AAOIFI - World Bank 13th Annual Conference

“THE ROLE OF STANDARDIZATION FOR
THE FUTURE OF ISLAMIC FINANCE”

Tuesday & Wednesday 14-15 Safar 1440H, 23-24 October 2018
Diplomat Hotel, Kingdom of Bahrain

2 AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

Agenda of
AAOIFI – World Bank 13th Annual Conference

“The Role of Standardization
for the Future of Islamic Finance”

23-24 October 2018, Kingdom of Bahrain
The Islamic finance industry has witnessed remarkable growth, reach, resilience, and innovation over the past
few decades. Today, it stands at around USD 3 trillion mark. There is consensus amongst experts that the industry
size will continue to balloon further and show upward trend in the future primarily due to the fact that 70% of
the unbanked 1.5 billion Muslim populace is fast becoming receptive to and accepting of the Shari’ah compliance
proposition which has prompted different jurisdictions— including the non-Muslim ones—to not only participate
in but also vie for becoming global and regional Islamic finance hubs. However, change is the norm of the day,
and the world is fast changing. It is widely realized that the same of more cannot continue indefinitely especially
in the wake of ongoing creative disruption of the banking business model and regulation through revolutionary
technologies such as Blockchain, cryptocurrencies and smart contracts, as well as the implementation of VAT in
the GCC states. But the battle for the future of Islamic finance is being fought at yet another front which is of far
more significance than any other: against the threat of reputational risk due to actual or perceived non-compliance
with Shari’ah which has the potential to stagnate, if not harm, the industry. The only safeguard proposed for
reputational risk is the push for global standardization of Shari’ah and accounting practices. But how would we
operationalize the standardization agenda? Surely, that would require a collaborative effort from all stakeholders.

Welcome to the 13th edition of the AAOIFI – World Bank Conference where the future of the Islamic finance
industry and critically, the role of standardization in shaping it, will be discussed, debated, and deconstructed
through the perspectives of leading experts and scholars, representatives of central banks, regulatory, supervisory
authorities and practitioners.

Day 1
 Tuesday, 23 October 2018

8:00 - 9:00   Registration

9:00 - 10:15    Opening Ceremony and keynote addresses
  Recitation of verses from the Holy Quran

   Conference introduction: Mr. Omar Mustafa Ansari, Acting Secretary General, AAOIFI

   Keynote address: H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board of
Trustees, AAOIFI

   Welcome remarks: Mr. Ahmed Rostom, Senior Financial Sector Specialist Finance
Competitiveness and Innovation Global Practice – South Asia Region, World Bank

   Conference patron’s keynote address: Mr. Khalid Hamad, Executive Director- Banking
Supervision, Banking Control, CBB and Member, Board of Trustees, AAOIFI

   Guest of honour’s keynote address: H. E. Dr. Ali Muhsin Ismail, Governor, Central Bank
of Iraq

3AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

Day 1 (Continued)

 Tuesday, 23 October 2018

10:15 – 10:35
   MOUs Signing Ceremony

   Honouring the Distinguished Guests and Sponsors of the Conference

10:35 – 11:00    Exhibition Opening Ceremony and Coffee Break

11:00 – 11:45   Session 1: “Learning from the Wisdom”
�How�do�you�see�the�role�of�standardization�in�shaping�the�future�of�the�Islamic�finance�
industry?

   H.E. Dr. Abdussalam Al-Abbadi, Secretary General, the Islamic Fiqh Academy of
the Organization of the Islamic Conference

   H.E. Dr. Mohammad Ali Elgari, Chairman and Member of various Shari’ah Boards
of IFIs, Member, Board of Trustees, AAOIFI

We are poised at this initiatory session to learn from the wisdom of two very distinguished
figures from the Islamic finance industry who will focus and enlighten the audience on how
standardization can be taken yet further, with the collective efforts of major stakeholders, each
in their own domain. This flagship face-to-face dialogue session will also shed light on the past,
present, and future of the Islamic finance industry. Nothing will be off-the-table as the expert
moderator will seek answers to the important questions, concerns, problems, and even criticism,
which are on the industry’s mind. The audience will also have an opportunity to interact with
these two distinguished figures in a Q&A session and benefit from their knowledge, experience,
insight, and wisdom.

  Moderator:
   Mr. Sohaib Umar, Advisor - Islamic Financial Services Development, CBB - Member,

Governance and Ethics Board, AAOIFI

  Main Topics:

   How significant is Islamic finance? For what purposes? For whom?
   What has changed in Islamic finance in the last 35 years?
   Is Islamic finance really a success story? What is the benchmark to gauge and determine
success?

   What were the original aspirations of the Islamic finance industry? Has it remained true
to itself?

   In your view is there any area(s) where Islamic finance has not been up to aspirations or
expectations? How can this be changed to the better?

   What does standardization of Shari’ah and accounting practices mean to you? How
important do you feel is it for the future of Islamic finance?

   How can the standardization agenda be promoted for maximum impact?
   What is the actual / potential role of OIC Islamic Fiqh Academy in promoting Islamic
Finance in local economies and worldwide?

   How can AAOIFI and OIC Islamic Fiqh Academy set on cooperation in areas of mutual
interest (in Fiqh and Shari’ah domains) to the best interest of the broader Muslim
community and the industry?

   Where do you see Islamic finance 30 years from now?
   What is your message to the existing or future generation of Islamic finance regulators,
Shari’ah scholars, and practitioners? Suggest one advise for each stakeholder.

4 AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

11:45 – 1:30    Session 2: Collaboration between Islamic Finance Infrastructure
Institutions: Current Status and the Way Forward

Islamic finance infrastructure institutions have separate mandates and rarely overstep their
boundaries. However, their vision is the same: to support the industry stakeholders and secure
the future of Islamic finance. Can this shared vision become reason enough to witness higher,
deeper, wider, and stronger levels of collaboration, cooperation, and coordination between
infrastructure institutions? The question will have tremendous implications in shaping the
future of Islamic finance.

  Main Topics:
   How can the Islamic finance industry benefit through collaboration between infrastructure
bodies? Who stands to benefit the most?

   What is the current level of collaboration between infrastructure bodies? Is the future of
industry is at stake due to the existing level of collaboration?

   Is there a need for transformational change in the current level of collaboration? How can
such a change be initiated? Who will take the lead?

   What challenges and obstacles exist in the way of collaboration?
   What are the major potential avenues of collaboration – standards development, human
resource development, research & development, etc.?

   How can the standardization agenda be promoted through collaboration efforts?
  Chairman:

   H.E. Dr. Maher “Sheikh Hasan”, Deputy Governor, Central Bank of Jordan
  Panellists:

   Mr. Omar Mustafa Ansari, Acting Secretary General, AAOIFI
   Dr.�Bello�Lawal�Danbatta, Secretary General, Islamic Financial Services Board (IFSB) -
Member, Accounting Board, AAOIFI

   Mr. Ijlal Ahmed Alvi, CEO, International Islamic Financial Market (IIFM)

1:30 – 2:30    Lunch Break (Sponsored by Central Bank of Bahrain)

2:30 – 4:00    Session 3: Islamic Finance  and  Cryptocurrencies - Governing
and Regulating Cryptocurrencies

One of the most important topics as well as the least understood-cryptocurrencies-is a hotly
debated topic and will remain so until AAOIFI Shari’ah Board issues a clear Shari’ah ruling on
it. In this session, however, the goal would be to focus on the governance and regulation related
aspects of cryptocurrency, both as a standalone topic as well as within the context of Blockchain
and other technologies, and to determine its role in the present and future of Islamic finance
industry.

  Main Topics:
    What is the current dominant view on cryptocurrencies by leading Shari’ah scholars?
    What is the potential role of cryptocurrencies in Islamic finance? Will it have an impact on
or influence its future for the better? Is it really relevant?

    What is the regulatory perspective on cryptocurrency? What type of opportunities and
threats has it raised for regulators?

    What are the key governance-related issues with cryptocurrencies for both regulators and
Islamic financial institutions?

   What is the role of standardization in the context of cryptocurrencies?
  Moderator:

   Mr. Almir Colan, Director of AusCif, Director at Awqaf Australia, Careers Counsellor at
Ilim College (Melbourne) and Board member at Garden College (Adelaide)

  Speakers:
   Dr. Mohammed Burhan Arbouna, EVP, Head of Shari’ah Compliance, AlSalam Bank
   Sh. Ashraf Gomma Ali, Regional Head, Shari’ah and Governance, CIMB Islamic Bank

  Commentators:
   Mr. Mohammad Shaheed Khan, Vice-Chair, Islamic Banking Committee, Bahrain Association

of Bankers
   Mr. Khalid Saad, CEO, Bahrain Fintech Bay

5AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

Day 2
 Wednesday, 24 October 2018

9:00 – 10:30    Session 4: The Rise of Digital Banking – Opportunities and
Challenges

Change is always around the corner; it is upon the Islamic finance industry as digital banking
makes its way through with all its disruptive technologies and behaviours. But this revolutionary
shift from bricks and mortar to digital has created both opportunities and challenges as the
customer demand for delivering efficiencies intensifies. The panellists include those who have
first-hand experience of digital banking and as such are in the best position to share with the
audience key insights and practical lessons.

