Islamic Banking, Islamic Banking,

TakafulTakaful and Al and Al RahnuRahnu

LCA4562LCA4562

DR. ZULKIFLI HASANDR. ZULKIFLI HASAN

IntroductionIntroduction
� Ibn Khaldun:

� “The strength of the sovereign (al-mulk) does not become
consumed except by implementation of the Shari’ah;

� The Shari’ah cannot be implemented except by a sovereign
(al-mulk);

� The sovereign cannot gain strength except through the
people (al-rijal);

� The people cannot be sustained except by wealth (al-mal);

� Wealth cannot be acquired except through development
(al-‘imarah);

� Development cannot be attained except through justice (al-
‘adl);

� Justice is the criterion (al-mizan) by which God will
evaluate mankind; and

� The sovereign is charged with the responsibility of
actualising justice”

ContentContent

�� Islamic Economic and Islamic FinanceIslamic Economic and Islamic Finance

�� Overview of Modern financial management Overview of Modern financial management

of banking, capital market, insurance, of banking, capital market, insurance,

securities.securities.

�� The development of Islamic financeThe development of Islamic finance

�� Islamic finance in MalaysiaIslamic finance in Malaysia

Islamic EconomicIslamic Economic
�� Contemporary Islamic economics. Invigorated in 1976 by the FirstContemporary Islamic economics. Invigorated in 1976 by the First

International Conference on Islamic Economics in International Conference on Islamic Economics in MakkahMakkah. 3 . 3
Categories Categories

�� 1. Advocated by 1. Advocated by fuqahafuqaha. The approach was more of a legalistic . The approach was more of a legalistic
approach while their emphasis was on issues such as approach while their emphasis was on issues such as ribariba and interest, and interest,
banking and banking and zakatzakat. .

�� 2. Group that responded to the orthodox view of the above 2. Group that responded to the orthodox view of the above fuqahafuqaha. .
Although they were not Islamic scholars, the advocates of this gAlthough they were not Islamic scholars, the advocates of this group roup
of writing attempted to of writing attempted to reintrepretereintreprete ((tafsirtafsir) the ) the Qur`anQur`an and the and the
SunnahSunnah using their `using their `aqlaql (mental) to promote (mental) to promote ijtihadijtihad, under the pretext , under the pretext
of overcoming the problems faced by modern society. of overcoming the problems faced by modern society.

�� 3. Current mainstream Islamic economics was the writings by 3. Current mainstream Islamic economics was the writings by
WesternWestern--educated Muslim economic scholars. They adopted educated Muslim economic scholars. They adopted
economiceconomic--based approach that reflects the background of their based approach that reflects the background of their
conventional economic thinking using western economic techniquesconventional economic thinking using western economic techniques
and sophisticated writingsand sophisticated writings

Economic System

Capitalist Socialist Islamic Economic

Theories of Islamic EconomicTheories of Islamic Economic

�� Contemporary Scholars: Mahmud ElContemporary Scholars: Mahmud El--NagarNagar, ,

NejatullahNejatullah SiddiqiSiddiqi, , UmarUmar ChapraChapra, , KhurshidKhurshid

Ahmad, Ahmad, NaqviNaqvi and others.and others.

�� TraditionistTraditionist: : IhyaIhya UlumuddinUlumuddin, AL, AL--AmwalAmwal by by

Abu Abu UbayadUbayad, , RisalataRisalata alal--shahabahshahabah by by

Abdullah al Abdullah al MuqaffaMuqaffa, , AlkharajAlkharaj by Abu by Abu

Yusuf.Yusuf.

�� AlAl--QuranQuran laid down basic principles of laid down basic principles of

economy. economy.

Fundamental of Islamic EconomicFundamental of Islamic Economic

�� Two dimensional utilityTwo dimensional utility

�� Allah is the absolute ownershipAllah is the absolute ownership

�� SourcesSources--QuranQuran and and SunnahSunnah, , QiyasQiyas and and IjmaIjma’’

�� Vicegerent and TrusteeshipVicegerent and Trusteeship

�� Islam esteems wealth and wealthyIslam esteems wealth and wealthy

�� Social Mutual SolidaritySocial Mutual Solidarity-- BrotherhoodBrotherhood

�� The Prohibition of usuryThe Prohibition of usury

�� Ummatic(broadUmmatic(broad) ownership of natural resources) ownership of natural resources

Financial System

Banking System
Non Bank Financial

Intermdaiaries Financial Markets

Banking SystemBanking System

�� Monetary InstitutionsMonetary Institutions-- BNM, Commercial BNM, Commercial

Banks.Banks.

�� NonNon--monetary Institutionsmonetary Institutions-- Finance Co, Finance Co,

Merchant Banks and Discount Houses.Merchant Banks and Discount Houses.

Non Bank Financial IntermediariesNon Bank Financial Intermediaries

�� Development Financial InstitutionsDevelopment Financial Institutions-- Bank Bank

PembangunanPembangunan, BKR, BKR

�� Saving InstitutionSaving Institution-- National Saving Banks and National Saving Banks and

Credit CooperativeCredit Cooperative

�� Provident and Pension FundProvident and Pension Fund--EPF, Pension Trust EPF, Pension Trust

Funds, LTAT.Funds, LTAT.

�� Insurance CompaniesInsurance Companies-- Conventional and IslamicConventional and Islamic

�� Other Financial IntermediariesOther Financial Intermediaries-- MBSB, Leasing MBSB, Leasing

Co. LTH.Co. LTH.

