BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: September 2010
September 30, 2010
DR. ZULKIFLI HASAN
Islamic finance seems overwhelmed by scholar reforms
Analysis: Islamic finance seems overwhelmed by scholar reforms
By Liau Y-Sing and Frederik Richter Available at:
http://www.reuters.com/article/idUSTRE68S0AL20100929
KUALA LUMPUR/MANAMA (Reuters) – Islamic finance is toughening supervision of its powerful religious advisers as shareholders worldwide demand increasing accountability from directors, but key reforms may do little to boost independence and transparency.
Islamic banking is overhauling rules that govern the conduct of its influential sharia advisers, with competition for investor dollars and a growing market putting pressure on the once-arcane industry to adopt clearer, more uniform guidelines.
Key to these challenges is the small number of scholars advising a growing number of banks on increasingly complex financing structures, raising issues such as transparency of rulings, independence of advisers and how to groom new scholars.
But varying sharia standards, different regulatory approaches and vast disparities in development across markets stand in the way of reforms to streamline and boost supervision, which are critical to growth.
“Investors want to see the same degree of responsibility and professionalism going into sharia compliance as they expect from Moody’s for credit ratings and S&P for market information,” said John Sandwick, a Geneva-based Islamic asset and wealth manager.
Sharia advisers control the reins of the $1 trillion industry through their rulings on whether financial products satisfy Islamic law. Their role has been in focus following a recent attempt by Kuwait’s Investment Dar (TIDK.KW) to challenge its sharia board’s decision.
Bahrain-based industry body AAOIFI is drafting rules to regulate sharia scholars’ shareholdings in banks and address concerns such as the number of sharia supervisory boards on which a single scholar can effectively serve.
The International Sharia Research Academy for Islamic Finance, which is backed by Malaysia’s central bank, is planning a global regulatory body for sharia advisers.
“This is a step too soon,” said Ayman H. A. Khaleq, a partner and Islamic banking lawyer at Vinson & Elkins in Dubai, referring to the proposed global authority.
“I don’t know how you’re going to convince all governments that this is the best approach. Without convincing governments, how are you going to give teeth to that association?
GIANTS AND MIDGETS?
Sharia scholars, typically experts in Islamic law and international banking practices, are now subject to differing levels of supervision across the jurisdictions but experts think this model cannot sustain the industry’s growth.
“Each industry player will come up with their own conflict avoidance and confidentiality provisions and you may find that some banks have higher standards than others so we will see issues in the future if we’re not able to regulate well at this point,” said Rafe Haneef, HSBC Amanah’s managing director for global markets.
Reflecting the industry’s diversity, Middle Eastern countries like the United Arab Emirates leave regulation to the industry whereas Malaysian authorities assume centralized control through national sharia advisers and dedicated Islamic banking laws. Practitioners agree on the need for more supervision but differ on the scope of oversight needed.
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Malaysia Embassy, Bosnia and Herzegovina
Islamic finance news
Leave a comment
September 29, 2010
DR. ZULKIFLI HASAN
Islamic banking and finance in Bosnia and Herzegovina
Bosnia and Herzegovina might not be considered a heartland of the Ummah, but Islamic banking has nonetheless established itself there, as Professor Rodney Wilson reports
Available at:
http://www.zawya.com/story.cfm/sidZAWYA20060702104851
As Europe’s only state with a Muslim majority, the potential for Islamic banking and finance in Bosnia and Herzegovina would appear promising. In practice, the spread of Islamic banking has been limited, despite the enthusiasm of the Muslim community to undertake their financial transactions in a Shari’ah compliant manner.
Much of the explanation for the failure of Islamic finance is political, given the continuing tensions between the different ethnic and religious groups, despite the ending of the civil war and the Dayton Peace Accords.
However, it is also economic, legal and financial, given the small size of the economy, the existing banking law, uncertainties over property rights and the fragmented nature of the financial system.
However following a seminar on Islamic banking and finance sponsored by Bosnia Bank International on 8 May, attended by government ministers, including the Prime Minister, Minister of Finance and Central Bank Governor, their appears to be a new commitment to take the agenda for Islamic finance forward. It was stressed that it provides opportunities for the Muslim majority, but does not in any way constitute a threat to the Serb Orthodox or Croatian Catholic communities, as Shari’ah compliance in financial transactions is an option, rather than being compulsory, and is not a precursor for the more universal application of Shari’ah law.
Economic and financial issues