  Main Topics
   How has digital banking impacted, or will impact, the Islamic finance industry – in terms
of regulations, business model, human resources and operational efficiency etc.?

   Is the global Islamic finance industry adequately prepared to successfully navigate the
digital transition?

   Are the requirements of Shari’ah a hindrance in implementing digital banking?
   What is the connection between standardization and digital transitions?
   What does a digital Islamic bank look like? Are there any opportunities which Islamic
finance offer for digital banking?

   What are the experts’ key insights in and practical lessons for digital banking?
  Chairman:

   Mr. Abdulmuhsin Alfares, CEO, Inma Bank - Member, Board of Trustees, AAOIFI
  Panellists:

   Mr. Subah Abdullatif Al Zayani, Deputy Head of Retail Banking, Kuwait Finance House
   Mr. Iyad Asali, General Manager, Islamic International Arab Bank (IIAB)
   Mr. Faheem Ahmed, President-Strategic Planning and Global Relationships, Islamic
International Rating Agency (IIRA)

10:30 – 10:45    Refreshment Break

10:45 – 12:15    Session 5: Islamic Finance Landscape in the Next 30 Years
Islamic finance is a reality. With roots in several countries and footprint in a lot more, the
industry has proven itself to be a viable alternative to conventional banking. But this is the
present status and the world is fast changing with uncertainties and complexities on the rise
which begs the question: where is Islamic finance heading to in the next 30 years?

  Main Topics:
   How has the Islamic finance industry changed in recent years to give us the indication of
what shape Islamic finance will be 30 years from today?

   Is there a reason of optimism for the future of Islamic finance?
   What business model is suitable for tomorrow’s Islamic banks?
   What skills are needed for Islamic banks to grow further?
   How can the Islamic finance industry remain competitive and sustainable at the same time?
   How can AAOIFI help in shaping the future of Islamic finance for better?
   Where do the regulators and Shari’ah scholars see Islamic finance in the next 30 years?

  Chairman / moderator:
   Sh. Esam Ishaq, Deputy Chairman Discover Islamic - Member, High Council For Islamic Affairs
and Chairman & Member of IFI’s Shari’ah Supervisory Boards Around the World - Deputy
Chairman, Governance and Ethics Board, AAOIFI

  Panellists:
   Dr. Ahmed Tahiri Jouti, Chief Operating Officer at Al Maali Consulting Group - Casablanca
   Mr. Khalid Howladar, Managing Director and Founder of Acreditus
   Dr. Said Bouheraoua, Director of Research, ISRA
   Dr. Mohammad Damak, Global Head of Islamic Finance, S&P

12:15 – 1:15   Prayers and Lunch Break (Hosted by AAOIFI)

6 AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

1:15 – 2:45    Session 6: Impact of VAT on the Islamic Finance Industry
Value Added Tax (VAT) will have an impact on the Islamic Finance industry and as such VAT
treatment cannot be taken for granted. To be VAT-compliant, Islamic financial institutions may
need to change their processes, systems, and controls which would add to the costs requiring
them in turn to inflate their fees and charges—a move which would negatively impact their
profitability and competitive advantage. Additionally, there are experiences in countries with
VAT system of double or excessive taxation resulting in competition and higher prices for
Islamic finance. The industry needs to take this challenge seriously.

  Main Topics:
   How will VAT affect the Islamic financial services sector (banks, Sukuk, Takaful companies
and funds)?

   Are Islamic Banks ready for VAT?
   What are the biggest challenges in implementing VAT?
   Does the Islamic finance industry require specific guidelines / directives for VAT from the
regulators?

   What are the teething issues that other countries with VAT system faced in respect of
Islamic finance?

  Chairman:
   Mr. Khalid Hamad, Executive Director - Banking Supervision, Banking Control, CBB and
Member, Board of Trustees, AAOIFI

  Speakers:
   Mr. Stuart Halstead, EY Partner
   Mr. Mahesh Balasubramanian, Partner, KPMG

  Commentators:
   Mr.�Aamer�Bhatti, Director Middle East, Deloitte
   Mr. Arshad Gadit, Partner, BDO Jawad Habib

2:45 – 3:00    Conclusion

3:00 – 3:30    AGM

7AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

  Session 1

Speaker Biographies

Sh. Prof. Dr. Mohamed Elgari, Chairman and Member of IFIs’ Shari’ah Supervisory Boards
- Member, Board of Trustees, AAOIFI
Born in Makkah, 1949, Dr. Elgari was a Former Professor of Islamic Economics at King
Abdulaziz University, Jeddah, Saudi Arabia and Former Director of the Center for Research
in Islamic Economics, in the same university.
He is an Expert at the Islamic Jurisprudence Academy of the OIC and the Islamic Jurisprudence
Academy of the Islamic World League and a member of the Board of Trustees of AAOFI,
ISRA Shari’ah Council. Dr. Elgari is Chairman and member of numerous Shari’ah Boards of
Islamic Banks and Takaful Companies worldwide.
Dr. Elgari is the recipient of: The Islamic Development Bank prize in Islamic Banking and
Finance, KLIFF Islamic Finance Award for Most Outstanding Contribution to Islamic Finance
(Individual) and Euromoney’s Award for Outstanding Contribution to Islamic Finance.

H.E. Professor Dr. Abdul Salam Dawood Al-Abadi, Secretary General, the Islamic
Fiqh Academy of the Organization of the Islamic Conference

Education:
• BA in Islamic Shari’ah, Damascus University, 1963
• MA in Comparative Jurisprudence - Al Azhar University, Cairo, With Honors
• Higher Diploma in Islamic History - University of Cairo, 1968
• PhD in Comparative Jurisprudence - Al Azhar University, 1972
Career Highlights:
1.  Minister of Awqaf and Islamic Affairs from 1993 to 2001, then he was appointed on

01/04/2005 for a period of one year and from 14/12/2009 until 01/02/2011 and on 24/10/2011
until 26/04/2012 and the date of 11/10/2012 until 30/03/2013.

2.  He worked in the voluntary charitable field as Secretary General of the Jordanian Hashemite
charity organization and Chairman of its exective committee from 1990 until 03/08/2008.

3.  He was appointed Chairman of the Board of Trustees of Al-Al Bayt University from 2001
until 06/12/2004. In 2003, he was appointed as a Professor in Comparative Jurisprudence at
the Faculty of Osool Al-Din-Balqa Applied University in Jordan.

4.  Royal Decree was issued by appointing him as President of Al-AlBayt University on
06/12/2004 until 07/04/2005. he was re-appointed as President of Al-AlBayt University on
08/01/2006 untill 02/08/2008.

5.  The Royal Decree was issued by an advisor on Islamic and religious affairs on 14/04/2006
until he resigned from this position in 2009.

6.  He was appointed as Secretary General of the Islamic Fiqh Academy of the Organization of
the Islamic Conference from March 2008 until 14/12/2009, he was reappointed as a secretary
of the Organization of the Islamic Conference on 1/10/2015 up to date.

Mr. Sohaib Umar, Advisor - Islamic Financial Services Development, CBB - Member, Governance
and Ethics Board, AAOIFI
Sohaib is a senior Islamic finance professional with over two decades of diverse experience
in advisory, corporate finance, private equity and capital markets. He is currently working
as Advisor, Islamic Financial Services Development with the Central Bank of Bahrain (CBB).
In this role he is responsible for recommending and overseeing new strategic initiatives and
regulations by the CBB in Islamic banking, Takaful and capital markets. He is also serving as
Administrator of the Waqf Fund, a CBB-supervised endowment for Islamic finance training,
education and research. Previously, he worked as Executive Manager at Ernst & Young
Bahrain in their global center of excellence in Islamic finance advisory. He led the development
of Islamic banking regulatory framework for a GCC country which is generally recognized
by the market as best in class in Shari’ah and corporate governance. Sohaib has an MBA in
Finance and is also a CFA. He contributes regularly to Islamic finance thought leadership.

8 AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

Mr. Omar Mustafa Ansari, Acting Secretary General, AAOIFI
Omar is a Fellow member of the Institute of Chartered Accountants of Pakistan (ICAP).
He is working at AAOIFI, as Acting Secretary General.
Previously he was Partner – Assurance & Head of Islamic Finance (Pakistan & Afghanistan)
at Ernst & Young. Omar’s key area of expertise is assurance and advisory services to Islamic
financial institutions, including Islamic accounting advisory, Audits, Shari’ah Audits,
Corporate Finance Advisory, Structuring of Shari’ah Compliant Transactions, Accountancy
and Financial Reporting, Islamic Finance Training, Financial Modelling, Risk Management &
Development and Review of Manuals and Systems.
At AAOIFI, he has been instrumental and responsible for development and advocacy for
the accounting, auditing, governance and ethics standards and the revamping of AAOIFI’s
professional development programs.
Omar is a member (ex-Chairman) of ICAP’s working group responsible for development
of Islamic financial accounting standards for Pakistan and also a member of Insurance
Committee leading the accounting regulations development for Takaful.
He was a member of Securities & Exchange Commission of Pakistan (SECP) Shari’ah
Board and part of the committee for revision of Takaful Rules, besides being part of several
committees and task forces of the State Bank of Pakistan.
He has been advisor to Saudi Organization for Certified Public Accountants (SOCPA) on
Shari’ah issues concerning IFRS adoption. He is an author and has contributed several articles
in various newspapers, journals and conferences. He is also a regular trainer and speaker
on various forums on topics related to Islamic finance and is specialized for the top level
trainings in accounting, risk, Shari’ah audit and governance for Islamic finance.

