1

ISLAMIC BANKING ISLAMIC BANKING

PRODUCTPRODUCT

IntroductionIntroduction

�� As for evolution of Islamic law of contract, it As for evolution of Islamic law of contract, it

starts with starts with alal--QuranQuran which already prescribes which already prescribes

several types of nominate contract as well as several types of nominate contract as well as

certain general contractual maxims. certain general contractual maxims.

Thereafter, the traditions or Thereafter, the traditions or alal--SunnahSunnah
supplement the supplement the QuranicQuranic groundwork as a groundwork as a

support or additional explanation to its support or additional explanation to its

general provision. general provision.

�� The Muslim jurists in all Islamic school of The Muslim jurists in all Islamic school of

law later developed the principles of contract. law later developed the principles of contract.

2

ContCont……..

�� In In alal--QuranQuran, there are only over forty verses out of , there are only over forty verses out of

6666 verses on a dozen types of commercial 6666 verses on a dozen types of commercial

contract. contract.

�� Performing contract which enjoins believers to Performing contract which enjoins believers to

keep faith to contracts (Alkeep faith to contracts (Al--QuranQuran: : SSurahurah alal--
MaidahMaidah, , verse 1), three verses with a common verse 1), three verses with a common

theme of keeping promise (Altheme of keeping promise (Al--QuranQuran: : SSurahurah alal--
IsraIsra,, verse 34) and there are few verses which verse 34) and there are few verses which

reveal a relatively advances stage of commercial reveal a relatively advances stage of commercial

contracts, such as sale and hire, charges or contracts, such as sale and hire, charges or

personal guarantee as (security) and fiduciary personal guarantee as (security) and fiduciary

contracts such as deposit. contracts such as deposit.

UqudUqud or Contractor Contract

�� ‘‘UqudUqud or contract technically means as an or contract technically means as an
expression of the matching between a expression of the matching between a
positive proposal made by one of the positive proposal made by one of the
contractors and the acceptance of the other contractors and the acceptance of the other
contractor in a way which has an impact on contractor in a way which has an impact on
the subject of the contract.the subject of the contract.

�� The The MejelleMejelle defined contract as little defined contract as little
contracting parties obligating themselves contracting parties obligating themselves
with regards a given matter and binding with regards a given matter and binding
themselves together with the same as a themselves together with the same as a
result of connecting an offer with an result of connecting an offer with an
acceptance acceptance

3

VARIOUS CONTRACTSVARIOUS CONTRACTS

�� UqudUqud TamlikatTamlikat-- AlAl--MuaMua’’wadhatwadhat and and
AttabaruaAttabarua’’tt

�� UqudUqud IsytirakIsytirak-- mudharabahmudharabah, , musyarakahmusyarakah and and
muzaraamuzaraa’’,,

�� UqudUqud TawsiqatTawsiqat--KafalahKafalah, , RahnuRahnu and and HawalahHawalah,,

�� UqudUqud ItlaqatItlaqat-- wakalahwakalah and and tauliahtauliah

�� UqudUqud TaqyiydatTaqyiydat-- taflistaflis..

�� UqudUqud IsqatatIsqatat-- ibraibra’’, , muqasahmuqasah andand

�� UqudUqud HifzHifz-- refers to refers to wadiahwadiah..

Contracts classified into unilateral Contracts classified into unilateral

and bilateral contract. and bilateral contract.

�� Unilateral ContractUnilateral Contract-- Gratuitous in natureGratuitous in nature

�� IsqatatIsqatat (waiver), (waiver), ibraibra’’ (rebate), (rebate),

�� muqasahmuqasah (off(off--set of the debt), set of the debt),

�� will (will (wasiyyatwasiyyat), ),

�� endownmentendownment (fund) and (fund) and

�� loan (alloan (al--QardQard). ).