Bosnia and Herzegovina emerged from the former republic of Yugoslavia as Europe’s smallest economy with a gross national income of just over $8 billion and a per capita income of around $2,000. The population numbers 3.9 million, more than half of whom are Muslims, but this means the size of the Muslim community is much smaller than that of France or Germany, and although larger than the Muslim community in the United Kingdom, it is much less affluent. The market for retail banking and financial services is therefore limited overall, and even smaller for the potentially Shari’ah compliant segment.
Sarajevo the capital, was a major centre on the trade routes through the Balkans at the time of the Ottoman Empire, when most of the Bosnian population converted to Islam, but today Sarajevo is isolated, with its airport accommodating only short take off and landing aircraft because of the restricted runway and surrounding hills. There are however, daily flights to neighbouring countries, and a good service by Turkish Airways from Istanbul, but no direct flights from the Gulf. For Sarajevo to revive as a trade and communications centre substantial investment in infrastructure would be needed, including the airport and road network. Sukuk issuance could be one way forward as far as Islamic finance is concerned, although at present Bosnia and Herzegovina have yet to issue any Islamic securities.
The fragmentation of the banking system with over 20 banks partly reflects the country’s ethnic and religious divisions, but there has been a degree of consolidation, with major Austrian and Italian banks entering the market through the acquisition of local institutions. The Raiffeissen Bank of Vienna has become the largest bank, with over 600,000 savings accounts and a network of 60 branches throughout the country, but this is a conventional bank, with no experience of offering Islamic windows. The bank nevertheless has a substantial Muslim client base. It entered the Bosnian market with the acquisition of Market Banka, a local bank, in which the European Bank for Reconstruction and Development (EBRD) had an equity stake as its contribution to post-war reconstruction. Unicredit Zagrebacka Bank, an Italian bank with branches also in neighbouring Croatia, is the second largest bank in terms of assets, with 74 branches and 337,000 account holders. It also has no knowledge or experience of Islamic banking, but its customer base is in any case concentrated in the Roman Catholic community.
The only Serbian banks are in the semi autonomous enclave of Republic Srpska, where any Islamic bank development is unlikely given local suspicions and hostility. The Turkish Ziraat Bank Bosnia is represented in Sarajevo, and handles trade finance with respect to imports and exports from and to Turkey. The Turkish Ziraat Bank is a conventional rather than an Islamic bank however, Shari’ah compliant finance being rather limited in Turkey, with only a few small dedicated Islamic banks. Although many Bosnians stay in Turkey to study, and some have family connections there, relatively few work there. In contrast, there are substantial numbers of Bosnians working in Austria and Germany, and their remittances, which exceed $2 billion each year, make a major contribution to the economy of Bosnia and Herzegovina. These remittances are handled through institutions such as the Raiffeissen Bank. This lucrative money transfer business gives the Austrian banks a considerable advantage, and in addition they feel comfortable dealing with the Balkan region generally, given their historical involvement dating back to the time of the Austrian Hungarian Empire.
The major Gulf involvement in Bosnian finance has been through BBI, which is jointly owned by the Islamic Development Bank, with 45.46% of the shareholding capital and Dubai and Abu Dhabi Islamic Banks, each with a 27.27% share of the capital. All the financial dealings of these founding shareholders are of course Shari’ah compliant, and the BBI is also expected to conduct its operations in a Shari’ah compliant manner, but at present, the range of Shari’ah compliant financial products offered by the bank is limited.
Dr. Ahmad Mohammad Ali, President of the Islamic Development Bank, serves as Chairman of the General Assembly of BBI, but in practice, although Dr Ali has visited Sarajevo, he is usually represented by his deputies at the annual meetings. The day to day management of BBI is by Said Mohamed, its director general, with Amer Byukvic serving as his deputy, Mrs. Vildana Skaljic as executive director and Salih Purisevic as secretary general. The management are all local nationals with previous extensive banking experience.
BBI claims to be the first Islamic Bank in Europe, as it was established on 19 September 2000, four years before the Islamic Bank of Britain was granted a licence. Like the Islamic Bank of Britain, it is a small institution, with a paid-up capital of $75 million. There is no stock market in Sarajevo, and therefore BBI cannot emulate the Islamic Bank of Britain in seeking additional equity finance through having a listing on a local Alternative Investment Market (AIM), although it would be possible for BBI to obtain an AIM listing in London, as some other banks from Eastern Europe have done.
BBI faced some difficulties in getting a license due to negative perceptions amongst non-Muslims, but on 13 March 2002 it received a permit from the Banking Agency of the Federation of Bosnia and Herzegovina to participate in internal payments operations, which meant its cheques and electronic payments were accepted by other local banks. In November 2002 BBI received a deposit insurance licence from the Deposit Insurance Agency of Bosnia and Herzegovina, but this raises some Shari’ah compliance issues, as although guarantees are acceptable for current accounts that pay no return, they are not acceptable for investment mudarabah accounts where the client shares in the bank’s declared profits. Depositors with the Islamic Bank of Britain are offered a waiver to sign to opt out of this guarantee that is required by the Financial Services Authority, but in Bosnia and Herzegovina such a waiver is not offered, and there seems to be a lack of awareness of this issue, although BBI does have a Shari’ah committee to advise on its operations.
Islamic finance in Bosnia and Herzegovina