Financial MarketsFinancial Markets

�� Money and Foreign ExchangeMoney and Foreign Exchange-- Market for Market for
securities less than 12 months to maturity. securities less than 12 months to maturity.
EgEg-- bankerbanker’’s acceptance, negotiable s acceptance, negotiable
instruments.instruments.

�� Capital MarketCapital Market-- Primary and secondary Primary and secondary
securities market. SC.securities market. SC.

�� Commodity Futures market and financial Commodity Futures market and financial
futures market and options marketfutures market and options market--
COMMEX, MDEX.COMMEX, MDEX.

Financial System

Banking Capital Market Insurance

Conventional

Islamic

Private/Public
Debt Securities

Money

Market

Stock Exchange Derivative

Conventionatial

Islamic

Islamic Banking World WideIslamic Banking World Wide

�� First Bank 1587First Bank 1587-- BancoBanco Della Pizza, Della Pizza, RealtoRealto

Venice ItalyVenice Italy

�� 16401640-- Bank of EnglandBank of England

�� Islamic Bank 1963Islamic Bank 1963-- MitMit GhamrGhamr Local Saving Local Saving

BankBank

Middle EastMiddle East

�� IDBIDB--1975 Saudi Arabia.1975 Saudi Arabia.

�� Dubai Islamic BankDubai Islamic Bank-- 1975 UAE1975 UAE

�� 1978 Jordan Islamic Bank 1978 Jordan Islamic Bank

�� Bahrain Islamic Investment Company 1981Bahrain Islamic Investment Company 1981

�� Qatar Islamic Bank 1983Qatar Islamic Bank 1983

AsiaAsia

�� PakistanPakistan-- 19771977--Report on elimination of interestReport on elimination of interest--
19791979--House Building Finance Corporation, House Building Finance Corporation,
National Inv. Corp of Pakistan. Until 1985National Inv. Corp of Pakistan. Until 1985-- Whole Whole
system was system was ribariba--free. 1991free. 1991-- COA declared Islamic COA declared Islamic
banking operation was not Islamic and confirmed banking operation was not Islamic and confirmed
by the Supreme Court 1999. Then, Pakistan by the Supreme Court 1999. Then, Pakistan
followed Malaysiafollowed Malaysia’’ s model.s model.

�� AlBarakaAlBaraka Kazakhstan BankKazakhstan Bank

�� NingxiaNingxia Islamic International Trust and Islamic International Trust and
InvestmentInvestment

�� Al Al AmeenAmeen Islamic and Financial Inv Corp India Islamic and Financial Inv Corp India
Ltd. 1985Ltd. 1985

�� IranIran--Law of Usury Free Banking 1983Law of Usury Free Banking 1983-- It takes It takes
about 6 years from 1979 Islamic Revolution to about 6 years from 1979 Islamic Revolution to
IslamiseIslamise the whole banking system of Iran.the whole banking system of Iran.

AfricaAfrica

�� MitMit GhamrGhamr Local Saving Bank: 1963Local Saving Bank: 1963

�� Faisal Islamic Bank of EgyptFaisal Islamic Bank of Egypt-- 19751975

�� Faisal Islamic Bank of Sudan 1977Faisal Islamic Bank of Sudan 1977

�� Bait Bait EttamouliEttamouli Saudi Saudi TounsiTounsi Tunisia 1984Tunisia 1984

�� AlbarakaAlbaraka Bank Ltd, Durban (Bank Ltd, Durban (DallahDallah Al Al

BarakaBaraka Group)Group)

EuropeEurope

�� Dar alDar al--Mal alMal al--IslamiIslami-- Switzerland 1981.Switzerland 1981.

�� 19781978-- Islamic Banking System International Islamic Banking System International
Holdings, Luxemburg.Holdings, Luxemburg.

�� Union Bank of Switzerland 1990Union Bank of Switzerland 1990-- Offer Islamic Offer Islamic
Investment fund.Investment fund.

�� Islamic Bank of Britain 2004. (5 IB and 3 TO)Islamic Bank of Britain 2004. (5 IB and 3 TO)

�� BADR Bank Russia.BADR Bank Russia.

�� ALAL--BarakaBaraka Turkish Finance House 1985Turkish Finance House 1985-- 99% 99%
MuslimMuslim-- 1928 Secularism by 1928 Secularism by AtartukAtartuk..-- About 7 About 7
IFIsIFIs..

�� Islamic Bank International Denmark 1983Islamic Bank International Denmark 1983

North AmericaNorth America

�� American Finance HouseAmerican Finance House--LaribaLariba-- 1987 1987

California.California.

�� Islamic CoIslamic Co--operative Housing Corporation operative Housing Corporation

Ltd, Toronto Ltd, Toronto

�� AmeenAmeen Housing CoHousing Co--operative, San operative, San

Francisco Francisco

�� HSBC, USA HSBC, USA

South East AsiaSouth East Asia

�� Philippine Philippine AmanahAmanah Bank. 1973.Bank. 1973.

�� Bank Bank MuamalatMuamalat Indonesia 1992. Recently, 3 Indonesia 1992. Recently, 3

IB.IB.

�� AlirajniAlirajni Commercial Commercial EtablishmentEtablishment for for

Exchange, Bangkok 1985. Islamic Bank of Exchange, Bangkok 1985. Islamic Bank of

ThailandThailand--

�� DBS Bank Ltd SingaporeDBS Bank Ltd Singapore-- 2007 First IB in 2007 First IB in

Singapore.Singapore.

AustraliaAustralia

�� Muslim Community Cooperative Australia Muslim Community Cooperative Australia

1989.1989.