4

Bilateral ContractBilateral Contract

�� Require consent of both partiesRequire consent of both parties

�� ‘‘uquduqud TamlikatTamlikat (contract of ownership) or (contract of ownership) or
‘‘uquduqud alal--MuaMua’’wadhatwadhat (exchange), (exchange), ‘‘uquduqud
IsytirakIsytirak (contract of partnership) either (contract of partnership) either
mudharabahmudharabah (passive partnership) or (passive partnership) or
musyarakahmusyarakah (active partnership), (active partnership), ‘‘uquduqud
TawsiqatTawsiqat (contract of security) either (contract of security) either
KafalahKafalah ((suretyshipsuretyship) or ) or RahnuRahnu (pledge), (pledge),
‘‘uquduqud ItlaqatItlaqat (contract pertaining to do a (contract pertaining to do a
work) either  work) either  wakalahwakalah (agency), or (agency), or hiwalahhiwalah
(debt transfer), (debt transfer), ‘‘uquduqud TaqyiydatTaqyiydat (contract of (contract of
restriction) and restriction) and ‘‘uquduqud HifzHifz (contract of safe (contract of safe
custody) or custody) or wadiahwadiah (safekeeping)(safekeeping)

Primary modes or equity financingPrimary modes or equity financing

�� The primary modes refer to The primary modes refer to mudharabahmudharabah, ,
musyarakahmusyarakah and shares of joint stock and shares of joint stock
companies (combination of companies (combination of musharakahmusharakah and and
mudharabahmudharabah term of financing. term of financing.

�� This is the most encourages mode of This is the most encourages mode of
financing in Islam as it provides greater financing in Islam as it provides greater
reliance on equity and profit loss sharing. reliance on equity and profit loss sharing.
Here, the profit or return is not being Here, the profit or return is not being
determined upfront and it depends much on determined upfront and it depends much on
the effort, business risk and viability and the effort, business risk and viability and
also to the ultimate outcome of the venture. also to the ultimate outcome of the venture.

5

MudharabahMudharabah

�� an agreement made between a capital an agreement made between a capital
provider and another party (entrepreneur), provider and another party (entrepreneur),
to enable the entrepreneur to carry out to enable the entrepreneur to carry out
business projects, based on a profit sharing business projects, based on a profit sharing
basis, of a prebasis, of a pre--agreed ratio. In the case of agreed ratio. In the case of
losses, the losses are borne by the provider losses, the losses are borne by the provider
of the funds. On the basis of a contract of of the funds. On the basis of a contract of
mudharabahmudharabah, financial institution may , financial institution may
provide financing to entrepreneurs who want provide financing to entrepreneurs who want
to perform certain project in retail or to perform certain project in retail or
corporate financing.corporate financing.

MusyarakahMusyarakah

�� a partnership or joint venture for a specific a partnership or joint venture for a specific

business, whereby the distribution of profits business, whereby the distribution of profits

will be apportioned according to an agreed will be apportioned according to an agreed

ratio. In the event of losses, both parties will ratio. In the event of losses, both parties will

share the losses on the basis of their equity share the losses on the basis of their equity

participation. participation.

6

Secondary Modes or Debt FinancingSecondary Modes or Debt Financing

�� murabahahmurabahah (cost plus service charge), (cost plus service charge), ijarahijarah

(leasing), (leasing), ijarahijarah summa alsumma al--bay or bay or ijarahijarah wawa iqtinaiqtina

(hire purchase), (hire purchase), hiwalahhiwalah (debt transfer), (debt transfer), salamsalam

(forward delivery contract), and (forward delivery contract), and istithnaistithna’’

(contractual production) (contractual production)

�� These modes mostly concern on the trading or These modes mostly concern on the trading or

selling and buying transaction through different selling and buying transaction through different

mode of payment either cash sale, lump sum, mode of payment either cash sale, lump sum,

deferred payment, deferred delivery sale and etc.deferred payment, deferred delivery sale and etc.

MurabahahMurabahah

�� the sale of goods at a price, which includes a the sale of goods at a price, which includes a

profit margin as agreed to by both parties. Such profit margin as agreed to by both parties. Such

sales contract is valid on the condition that the sales contract is valid on the condition that the

price, other costs and the profit margin of the price, other costs and the profit margin of the

seller are stated at the time of the agreement of seller are stated at the time of the agreement of

sale. Under this mode of financing the sale. Under this mode of financing the

entrepreneur may approach any financial entrepreneur may approach any financial

institution to provide his financing for working institution to provide his financing for working

capital. capital.

7

IjarahIjarah

�� an arrangement under which the an arrangement under which the lessorlessor leases leases

equipment, building or other facility to a client at equipment, building or other facility to a client at

an agreed rental against a fixed charge, as agreed an agreed rental against a fixed charge, as agreed

by both parties. by both parties.