  Dr. Humayon Dar, Director General, Islamic Research and Training Institute (IRTI), IDB

Curently Professor Humayon works as Director General, Islamic Research and Training Institute
(IRTI), IDB,
Previously, Professor Humayon Dar was Executive Chairman of HD-Edbiz Group of Companies.
He is the Founding Chairman of Global Islamic Finance Awards (GIFA), Islamic Retail Banking
Awards (IRBA) and Global Good Governance Awards (3G Awards).
He is a leading spokesman for the Islamic financial services industry, and has played lead roles
in a number of global initiatives for the development of Islamic finance. He is Editor-in-Chief of
Islamic Finance Review (ISFIRE) – a quarterly magazine published by Edbiz Corporation from
London. Professor Dar holds a BSc (Hons) and MSc (both in Islamic Economics) from International
Islamic University in Islamabad, where he studied with a number of top Islamic jurists and Muslim
thinkers. He also has an MPhil and PhD (both in Economics) from Cambridge University, where he
conducted research on Islamic finance. His post-doctoral research has focused exclusively on Islamic
economics, banking and finance. His BoD memberships include Finance Accreditation Agency,
setup by Bank Negara Malaysia and Securities Commission Malaysia. He has been on Shari’ah
Boards of several institutions, including Hong Leong Islamic Bank, Allianz Global Investors,
Shari’ah UMEX and many more. He is also on the Shari’ah Board of Abu Dhabi Commercial Bank
(ADCB). As a member of Faith Investment Panel of Arabesque, a London-based asset manager, he
continues to offer Shari’ah advisory services related with asset management operations.

  Session 2

H.E. Dr. Maher “Sheikh Hasan”, Deputy Governor, Central Bank of Jordan

Dr. Hasan started his career in 1994 at the Central Bank of Jordan, where he assumed several
positions including; Deputy Director of the department, and Director of the Governor’s Office.
In 2005, He joined the International Monetary Fund where he worked as an economist / senior
economist in the Middle East and Central Asia Department.
During his career in the IMF, he participated in several Article IV consultation missions and led
several Financial Sector Assessment Programs. In 2011,  he was awarded MCM  annual award for
“exceptional” effort. Dr. Hasan co-authored several books and published several research papers
on several financial topics. Dr. Hasan received his PhD in economics and M.S. in Statistics from
Washington State University Pullman,WA.

9AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

Mr. Ijlal Ahmed Alvi, Chief Executive, International Islamic Financial Market (IIFM)
Ijlal A. Alvi has extensive experience in the financial services industry spanning 30 years
with regional and international financial institutions. Over the last 13 years, he has been
instrumental in introducing standardization in Islamic financial contracts and product
templates as the Chief Executive of the IIFM.He manages IIFM’s market consultations, global
working groups, legal drafting process and Shari’ah guidance in developing standard Islamic
financial contracts, product confirmations and related guidance notes covering liquidity
management, hedging, capital market, corporate finance and trade finance segments of the
industry. He also manages IIFM’s market awareness programs such as specialized seminars
and technical workshops as well as research and publication of the annual IIFM Sukuk Report.
Mr. Alvi is a member of several international committees and task-forces for development of
Islamic finance. He has a Masters in Finance from Golden Gate University, California, USA.

Dr.�Bello�Lawal�Danbatta,�Secretary General, Islamic Financial Services Board (IFSB) -
Member of AAOIFI Accounting Board
Dr. Bello Lawal Danbatta is Secretary General at IFSB since January 29, 2018.
Dr. Danbatta was Director of the Centre of Consultancy and Executive Programmes at
INCEIF, would bring with him over 25 years combined experience in the private, academia,
as well as the regulation and supervision sectors across Africa, Europe, Asia and West Asia.
He is a member of the Accounting Board of the Accounting and Auditing Organisation for
Islamic Financial Institutions and has chaired various working groups for the issuance of
financial accounting standards for Islamic financial institutions.

Mr. Almir Colan, Director of Australian Centre for Islamic Finance (AusCif) - Director at Awqaf
Australia - Careers Counsellor at Ilim College (Melbourne) and Board member at Garden College
(Adelaide)
Almir Colan is a Director of Australian Centre for Islamic Finance (AUSCIF), CEO at Olive
Investments, Director at Awqaf Australia and Board member at Garden College.
Almir is also an adviser to number of institutions that provide Islamic finance and member
of a working group at AAOIFI.
Previously, Almir was a consultant lecturer and Board member for the Master of Islamic
Banking and Finance Course at La Trobe University; Advisory Board Member for the Master
of Islamic Banking and Finance Course at La Trobe University; Member of the Advisory
Reference Group for the Bachelor of Accounting / Associate Degree of Accounting at NMIT;
Executive board member at Islamic Council of Victoria (ICV).

  Session 2 (Continued)

  Session 3

Sh. Dr. Mohammad Burhan Arbouna, Vice President, Group Head, Shari’ah Compliance,
Alsalam Bank
Dr. Arbouna holds a PhD in law with specialization in Islamic banking and finance from
International Islamic University Malaysia, and Masters in Comparative Law. He also holds
a Degree in Shari’ah and Higher Diploma in Education from Islamic University, Medina. He
is an expert in Islamic banking and finance. Dr. Arbouna was the Shari’ah Head and Shari’ah
Board member in Seera Investment Bank B.S.C Bahrain. Prior to that, he worked as the Head
of Shari’ah department in the Kuwait Finance House - Bahrain.
Dr. Arbouna also worked as Shari’ah researcher and consultant for the Accounting and
Auditing Organization for Islamic Financial Institutions (AAOIFI) – Bahrain.
Dr. Arbouna lectures on Islamic banking and finance and gives consultancy on orientation
and professional programs for a number of professional and educational institutions.
Dr. Arbouna is a member of Islamic Money Market Framework (IMMF) steering committee
initiated by the Central Bank of Bahrain for the management of liquidity among Islamic
banks.

10 AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

Mohammad Shaheed Khan, Deputy Chair- Islamic Banking Committee- Bahrain
Association of Bankers
Mohammad Shaheed is a senior Islamic Banker based in Bahrain. He is Fintech enthusiast and
advisor to many Blockchain start-ups; his core areas of expertise being structuring solutions,
strategy formulation and execution within Islamic Finance,  Blockchain and Fintech solutions
and digital transformation.
He is an alum of the Harvard Business School (HBS). He is very active within the HBS community;
he serves as a board member for the HBS Club of GCC and is also the founding President of its
Bahrain chapter.
He is a serial Intrapreneur and the recipient of Global Islamic Finance Award for his role in
innovation.  Mohammad was recognized for his contribution in the inaugural Fintech Futures
course from MIT. Furthermore, his role as a thought leader and an influencer was recognized in
the 2018  edition of the Islamica500, a Belgium based publication, listing him as one of the 500
people who make up the  Islamic economy.

Sh. Ashraf Gomma Ali, Director & Regional Head, Shari’ah and Governance, CIMB Islamic Bank
Sh. Ashraf Gomma Ali joined CIMB in April 2017 as Director and Regional Head, Shari’ah &
Governance Department. Previously, he was attached to the Shariah Advisory and Governance
Department of National Commercial Bank(NCB) Jeddah, Saudi Arabia for more than six years.
There, he was the Shariah Assurance Manager He was actively involved in Shariah advisory
activities of the Bank with specialty in treasury, corporate, retail and capital markets as Shariah
subject matter expert. He was also involved transaction structuring and documentation of
20 billion SAR of corporate deals and also Shariah Lead on development of a full suite (over
30) of Islamic alternative treasury products for hedging and structures investments covering
alternatives to all conventional products.
He now leads the overall functions of Shariah & Governance Department which is responsible
to provide the Shariah advisory for all types of Islamic products both to the CIMB Group
and external parties in asset & fund management, investment & corporate banking, retail &
commercial banking, treasury & structured products, takaful, private equity and etc.
He is currently a Shariah Supervisory Board Member of University Bank, Ann Arbor, MI which
had completed a full analysis of the Murabahah Home finance product and issued a certificate
of compliance. He is also a Certified Shariah Auditor and Advisor AAOIFI and ACI Treasury
Dealer Certificate ACI - The Financial Markets Association.
He holds a Bachelor of Finance (Hons) from the University of Maryland, College Park, MD, USA
and a Bachelor of Shariah (Hons) from the University of Umm Al Qura, Mecca, Saudi Arabia
as well as Master in Islamic Finance Practice from International Centre for Education in Islamic
Finance (INCEIF), Kuala Lumpur, Malaysia.

Mr. Khalid Saad, CEO, Bahrain FinTech Bay
Khalid Saad is the Chief Executive Officer of Bahrain FinTech Bay, the largest FinTech hub in the
Middle East. He works with financial players, financial associations, central bank, government
entities, FinTechs, lawyers and others to drive development of the FinTech ecosystem.
 Previously, he was focusing on financial services with the Bahrain Economic Development
Board, which is dynamic public agency that is responsible for attracting inward investment into
Bahrain, enhancing the investment climate and driving economic development.
He focused on promoting Bahrain’s financial services sector and attracting new investments into
this sector. Successes include expanding existing companies and attracting new ones such as
banks, asset & wealth managers, insurers, ancillary services providers and FinTechs.
Before joining the Bahrain Economic Development Board, he worked for Ernst & Young and
SEI Investments in London. He has a MSC from Imperial College London and a BSc from the
University of Exeter (first class honors).

