahuwataala dan khalifahNya dimuka bumi. Mursyid menunjukkan kepada jalan yang benar dari sudut ilmu kesufian dan memberikan petunjuk kepada jalan yang lurus. Pendidik mempunyai tingkah laku baik dan terpuji, bersih dari akhlah tercela, tidak taasub atau fanatik, zuhud pada amalan dan perbuatan dan mempunyai tokoh kepimpinan. Syarat untuk menajdi pendidik yang mursyid ialah beliau mestilah alim dari segenap perkara atau disiplin ilmu, menyimpan atau menutup keaiban pelajar-pelajarnya dan pengajaran terkesan di dalam hati pelajar.
Kesemua ciri-ciri seorang pendidik unggul seperti di atas perlulah diamalkan secara berterusan dan dengan penuh iltizam. Pendidik perlu ada sifat mendidik pelajar kerana Allah Subhanahuwataala, berperibadi mulia, menjaga kehebatan dan kehormatan diri, memiliki ilmu dan kaedah pengajaran dan bersifat kasih sayang. Bukan itu sahaja ciri-ciri ini perlu diamalkan dan diserlahkan dari semua aspek termasuk kepimpinan, profesionalisme, tingkahlaku, pembudayaan kualiti dan khidmat masyarakat.

Langkah Memelihara Akauntabiliti Seorang Pendidik
Mendidik Kerana Mencari Keredhaan Allah Subhanahuwataala
Seorang pendidik perlu memastikan niatnya untuk bersifat ikhlas terhadap Allah Subhanahuwataala dalam segala amal pendidik yang dilakukannya. Allah telah merakamkan dalam al-Quran surah al-Bayyinah ayat 5 yang bermaksud ”Dan tiadalah mereka itu diperintahkan, melainkan supaya mereka menyembah Allah dalam keadaan mengikhlaskan agama kepadanya”. Ini dikuatkan lagi dengan sabda Rasulullah Sallallahualaihiwasallam yang bermaksud: ” Sesungguhnya Allah tidak akan menerima suatu amalan melainkan apa yang ikhlas kepadaNya dan yang ditujukan hanya untukNya. (Riwayat Abdu Daud dan an-Nasai).