�� AlAl--IjarahIjarah ThummaThumma alal--BaiBai’’ (leasing and (leasing and

subsequently purchase) refers to a contract to be subsequently purchase) refers to a contract to be

followed by purchase. Under the first contract, the followed by purchase. Under the first contract, the

hirer leases the goods from the owner at an agreed hirer leases the goods from the owner at an agreed

rental over a specified period. Upon expiry of the rental over a specified period. Upon expiry of the

leasing period, the hirer enters into a second leasing period, the hirer enters into a second

contract to purchase the goods from the owner at contract to purchase the goods from the owner at

an agreed price. an agreed price.

SyariahSyariah Issue on Issue on IjarahIjarah

�� 1. Term Charges under HPA 19671. Term Charges under HPA 1967-- InterestInterest

�� EgEg. RM100K X 5 years x 10% BLR Fixed by . RM100K X 5 years x 10% BLR Fixed by

the the GovtGovt ..

�� This is against the This is against the SyariahSyariah

�� 2. Penalty Charges2. Penalty Charges--

�� IB can not impose penalty. It only can ask IB can not impose penalty. It only can ask

for compensation.for compensation.

8

SyariahSyariah Issue on Issue on IjarahIjarah

�� 3. Ownership risk and maintenance is upon 3. Ownership risk and maintenance is upon

the the LessorLessor..

�� EgEg road tax, maintenance, services, road tax, maintenance, services,

�� This duty is shifted to insurance companies This duty is shifted to insurance companies

and to the lessee.and to the lessee.

�� 4. Call Option and Put Option4. Call Option and Put Option

�� COCO-- Buy the asset POBuy the asset PO-- Sell the assetSell the asset

�� Whether it is lawful in Whether it is lawful in syariahsyariah-- Lawful Lawful

HiwalahHiwalah

�� Transferring a debt from one debtor to Transferring a debt from one debtor to

another and another and wakalahwakalah refers to agency refers to agency

principle. A combination of principle. A combination of hiwalahhiwalah and and

wakalahwakalah on certain financing facility is on certain financing facility is

suitable for revolving credit, overdraft or suitable for revolving credit, overdraft or

credit line facility. credit line facility.

9

BaiBai’’ alal--SalamSalam or or salamsalam

�� an agreement whereby payment is made in an agreement whereby payment is made in

advance for delivery of specified goods in advance for delivery of specified goods in

the future. the future. SalamSalam is valid, subject to the is valid, subject to the

condition that the quality and the nature of condition that the quality and the nature of

the subject matter, time, place of delivery the subject matter, time, place of delivery

and the price are clearly stipulated at the and the price are clearly stipulated at the

time of the contract. time of the contract.

�� to acquire any asset for working capital by to acquire any asset for working capital by

advance payment at a discounted price and advance payment at a discounted price and

subsequently sells the asset upon delivery. subsequently sells the asset upon delivery.

IstithnaIstithna’’

�� a contract whereby a party undertakes to a contract whereby a party undertakes to

produce specific goods and services, and produce specific goods and services, and

made according to certain agreedmade according to certain agreed--upon upon

specifications at a determined price and for specifications at a determined price and for

a fixed date of delivery. a fixed date of delivery.

�� The main objective of the The main objective of the IstithnaIstithna’’ mode of mode of

financing is to promote manufacturing and financing is to promote manufacturing and

construct construct

10

BaiBai’’ alal--DaynDayn (debt trading) (debt trading)

�� the buying and selling in the secondary the buying and selling in the secondary

markets of debt certificates, securities, trade markets of debt certificates, securities, trade

documents and papers which are documents and papers which are ShariahShariah

compliance. compliance.

�� Only documents evidencing real debts Only documents evidencing real debts

arising from arising from bona fidebona fide merchant merchant

transactions can be traded. transactions can be traded.

Issue on Bay Issue on Bay DaynDayn

�� HanafiHanafi mamadhdhhabhab -- selling of debt to a third selling of debt to a third

party is not permissible because of the risk party is not permissible because of the risk

cannot be overcome in the context of debt cannot be overcome in the context of debt

selling. selling.

�� ShShafiafi‘‘ii mamadhdhhabhab-- selling of the debt to third selling of the debt to third

party was allowed if the debt was guaranteed party was allowed if the debt was guaranteed

and was sold in exchange for goods that and was sold in exchange for goods that

must be delivered immediately. When the must be delivered immediately. When the

debt is sold it should be in cash or tangible debt is sold it should be in cash or tangible

assets as agreed. assets as agreed.