As BBI is a very small institution with only four branches, the scope for Islamic finance is very limited in Bosnia and Herzegovina. At present most of the banks operations are retail, as it provides current accounts with debit cards and cheque books, as well as overdraft facilities of up to two months salary provided these are paid directly into the client’s account. From a Shari’ah perspective overdraft facilities are questionable however, especially if charges are applied that are related to the amount and duration of the overdraft, as this amounts to Riba. However because other banks in Bosnia and Herzegovina provide overdraft facilities, BBI fees obliged to compete by offering the same credit.
Savings accounts are offered to those of limited means, these account holders being issued with passbooks to manage their accounts. Investment accounts on the Mudarabah profit sharing principle are offered to clients of higher net worth with at least $30,000 to deposit. The return paid is modest, as the Bosnian currency, the convertible mark, a legacy currency related to the former German mark, is pegged to the Euro.
Returns are higher however than those paid on Euro deposits reflecting the risk of devaluation, ranging from a minimum of 2.37% for one month deposits to 4.89% for deposits of 3 years or more. For large deposits returns vary from 2.88% for one month deposits to 5.39% for three year deposits. Varying returns according to the duration and size of deposits is standard practice amongst Islamic banks and this is approved by Shari’ah scholars as long as the rates and rate spreads are not guaranteed and vary in relation to the institution’s underlying profitability.
One of the more interesting product offerings by BBI is a Hajj and Umra Investment Account. Depositors are assured that the funds raised will be invested in a Shari’ah compliant manner in Bosnia and Herzegovina, and through an arrangement with other banks, deposits can be paid into any bank in the country and transferred to the client’s account in BBI. The depositor shares in the profits of the bank for the duration of the deposit, and withdraws the funds to meet the travel and accommodation costs associated with Hajj and Umra. The clients are however responsible for making their own travel arrangements rather than the bank, and there is no link up with travel agents to secure discounted prices through bulk ticket purchases as is the case with Tabung Haji in Malaysia.
BBI offers a range of retail financing facilities, the focus, as with many Islamic banks, being on home and car finance. Home finance is available for up to 70% of the purchase price or the construction cost in a designated area for new building. Repayments, collected monthly through direct debit, should not exceed one third of the clients’ salary. The cost of financing is variable, calculated on the basis of 6 month and one year EURIBOR (Euro Inter-Bank Offer Rate), plus a profit margin of 5 percent for the bank. The financing structure is based on diminishing Musharakah, with the client entering a partnership with the bank to jointly purchase the property. The monthly payments by the client is divided into two components, a rental element for the share the bank owns, and a repayment so that over a period of 15 years the bank’s share is bought out. In the case of older clients the period of the partnership cannot extend beyond their 65th birthday. If the client wants to accelerate their repayments there is flexibility in the contract to permit this. A processing fee of 1% is charged, or 2% if the property is more than 100 kilometres distance from Sarajevo.
To qualify for the financing the client’s salary must be paid into a BBI account, and a permanent employment certificate and an income statement for a 3 month period is required, endorsed by the tax authorities.
The structure for car financing is similar and covers new and used vehicles up to 3 years old. The bank pays up to 80% of the value of the vehicle including tax and customs duty in the case of new cars. The financing period is up to 5 years for new vehicles and up to 3 years for used cars. A processing fee of one percent is charged, and the finance is priced at the 6 months EURIBOR cost. BBI also provides Qard Hasan beneficial loans on an interest free basis to those in need for specified purposes including fees for medical treatment, emergency home reconstruction and education expenses.
There is little Shari’ah compliant corporate finance in Bosnia and Herzegovina, the main facilities being provided by BBI including domestic and international payments services, trade financing, usually through Murabahah, and funding for the acquisition of business assets such as premises, equipment, raw materials and stock. For asset financing a business plan is required providing details of the operations envisaged and anticipated cash flows as well as audited balance sheets and income statements for the preceding three years. Other documentation may be required depending on the nature of the business, including land registry certificates, statements from the tax office that there are no outstanding liabilities and details of any other financing.
The future for Islamic finance in Bosnia and Herzegovina