  Session 3 (Continued)

11AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

H.E. Dr. Ishrat Hussain, Advisor for Institutional Reforms and Austerity to the Prime Minister of
Pakistan - Ex-Governor, State Bank of Pakistan - Chairman, Governance and Ethics Board, AAOIFI
Dr. Ishrat Hussain was until recently Public Policy Fellow at the Woodrow Wilson Center in
Washington DC. He is also Professor Emeritus at IBA and Chairman, Centre for Excellence in
Islamic Finance (CEIF).
He served as Dean & Director of Institute of Business Administration, Karachi - the oldest graduate
business school in Pakistan established in 1955 -between 2008 and 2016-. During his term of office
he was actively engaged in the transformation of the Institute to become one of the ranking Global
Business schools.
He served as the Chairman, National Commission for Government Reforms for two years from
2006 to 2008 with the status of Federal Minister reporting directly to the President and Prime
Minister of Pakistan.
He was appointed the Governor of Pakistan’s Central Bank in December 1999. During the next
six years, he implemented a major program of restructuring of the Central Bank and steered the
reforms of the banking sector.
The Banker Magazine of London declared him as the Central Bank Governor of the year for Asia
in 2005. He received the Asian Banker Lifetime achievement award in 2006.
The President of Pakistan conferred upon him the highest civilian award of Nishan e Imtiaz in
2016 for his outstanding public service.
Ishrat Hussain obtained Master degree in Development Economics from Williams College and
Doctorate in Economics from Boston University in 1978.
He is a graduate of Executive Development program jointly sponsored by Harvard, Stanford and
INSEAD.

Mr. Abdulmohsen bin Abdulaziz Al-Fares, CEO, Alinma Bank, Kingdom of Saudi Arabia
Mr. Al-Fares is the Managing Director & Chief Executive Officer at Alinma Bank.  In a career
spanning close to 30 years, Abdulmohsen started his professional career at Saudi Arabian
Monetary Agency (SAMA) in 1983 where he worked for 18 years in various positions which
the last one was the Director of the General Accounting Department.
He worked at Ernst & Young in Los Angeles, USA for two years (1993-1995).
He was also the Director General of the Department of Zakat and Income tax (DZIT) for four
years (2001-2004), and Managing Director for Financial Services of Abdul Latif Jameel Group
(ALJ) for more than two years (2004-2006).
He is a board member of Alinma Bank, a board member of Technical and Vocational Training
Corporation, a board member of the Saudi Association for Certified Public Accountant
(SACPA), and the Chairman of Alinma Tokio Marine Corp.
Mr. Al-Fares is also a member of the audit committee of Saudi Basic Industries Corp. (SABIC),
and a member of Riyadh Regional Council.
Mr. Al-Fares has chaired and participated in several committees, work teams for both private
and public sector.
He holds a degree in Accounting from King Saud University in 1982, and MA degree in
Accounting from Western Illinois University (WIU) USA in 1989, and obtained his CPA in
1995.

Mr. Abdulhakeem Alkhayyat, Managing Director & CEO, Kuwait Finance House, Bahrain
Mr. Abdulhakeem Alkhayyat is the Managing Director and Chief Executive Officer of Kuwait
Finance House - Bahrain (KFHB), as well as the Chairman of the board for the two largest real
estate projects in the Kingdom of Bahrain, Durrat Al Bahrain and Diyar Al Muharraq.
Mr. Abdulhakeem Alkhayyat is a regular speaker on a variety of topics, including business and
finance and frequently participates at local and international conferences.
He has also dedicated part of his time to participate in the Board of Directors of non-profit
Bahraini organizations.
In 1997, Mr. Alkhayyat passed his Certified Public Accountant (“CPA”) exams from the State of
California; he graduated from the University of Texas in Austin in 1990 and 1991 with bachelor
degrees in both majors of Business Administration and Middle Eastern Studies.

  Session 4

12 AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

Mr. Khalid Howladar, Managing Director and Founder, Acreditus
Khalid is the Managing Director and Founder of Acreditus, a boutique advisory practice
created to serve the risk, rating, and sukuk needs of stakeholders in the GCC & Islamic
capital markets. In addition, Khalid is also the Chief Strategy and Risk Officer of Blossom
Finance—a blockchain-based digital sukuk platform for social impact investing.
With his global perspectives, he is a recognized global authority in his field and has
addressed investors and policy makers worldwide including at the World Bank, IMF, ECB
and IIF. Previously, Khalid spent 15 years at Moody’s Investors Service London and Dubai
as Global Head – Islamic Finance and was concurrently the head of the GCC banking team
covering 60 conventional and Islamic banks, this was after senior roles covering asset-
backed finance and structured credit markets. He holds an MSc and a BEng in Technology
and Software Engineering from the Imperial College of Science, Technology & Medicine
and an MSc in Finance from London Business School.

Sh. Esam Ishaq, Deputy Chairman, Discover Islamic - Memebr, High Concil For Islamic Affairs -
Chairman & Member of IFI’s Shari’ah Supervisory Boards Around the World - Deputy Chairman, Governance
and Ethics Board, AAOIFI
Sh. Esam graduated from McGill University, Montreal, Canada in 1983. He has been serving
as a member of Shari’ah Supervisory Boards of the various financial institutions including Al
Baraka Islamic Bank, Al Hilal Bank (Abu Dhabi), Al Meezan Islamic Bank, Al Hilal Takaful,
Islamic Finance House (Abu Dhabi), and Maldives Monetary Authority. Also serves as a
member of Shari’ah Panel of International Islamic Financial Mar- kets (IIFM). He has also
served as a Chairman of Shari’ah Supervisory Boards of Seerah In- vestment Bank, Investment
Dar Bank, Family Bank, and EcoIslamic Bank.

Mr. Iyad G. Asali, General Manager, Islamic International Arab Bank PLC
Is a seasoned banker, with a proven track record of success at different levels during his
29 year banking career. Since 2011 he assumed the position of General Manager of Islamic
International Arab Bank (IIAB). Since then, he led the bank to the new heights of success,
and it is primarily due to his leadership that the bank has started playing a pivotal role in
the Jordanian Islamic banking sector.
Prior to joining Islamic International Arab Bank, Iyad Asali served as Deputy CEO and
Head of Corporate Banking at Jordan Ahli Bank.
Before that, he held various managerial positions in a number of leading banks in Jordan
and the GCC, worth mentioning among which is the position of Deputy General Manager
and Head of Commercial Banking at Arab National Bank in Saudi Arabia where he spent
8 years.
Since joining Islamic International Arab Bank, Iyad Asali has contributed to the development
of the bank in terms of its profile, outreach, influence and market share.
The bank witnessed major turn-around and became an active contributor to Islamic banking
through newly developed Shari’ah compliant products and services, which has resulted in
tripling the bank’s investment portfolio and customer deposits and expanding the branch
network to become 43 working branches.
Mr. Asali is also an active member in the following entities:
• Member in INJAZ Jordan Board of Trustees
• Working Member in the Jordan Strategy Forum
• Member in the Jordanian Businessmen Association
• Member in the Federation of Arab Businessmen
• Board Member in the Postal Saving Fund of Jordan
• Member in CAFRAJ (the French Jordanian Chamber of Commerce), Board member in

the Health Care Accreditation Counsel in Jordan, Board member in Aman Fund for the
Future of Orphans.

He holds a bachelor’s degree in Business Administration from the University of Jordan
(ranked first) and a master’s degree in Management from the AUC (highest honors).

  Session 4 (Continued)

  Session 5

13AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

Mr. Khalid Hamad, Executive Director – Banking Supervision, CBB - Member, Board of Trustees,
AAOIFI
Mr. Khalid Hamad has held several senior posts at the Central Bank of Bahrain (CBB). His
current responsibilities include supervision of all banking institutions, including Islamic banks,
as well as inspection of all financial institutions, comprising banks, insurance firms, investment
firms, capital market licensees and ancillary services providers. Mr. Hamad has a Bachelors
degree in Business Administration from the University Of Portland, USA, and a Strategic
Leadership and Executive Management Program certificate from the University of Columbia,
New York. Mr. Hamad is Chairman of the International Islamic Financial Market (IIFM),
Chairman of Deposit and Unrestricted Investment Accounts Protection Board, Chairman of
the Waqf Fund for Research, Education and Training in Islamic Finance Deputy Chairman of
Accountants Affairs committee, member of AAOIFI Board of Trustees, an Associate Member
of Toronto Strategic Leadership, member of GCC Banking Supervision Committees.