11

BaiBai’’ alal--InahInah (sell and buy back)(sell and buy back)

�� a contract which involves sell and buy back a contract which involves sell and buy back

transactions of an asset by a seller to the transactions of an asset by a seller to the

customer. The seller will sell the asset on customer. The seller will sell the asset on

cash basis but the customer will buy back cash basis but the customer will buy back

the asset on deferred payment at a price the asset on deferred payment at a price

higher than the cash price. higher than the cash price.

Issue on Bay Issue on Bay InahInah

�� ShafiiShafii-- The contract is valid provided The contract is valid provided

that it complies with all conditions of that it complies with all conditions of

contractcontract

�� JumhurJumhur-- The contract is invalid. The contract is invalid.

Considered as back door to Considered as back door to ribariba..

12

BaiBai’’ IstijrarIstijrar (supply contract) (supply contract)

�� an agreement between the client and the an agreement between the client and the

supplier, whereby the supplier agrees to supplier, whereby the supplier agrees to

supply a particular product on an on going supply a particular product on an on going

basis, for example monthly, at an agreed basis, for example monthly, at an agreed

price and on the basis of an agreed mode of price and on the basis of an agreed mode of

payment. payment.

Debt Financing Debt Financing vsvs Equity FinancingEquity Financing

�� EconomistEconomist-- Criticize the players for Criticize the players for

depending much on the instrument based depending much on the instrument based

on debt financing.on debt financing.

�� Not truly Islamic. It does not represent Not truly Islamic. It does not represent

actual difference with conventional banking actual difference with conventional banking

system.system.

�� Practitioners, Legal and Practitioners, Legal and SyariahSyariah ScholarsScholars--

Both represent their functions and meet the Both represent their functions and meet the

market needs. market needs.

13

WadiahWadiah YadYad DhamanahDhamanah

�� goods or deposits, which have been deposited with goods or deposits, which have been deposited with

another person, who is not the owner, for another person, who is not the owner, for

safekeeping. safekeeping.

�� As As wadiahwadiah is a trust, the depository becomes the is a trust, the depository becomes the

guarantor and, therefore guarantees repayment of guarantor and, therefore guarantees repayment of

the whole amount of the deposits, or any part the whole amount of the deposits, or any part

thereof, outstanding in the account of depositors, thereof, outstanding in the account of depositors,

when demanded. when demanded.

�� The depositors are not entitled to any share of the The depositors are not entitled to any share of the

profits but the depository may provide returns to profits but the depository may provide returns to

the depositors as a token of appreciation. the depositors as a token of appreciation.

KafalahKafalah (guarantee) (guarantee)

�� Refers to a contract of guarantee by the Refers to a contract of guarantee by the

contracting party or any third party to guarantee contracting party or any third party to guarantee

the performance of the contract terms by the performance of the contract terms by

contracting parties. contracting parties.

14

Range of IB ProductsRange of IB Products

MudarabahSpecific investment account-

i

MudarabahSpecial investment account-i

MudarabahGeneral investment account-

i

Wadicah Yad

Damanah/Mudarabah

Savings account-i

Wadicah Yad

Damanah/Mudarabah

Current account- i

Applicable Concepts
Products / Services

(Deposit)

IjarahLeasing-i

Bayc Bithaman AjilLand financing-i

Bayc Bithaman Ajil / Istisnac

/Variable Rate Ijarah

Home/house financing-i

Ijarah Thumma BaycHire purchase-i

Bayc Bithaman AjilFixed asset financing-i

Bayc Bithaman AjilEquipment financing-i

Murabahah / Bayc Bithaman Ajil

/ Bayc cInah

Education financing-i

Bayc Bithaman AjilComputer financing-i

Bayc cInah / Bayc Bithaman Ajil

/Murabahah

Cash line facility-i

Applicable ConceptsProducts / Services (FinancingFinancing)

15

UjrForeign exchange

Bayc cInahSell and buy back agreements

(Repo-i)

MudarabahNegotiable instrument of

deposit-i

Bayc Bithaman AjilNegotiable debt certificate-i

Applicable Concepts

Products / Services

(Treasury/ Money Market

Instrument)