Although Bosnia and Herzegovina would seem a good potential market for Islamic finance there are many constraints on market growth. One obvious way forward would be for conventional banks to open Islamic finance windows or counters providing Shari’ah compliant products, but, as already indicated, the Austrian banks have no experience in this area. Banks such as HSBC Amanah are absent from the market, and as there are no direct flights from London in any case communications are an issue. This is also a handicap in communications from the Gulf, and it is unlikely that other Islamic banks from the region, apart from already those involved in BBI, will enter the market.
Bosnia and Herzegovina has also the potential to attract foreign direct investment from the Gulf, especially given its tourist potential as Sarajevo was a venue for the Winter Olympics before the break up of Yugoslavia, and the mountains are a potentially attractive for summer visitors. However for resort developers such as Emaar to become interested in investing in Bosnia and Herzegovina, the property laws would have to be overhauled as at present there are ownership uncertainties that deter foreign purchasers.
A new Federal Banking Law is to be introduced next year, and it is intended that there will be specific provision for Islamic finance within this law. At present there is much uncertainty over the regulation of Islamic financial products, which could be overcome through greater participation of the Central Bank in the activities of the Islamic Financial Services Board whose remit includes advising regulators how to implement the Basel II standards with respect to Islamic banks. The government of Bosnia and Herzegovina could also encourage Islamic finance by funding its own debt through the issuance of Sukuk securities. There is no securities market in Sarajevo, but sovereign and corporate Sukuk issued on behalf of Bosnian institutions, and presumably denominated in Euros, could be offered to investors in the Gulf and traded there or in other securities markets.
In the longer term Sarajevo could become the major centre for Islamic finance in the Balkans, linking the European Union with Turkey, the Arab Middle East and the Gulf. To some extent this would be a revival of Sarajevo’s historical role during the Ottoman Empire as a trading and commercial centre. Such developments would depend on the government of Bosnia and Herzegovina having the political will to take such a project forward, and gaining support from the Gulf and Turkey.
Although envisaging Sarajevo as an Islamic financial centre may seem far fetched at present, there are hundreds of young and talented students in its university who are enthusiastic about Islamic finance, as was apparent from the attendance at a lecture there on 9 May which the author delivered, and this bodes well for the future. Mohammed Taqi Usmani’s famous Introduction to Islamic Finance was translated into Bosnian and published in 2003, and Professor Fikret Hadzic, the Dean of the Economics Faculty of the University of Sarajevo has written a substantial book in Bosnian on Islamic Banking and Economic Development that was published last year. Bosnians are becoming better informed about Islamic finance, which should facilitate further developments.
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Dinner at Professor Fikret Hadzic’s (Professor of Economics, University of Sarajevo) house in Sarajevo.
With the Grand Mufti of Bosnia and Herzegovina cum the President of Shari’ah Board of Bosnia Bank International, Dr. Mustafa Ceric
Islamic finance news
1 Comment
September 28, 2010
DR. ZULKIFLI HASAN
Malaysia can take lead in improving Islamic finance
Malaysia can take lead in improving Islamic finance
Available at:
http://biz.thestar.com.my/news/story.asp?file=%2F2010%2F9%2F28%2Fbusiness%2F7114299&sec=business
KUALA LUMPUR: Malaysia, as a leader and innovator in Islamic finance, can do more in exploring the Islamic principles to create a more cohesive financial system, says Dr Armen V Papazian, fellow of the Judge Business School, University of Cambridge, England.
“At present, across the Islamic world, not even a single of them is printing money based on Islamic principles,” said Papazian, who is also chief executive officer of Keipr, a boutique consultancy firm in the United Arab Emirates, during his presentation.
“Money is still created based on the conventional system,” he added, explaining that money at present was not only created out of nothing, but the instrument was backed by debts which bore interest rates – a violation of the syariah principles.

Dr Armen V. Papazian proposes the use of Islamic principles in creating money
“But money does not have to be created out of nothing. It has to be backed by real activities, focusing on capability and real value creation by real people,” he said, proposing the use of Islamic principles in creating money.
“The alternative investments opportunities in the future are ones that engage real people and involve real activities,” Papazian said, arguing that that was what Islamic principles had been contending all the while.
“Fundamentally, it is based on people creating value through employment, which then pushes up aggregate demand in an economy, and then the stock market, which then makes the options work,” he said.
“We have to decide: Is our practice of Islamic finance merely for the product industry, or are we allowing it to evolve into a system,” Papazian told a press conference.
“If Islamic finance were to merely exist as a product system (such as sukuk), then it has to survive in a system that is not,” he added.
Papazian argued that Islam finance was now at a crossroad. It’s about going to the core of finance – money creation – and applying syariah principles on it, he pointed out, urging Malaysia to take the lead in applying Islamic principles to back the creation of ringgit.
Best Regards

ZULKIFLI HASAN
The Gazi Husrev-Beg Mosque, Sarajevo. It was built in 1531 by the famous Ottoman architect Mirnar Sinan
Islamic finance news
Leave a comment
September 26, 2010
DR. ZULKIFLI HASAN
Reality check for Islamic finance
Reality check for Islamic finance
By Rushdi Siddiqui, Special to Gulf News, Available at:
http://gulfnews.com/business/markets/reality-check-for-islamic-finance-1.687455
Liquidations, defaults and downgrades call for some serious soul-searching
Dubai:  For Islamic finance, 2009 and 2010 may be categorised as the years of ‘R-Cubed’ — reflection, reassessment, and reality check. Since the beginning of 2009, there have been 42 liquidations of Islamic funds, defaults by 34 sukuks, rating downgrades of Takaful operators, and increase in layoffs in the sector.
A recent Deloitte study, the ME Islamic Finance (IF) Leaders Survey, arrived at some interesting conclusions: 64 per cent of respondents agreed that IF is lagging in risk management; 65 per cent believe IF institutions are not properly capitalised; 66 per cent expect change in existing business models in the foreseeable future.
Market volatility, liquidity crisis, confidence crisis, market sell-off, and so on, are horizon indicators for Islamic finance.
The financial crisis did not pose a systemic risk to the industry, and a recent IMF paper asserted, with caveats, that Islamic finance fared better due to Sharia prohibitions against ‘toxic’ assets, enhanced by leverage and magnified by derivatives.
But, the embryonic nature of Islamic finance also prevented the disaster. To some, ‘innovation’ in the sector seemed to imply the wrapping of existing products in an ‘Islamic veil’ and the addition of high-margin fees.
The industry needs to take a step back and look at the ‘tea leaves’ associated with defaults, liquidations and rating downgrades as this a reality check on which pathway to take to the watering hole.
However, a percentage-wise break-up puts things in perspective: 7 per cent of total funds liquidated accounting for 4 per cent of total assets under management.
Many funds, it turned out, had small assets under management.
Some theories on Islamic fund liquidation are underpinned by postulations like:
* Capital-protected funds have limited life span