  Session 5 (Continued)

  Session 6

Dr. Said Bouheraoua, Director of Researches Department of (ISRA), Malaysia, AAOIFI Shari’ah
standards sub-committee member, Malaysia
Associate Professor Dr Said Bouheraoua is currently a Senior Researcher and Director of
Research Affairs Department at the International Shari’ah Research Academy for Islamic
Finance. He is the editor-in-chief of ISRA International Journal of Islamic Finance, member of
the Board of Directors of Affin Islamic Bank, Shariah member of the Central Bank of Oman,
Chairman of Affin Islamic Shariah committee, Shariah member of MNRB Retakaful, Shariah
member of ISRA Consultancy institute and a registered Shariah Adviser with Securities
Commission Malaysia. Dr Said has published four books, five chapters in books and several
articles in refereed journals. He has also presented several papers in international conferences
including the International Fiqh Academy of the OIC and Islamic Fiqh Academy of Muslim
World League. He developed curricula in Islamic law for four courses at IIUM and conducted
several trainings in Islamic law, Islamic banking and finance in Malaysia and abroad. He was
also appointed as a Shariah consultant in the conversion of several conventional banks.

Dr. Mohammad Damak, Global Head of Islamic Finance S&P
Dr. Mohamed Damak is the Global Head of Islamic Finance within S&P Global Ratings,
leading a global team of Islamic Finance specialists. Mohamed is also a Director and Sector
Lead within the Financial Services team at S&P Global Ratings. He covers financial institutions
in the Middle East and Africa region. Before re-joining Standard & Poor’s in 2014, Mohamed
worked as a Principal Credit Risk Officer in the Sovereign Credit Risk Management Division of
the African Development Bank in Tunis between 2010 and 2013. From 2006 to 2010, Mohamed
worked for S&P Global Ratings covering conventional and Islamic financial institutions in
the Middle East and North Africa region. Prior to that, Mohamed worked as an Associate
Professor for the University of Paris II, Panthéon Assas between 2003 and 2006. Mohamed
holds a PhD in Finance and a Postgraduate Diploma (DEA) in “Money, Banking and Finance”
from the University of Paris II, Panthéon Assas and a Master’s degree in “Financial Institutions
Management” from Ecole Supérieure de Commerce de Tunis.

Dr. Ahmed Tahiri Jouti, Chief Operating Officer at Al Maali Consulting Group – Morocco,
PhD in Islamic Finance & Economics
Dr. Ahmed is COO At Al Maali Group, He led many consulting assignments related to
Islamic Banks, Takaful, IT providers and Government agencies in Morocco, Algeria, Spain,
France, Ethiopia, Somalia and KSA in terms of : Strategic plans & visions, Corporate & Sharia
governance systems, Product development and Market surveys, Policies in terms of Risk
Management, Accounting, Internal control & Marketing and Implementation of IT systems.
He is an International trainer in Islamic Banking, Takaful & Shari’ah Auditing and given many
training sessions in Morocco, Algeria, Tunisia, Ethiopia and France. He is also a visiting professor
in many Universities in Morocco. Additionally, Dr. Ahmed is a researcher in Islamic finance,
Fintech, Social Finance and worked as an Auditor - Head of Mission in Societe Generale.

14 AAOIFI – WORLD BANK 13TH ANNUAL CONFERENCE - KINGDOM OF BAHRAIN

Mr.�Aamer�Bhatti, Director, Deloitte Middle East
Aamer Bhatti is Director in the VAT practice of Deloitte Middle East. He is based in Dubai.
Aamer has over 17 years of global Indirect tax experience and leads the team providing
services for Financial Institutions across the GCC. Before joining Deloitte, he worked as head
of Global indirect tax in the UK for a FTSE100 Company.
Aamer has assisted leading banks and insurance companies on the implementation of VAT
in the GCC region. He was working for institution providing both conventional and Islamic
finance. Aamer was closely involved with assessment of the impact of VAT on business
operations of financial institutions, determining VAT treatment of transactions, adjusting IT
systems to the new obligations resulting from the implementation of VAT.
He has wider experience on global ERP implementation (SAP and Oracle) and integration of
indirect tax compliance and advisory support to wider businesses. Inter alia, Aamer was the
advisor to the bank CFO committee in KSA during the VAT implementation.
Aamer was a subject matter speaker on many VAT / GST conferences and trainings. He is also
an author of numerous releases on the impact of VAT on Financial Services Industry.
Aamer holds a Bachelor Degree in Law (LLB) from the University of Warwick and a Post
Graduate Diploma in Legal Practice.
He is also a qualified Associate of Taxation Technician (ATT).

Arshad Gadit, Partner BDO Assurance and Business Advisory
Arshad Gadit is a Partner at BDO Bahrain’s Assurance and Business Advisory Division. He is
an ACCA and FCA from Institute of Chartered Accountants of Pakistan (ICAP).
He has over 20 years’ experience of working with businesses in the UK, Middle East and
Pakistan. Arshad also works closely with BDO Indirect Tax team and a seasonal speaker on
topical subjects. He has extensive experience of financial services industry and has devoted
significant amount of time on serving Islamic Finance businesses.
He is an elected President of ICAP Bahrain Chapter and also head of Bahrain British Business
Forum’s Banking and Finance (BBBF) Special Interest Group.

Stuart Halstead, Partner, EY
Stuart is responsible for the EY VAT practices in Saudi Arabia and Bahrain. He works with a
team of over 90 VAT professionals helping businesses understand their VAT obligations.
Over the past 17 years, he has been working with business and governments on VAT, the last
six of which have been in the GCC.
He has a deep understanding of the GCC VAT Agreement, published VAT legislation in the
GCC, and a broad understanding of best global VAT practices.
Prior to moving to the Middle East, Stuart was based in the United Kingdom where he was
extensively involved advising the financial services industry in Scotland and Northern Ireland.

Mr. Mahesh Balasubramanian, Partner, Financial Services, KPMG Bahrain
Mahesh has over 15 years of experience providing Audit and Advisory services to clients in the
financial sector. As a subject matter expert, Mahesh has worked with many conventional and
Islamic financial institutions in the region.
He is Head of Islamic Finance at KPMG in Bahrain and is a member of the firm’s global
Islamic Finance leadership team. Mahesh works closely with the Central Bank of Bahrain
(CBB) on emerging regulations and regulatory change. He has been closely involved in the
standard setting process with AAOIFI as member of various committees and working groups.
with his background and experience, Mahesh has provided a range of advisory services to
financial institutions including bank reorganization, deal structuring, capital allocation and
risk consulting, advice on mergers and acquisitions, strategic planning, product structuring
reviews and prospective financial reporting.
Mahesh is also part of our Global IFRS Group and represents the region as a specialist on
Business Combinations and Consolidation.
He has also led our initiatives for implementation of accounting change and new standards
such as IFRS 9, IFRS 10 and IFRS 15. Mahesh is also the partner in charge of the firm’s
Telecommunication practice.

  Session 6 (Continued)