Pendidik hendaklah menunjukkan setiap pekerjaan yang dilaksanakan itu hanya semata-mata kerana Allah kerana hanya dengan keikhlasan beliau akan mendapat keredhaan dan keberkatan bahkan akan dikasihi dan dihormati oleh pelajar mahupun masyarakat.
Peribadi Mulia
Pendidik bukan sahaja menjadi ”role model” atau pun ikutan kepada pelajar menerusi sifat spiritual seperti ikhlas, jujur, sabar, kasih sayang, warak dan takwa, bahkan menerusi sifat-sifat fizikal atau lahiriah seperti tutur kata, tingkah laku, kebersihan diri, pakaian, tempat tinggal dan lain-lain. Justeru itu, bagi mencapai keberkesanan proses pembelajaran dan pengajaran serta pembentukan peribadi mulia, Islam mengutamakan tutur kata, tingkah laku yang baik dan nasihat berguna serta menarik. Hal ini dapat dilihat jika kita merujuk dakwah yang dijalankan oleh Nabi Musa dan Nabi Harun, ketika mereka menyampaikan seruan agama kepada Firaun yang amat zalim seperti yang difirmankan oleh Allah Subhanahuwataala dalam al-Quran surah thaha ayat 43 yang bermaksud:-” Pergilah engkau berdua kepada Firaun, sesungguhnya dia derhaka. Katakanlah kepadanya perkataan yang lemah lembut, mudah-mudahan ia akan dapat pengajaran atau takut kepada tuhan”.
Menjaga Kehebatan dan Kehormatan diri
Sudah menjadi tanggapan masyarakat mahupun pelajar bahawa seorang pendidik adalah seorang yang mempunyai kehormatan diri dan kehebatan ilmu pengetahuan. Oleh itu, sudah semestinya pendidik untuk beramal dan berpegang teguh dengan ilmu yang dimilikinya. Setiap amalan mestilah dilakukan dengan istiqamah dan seterusnya menjadikan diri untuk lebih bertakwa kepada Allah Subhanahuwataala. Pendidik tidak sepatutnya melakukan perkara yang berlawanan dengan ilmu yang dimiliki kerana ini akan menjatuhkan kehormatan diri dan mengurangkan rasa hormat pelajar kepadanya. Hal ini telah dirakamkan oleh Allah Subhahanahu Wataala di dalam surah al-Maidah ayat 44 yang bermaksud:-” Adakah patut kamu menyuruh manusia membuat kebajikan dan kamu lupakan diri kamu sendiri sedangkan kamu membaca kitab Allah, tidakkah kamu berakal”.
Memiliki ilmu dan kaedah pengajaran
Pendidik sememangnya perlu memiliki ilmu yang mantap dan mendalam dalam bidang yang diceburi. Pelajar akan lebih yakin dan mudah menerima ilmu yang disampaikan sekiranya pendidik benar-benar menguasai ilmu tersebut. Selain itu, pendidik juga perlu kreatif dan inovatif dalam menggunakan kaedah atau teknik pengajaran berkesan. Dalam dunia moden masa kini, pendidik perlu arif dalam penggunaan teknologi dan dalam masa yang sama sentiasa mempelbagaikan teknik pengajaran agar lebih berkesan dan menarik minat pelajar.
Bersifat kasih sayang
Pelajar merupakan golongan yang masih muda dan perlukan perhatian oleh pendidik mereka. Oleh itu pendidik mesti mempunyai sifat kasih kepada pelajar dan menganggap mereka seperti anak sendiri. Dengan sifat ini, pelajar akan lebih mudah mendekati pendidik dan dapat meluahkan masalah mereka. Sifat ini juga akan dapat menerbitkan suasana mesra di antara pelajar dan pendidik dan seterusnya akan memudahkan lagi proses pentarbiyahan dan pembentukan peribadi mulia.
Penutup
Secara umumnya, seorang pendidik harus mencapai martabat seorang pendidik iaitu murabbi, mudarris, mualim, muaddib dan mursyid. Kedudukan seorang pendidik yang mursyid menjadikan setiap ilmu pengetahuan yang disampaikan akan menjadi lebih berkesan dan mudah diterima oleh para pelajar. Terdapat beberapa ciri utama seorang pendidik yang membolehkan mereka dapat membimbing pelajar dengan baik dan berkesan. Ini termasuk mendidik kerana Allah, berperibadi mulia, menjaga kehebatan dan kehormatan diri, memiliki ilmu dan kaedah pengajaran dan bersifat kasih sayang.
Akauntabiliti seorang pendidik merupakan perkara yang amat penting untuk dipelihara oleh setiap pendidik dan ini meliputi dari aspek kepimpinan, profesionalisme dan ketelusan serta kerahsiaan. Sesungguhnya sebagai seorang pendidik, beliau mestilah berusaha untuk memenuhi ciri-ciri seorang pendidik yang mursyid di mana mampu untuk membimbing pelajar bukan sahaja untuk mendalami ilmu pengetahuan yang disampaikan malahan dapat memberi panduan kepada mereka untuk menjadi insan yang berguna dan berjaya. Akauntabiliti pendidik mesti dipelihara demi menjamin keutuhan institusi keilmuan yang sememangnya dipandang tinggi oleh Islam.
Bersempena dengan hari guru ini, marilah kita bersama-sama melahirkan perasaan kasih sayang dan terima kasih kepada semua guru-guru. Menghargai guru merupakan salah satu sifat mahmudah yang amat digalakkan. Rasulullah Sallallahu ‘Alaihi Wasallam telah merakamkan penghargaannya kepada guru di dalam beberapa hadis diantaranya ialah yang diriwayatkan oleh Imam Ibnu Majah, bermaksud “Sesiapa yang mengajarkan sesuatu ilmu, maka ia mendapat pahala orang yang mengamalkan ilmu tersebut, pahalanya tidak kurang sedikitpun dan pahala orang tersebut.” Di dalam  hadis yang lain riwayat al-Imam at-Tirmizi, Rasulullah Sallallahu ‘Alaihi Wasallam bersabda: “Sesungguhnya Allah dan seluruh malaikat-Nya serta penghuni langit dan bumi, sehingga semut yang ada di dalam liangnya dan ikan yu, semuanya memohon kerahmatan ke atas orang yang mengajarkan kebaikan kepada manusia.” Selamat hari guru kepada semua pendidik di muka bumi. Terima kasih dan doa kepada semua guru-guruku, semoga Allah menempatkan guru-guruku di kalangan para solihin di dunia dan akhirat.
Rujukan
Al-Ghazali. (2006). Ihya Ulumuddin. Kuala Lumpur: Darul Fajar.

Ahmad Mohd Salleh. (2004). Pendidikan Islam. Selangor: Fajar Bakti.

Abdullah Ishak. (1989). Sejarah Perkembangan Pelajaran dan Pendidikan Islam. Selangor: Ar-Rahmaniah.

Ulwan Abdullah Nasih. (1981). Tarbiyatul Awlad Fi Islam. Cairo: Darul Salam.

Yaakub Isa. (1994). Guru dan Pengajaran yang efektif dalam Ahmad Mohd Salleh. (2004). Pendidikan Islam. Selangor: Fajar Bakti.
With late Dr. Ashgar Ali Engineer in Bangkok, renowned Muslim scholar from India
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