�� Muslim Community Credit Union 2000. Muslim Community Credit Union 2000.

Insolvent in 2002. Insolvent in 2002.

Afghanistan, Albania, Algeria, Azerbaijan, Benin,

Burkina Faso, Chad, Cameroon, Comoros,

Djibouti, Gabon, Gambia, Guinea Bissau,

Kyrgyztan, Mali, Maghribi, Sierra Leone,

Somalia,Uganda, Turkmenistan, Yemen,

Tajikistan and Mozambique.

Conventional

System only

3

Dual system Malaysia, Pakistan, Indonesia, Singapore,

Thailand,Saudi Arabia, Bahrain, Bangladesh,

Brunei, Egypt, Guinea, Jordan, Kuwait, Niger,

Qatar, Senegal, Tunisia, Turki, UAE, Oman,

Lubnan, Palestin, Maldives

2.

Iran and SudanIslamic Banking

System

1.

CountryCategory

Standard Setting AgenciesStandard Setting Agencies

�� Accounting and Auditing Accounting and Auditing OrganisationOrganisation for for

Islamic Financial Institutions AAOIFIIslamic Financial Institutions AAOIFI-- 1990. 1990.

Bahrain.Bahrain.

�� Islamic Financial Services Board IFSB 2002Islamic Financial Services Board IFSB 2002--

KL.KL.

Evolution Evolution

�� RasulullahRasulullah SAW received deposit from SAW received deposit from

public.public.

�� AzAz ZubairZubair AwamAwam-- received deposit as loan.received deposit as loan.

�� Concept Concept wadiahwadiah, loan and , loan and mudharabahmudharabah..

�� UmaiyahUmaiyah, , AbasiyahAbasiyah and and UthmaniahUthmaniah

�� ZuhrZuhr alal--islamislam-- SaifSaif DawalaDawala al al HamdaniHamdani has has

already used already used chequecheque ((SuftajahSuftajah) in certain ) in certain

transaction. transaction. SafarnamaSafarnama by by NaserNaser KhasroKhasro

427m427m-- Active transaction using Active transaction using chequecheque..

Modern Islamic BankingModern Islamic Banking

�� MitMit GhamrGhamr Local Saving BankLocal Saving Bank-- Saving Saving

account, loan, equity financing and welfare account, loan, equity financing and welfare

services.services.

�� Its operation has been taken by National Its operation has been taken by National

Bank of Egypt in 1967 and Bank of Egypt in 1967 and ribariba--free free

transaction was neglected. 1971transaction was neglected. 1971-- National National

Social Bank.Social Bank.

�� OICOIC-- King Faisal. 1975 Dubai Islamic Bank King Faisal. 1975 Dubai Islamic Bank

and IDB.and IDB.

�� 1977 Faisal Islamic Bank of Egypt, Faisal 1977 Faisal Islamic Bank of Egypt, Faisal

Islamic Bank of Sudan and KFH.Islamic Bank of Sudan and KFH.

Modern Islamic BankingModern Islamic Banking

�� 11stst PhasePhase-- 1950s. Concept and Idea1950s. Concept and Idea

�� 22ndnd PhasePhase-- 1960s1960s-- Early Islamic BankEarly Islamic Bank

�� 33rdrd PhasePhase-- 1970s1970s-- Establishment of academic Establishment of academic
institution and banking institution. Publication of institution and banking institution. Publication of
text materials on IB.text materials on IB.

�� 44thth PhasePhase-- 1980s1980s-- Development of Islamic BankDevelopment of Islamic Bank--
Window and FullWindow and Full--fledgefledge

�� 5th Phase5th Phase--1990s1990s-- Development of Islamic Bank in Development of Islamic Bank in
USA marketUSA market-- Dow Jones Islamic Index was Dow Jones Islamic Index was
launched.launched.

�� 66thth PhasePhase-- 2000s2000s-- Maturity , comprehensive Maturity , comprehensive
architecture, IFSB and etc.architecture, IFSB and etc.

MalaysiaMalaysia

�� Phase 1: 1840Phase 1: 1840--19001900: : 7 Western banks were established.

� The Oriental Bank was set up in Singapore in 1846

� The Mercantile Bank of India, London and China in
1855,

� The Chartered Bank of India,, Australia and China in
1859

� The Asiatic Banking Corporation and the
Commercial Bank of India both in the 1960's,

� Rhe Nederlandse Handel Matschappij (N. H. M. ) in
1883.

� The Hong Kong and Shanghai Banking Corporation
in 1884.

The Development of BFIThe Development of BFI

�� Post 1900Post 1900: G: Gradual emergence of local Chinese banks.

� The first local Chinese bank,, Kwong Yik Bank, was founded in Singapore in 1903.

� Kwong Yik (Selangor) Banking Corporation in 1913. The first bank incorporated
in KL.

� Sze Hai Tong in 1906.

� Chinese Commercial Bank in 1912

� Ho Hong Bank in 1917

� Overseas-Chinese Bank in 1919.

� Lee Wah Bank, Bank of Malaya and Batu Pahat Bank in 1920

� Ban Hin Lee Bank in 1935

� United Overseas Bank in 1935.

� Malay bank was established in 1947 but it failed in 1952.

� Bank of Canton in 1953,

� Bank of America in 1955,

� Bank of Indonesia in 1955,

� Bank of Tokyo and Bangkok Bank in 1957

Islamic Finance in MalaysiaIslamic Finance in Malaysia
�� 19801980-- BumiputraBumiputra Economic CongressEconomic Congress-- To establish IB.To establish IB.