    * Crisis resulted in redemptions by investors and smaller amounts of assets under management could not support the costs of running the fund

    * Fund under-performance relative to peers and Islamic benchmarks resulted in redemptions
The industry needs to reflect on not only the true size of the target market, but also their demand and distribution channels. For example, a recent release for the ‘JETS DJIM ETF,’ the first Islamic ETF in the US, said it “… will cease trading on October 19, 2010. … failed to attract the level of investor interest that had been anticipated. … with over seven million Muslims in the United States … but we found it difficult to reach target investors…”
Sukuk defaults
According to Thomson Reuters data, there were 34 sukuk defaults since the beginning of 2009. Some of the interesting observations:
* Malaysia had 25 defaults in the corporate sector, led by oil/gas and auto-parts manufacturing, with three major modes of contract of Murabaha (14 defaults), BBA (6) and Ijara (3), and all were private placed.

    * Pakistan had three defaults in the cement and electric products manufacturing sector. Yet the news focused on high-profile defaults: Golden Belt, East Cameron Gas, IIG and Investment Dar.
The total amount of defaults is about 1 per cent of $130 billion sukuk outstanding, and about 2 per cent of the 1,546 sukuk outstanding (Thomson Reuters, second quarter, 2010).
Sukuk defaults are just as important as new issue coverage, as it not only tells on overall geographic market sentiment, issuer’s credit health (of debt-based Sukuk like Murabaha/BBA), but also shows the influence on the mode of Sukuk contract for geography.
An interesting observation: sukuk ‘fallout’ seems more attributed to the Dubai standstill agreement of last year than the financial crisis, but it was the latter that had an impact on the former.
The link between Takaful operators and Islamic investing is close, as premiums must be deployed in a Sharia-compliant manner. Although there have been no bankruptcies announced in the Takaful industry since beginning of 2009, there have been challenges.
Over-exposed to equities
President and CEO of Tokyo Marine ME Ajmal Bhatty stated … “the global economic downturn did affect investment portfolios of several takaful companies, but these were the ones that were over-exposed to equities and real estate. The ensuing issues and problems with certain sukuk also impacted few takaful companies. All of this resulted in the rating downgrade of some of the takaful companies.”
The reality check is that Islamic finance needs to move toward its authenticity paradigm. We need to take a deep-dive analysis of liquidations, defaults and downgrades and ask: are these the growing pains of a young industry, do they call for a business model upgrade, or is the link to conventional finance much stronger?
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Srebrenica, Bosnia Herzegovina, a place where more than 8,000 Muslims were killed in July 1995.
By seeking to eliminate a part of the Bosnian Muslims, the Bosnian Serb forces committed genocide. They targeted for extinction the 40,000 Bosnian Muslims living in Srebrenica, a group which was emblematic of the Bosnian Muslims in general. They stripped all the male Muslim prisoners, military and civilian, elderly and young, of their personal belongings and identification, and deliberately and methodically killed them solely on the basis of their identity. By Theodor Meron
Islamic finance news
Leave a comment
September 24, 2010
DR. ZULKIFLI HASAN
Islamic finance industry under-regulated: Survey
Islamic finance industry under-regulated: Survey
Available at:
http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2010/September/business_September332.xml&section=business&col=
DUBAI — Sixty-six per cent of Middle East Islamic finance leaders believe that the industry is under regulated, a survey report released on Thursday by Deloitte reveals.
Titled ‘Benchmarking Practices’, the report provides a wealth of statistical findings as well as analysis of these themes.
According to other key findings, 80 per cent of Islamic finance leaders surveyed expect levels of corporate structuring and organizational change to increase. Only 35 per cent of Islamic finance executives believe that Islamic banks are properly capitalised.
“As the first of its kind in the Middle East, this survey provides a truly regional picture of market sentiment and how Islamic finance leaders perceive the current economic slowdown, business performance, and the way forward,” Dr Hatim El Tahir, Director of Deloitte’s Islamic Finance Knowledge Center in Bahrain, said in an emailed statement. “Although Islamic finance is expected to continue its growth path, the development of the industry’s infrastructure and regulatory framework is of high concern to most executives who took part in this survey,” added El Tahir.
Two out of three Islamic finance leaders expect a change in the existing business models of Islamic finance in the foreseeable future.
Some 64 per cent of survey participants agree that Islamic finance Institutions are lagging behind on
the implementation of risk management systems.
Four key themes emerged from the survey. These include the importance of introducing new or revised regulatory measures – chief among them being Islamic accounting standards and risk management. Other themes include the importance of adopting best practices and transparency in financial reporting; the necessity of adjusting investment strategies through diversification; and the need for investment in human capital and talent development to cope with the growth and industry challenges.
“The Islamic Finance Leaders Survey is a key pillar of this aim. By providing essential industry benchmarks, we hope to inspire dialogue and create a basis for the positive growth of the industry in the years to come,” El-Tahir said.  Islamic finance will need to move beyond the retail market and develop its capital markets globally to compete better with conventional finance, Daud Vicary Abdullah, global leader of Deloitte’s Islamic finance group, said.
International markets such as Japan and London are actively trying to raise sharia-compliant capital in order to tap liquidity from the Gulf region. Islamic finance still represents less than 1 percent of the global market,” he said. “It’s not yet punching its weight,” he said.
Abdullah said that the economic power is moving further east and currently in the Middle East region, with $600 billion of the $1 trillion Islamic finance industry is coming from the Gulf Cooperation Council.
He said Deloitte is working with three major financial Japanese financial corporations to raise Islamic funds outside of the domestic market and is also working on Islamic finance projects in Italy, Germany
 and Luxembourg.
But the Islamic finance industry will need to address concerns over accounting standards and risk management, the Deloitte survey found, if it wants to reach its growth potential.
Best Regards