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: August 2, 2014
August 2, 2014
DR. ZULKIFLI HASAN
KAPITALISME, PASARAN SENJATA DAN KRISIS
Kapitalisme, Pasaran Senjata dan Krisis
Zulkifli Hasan
Pendahuluan
Tatkala Gaza dihujani bom dan peluru, Amerika dilaporkan terus menyalurkan bantuan kewangan dan senjata kepada Israel. Ahli Kongres Amerika memberikan lampu hijau dan menyatakan sokongan penuh kepada rejim zionis. Dilaporkan juga bahawa Rusia dan China telah menggunakan kuasa veto untuk membatalkan resolusi Majlis Keselamatan Pertubuhan Bangsa-Bangsa Bersatu (PBB) yang menyokong pelan Liga Arab untuk mendesak Presiden Syria Bashar Al Assad supaya berundur dan mengutuk keganasan kezaliman yang berlaku. Hingga kini dilaporkan ribuan rakyat Gaza dan Syria telah terkorban dan tercedera. Ramai yang tertanya-tanya mengapa dan kenapa negara-negara ini berbuat demikian. Sudah pasti mereka mempunyai sebab dan justifikasi terhadap tindakan mereka ini. Rusia merupakan pembekal senjata dan rakan dagang utama Syria dalam membekalkan pelbagai jenis senjata kepada rejim Al Assad. Begitu juga di Bahrain, dalam keghairahan media barat mengutuk Iran untuk membangunkan tenaga nuklearnya, Amerika dalam masa yang sama telah membekalkan senjata yang besar jumlahnya kepada Bahrain. Amerika juga pastinya sekutu utama Israel menyalurkan peralatan senjata termodennya dan akan berbuat apa sahaja untuk mengiyakan segala kejahatan rejim zionis. Lihat saja kelengkapan ‘Iron Dome’ Israel yang dibiayai oleh Amerika dengan belanja melebihi USD225 juta. Amerika secara konsisten menjadi penyumbang utama ekonomi dan persenjataan Israel dan ini diketahui dunia.
Krisis merupakan perkara yang sinonim dengan kapitalisme. Bahkan, kapitalisme memerlukan krisis untuk ‘survive’ atau untuk terus relevan. Tanpa krisis, kapitalisme akan runtuh dan tidak akan berfungsi. Itulah antara faktor mengapa berlakunya kitaran krisis ekonomi, krisis kewangan, krisis peperangan dan pelbagai krisis yang lain pada hari ini. Mengetahui perkara inilah, golongan pemodal akan memastikan krisis itu dicipta dan direncanakan secara strategik demi mengaut keuntungan melaluinya. Begitu juga apa yang berlaku pada hari ini khususnya di Timur Tengah. Dengan sumber kekayaan yang melimpah melalui hasil minyak yang menjadi rebutan dunia, golongan pemodal pastinya telah merencanakan pelbagai krisis dan ancaman yang membolehkan produk senjata mereka dilanggani tanpa had. Dalam erti kata lain, golongan pemodal ini mencipta “PASARAN’ melalui krisis dan peperangan.
Dunia telah menyaksikan bahawa abad ke 20 merupakan abad yang paling kejam dalam sejarah manusia dengan dua peperangan dunia, diikuti lebih 30 tahun perlumbaan senjata, perang teluk, perang Afghanistan, Perang Vietnam, Perang Iran-Iraq termasuk konflik dalaman, revolusi dan sebagainya. Program Penyelidikan Keamanan, Cornell Universiti di Amerika telah menganggarkan bahawa seramai 231 juta manusia telah terkorban melalui peperangan dan konflik sepanjang abad ke 20. Di antara faktor utama sejarah tragis manusia ini adalah kesan daripada perdagangan senjata. Perdagangan senjata yang sering kali dilihat sebagai langkah memperkuatkan sistem pertahanan dan perbelanjaan persenjataan atas dasar keselamatan sebenarnya hanya mencetuskan konflik dan pertumpahan darah. Dalam erti kata lain, peperangan telah dicipta bukan hanya kerana ideologi tetapi juga berfaktorkan keuntungan.
Melihat kepada signifikannya isu perdagangan senjata dan agenda para kapitalis pengeluar senjata, artikel ini cuba menelusuri dan meninjau realiti perdagangan senjata termasuk menampilkan aktor-aktor pengeluar senjata dan pelanggan tetap kepada saudagar senjata ini di seluruh dunia. Di samping itu, penulis juga berkongsi sedikit maklumat berkenaan dengan institusi dan badan yang aktif dan komited mengawal dan memantau perdagangan senjata dan juga entiti yang secara komperehensif merekod dan menyimpan data serta statistik perdagangan senjata di seluruh dunia.
Kenali Pengeluar dan Pelanggan Senjata
Adalah tidak mengejutkan bahawa, Amerika merupakan peneraju perdagangan senjata diikuti oleh Rusia, Britain dan Perancis. Maklumat mengenai Perdagangan Senjata dunia boleh diperolehi menerusi Stockholm International Peace Research Institute (SIPRI) sebuah badan bebas antarabangsa berpengkalan di Sweden yang mengkhusus kepada penyelidikan mengenai perdagangan senjata yang memantau dan mempunyai pengkalan data yang komprehensif mengenai perdagangan senjata dunia. Menurut SIPRI, direkodkan bahawa antara 1996-2000 perdagangan senjata dunia dipelopori oleh Amerika, Russia, Perancis yang mewakili 30%, diikuti oleh Britain dan Jerman, 20% dan Belanda, Ukraine, Italy, China, Belarus, Sepanyol dan Israel, 15%. Apa yang menarik dan dalam masa yang sama agak mengejutkan ialah negara-negara pengeluar senjata ini merupakan ahli tetap Majlis Keselamatan PBB iaitu mewakili 85% perdagangan senjata dunia. Sudah pasti fakta ini menimbulkan persoalan mengenai keberkesanan dan keadilan dalam Majlis Keselamatan PBB.
Dari aspek pengeluar senjata, terdapat tujuh syarikat utama pengeluar senjata di dunia iaitu Lockheed Martin (Amerika) BAE Systems (Britain), Boeing (Amerika), Raytheon (US), General Dynamics (Amerika), Thomson-CSF (Perancis). Syarikat-syarikat ini secara aktif mempromosi dan membekalkan senjata di seluruh dunia. Terdapat juga individu pengusaha dan pembekal senjata yang beroperasi membekalkan senjata secara penyeludupan. Victor Bout seorang ikon saudagar senjata dunia yang telah membekalkan pelbagai jenis senjata di serata dunia akhirnya telah ditangkap di Thailand dan diekstradisi ke Amerika. Di antara 2005-2009, direkodkan bahawa negara utama pengguna dan yang melanggan senjata ialah Taiwan, Arab Saudi, Turki, Korea Selatan, India, Mesir, Israel, Pakistan, Kuwait, Malaysia, Greece, Singapura dan Algeria. Menurut ‘Congressional Research Service’, institusi yang menjalankan penyelidikan untuk kongres Amerika, nilai perdagangan senjata antarabangsa bagi 2010 sahaja telah mencecah USD35 bilion.
Selain daripada senjata berat, isu perdagangan senjata kecil juga perlu diambil perhatian kerana ianya juga sangat mempengaruhi dan kerap kali kematian diakibatkan oleh senjata sebegini. Panel Pakar PBB mengkategorikan senjata kecil ini kepada senjata yang digunakan oleh pihak polis dan tentera seperti pistol, rifel, bom tangan, mortar, gas pemedih mata dan lain-lain. Senjata kecil ini pada dasarnya bertujuan untuk menjaga ketenteraman awam dan memelihara keamanan. Namun demikian, dunia menyaksikan senjata ini akhirnya sering kali digunakan oleh pihak berkuasa menindas dan menzalimi orang awam. Pengeluar utama senjata seumpama ini ialah China, Russia dan Amerika. Kajian yang dibuat oleh ‘Graduate Institute of International Studies’ di Geneva menganggarkan bahawa sekurang-kuranya 550 juta pistol dan senjata seumpamanya yang terdapat di dunia iaitu mewakili satu senjata bagi setiap 11 penduduk dunia. ’Small Arms Survey’ yang dijalankan oleh institusi ini pula melaporkan bahawa nilai perdagangan senjata kecil ini adalah melebihi USD7 bilion setahun. Ironinya ialah sebanyak USD2.4 bilion telah diperuntukkan pada 2010 untuk pembelian senjata kecil ini seperti gas pemedih mata, kereta perisai dan senjata lain telah dijual kepada Negara yang mengalami krisis dan konflik seperti Bahrain, Mesir, Libya, Syria dan Yaman. Ini menunjukkan bahawa oleh kerana tiadanya undang-undang antarabangsa pengawalan perdagangan senjata yang boleh menghalang penjualan senjata kepada negara-negara yang secara jelas melanggar hak asasi manusia telah mengakibatkan krisis dan konflik yang berterusan di negara-negara berkenaan.
Industri Senjata dan Implikasinya
Persepsi yang selalu menjadi tanggapan umum terhadap persenjataan ialah senjata adalah untuk keselamatan. Bagi negara pengeluar senjata, industri ini dapat menjana ekonomi dan memberi hasil kepada negara termasuk mencipta peluang pekerjaan. Tetapi tahukah anda bahawa sekitar 2,000 orang mati setiap hari akibat dari perdagangan senjata ini. Industri pembuatan senjata juga tidak banyak menyumbang kepada ekonomi dan sebenarnya tidak menjana peluang pekerjaan yang signifikan. Ini memandangkan industri senjata ini dikategorikan sebagai industri berteknologi tinggi dan tidak memerlukan pekerja yang ramai. Sekiranya dibandingkan antara maslahah dan mafsadah industri ini, didapati terlalu banyak implikasi negatif secara langsung atau tidak langsung melalui urusniaga perdagangan senjata ini.