�� 19811981-- National Steering Committee.1982 table the report.National Steering Committee.1982 table the report.

�� 1 March 19831 March 1983-- BIMB through IBA 1983. 1992BIMB through IBA 1983. 1992-- Listed in Listed in
Bursar Malaysia.Bursar Malaysia.

�� 19931993-- Islamic Banking SchemeIslamic Banking Scheme-- 1 IB and 20 windows, 1 IB and 20 windows,
BBMB, UMBC and Maybank

�� 19941994-- International Islamic Money Market.International Islamic Money Market.

�� 19971997-- NSAC at BNMNSAC at BNM

�� 19991999-- BMMBBMMB

� 2004 - Foreign Islamic full-fledged banking license to Kuwait
Finance House (KFH), Al-Rajhi Investment Bank, Saudi Arabia
and Qatar Investment Group.

�� 20072007-- 12 IB 9 local and 3 foreign players.12 IB 9 local and 3 foreign players.

�� 20012001--20102010-- Islamic Financial Sector Master PlanIslamic Financial Sector Master Plan-- 20%20%

�� 2011: 24 CB and 17 IB2011: 24 CB and 17 IB

BAFIA

Deposit Taking

Institutions

Scheduled Institution Non-Scheduled

Institution

BNMBNM
�� 2 Objectives: 2 Objectives:

�� 1) To promote monetary stability and a sound financial structure1) To promote monetary stability and a sound financial structure

�� 2) To influence the credit situation to the advantage of the 2) To influence the credit situation to the advantage of the

federationfederation

� The BNM is therefore charge with the task of implementing all the
regulations concerned with these matters as laid by the law, as well

as issuing policies and directives to further the implementation of

these regulations.

� Where and when certain of the regulations have become inadequate

or new or additional regulations become necessary, it is also the
Central Bank's responsibility to initiate the formulation of such

changes.

BNMBNM

� (a) to issue currency in the Federation and to
keep reserves safeguarding the value of the
currency

� (b) to act as banker and financial adviser to the
government

� (c) to promote monetary stability and a sound
financial structure
� SRR: S 36 BAFIA

� (d) to influence the credit situation to the
advantage of the Federation

Bank and bankBank and bank

�� ““BankBank”” means the Central Bank of Malaysia means the Central Bank of Malaysia

established by the Central Bank of Malaysia Act established by the Central Bank of Malaysia Act

1958; 1958;

�� ““bankbank”” means a person which carries on means a person which carries on

banking business; banking business;

�� Restriction on the use of the term Restriction on the use of the term ““bankbank””

section 4section 4

Commercial BanksCommercial Banks

� 24 Commercial Banks in Malaysia

� Largest and most important

� Provides current account facilities where
payments can be effected readily through the
issue of cheques.

Islamic BanksIslamic Banks

�� 17 Islamic Banks: Islamic Banking Act 198317 Islamic Banks: Islamic Banking Act 1983

�� banking business whose aims and operations do banking business whose aims and operations do

not involve any element which is not approved not involve any element which is not approved

by the Religion of Islam; by the Religion of Islam;

Development Finance CompaniesDevelopment Finance Companies

�� the business of providing capital or other credit the business of providing capital or other credit

facility on terms which would require the same facility on terms which would require the same

to be to be utilisedutilised for industrial, agricultural, for industrial, agricultural,

commercial or other economic development; commercial or other economic development;

and for the purposes of this definition, and for the purposes of this definition,

““developmentdevelopment”” includes the commencement of includes the commencement of

any new industrial, agricultural, commercial or any new industrial, agricultural, commercial or

other economic venture or the expansion or other economic venture or the expansion or

improvement of any such existing venture; or improvement of any such existing venture; or

Discount HouseDiscount House

�� Receiving deposits on deposit account; Receiving deposits on deposit account;

�� the investment of such deposits and other funds the investment of such deposits and other funds

of the institution in Malaysian Government of the institution in Malaysian Government

securities, Treasury bills or such other securities, Treasury bills or such other

investments as may be prescribed by the Bank; investments as may be prescribed by the Bank;

Finance CompaniesFinance Companies

�� the business of receiving deposits on deposit the business of receiving deposits on deposit
account, savings account or other similar account, savings account or other similar
account; and account; and

�� giving of credit facilities, leasing business, giving of credit facilities, leasing business,

�� business of hirebusiness of hire--purchase, including that which purchase, including that which
is subject to the Hireis subject to the Hire--Purchase Act 1967 Purchase Act 1967

�� Business of acquiring rights and interests in a Business of acquiring rights and interests in a
hirehire--purchase, leasing or other similar purchase, leasing or other similar
transaction. transaction.

Merchant BanksMerchant Banks
�� providing consultancy and advisory services relating to providing consultancy and advisory services relating to

corporate and investment matters corporate and investment matters

�� making or managing investments on behalf of any person; making or managing investments on behalf of any person;

� corporate finance and advisory services: services as

underwriters for share issues and acting as share registrars ;

providing advice on capital restructuring,, mergers and

acquisitions ; promotion of new investment and joint ventures;

and the undertaking of feasibility studies.

� Investment advice, which includes portfolio management and

the establishment and management of investment and unit

trusts.

� Banking intermediation services: the management of

syndicated loans and the provision of acceptances and

guarantees.

Merchant BanksMerchant Banks

Investment BankInvestment Bank
�� 15 investment banks in Malaysia15 investment banks in Malaysia

�� raise funds for businesses and some governments by raise funds for businesses and some governments by

registering andregistering and issuing debt or equity and selling it on a issuing debt or equity and selling it on a

market.market.