ZULKIFLI HASAN

DURHAM, UK
With the Grand Mufti of Bosnia and Herzegovina, Dr. Mustafa Ceric in Sarajevo
Islamic finance news
Leave a comment
Post navigation
← Older posts
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
September 2010

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
« Aug
Oct »
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
Create a free website or blog at WordPress.com.
BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Blog at WordPress.com.
Cookie Policy
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

Report this content

View site in Reader

Manage subscriptions

Collapse this bar


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: March 10, 2010
March 10, 2010
DR. ZULKIFLI HASAN
Best Corporate Governance Worlwide
Corporate Governance Awards 2010
Available at:
http://www.worldfinance.com/news/home/awards/article1095.html
Scandals of recent years, notably Enron, have created a more constrained corporate environment. Increasing public and stakeholder concern about the social and environmental impacts of business practices is forcing companies to come to terms with a much broader set of interests and expectations.
World Finance has selected the corporations who despite the difficult monetary climate have continued to achieve excellent levels of good governance; opting out of minimal disclosure and instead serving the best interests of their investors. Congratulations to the winners.
Best Corporate Governance in Austria

Telekom Austria
Best Corporate Governance in Bahrain

Mumtalakat Investments
Best Corporate Governance in Belgium

Solvay SA
Best Corporate Governance in Brazil

TOTVS S.A.
Best Corporate Governance in Canada

Nexen Incorporated
Best Corporate Governance in Colombia

ISA Colombia
Best Corporate Governance in Denmark

Danske Bank
Best Corporate Governance in Egypt

Mobinil
Best Corporate Governance in Estonia

AS Tallink Grupp
Best Corporate Governance in Finland

Rautaruukki Oyj
Best Corporate Governance in France

Credit Agricole
Best Corporate Governance in Germany

Bayer
Best Corporate Governance in Greece

OTE S.A.
Best Corporate Governance in Hungary

Magyar Telekom
Best Corporate Governance in India

Kotak Mahindra Bank
Best Corporate Governance in Italy

Atlantia S.p.A.
Best Corporate Governance in Mexico

Walmart de Mexico
Best Corporate Governance in Netherlands

Royal Phillips Electronics
Best Corporate Governance in Norway

Norsk Hydro
Best Corporate Governance in Portugal

Jeronimo Martins SGPS S.A
Best Corporate Governance in Qatar

Qtel
Best Corporate Governance in Russia

Rosneft Oil Company JSC
Best Corporate Governance in South Africa

Sappi Limited
Best Corporate Governance in Spain

Acciona SA
Best Corporate Governance in Sweden

Electrolux AB
Best Corporate Governance in Switzerland

Roche Pharmaceuticals
Best Corporate Governance in Thailand

Siam Cement Group
Best Corporate Governance in Turkey

Turkcell
Best Corporate Governance in UAE

Abu Dhabi Commercial Bank
Best Corporate Governance in UK

Vodafone PLC
Best Corporate Governance in USA

FedEx Corporation
“Governance and leadership are the yin and the yang of successful organisations. If you have leadership without governance you risk tyranny, fraud and personal fiefdoms. If you have governance without leadership you risk atrophy, bureaucracy and indifference.” – Mark Goyder
Regards

ZULKIFLI HASAN

DURHAM
University of Oslo, Norway
Islamic finance news
1 Comment
Post navigation
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
March 2010

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
« Feb
Apr »
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
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