Jika diteliti dan dianalisis secara telus, hakikatnya perdagangan senjata ini boleh memberikan implikasi yang sangat negatif dan amat berpotensi untuk mencetuskan konflik. Umpamanya pada 1998, terdapat 11 konflik senjata di Afrika. Bagaimana hal ini boleh berlaku? Di antara faktor utama konflik ini ialah pihak yang bermusuhan memiliki armada tentera dan persenjataan yang mencukupi. Dilaporkan antara 1989-1998, Amerika telah memperuntukkan USD227 juta untuk latihan ketenteraan dan senjata bagi tentera-tentera di beberapa negara di Afrika. Daripada jumlah ini sebanyak USD111 juta digunakan untuk peperangan yang berlaku di Democratic Republic of Congo, Angola, Burundi, Chad Namibia, Rwanda, Sudan, Uganda dan Zimbabwe.
Perdagangan senjata ini juga boleh mempengaruhi dasar dan peruntukan kewangan negara. Peruntukan perbelanjaan untuk persenjataan yang berlebihan akan menjejaskan agenda pembangunan sesebuah negara. Menurut Laporan Setiausaha Agung PBB kepada Majlis Keselamatan berkenaan dengan senjata kecil (S/2008/258) melaporkan bahawa perbelanjaan senjata terutamanya di negara dunia ketiga dan membangun menyebabkan kekayaan negara tidak dapat disalurkan kepada pembangunan sosial. PBB merekodkan bahawa lebih 1 bilion penduduk hidup di bawah paras kemiskinan iaitu pendapatan kurang daripada USD1 sehari sedangkan USD184 setahun diperuntukkan bagi perbelanjaan senjata bagi setiap individu di muka bumi ini. Amat malang kerana fenomena perbelanjaan persenjataan yang keterlaluan ini juga berlaku di negara membangun dan mengalami krisis kemanusiaan. ‘Global Fire Power’, sebuah laman sesawang yang mempunyai pengkalan data mengenai maklumat umum pertahanan negara di dunia, merekodkan tatkala Pakistan dan Mesir dilanda krisis pengangguran dan masalah ekonomi, kedua-dua negara ini telah memperuntukkan jumlah wang yang besar untuk ketenteraan dan masing-masing kini menduduki tangga ke 15 dan 16 dunia dari segi kekuatan angkatan tentera. Lebih mengejutkan lagi ialah daripada jumlah pasaran senjata dunia, 10 negara membangun yang mengalami masalah ekonomi dan kemanusiaan adalah mewakili 60% daripada jumlah pasaran senjata bagi tahun 2003-2010.
Perkembangan perbelanjaan senjata yang berlebihan untuk tujuan keselamatan juga mengakibatkan peruntukan yang sepatutnya disalurkan kepada sektor pembangunan dan kebajikan tidak dapat dimanfaatkan. Sebagai contoh, harga bagi 30 buat jet Sukhoi-30 MKI buatan Rusia ialah USD1.8 bilion. Peruntukan sebanyak ini sebenarnya boleh disalurkan untuk membiayai persekolahan rendah selama setahun bagi 20 juta kanak-kanak. Harga bagi 310 kereta kebal T-90S buatan Russia ialah USD600 juta dan sekiranya wang ini digunakan untuk tujuan kesihatan ianya boleh dibelanjakan untuk membiayai pembelian 200 juta ‘insecticide-treated nets; yang mampu mengurangkan kematian akibat malaria. Nilai bagi 6 buah kapal selam buatan Perancis ialah USD1.8 bilion. Peruntukan sebanyak ini mampu untuk membantu dalam proses rawatan 1.7 bilion kanak-kanak yang mengidap ‘debilitating intestinal worms’ selama 3 tahun. Harga bagi sepuluh jet pejuang Mirage-2000E buatan Perancis ialah USD325 juta. Dianggarkan wang ini cukup untuk membekalkan vitamin dan mineral yang diperlukan bagi 1 bilion orang selama 10 tahun. Peruntukan untuk membeli 66 Jet Pejuang Hawk fighter buatan Britain ialah USD1.7 bilion. Perbelanjaan ini hakikatnya mampu untuk membiayai ‘antiretroviral AIDS drugs’ bagi lebih 11 juta pesakit AIDS selama setahun. Fakta dan angka ini kadang-kadang amat menggerunkan kerana kita dapat menyaksikan betapa rakusnya manusia terhadap kuasa hingga sanggup mengenepikan keperluan yang lebih mendesak seperti kesihatan, pendidikan dan pembangunan sosio ekonomi masyarakat.
Di antara implikasi negatif yang sering juga terjadi berikutan kegiatan perdagangan senjata ialah meningkatnya indeks rasuah. Perdagangan senjata sering melibatkan pihak tengah, tidak telus, bersifat rahsia dan sangat berpotensi menyumbang ke arah amalan rasuah. Dilaporkan bahawa terdapat lebih 50% tuduhan rasuah melibatkan perdagangan senjata. Amalan industri perdagangan senjata yang tidak telus dan keghairahan pihak tertentu untuk memiliki senjata berteknologi tinggi dan terkini menyemarakkan lagi anasir rasuah yang akhirnya menelan perbelanjaan yang besar bagi bajet sesebuah Negara. Berdasarkan kepada faktor ini, seharusnya sesuatu perlu dilakukan bagi memantau industri senjata dan juga mewujudkan satu undang-undang antarabangsa untuk mengawal perdagangan senjata di dunia. Sekurang-kurangnya, undang-undang antarabangsa yang bersifat universal ini akan sedikit sebanyak dapat mengurangkan perdagangan senjata yang tidak bertanggungjawab dan beretika.
Advokasi Pengawalan Perdagangan Senjata
Pada hari ini, didapati tiada satu perjanjian yang bersifat global dan mengikat mengenai pengawalan perdagangan senjata. Gerakan dan aktivisme pengawalan perdagangan senjata ini secara rasminya bermula pada 1997 di New York hasil inisiatif sekumpulan Pemenang Nobel Perdamaian dan ‘International Physicians for the Prevention of Nuclear War’ (IPPNW) yang mengesyorkan untuk mewujudkan Kod Etika Perdagangan Senjata. Selepas kempen dan promosi oleh pelbagai badan bukan kerajaan dan masyarakat sivil antarabangsa, saranan ini kemudiannya diterima oleh PBB dalam resolusi 61/89 pada 18 Disember 2006.
Tarikh 30 Oktober 2009 menjadi detik sejarah apabila Perhimpunan Agung PBB dengan 151 undi akhirnya telah bersetuju mengguna pakai Resolusi A/Res/64/48 untuk menerima usul ke arah mewujudkan Perjanjian Pengawalan Perdagangan Senjata (Arms Trade Treaty). PBB juga bersetuju untuk meneruskan proses memperincikan Perjanjian ini dengan menganjurkan beberapa mesyuarat Jawatankuasa Pemandu pada 2010 dan 2011. Kini Perjanjian ini berada diperingkat akhir pengemaskinian dan PBB akan menganjurkan konferen khas pada Julai 2012 bagi menggubal Perjanjian atau Instrumen yang bakal mengikat semua negara sama ada pengeluar atau pengguna senjata mengenai undang-undang pengawalan perdagangan senjata.
Secara umumnya, Perjanjian Pengawalan Perdagangan Senjata ini bertujuan untuk menghentikan pertambahan perdagangan senjata, menghalang penyalahgunaan senjata dan menyediakan peruntukan undang-undang bagi mengawal perdagangan senjata. Perjanjian ini akan memastikan senjata tidak berpindah kepada pihak yang tidak bertanggungjawab. Di antara kandungan utama Perjanjian ini ialah sebarang perdagangan senjata adalah tidak dibenarkan sama sekali dan melanggar undang-undang antarabangsa sekiranya ianya melibatkan pihak-pihak yang boleh menjejaskan pembangunan sosial dan bertentangan dengan hak asasi manusia. Di antara mekanisme untuk merealisasikan matlamat ini, Perjanjian ini akan menyediakan garis panduan perdagangan senjata secara komprehensif yang perlu dipatuhi oleh semua pihak. Perjanjian senjata ini juga akan memastikan bahawa tiada perdagangan senjata yang melibatkan risiko kemanusiaan dan ini termasuk sekiranya perdagangan senjata tersebut bertentangan dengan hak asasi manusia antarabangsa, tergolong dalam jenayah kemanusiaan atau ‘genocide; potensi untuk menjana jenayah terancang dan boleh menjejaskan kedudukan ekonomi sosial dan pembangunan.
Setakat ini, gerakan ke arah penggubalan dan termeterainya Perjanjian ini hinggi kini dimainkan oleh badan bukan kerajaan terutamanya institusi keagamaan. Penulis berkesempatan menghadiri program seumpama ini dan telah berinteraksi dengan pimpinan agama dari seluruh dunia bersama-sama merancang gerakan dan strategi untuk mempromosikan aktivisme ke arah keamanan sejagat. Di Sweden, ‘Swedish Fellowship of Reconciliation’ (SWEFOR) dan ‘Church of Sweden’ sangat giat mengatur strategi dan program bagi memberikan kesedaran terhadap peri pentingnya isu pengawalan perdagangan senjata ini. Di Amerika, ‘Global Youth Network of Religions for Peace’ secara aktif terlibat dalam gerakan mempromosi Perjanjian Pengawalan Perdagangan Senjata ini dan menganjurkan pelbagai program berkaitan. Di Malaysia, Angkatan Belia Islam Malaysia telah menjalinkan kerjasama dengan pelbagai badan bukan kerajaan dari seluruh dunia dan merangka beberapa agenda gerakan bagi tujuan mempromosi inisiatif Pengawalan perdagangan Senjata ini. Di India, ‘Asian Muslim Action Network’ di antara organisasi yang serius mengatur program bagi tujuan yang sama. Satu Deklarasi menyokong Perjanjian Pengawalan Perdagangan Senjata ini juga telah ditandatangani oleh 40 pimpinan agama dan 70 institusi keagamaan dari seluruh dunia hasil inisiatif SWEFOR, ’Caritas France’, ‘CCFD-Terre Solidaire’ dan ‘Interfaith Working Group of the Control Arms Coalition’ pada 21 September 2011. Di peringkat Asia Pasifik, satu bengkel intensif telah dianjurkan pada 26-27 Januari di Bangkok dengan melibatkan perwakilan dari seluruh dunia untuk merangka gerak kerja seterusnya. Ini diikuti dengan konferen di Manila yang telah diadakan pada 11-13 Mac 2012. Usaha-usaha sebegini semakin giat dijalankan oleh masyarakat antarabangsa dan sehingga kini ianya mendapat sambutan yang amat baik di seluruh dunia.