�� A financial intermediary that performs a variety of A financial intermediary that performs a variety of

investment services: underwriting, acting as an investment services: underwriting, acting as an

intermediary intermediary btnbtn an issuer of securities and the investing an issuer of securities and the investing

public, facilitating mergers and other corporate public, facilitating mergers and other corporate

reorganizations & acting as a broker for institutional reorganizations & acting as a broker for institutional

clients. clients.

�� investment bank's clients are institutional investors and investment bank's clients are institutional investors and

high nethigh net--worth individuals  worth individuals

TutorialTutorial

�� Set up a company in the form of bank or Set up a company in the form of bank or

takafultakaful or or ShariShari’’ahah consultant or legal firm.consultant or legal firm.

�� Group Presentation: CompaniesGroup Presentation: Companies’’ profile.profile.

�� Name, Logo, Board of Directors, SAC, Name, Logo, Board of Directors, SAC,

Capital, Products, Address and further Capital, Products, Address and further

particulars.particulars.

�� Each group is allocated 10 minutes.Each group is allocated 10 minutes.


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FairusYatim says:
September 7, 2009 at 9:56 am

Salam Zul,

Happy to see your family photos. 🙂

All the best to you.

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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
January 12, 2010
DR. ZULKIFLI HASAN
Tomorrow’s business leaders should focus more on business ethics and stakeholders instead of concentrating on profit and shareholders
MBAs should focus more on business ethics

Available at:
http://www.dur.ac.uk/news/newsitem/?itemno=9146
Tomorrow’s business leaders should focus more on business ethics and stakeholders instead of concentrating on profit and shareholders, according to new research involving Durham University. During the economic downturn business schools were criticised for producing graduates obsessed with shareholder value and high risk growth strategies.
However according to the findings of the Research & Consultancy Centre at the Association of MBAs, in partnership with Durham University’s Business School, it appears that the era of focusing solely on shareholder value above all else could well be over. When asked whether the MBA should adopt a stakeholder rather than a shareholder focus, almost eight out of 10 (79 per cent) of business schools agreed that to a large or very large extent that this should be the case.
The majority of alumni also agree that the MBA should adopt a stakeholder rather than just a shareholder focus on the bottom-line (59 per cent). In the late 1980s and 1990s, when many of today’s corporate leaders were studying for their MBA, concerns about business ethics and sustainability played little part in the curriculum.
Mirroring the shift for greater transparency and accountability in business today, eight out of 10 (83 per cent) of alumni surveyed agreed that ethics have become important or very important, whilst three-quarters (75 per cent) said that corporate governance is now important or very important. In turn, 80 per cent of business schools agreed to a large or very large extent that corporate social responsibility should underpin the actions of organisations.
When asked how the MBA could better prepare students post-downturn, almost half (46 per cent) of the respondents raised issues relating to sustainability or ethics. However, it appears that schools have taken this point on board as when asked to rate the importance of various topics in today’s economic climate business ethics came top (4.59, where 5 is rated as “very important.”). The research included a total of 100 business schools as well as 544 alumni from 57 countries across the world. In terms of their roles and responsibilities, half of the alumni were senior managers or above, with almost a tenth at CEO/president level.
Commenting on the findings, Professor Rob Dixon, Dean of Durham University’s Business School said: “The economic crisis has shown that we can’t simply expect things to go on as they were. “It’s not just all about profit. Business schools are helping to build a new way of doing business, one that doesn’t put the interests of shareholders above all other stakeholders. “Business needs well rounded executives with strong leadership skills and the ability to integrate ethical, sustainable and stakeholder thinking into their management decisions.”
Other key findings of the research include:
Risk management: Business schools acknowledge that both risk management and strategic risk are two of the top three topics where there is the widest disconnect between what they offer in the current curriculum and what they ought to be offering in the post-downturn world.
A qualification for challenging times: Seven out of 10 (70 per cent) of MBAs agree or strongly agree that their business education helps them to manage change, while six out of 10 (59 per cent) said it prepared them to deal with uncertainty.
Maintaining edge: Business schools appear committed to maintaining the relevance of their MBA programmes. More than nine out of 10 (94 per cent) had undergone a full re-design of their curriculum within the previous five years.
Adds Accreditation Project Manager, Mark Stoddard of the Association of MBAs: “The report provides a clear consensus on the direction the MBA needs to take and will encourage important debate amongst the business school community.
“Schools have been working hard to adapt the MBA to the changing demands of modern business, particularly in terms of developing a greater stakeholder focus for their programmes. “But the economic crisis highlights the need for further change, including a broader, skills-focused and integrated curriculum with more extensive coverage of ethics, risk management and sustainable business practices.“
“Ethics is not definable, is not implementable, because it is not conscious; it involves not only our thinking, but also our feeling.” Valdemar W. Setzer
Best Regards