Report this content

View site in Reader

Manage subscriptions

Collapse this bar


429 Too Many Requests

nginx


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
November 28, 2011
DR. ZULKIFLI HASAN
Rang Undang-undang Perhimpunan Aman 2011: Transformasi atau Anti-tranformasi
Rang Undang-undang Perhimpunan Aman 2011:Transformasi atau Anti-tranformasi
Zulkifli Hasan
1.0	Pendahuluan
Komitmen kerajaan Barisan Nasional untuk memansuhkan tiga proklamasi darurat iaitu  Proklamasi Darurat 1966, Proklamasi Darurat 1969 dan Proklamasi Darurat 1977 amatlah dialu-alukan. Ini seharusnya membuktikan komitmen kerajaan terhadap transformasi politik yang mampu menarik kembali sokongan rakyat. Semua pihak sama ada individu, institusi, badan-badan bukan kerajaan termasuk parti pembangkang perlu meraikan dan memuji langkah kerajaan ini.
Sementara teruja dengan inisiatif kerajaan di atas, melalui pemerhatian, penulis berpandangan bahawa transformasi yang sedang cuba dilaksanakan tidak bersifat menyeluruh, kabur, tidak jelas dan tidak konsisten. Umpamanya, tatkala kerajaan telah mengumumkan ingin memansuhkan Akta Keselamatan Dalam Negeri 1960 pada 16 September yang lalu, 11 warganegara Malaysia di Sabah telah ditangkap di bawah undang-undang ini hanya selepas beberapa bulan pengumuman tersebut dibuat. Ini secara jelas menunjukkan bahawa kerajaan tidak konsisten dengan agenda transformasi yang ingin dilaksanakan. Perkara yang sama juga berlaku pada aspirasi kerajaan pada seksyen 15 Akta Universiti dan Kolej Universiti (AUKU) apabila kerajaan telah membuat keputusan untuk meneruskan rayuan ke atas keputusan Mahkamah Rayuan pada 31 Oktober lalu yang mengumumkan bahawa Seksyen 15 tersebut bercanggah dengan Perlembagaan Persekutuan.
Begitu juga dengan pengenalan undang-undang terbaru yang dibentangkan pada 22 November lalu iaitu Rang Undang-Undang Perhimpunan Aman di Dewan Rakyat. Walaupun Rang Undang-undang ini bermatlamat untuk membenarkan orang ramai berhimpun secara aman tetapi setelah diperhalusi isi kandungannya terdapat beberapa peruntukan yang memerlukan penilaian semula sebelum ianya boleh dilaksanakan ataupun diluluskan. Berdasarkan perkembangan yang meragukan ini, penulis ingin mengambil kesempatan untuk membuat analisa ringkas Rang Undang-undang Perhimpunan Aman 2011 ini dengan mengkhususkan perbincangan terhadap beberapa peruntukan yang menimbulkan banyak persoalan yang signifikan.
2.0	Rang Undang-undang Perhimpunan Aman 2011
Rang Undang-undang Perhimpunan Aman ini mengandungi 27 seksyen yang dibahagikan kepada enam Bahagian iaitu Bab I: Permulaan, Bab II: Hak Untuk Berhimpun Secara Aman, Bab III: Tanggungjawab Penganjur, Peserta dan Polis, Bab IV: Kehendak Dalam Menganjurkan Perhimpunan, Bab V: Penguatkuasaan dan Bab VI: Pelbagai. Secara umumnya, undang-undang ini kelihatan menyediakan peruntukan yang boleh diterima bagi memastikan setiap perhimpunan yang diadakan mengutamakan keamanan dan ketenteraman awam. Namun begitu, setelah diperhalusi terdapat beberapa peruntukan yang menimbulkan banyak persoalan dan membuka ruang yang amat besar kepada pihak tertentu untuk memanipulasikannya.
2.1	Tiada Wacana Awam
Di antara faktor kelemahan Rang Undang-undang ini ialah tiadanya wacana awam untuk membincangkan peruntukan yang terkandung dalamnya. Seharusnya kerajaan menganjurkan sesi perbincangan dengan masyarakat umum atau wakil badan-badan berkaitan sebelum meneruskan penggubalan undang-undang ini dan seterusnya dibacakan di Parlimen untuk kelulusan. Kegagalan untuk meninjau dan membuat kajian terhadap ruang lingkup dan pendekatan yang ada di dalam undang-undang ini sedikit sebanyak menjelaskan bahawa ianya tidak mendapat mandat yang sewajarnya dari masyarakat umum bahkan menidakkan pandangan dan pendapat mereka terhadap sesuatu undan-undang yang bakal dilaksanakan.
2.2	Terlalu Banyak Sekatan dan Syarat
Seksyen 9 memperuntukkan bahawa penganjur perhimpunan mesti membuat permohonan dalam tempoh 30 hari sebelum perhimpunan. Kegagalan berbuat demikian boleh mengakibatkan didenda tidak melebihi RM10,000. Kekurangrelevanan peruntukan ini kemudiannya dipersetujui YAB Perdana Menteri yang mana kemudiannya menyatakan tempoh 30 hari ini dikurangkan kepada 10 hari. Peruntukan ini perlu diperhalusi dan disemak semula. Ini memandangkan tempoh 30 atau 10 hari ini agak lama dan kadangkala tidak relevan. Bayangkan sekiranya isu yang ingin diketengahkan dalam perhimpunan tersebut merupakan respons yang perlu diberikan serta merta seperti isu keganasan Israel, maka seksyen ini bakal menimbulkan permasalahan. Ini memandangkan pihak berkuasa mempunyai kuasa penuh untuk menentukan sama ada perhimpunan boleh diadakan atau sebaliknya.