Wakalah/MurabahahTrust receipt-i

KafalahShipping guarantee-i

Wakalah/ Murabahah

//Ijarah/Bayc Bithaman

Ajil

Letter of credit-i

Murabahah/ Bayc DaynExport credit

refinancing-i

KafalahBank guarantee-i

Murabahah / Bayc DaynAccepted bills-i

Applicable Concepts
Products / Services

(Trade Financing)

16

UjrDebit card-i

Bayc cInah/Bayc Bithaman

Ajil

Credit card-i

QardCharge card-i

Applicable Concepts

Products / Services (Card

Services)

UjrTelebanking

UjrATM service

UjrStanding instruction

UjrDemand draft

UjrCashiers' order

UjrTravellers' cheques

UjrTT/funds transfer

UjrStockbroking services

Applicable Concepts
Products/Services

(Banking Services)

17

Structure of the documentationsStructure of the documentations

�� Letter of OfferLetter of Offer

�� Facility Facility

AgreementAgreement

�� PPAPPA

�� PSAPSA

�� Letter of OfferLetter of Offer

�� PPAPPA

�� PSAPSA

�� Facility Facility

AgreementAgreement

�� Letter Of OfferLetter Of Offer

�� PPAPPA

�� PSAPSA

Third StructureThird StructureSecond StructureSecond StructureFirst StructureFirst Structure

Legal IssuesLegal Issues

�� 1. S 66 BAFIA. Bank cannot acquire shares 1. S 66 BAFIA. Bank cannot acquire shares

of immovable property.of immovable property.

�� IB involves with buying and selling of IB involves with buying and selling of

properties.properties.

�� SolutionSolution-- S 116 (2) (a)S 116 (2) (a)-- BNMBNM’’ss supervision supervision

�� BNM issued BNM/GP3 Guideline. BNM issued BNM/GP3 Guideline.

18

Legal IssueLegal Issue

�� 2. S 55 of the IBA 1983. IBA prevail over 2. S 55 of the IBA 1983. IBA prevail over
Companies Act.  Companies Act.

�� What about other acts?What about other acts?

�� The IBA silent on this aspect.The IBA silent on this aspect.

�� 3. Court Jurisdiction3. Court Jurisdiction

�� Banking under the federal listBanking under the federal list

�� Only person profess IslamOnly person profess Islam-- ShariahShariah CourtCourt

�� IB is a company established under the Co. IB is a company established under the Co.
Act.Act.

Legal IssueLegal Issue

�� 4. Real Property Gains Tax Act.4. Real Property Gains Tax Act.

�� Any transfer of ownershipAny transfer of ownership-- pay the tax.pay the tax.

�� EgEg. BBA transaction will trigger double . BBA transaction will trigger double
taxation since it involves 2 transactions. taxation since it involves 2 transactions.

�� The The govtgovt amended the RPGTamended the RPGT-- One taxation One taxation
onlyonly

�� 5. Stamp Duty5. Stamp Duty--

�� Every Every transfrtransfr of propertyof property-- Stamp Duty.Stamp Duty.

�� The The govtgovt ammendedammended the stamp duty act the stamp duty act
1949.1949.

19

ShariahShariah IssuesIssues

�� 1. The issue of attestation1. The issue of attestation--

�� In 2:282. Debt+ in writing+ 2 male In 2:282. Debt+ in writing+ 2 male

witnessesswitnessess

�� The requirement of 2 male witness is just  The requirement of 2 male witness is just

attestatorattestator and not considered as witness.and not considered as witness.

�� It is not compulsory but Islam encourages It is not compulsory but Islam encourages

it.it.

SyariahSyariah IssueIssue

�� 2. Underlying Asset2. Underlying Asset--

�� LawfulnessLawfulness-- Q= Building is Islamic but the Q= Building is Islamic but the

purpose of constructing it is not Islamicpurpose of constructing it is not Islamic

�� Free from any encumbrancesFree from any encumbrances

�� 3. Two parties transaction.3. Two parties transaction.

�� Bay Bay InahInah--

�� Backdoor to Backdoor to ribariba..

20

SyariahSyariah IssueIssue

�� 4. Clause on Right to Recall the Facilities4. Clause on Right to Recall the Facilities

�� Event of defaultEvent of default-- Bank may recall or Bank may recall or
terminate.terminate.