ZULKIFLI HASAN

DURHAM, UK
The Louvre Museum, Paris
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
August 8, 2014
DR. ZULKIFLI HASAN
ISLAMIC FINANCE IN MALAYSIA TODAY AND THE WAY FORWARD
ISLAMIC FINANCE IN MALAYSIA TODAY AND THE WAY FORWARD
Zulkifli Hasan
Islamic banking has emerged as an alternative and competitor to the commonly used conventional banking system.  Since its establishment, the system has been slowly adapted into the existing banking system and has proven its effectiveness and sustainability. In fact, it is reported that Islamic banking sector grew 50% faster than the overall banking sector. In 2011 alone, Islamic banking assets with commercial banks grew to USD1.3 trillion and expected to grow to USD2 trillion by the end of 2014. With the experience of more than 30 years, Malaysia is now witnessing tremendous development in Islamic banking and considered as one of the fast-growing and leading countries in the sector particularly in terms of growth of demands, regulatory reforms, corporate governance framework and Shari’ah advisory.
Islamic finance will grow with rapid pace in the year 2014 and its volume will pass through USD2 trillion, with Islamic banking dominating at 78%, sukuk at 16%, takaful at 1%, Islamic funds at 4% and Islamic microfinance with 1%. In 2013, global Islamic banking asset with commercial banks alone reach USD1.8 trillion representing 17% average annual growth. It is estimated that Islamic finance will be able to tip USD6.5 trillion by the year 2020 with the current growth rates.
In line with the consistent growth globally, Islamic banking in Malaysia is also experiencing considerable growth. In 2013, Malaysia has 16 full-fledged Islamic banks, 12 Takaful operators, five international Islamic banks and six development financial institutions that offering Islamic financial services and products. With the additional players including foreign Islamic banks, the Islamic banking industry in Malaysia has shown significant progress with market share increased up to 24.4% of the total banking system. Total Islamic financing continued to grow 16.6% and represented 26.9% of total loans in the banking system with the household sector continuing to account for the bulk of Islamic financing at 65.9%. Not only that, 799 Shari’ah-compliant securities were listed on Bursa Malaysia, representing 87.7% of the total listed securities, with a market capitalization of RM995.7 billion or 63.7% of the total market capitalization.
The legal framework of Malaysia’s Islamic finance system has undergone a tremendous change with the enforcement of the Islamic Financial Services Act 2013 (IFSA) and the Financial Services Act 2013.  These laws, which came into force in June 2013, have replaced the existing Banking and Financial Institutions Act 1989 (BAFIA), Islamic Banking Act 1983 and Takaful Act 1984. The new laws provide BNM with the necessary regulatory and supervisory oversight powers to fulfill its broad mandate within a more complex and interconnected environment, given the regional and international nature of financial developments. The law is also expected to place Malaysia’s financial sector, on a platform for advancing forward as a sound, responsible and progressive financial system. The IFSA contains 291 sections which covers numerous aspect of Islamic banking system from the establishment of an Islamic bank or financial institution and its winding up until the enforcement framework for any offence under such law. The IFSA has provided the BNM with statutory duty to foster fair, responsible and professional business conduct amongst financial service providers. The IFSA is expected to promote robust financial consumer protection regime particularly in the aspect of unfair and deceptive business conduct and disclosure obligations and to provide clear demarcation between conventional and Islamic banking.
In discussing the recent development of corporate governance in Malaysia, it is important to highlight the legal consequence of the IFSA on corporate governance framework for IFIs. Generally, the IFSA provides a clearer and more comprehensive set of provisions for corporate governance for IFIs. The IFSA vests the BNM with wide ranging powers to issue standards, which are binding upon every director, officer or Shari’ah committee member of the institution. More importantly, section 28(6) of the IFSA provides that a failure to comply with the standards issued is an offence under the Act and carries with a maximum penalty of eight years imprisonment or a fine of 25 million ringgit or both. In other words, this provision potentially exposes board or directors, management, officers and even Shari’ah committee members with heavy penalties including imprisonment. Therefore, IFIs are required to be more vigilant and diligent in carrying their business which failure may lead to potential jail terms and heavy fine to their personnel.
Shari’ah governance is one of the most developed areas of Islamic finance in Malaysia. Numerous efforts either top down initiatives by the BNM or bottom up endeavor by the practitioners shape the practice of Shari’ah governance. The International Shari’ah Research Academy for Islamic Finance (ISRA) and various Institutions of Higher Learning have been at the forefront in improving the Shari’ah governance related matters including research and development. The establishment of the Association of Shari’ah Advisors initiated by members of Shari’ah scholars further stimulates the degree of professionalism and talent development in Islamic finance. The level of awareness in the grass roots on Islamic finance is also increasing whereby Shari’ah scholars are now actively engaging the communities and civil society entities. To complement this, the mass media also have been very supportive by producing and publishing news, documentary, talk show and information on Islamic finance even during prime time hours.
Another interesting development of Shari’ah governance in Malaysia refers to potential exposure of Shari’ah scholars to jail terms for rule breaches as stipulated under the IFSA. As the only legislation of its kind in the world at this point of time, the IFSA makes Shari’ah scholars accountable and liable for their duties. This is very significant to the practice of Shari’ah governance as any Shari’ah committee members may be jailed for up to eight years or fined up to RM25 million which is equivalent of approximately USD7.6 million if they fail to comply with the rules. This latest development also raises another issue of having professional indemnity Islamic insurance as in the case of advocate and solicitor or medical practitioners.
Malaysia as one the Islamic finance leaders in the world has extensively facilitated the implementation of Islamic finance by enhancing their policies to suit with the domestic and global market behavior. With the understanding that strong, efficient and robust regulatory framework and balance with certain degree of flexibility will lead to market stability, Malaysian financial authorities are consistently enhancing and improving the Islamic banking framework through comprehensive means and various initiatives. These formulae seem working well as we can clearly witness the tremendous development in term of growth in market share, banking asset including the increase of domestic and global players. Year 2014 evidences another true potential of Islamic finance in Malaysia as it contributes not only to the economic development but also stimulates human capital initiatives and generates more opportunities. As Malaysian market is relatively small, Islamic finance players have no other options but to venture into more dynamic and competitive global market. In this regard, we must be ready to compete by offering competitive and universally accepted products and services.
Regards

Zulkifli Hasan
Tokyo, Japan
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One thought on “ISLAMIC FINANCE IN MALAYSIA TODAY AND THE WAY FORWARD”
Bryan Tan
says:
May 12, 2015 at 2:56 pm

I would like to ask you few questions dr, I wanted to know what is the legal challenges that faced by Islamic Bank. Is there any law cases that you can share with me?