Negara Islam Mangsa Kapitalisme
Mahu tidak mahu, umat Islam di dunia perlu mengakui bahawa negara-negara Islam merupakan di antara pelanggan dan pengguna terbesar senjata. Arab Saudi, Bahrain, UAE, Malaysia termasuk negara-negara miskin seperti Pakistan, Syria, Mesir dan Yaman merupakan negara yang berbelanja besar bagi maksud persenjataan. Kerap kali alasan yang sering diberikan atas pembelian senjata ini ialah atas faktor keselamatan. Ada juga yang memberikan justifikasi keselamatan dan ancaman Israel, konflik sempadan dan keperluan pertahanan negara.
Lihat saja situasi di Timur Tengah. Jane Defence Weekly melaporkan bahawa antara 2011-2013 sahaja, negara teluk seperti Arab Saudi, UAE,Qatar dan Oman telah memperuntukkan lebih USD300 billion untuk perbelanjaan senjata. Terkini Algeria juga telah membelanjakan lebih USD7 bilion ringgit untuk persenjataan dengan Rusia terkesan akibat berlakunya ‘Arab Uprising’ di negara Timur Tengah termasuk ancaman Mesir baru-baru ini. Lihat sahaja rejim al Sisi di Mesir yang tanpa peri kemanusiaan menggunakan senjata milik negara membunuh dan menzalimi rakyatnya bukan memerangi musuh. – negara teluk yang dibelenggu masalah kemunduran ilmu pengetahuan, sains dan teknologi dan sosial memperuntukkan sedemikian banyak untuk kelengkapan senjata berbanding pendidikan yang tidak sampai 0.5% daripada GDP berbanding negara maju seperti Jepun dan UK yang membelanjakan lebih 2.5% untuk pendidikan. Mungkin ini antara faktor mengapa Timur Tengah mundur dan dibelenggu konflik berterusan. Dari sudut ekonomi, direkodkan bahawa hampir separuh daripada 57 negara OIC diklasifikasikan sebagai ’Negara Berpendapatan Rendah’ dan ’Negara Miskin dan Tinggi Keberhutangan’. 70-85% umat Islam dikategorikan sebagai ’non-bankable’ dan 50% hidup di bawah garis kemiskinan serta 25% tiada akses pada kemudahan perubatan dan air bersih. Di Tunisia, lebih 40% kadar pengangguran dan lebih 25% dilaporkan sebagai miskin tegar manakala di Mesir, dengan 80 juta penduduk dan lebih 90% adalah Muslim, direkodkan hampir 50% penduduk adalah miskin dan kadar pengangguran juga mencecah lebih 13%.
Namun sekiranya dilihat dan diperhatikan, bahawa sebenarnya tidak terdapat keperluan yang menghambat untuk membeli persenjataan ini secara besar-besaran hingga mengabaikan tangungjawab yang lebih utama. Bahkan, apa yang berlaku ialah senjata-senjata ini kerap kali digunakan untuk hal ehwal dalaman malahan menzalimi rakyat dan orang awam. Umpamanya di Libya, Mesir dan Syria, pihak kerajaan telah menggunakan senjata yang dibeli bukan untuk tujuan keselamatan negara tetapi atas dasar ingin mempertahankan kuasa dan telah menelan ribuan nyawa rakyatnya sendiri. Oleh itu, alasan faktor keselamatan negara untuk berbelanja besar dalam pembelian senjata tidak boleh diterima secara bulat bahkan boleh dipertikaikan. Sebagai contoh, Amerika merupakan pengeksport utama senjata kepada Mesir termasuk memberikan dana ketenteraan dan persenjataan sebanyak USD1.3 bilion setahun. Manakala 10 negara pengeluar senjata telah membekalkan senjata kepada Libya semenjak 2005 hingga sekarang iaitu Belgium, France, Germany, Italy, Russia, Spain and the UK. India, Perancis, dan Rusia telah membekalkan bahan letupan dan pelbagai senjata lain ke Syria. Kesannya apa yang dapat dilihat ialah, tragedi kemanusiaan yang telah berlaku di mana kehilangan nyawa ribuan orang awam termasuk kanak-kanak dan wanita serta kerosakan infrastruktur awam yang hanya memburukkan lagi keadaan di negara-negara yang mengalami konflik dalaman ini.
Kesimpulan
Di antara prinsip utama yang sangat ditekankan oleh Islam ialah keadilan dan pro kepada keamanan. Ini bertepatan dengan firman Allah di dalam surah al Baqarah ayat 190 yang bermaksud: ”Dan perangilah kerana (menegakkan dan mempertahankan) ugama Allah akan orang-orang yang memerangi kamu, dan janganlah kamu menceroboh (dengan memulakan peperangan); kerana sesungguhnya Allah tidak suka kepada orang-orang yang menceroboh”. Bahkan dalam ayat yang lain, al Quran jelas menggariskan kepentingan memelihara keamanan dan memperjuangkan keadilan seperti firman Allah di dalam surah al Maidah ayat 32 yang bermaksud: ”Dengan sebab (kisah pembunuhan kejam) yang demikian itu kami tetapkan atas Bani Israil, bahawasanya sesiapa yang membunuh seorang manusia dengan tiada alasan yang membolehkan membunuh orang itu, atau (kerana) melakukan kerosakan di muka bumi, maka seolah-olah dia telah membunuh manusia semuanya; dan sesiapa yang menjaga keselamatan hidup seorang manusia, maka seolah-olah dia telah menjaga keselamatan hidup manusia semuanya. Dan demi sesungguhnya, telah datang kepada mereka Rasul-rasul kami dengan membawa keterangan yang cukup terang; kemudian, sesungguhnya kebanyakan dari mereka sesudah itu, sungguh-sungguh menjadi orang-orang yang melampaui batas (melakukan kerosakan) di muka bumi”. Nas-nas di atas jelas menunjukkan bahawa adalah menjadi keutamaan kepada umat Islam untuk menegakkan keadilan dan memelihara keamanan.
Fenomena krisis peperangan yang berlaku di dunia pada hari ini bukanlah terjadi secara semulajadi tetapi ia dicipta dan direncanakan secara strategik demi mengaut keuntungan. Golongan pemodal yang didominasi oleh negara pengeluar senjata merupakan aktor utama kepada konflik yang berlaku di seluruh dunia khususnya di Timur Tengah. Konflik di Iraq, di Libya, di Mesir, di Tunisia, di Algeria, Palestine dan lain-lain negara kesemuanya direncanakan oleh pihak berkepentingan secara halus. Musuh-musuh baru dan ancaman-ancaman dipropagandakan bagi memastikan negara kaya seperti di Teluk termasuk negara miskin seperti Mesir dan Syria terus melanggani senjata yang dikeluarkan oleh pengeluar senjata dunia. Malangnya, negara-negara Islam terus-terusan diperdayakan dan akhirnya mengabaikan aspek lain yang lebih utama seperti pendidikan dan pembangunan sains dan teknologi serta memajukan ekonominya.
Isu perdagangan senjata sama ada secara sah atau haram merupakan perkara yang perlu diberi perhatian oleh semua pihak. Di antara punca keganasan dan pembunuhan serta penindasan yang berlaku di seluruh dunia adalah berpunca daripada perdagangan senjata yang tidak beretika. Negara-negara kaya menjadi pengeluar senjata dan menikmati keuntungan yang berlipat ganda melalui penjualan senjata terutamanya kepada negara-negara membangun dan dunia ketiga. Hasil negara yang sepatutnya digunakan untuk tujuan pembangunan terpaksa digadaikan untuk tujuan pembelian senjata atas nama keselamatan. Bahkan dalam konteks negara-negara Islam, alasan ancaman Israel juga kerap kali menjadi justifikasi untuk berbelanja secara besar-besaran membeli kelengkapan senjata. Alasan ini sebenarnya kadang kala adalah bersifat delusi dan khayalan, pada hakikatnya dunia menyaksikan kerap kali senjata yang dibeli ini telah digunakan untuk menzalimi dan menindas rakyat sendiri seperti apa yang berlaku di Mesir, Libya dan Syria. Sudah sampai masanya, umat Islam untuk bangun dari dibuai mimpi ini.
Gerakan pro-keamanan dan mendesak adanya Perjanjian Perdagangan untuk mengawal perdagangan senjata ini perlu diberikan perhatian dan sokongan. Tindakan kerajaan Bolivia, Ecuador, Brazil, Chile,Peru, El Salvador untuk membatalkan semua perjanjian ketenteraan dan perdagangan dengan Israel sebagai protes kepada kezaliman rejim Zionis patut dijadikan contoh sebagai permulaan bermulanya aktivism membantah keganasan. Kesan daripada pemulauan secara berterusan terhadap rejim Apartheid di Afrika Selatan akhirnya meruntuhkan tembok diskriminasi berasaskan bangsa. Di samping itu, masyarakat antarabangsa juga perlu memastikan bahawa pelaksanaan undang-undang antarabangsa mengenai sebarang bentuk keganasan adalah berpaksikan kepada keadilan dan tidak bersifat partisan serta berpihak. Ianya harus terpakai kepada semua negara di dunia termasuk negara pengeluar senjata dan perhatian serius dan khusus sewajibnya diberikan kepada negara-negara yang kerap kali melanggar hak asasi manusia, mencetuskan konflik serta sering melancarkan keganasan seperti Israel yang secara terus terang tidak menghormati kehormatan Palestin.
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KAJI SEMULA PENYENARAIAN TH PLANTANTATIONS SDN BHD

BANK PKS PERLU MENEPATI CIRI-CIRI INSTITUSI KEWANGAN ISLAM

HARI GURU

KAJI KEBERKESANAN UNDANG-UNDANG SEDIA ADA BASMI JENAYAH ROGOL

SUDAH LAMA BERTOLERANSI TERHADAP PATI

RAMADHAN DAHULU DAN SEKARANG

TANGGUNGJAWAB MEDIA DALAM RMK 9

Democracy in Islam

Public Prosecutor v Dato’ Seri Anwar Ibrahim
Best Regards

ZULKIFLI HASAN

DURHAM, UK
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