�� Permissible= Muslim is bound by his Permissible= Muslim is bound by his
promisepromise

�� 5. Compensation for late payment5. Compensation for late payment--

�� Prior 1998Prior 1998-- Cannot impose compensationCannot impose compensation

�� Post 1998Post 1998-- Can:Can:-- i.  La i.  La DararDarar WaWa la la DirarDirar ii. ii.
AlAl--DararDarar YuzalYuzal iii. Fatwa Aliii. Fatwa Al--ZarqaZarqa’’: Bay Al: Bay Al--
ArabunArabun iv. Based on economic loss.iv. Based on economic loss.

Thank YouThank You

Zulkifli Bin Zulkifli Bin HasanHasan

Faculty of Faculty of SyariahSyariah & Law& Law

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

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

Tel. No: 06Tel. No: 06--79885417988541

H/Phone No: 019H/Phone No: 019--6698514 6698514


404 — File not found.

You can
create your own free blog on WordPress.com
.


Imran Nazar Hosein

About

Articles

E-Books

Video Lectures

Learn

Contact

Page Not Found

The page you are looking for does not exist, or it has been moved. Please try searching using the form below.

SearchSearch

Imran Nazar Hosein

Islamic Scholar

About

Team

History

Careers

Privacy

Privacy Policy

Terms and Conditions

Contact Us

Social

Facebook

Instagram

Twitter/X

Designed with
WordPress


1 of 2

Durham University

Modern Slavery Statement

(Financial Year 2023/24)

This statement responds to S.54 of the Modern Slavery Act 2015 and sets out the steps that
Durham University has taken and is continuing to take to ensure that modern slavery or human
trafficking is not taking place within our business or supply chain.

Modern slavery encompasses slavery, servitude, human trafficking and forced labour.
Durham University has a zero tolerance approach to any form of modern slavery.  We are
committed to acting ethically and with integrity and transparency in all business dealings and
to putting effective systems and controls in place to ensure that there is no slavery or human
trafficking in our supply chains or in any part of our business.  The processes set out below
reflect the University’s commitment to acting ethically and with integrity across the
organisation.

This statement was endorsed by the University Executive Committee on 3 October 2023 and
approved by Council on 24 October 2023.

Our business

Durham University is a legally independent and autonomous institution established by an Act
of Parliament in 1832 and Royal Charter (number RC000650).  Durham University is an
exempt charity under the Charities Act 2011.

Durham University is a higher educational institution based on a collegiate model and
composed of academic departments, research institutes, administrative departments, libraries
and museums.

We seek the highest distinction in research and scholarship and as a world-leading research
institution we are committed to excellence in all aspects of education, student experience,
research, and the transmission of knowledge.  The University’s strategy 2017-2027 can be
accessed here www.durham.ac.uk/strategy/2027

Our policies

We operate a number of internal policies to ensure that we are conducting business in an
ethical and transparent manner. These include:

1. Public Interest Disclosure (Whistleblowing) Policy:  Our Whistleblowing Policy makes
clear to all employees that they can raise concerns about how colleagues are being
treated, or practices within our business or supply chain, without fear of reprisal.  The
process is set out here:

https://www.dur.ac.uk/university.calendar/volmei/policies_and_strategies/

2. Employee Code of Conduct:  This explains the manner in which we behave as an
organisation and how we expect our employees and suppliers to act.  The relevant
guidance is set out here:  https://www.dur.ac.uk/hr/realisingpotential/

http://www.durham.ac.uk/strategy/2027

https://www.dur.ac.uk/hr/realisingpotential/

2 of 2

Our suppliers

The University procures goods and services from suppliers across the world.  The University‘s
supply chain includes a large number of diverse suppliers including suppliers of goods and
services that directly support our teaching, student support and research activity for example,
large scale laboratory equipment and laboratory consumables.   As part of our initiative to
identify and mitigate risks in respect of our supply chains and to mitigate the risk of slavery
and human trafficking occurring in our supply chains we conduct due diligence on all suppliers
before awarding a contract to them. These due diligence measures include an online search
to ensure that a particular organisation has never been convicted of offences relating to
modern slavery and human trafficking; as well as a requirement that suppliers demonstrate
that they provide safe working conditions.

We require suppliers to conform to our Corporate, Social and Environmental Responsibility
Policy that can be accessed here:  https://www.dur.ac.uk/procurement/suppliers/cser/

The University is affiliated to Electronics Watch, an independent third party, who provides a
monitoring service on supply chains assessing how suppliers are addressing issues and
ensuring that slavery and human trafficking is not taking place in any part of the University’s
business or supply chains.