Hope you will reply me. Thank you.

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Al-Baqarah, 2:275
Calendar
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T

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T

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1

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Centre for Islamic Area Studies at Kyoto University

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
May 15, 2015
DR. ZULKIFLI HASAN
SELAMAT HARI GURU 2015
SELAMAT HARI GURU
Dr. Zulkifli Hasan

Yang Dipertua ABIM Negeri Sembilan
Pendahuluan
Sebuah negara yang disegani di dunia memiliki satu ketamadunan yang mempunyai masyarakat yang berdisiplin, berhemah tinggi berilmu, beriman, bertaqwa serta berakhlak mulia. Ketamadunan pula bertitik tolak daripada ketinggian intelektual dan pembudayaan ilmu. Kesemuanya ini pasti datangnya daripada didikan guru. Pada tahun ini, hari guru bertemakan “MEMBINA ILMU MENYEMPURNAKAN AKHLAK”. Ianya adalah bertepatan dengan hasrat murni pendidikan iaitu pembinaan kualiti akhlak terunggul atau “towering personality” bagi memastikan kejayaan pembentukan warga yang seimbang dari setiap aspek jasmani, emosi, rohani dan intelektual. Kes-kes serius melibatkan pelajar seperti buli, pembunuhan dan jenayah seksual yang dilaporkan akhbar menambahkan lagi kebimbangan terhadap kualiti dan keperibadian manusia yang ingin dihasilkan menerusi sistem pendidikan sedia ada.
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. Manusia hebat dalam sejarah kesemuanya dipengaruhi oleh guru-guru mereka. Dalam erti kata lain tidak akan adanya seorang pemenang anugerah Nobel, 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, mengejar 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 ibubapa dan masyarakat. Guru yang telah hilang keikhlasannya tidak akan dapat menumbang bakti dengan cemerlang ke arah pembentukan peribadi dan kualiti akademik generasi muda negara.
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 (mudaris), penyampai yang benar (mualim), murabbi (pengasuh dan pendidik dengan kasih sayang, muaddib (pembentuk adab dan akhlak) dan mursyid (pembimbing ke arah kebaikan). Kelima-lima ciri unggul pendidik ini menjadi dasar dan asas kepada penjelmaan akhlak dan keperibadian seorang guru.
Akauntabiliti Sebagai Pendidik
Akauntabiliti sebagai pendidik merupakan perkara yang amat penting untuk dipelihara oleh setiap pendidik. Secara umumnya akauntabiliti pendidik 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 sama ada dalam hal ehwal pengajaran dan pembelajaran.
Kepimpinan
Aspek kepimpinan ini adalah sangat signifikan yang perlu ada pada setiap pendidik. Kepimpinan yang dimaksudkan adalah keupayaan mencorak, mengemudi dan memandu dalam proses pencapaian matlamat kecemerlangan individu pelajar dan juga institusi. Pendidik yang mempunyai ciri kepimpinan yang baik akan dapat mengatur strategi  dan berusaha mempertingkatkan kualiti, berusaha penambahbaikan kecekapan dan kejituan ilmu dan proses penyebaran ilmu pengetahuan. Ciri kepimpinan ini akan diturunkan kepada pelajar-pelajar menerusi pembelajaran dan pengajaran serta aktiviti-aktiviti yang dilaksanakan. Kepimpinan melalui teladan merupakan teknik paling berkesan bagi melahirkan kepimpinan yang lebih baik pada masa depan.
Profesionalisme dan Pembudayaan Kualiti
Profesionalisme juga merangkumi semua aspek pengajaran dan pembelajaran. 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 di samping 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.Adalah menjadi kewajipan seorang pendidik untuk memastikan setiap hasil kerja mereka sesuatu yang berkualiti. 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:-
Mudaris
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.
Mursyid
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 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, mudaris, 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 sebagai seorang pendidik merupakan perkara yang amat penting untuk dipelihara oleh setiap pendidik dan ini meliputi dari aspek kepimpinan, profesionalisme dan ketelusan serta kerahsiaan dalam pengajaran dan pembelajaran. 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 sebagai seorang pendidik mesti dipelihara demi menjamin keutuhan institusi keilmuan yang sememangnya dipandang tinggi oleh Islam.
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.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
August 21, 2014
DR. ZULKIFLI HASAN
Islamic finance regulators are working to reduce the role of scholars
Scholar Fees Targeted by Regulators: Islamic Finance
By Liau Y-Sing  Available at:
http://www.bloomberg.com/news/2014-08-12/scholar-fees-targeted-by-regulators-islamic-finance.html
Islamic finance regulators are working to reduce the role of scholars, blaming delays and excessive fees for stifling growth in the industry.
Bankers and officials from Bahrain to Indonesia are standardizing documents and bond structures to limit impediments caused by varying interpretations of Shariah law. It can take up to 12 weeks to arrange a sukuk sale, compared with eight for a non-Islamic debt offering, according to law firm Clifford Chance LLP. A well-respected expert can charge between $500 and $1,000 an hour in the Middle East, according to two scholars, who declined to be named due to the sensitivity of the issue.
Islamic finance institutions require rulings from scholars, known as fatwa, before they can market any securities or funds in an industry whose assets are set to double to $3.4 trillion by 2018, according to Ernst & Young LLP. Their reputations can heavily influence the success of a product, according to Bank Negara Malaysia’s Shariah Advisory Council, driving demand for a select group of experts and leading to inflated earnings.