Contracted suppliers continue to work with NETPositive Futures regarding sustainable action
plans, which include monitoring high-risk areas for modern slavery.

Training

Procurement policies, guidance and procedures are to be reviewed by the end of 2023.

We regularly conduct training for our procurement teams so that they understand the signs of
modern slavery and what to do if they suspect that it is taking place within our supply chain.

Future Actions

A University working group will review and put forward recommendations to UEC regarding
areas of improvement to our statement, including mandatory modern slavery training to
relevant staff and a revised and re-introduced supplier code of conduct.

Professor Karen O’Brien
Vice Chancellor and Warden
2023

https://www.dur.ac.uk/procurement/suppliers/cser/


429 Too Many Requests

nginx


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
May 26, 2015
DR. ZULKIFLI HASAN
UAE banks discuss plan for centralised Islamic finance board
UAE banks discuss plan for centralised Islamic finance board
Available at:
http://www.reuters.com/article/2015/05/24/emirates-islam-finance-idUSL5N0YF05320150524
The United Arab Emirates’ BANK industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, which could spur the growth of the industry.
The central bank had proposed setting up a Higher Sharia Authority that would complement and oversee the work of sharia boards at individual Islamic banks. This proposal was addressed at a recent meeting of the UAE Banks Federation, the association said on Sunday.
“Representatives of the Federation’s Islamic banking committee are working closely with the Central Bank on guidelines for the establishment of the NEW body that will help to ensure consistency amongst all UAE Islamic banks in their development of new structures and products,” it said.
Details of the timing and structure of the new entity were not specified.
Sharia boards are groups of scholars who rule on whether financial instruments and activities are religiously permissible. Gulf countries have in the past tended to follow a loose, decentralised model of Islamic FINANCE regulation, leaving much of it to sharia boards at individual banks and finance firms.
But the rulings of different boards can be inconsistent or leave scholars open to suggestions of conflicts of interest, increasing uncertainty among investors and slowing growth.
So in recent months some countries, including Oman, Pakistan, Morocco and Nigeria, have followed Malaysia’s example by moving towards a centralised board that can impose its will nationally.
The UAE Banks Federation, which represents 50 banks, also said on Sunday that it had approved the appointment of a new, independent monitoring agency that would help to implement its code of conduct for member institutions. It did not give details.
(Reporting by Stanley Carvalho; EDITING by Andrew Torchia)
Share this:
Facebook

X
Like this:
Related
Islamic finance news
permalink
1 Comment
Post navigation
← Previous
Next →
One thought on “UAE banks discuss plan for centralised Islamic finance board”
Haris Rahman kakkattuchali says:
May 26, 2015 at 12:34 pm

sir, I would like to do PG Diploma course in Islamic Banking.. could you please sugest some Best institutes Offering Online Islamic Banking  courses…I would be obliged to you if you take necessary step to provide the same….

Reply
Leave a Reply
Cancel reply
AUTHOR
DR. ZULKIFLI HASAN
Menu
Welcome to My Blog of Knowledge

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

My Movie
Search
Al-Baqarah, 2:275
Calendar
May 2015

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31
« Apr
Jun »
Academic
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

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

University and College Union
Institutional Infrastructure for Islamic Finance
Accounting and Auditing Organization for Islamic Financial Insitutions

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

Poem
Blog Subscriptions
Enter your email address to follow this blog and receive notifications of new posts by email.
Email Address:
Sign me up!
Blog Stats
565,904 hits
Recent Comments
DR. ZULKIFLI HASAN on
FIQH JIHAD ASAS MEMAHAMI KRISI…

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…
Top Clicks
islamonline.net/servlet/S…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…
Top Posts
Guru Sebagai Murabbi, Mudarris, Mualim, Muaddib Dan Mursyid “Selamat Hari Guru”

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

June 2008
Categories
Islamic finance news
Muslims News
My Publication
My recent publication
My Story
My Thought
News
Palestine
Poem
Blog at WordPress.com.
Cookie Policy
Comment

Follow

Following

BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Join 235 other followers

												Sign me up

Already have a WordPress.com account?
Log in now.
BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Customize

Follow

Following

Sign up

Log in

Copy shortlink

Report this content

View post in Reader

Manage subscriptions

Collapse this bar