“These old gangs are still sitting there in the top firms, issuing fatwa without understanding the consequences,” Ishaq Bhatti, an associate professor who teaches Islamic finance at La Trobe University in Melbourne, said in an Aug. 6 e-mail interview. “The dollar value they earn they don’t contribute to the product’s development.”
Flexibility Needed
Scholars pass religious decrees on whether a financial product conforms with Islamic tenets such as a ban on interest payments. While Malaysia and Indonesia have centralized Shariah boards to approve structures, it doesn’t stop bond issuers from seeking outside endorsement.
Sheikh Bilal Khan, the co-chairman of Dome Advisory Ltd. in London that specializes in areas such as Islamic finance and private equity, said the fees demanded by scholars depend on the complexity and nature of the transaction, declining to be specific on amounts earned.
“The industry is already standardized,” Khan said in a phone interview yesterday. “Bringing standardization has a disadvantage. The transaction is more rigid in the market. If you want to innovate a market, you want flexibility.”
Shariah finance is looking to shed its image as an opaque and fragmented business as it enters new markets. The U.K. sold its first sovereign sukuk in June and Hong Kong plans to follow suit later this year. The governments of Luxembourg, Kenya and the Philippines are also planning debut issues.
Differing Interpretations
The International Islamic Financial Market, a standards-setting body in Bahrain, is developing common templates for structuring sukuk to reduce delays caused by differing views between scholars, Chief Executive Officer Ijlal Ahmed Alvi said in May 6 interview in Jakarta.
Islamic bonds are issued under various principles and are usually backed by an underlying asset, with opinions differing among regional jurisdictions as to their acceptability.
Indonesia’s government is reducing sales of Ijara sukuk because some scholars say the structure the country uses isn’t fully Shariah-compliant. This type of debt is typically backed by a property that a bank purchases on behalf of the customer and leases it back at a mark up. Malaysia switched to the more globally recognized Murabaha contract, a three-party arrangement, for local-currency notes in July 2013.
Middle Eastern investors say the bai al-inah structure, or a sale and buy-back agreement previously used by Malaysia, is too similar to interest-based lending, Winson Phoon, a Kuala Lumpur-based fixed-income analyst at Maybank Investment Bank Bhd., wrote in a June 2 research note.
Transaction Costs
“Due to the lack of standardization, there is indeed too much reliance on scholars,” Murat Unal, chief executive officer of Funds@Work AG, a consulting company near Frankfurt that produced a 2011 report on Shariah scholars, said in an Aug. 6 e-mail interview. “The more international standard-setters agree on standardization, the less there will be a need for scholars.”
Issuers seeking Islamic funding for the first time are faced with a higher fee than if they tap the conventional market, with a $500 million sukuk costing between $20,000 and $100,000 more, according to Clifford Chance.
“Standardization will help to reduce costs on a transaction,” Qudeer Latif, the Dubai-based global head of Islamic finance at Clifford Chance, said in an Aug. 6 phone interview while on a trip to London. “The conventional market is able to issue much more quickly and at a lower cost on the basis that there’s already accepted standard form documents.”
Religious experts are regarded as the sole authority on whether an offering meets the standards of Islam and their sanction is crucial for Shariah-compliant investors, according to Union Investment Privatfonds. Scholars need to be experts on the Koran, commercial law and finance.
Quality Seal
“For Shariah-compliant financial institutions and funds, Shariah scholars are extremely important,” Sergey Dergachev, who helps oversee about $10 billion in emerging-market debt at Union Investment in Frankfurt, said in an Aug. 7 e-mail interview. “Fatwa from a well-recognized scholar is something like a seal of quality and a seal of true compliance with Shariah.”
The central bank of Malaysia, the world’s largest sukuk market, has forbidden scholars from sitting on more than one Shariah advisory board for each type of institution since 2010. Most countries don’t impose such limits.
Islamic bond offerings worldwide increased more than fourfold over the last decade to $26.9 billion so far this year, compared with $43 billion in 2013 and a record $46.5 billion in 2012, data compiled by Bloomberg show. As the $1.7 trillion Shariah finance industry gained greater global prominence, the pay of scholars has increased accordingly.
Setting Standards
The number of hours an Islamic expert has to spend on a sukuk issue depends on the complexity of the structure and a standard transaction would involve about 20 hours of work, one of the scholars who declined to be named said.
“Particularly if the transaction is in big volume, they want a well-known scholar to endorse it so they don’t mind paying,” Mohamad Akram Laldin, deputy chairman of Bank Negara’s Shariah Advisory Council, said in an Aug. 7 interview in Kuala Lumpur. “They know that people are not going to question the credibility of this scholar. This scholar signs off, people know that he knows his stuff.”
As a scholar’s approval is key to determining the success of a product, the industry has sought the services of a select pool of experts. The 20 most-active individuals each advised 31 institutions on average, according to a 2011 report by Funds@Work.
“The lack of standardization creates a need for scholars, which objectively seen are not needed for standard solutions,” said Funds@Work’s Unal. “A central Shariah board at the central bank level could easily take care of it or an international standards setter.”
Regards

Zulkifli Hasan
With Sheikh Dr Amin Fateh in Dubai.
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