Walaupun peruntukan ini membolehkan pihak berkuasa untuk memberikan kebenaran berhimpun kurang dari 10 hari, ianya juga menimbulkan keraguan. Ini kerana pihak polis memerlukan masa untuk mengadakan rundingan dengan komuniti di kawasan tersebut. Ini juga tidak jelas dari aspek rundingan yang bagaimana, siapakah yang dirundingkan, adakah kesemua penduduk akan dilibatkan atau sebahagian dan berapa lamakah rundingan tersebut? Hal ini bukan sahaja boleh dipersoalkan bahkan menimbulkan keraguan dari aspek perlaksanaan. Malahan membuka ruang yang lebih luas untuk ianya dimanipulasikan oleh pihak tertentu.
Disamping itu, jika dirujuk kepada syarat-syarat dan prosedur untuk mengadakan perhimpunan, terlalu banyak perkara yang perlu dipatuhi bahkan melibatkan ramai pihak yang akan melambatkan proses permohonan dan seterusnya membantutkan sebarang usaha untuk berhimpun. Keperluan menampal notis, memaklumkan orang mempunyai kepentingan, perjumpaan dengan penganjur, rundingan dan sebagainya di antara perkara-perkara yang dimaksudkan.
2.3	Kuasa Budi Bicara Pihak Berkuasa
Rang Undang-undang ini memberikan kuasa budi bicara yang amat luas kepada pihak berkuasa. Ini membuka ruang yang besar dan sangat berpotensi untuk ianya dimanipulasikan. Sebagai contoh, seksyen 15 memberikan kuasa penuh kepada pihak berkuasa untuk mengenakan sekatan dan syarat ke atas sesuatu perhimpunan dan barangsiapa yang gagal untuk mematuhinya boleh dikenakan denda sehingga RM10,000. Sekiranya ini berlaku, mana-mana pihak yang ingin menganjurkan perhimpunan bukan sahaja boleh dinafikan hak mereka untuk berbuat demikian bahkan boleh dikenakan denda sekiranya gagal mematuhi syarat dan sekatan yang dikenakan.
Begitu juga dengan peruntukan yang lain di mana pendekatan yang terkandung dalam undang-undang ini memberikan kuasa yang luas kepada pihak polis sedangkan sepatut ianya menganjurkan model kerjasama pihak penganjur dan pihak berkuasa untuk berbincang dan memperoleh kata sepakat mengenai perkara-perkara yang berkaitan dengan perhimpunan. Ciri-ciri yang ada pada beberapa undang-undang terdahulu seperti Akta Keselamatan Dalam Negeri 1960 yang memberikan kuasa penuh pihak polis masih lagi ingin diperkenalkan. Ini sedikit sebanyak menunjukkan kegagalan untuk menterjemahkan aspirasi kerajaan bagi melaksanakan transformasi pada undang-undang yang ingin diperkenalkan. Seharusnya peruntukan undang-undang yang ada lebih memberikan penekanan dari aspek pendekatan yang lebih bersifat kerjasama untuk memastikan perhimpunan yang bakal diadakan berlaku dalam situasi yang aman damai. Perkara ini bersesuaian dengan hak kebebasan bersuara yang dijamin oleh Perlembagaan Persekutuan dan ini termasuk hak untuk berhimpun secara aman.
2.4	Rayuan kepada Kementerian Dalam Negeri
Rang Undang-undang ini bukan sahaja memberikan kuasa yang luas kepada pihak berkuasa bahkan ianya juga tidak mempunyai peruntukan yang jelas dan relevan mengenai rayuan terhadap sekatan dan syarat-syarat yang dikenakan oleh pihak polis. Sudahlah sekatan dan syarat ini budi bicara mutlak pihak polis, pihak penganjur juga hanya boleh merayu atau berunding untuk mengurangkan atau menggugurkannya kepada Kementerian Dalam Negeri. Ini menimbulkan persoalan daripada aspek ketelusan, kesesuaian dan kerelevanannya. Seperti yang difahami, pihak polis beroperasi dan menjalankan tugas di bawah pemantauan Kementerian Dalam Negeri (KDN) bahkan terikat dengan arahan KDN. Dalam konteks sudah tentu rayuan kepada KDN berkenaan dengan sekatan dan syarat dikenakan adalah tidak sesuai dan meragukan.
Memberikan hak untuk merayu terhadap sesuatu keputusan yang dibuat merupakan perkara yang perlu diberikan perhatian. Sewajarnya pihak penganjur diberikan peluang untuk merayu terhadap apa-apa sekatan dan syarat yang dikenakan untuk tujuan perhimpunan aman terhadap institusi yang lain yang lebih sesuai dan kredibel. Aspek ini membuktikan bahawa Rang Undang-undang ini mempunyai pelbagai kelemahan dari aspek teknikal dan juga substantifnya.
2.5	Kekaburan Undang-undang
Terdapat pelbagai kekaburan undang-undang yang terkandung dalam Rang Undang-undang Perhimpunan Aman ini. Umpamanya, tidak terdapat sebarang perbezaan yang jelas mengenai takrifan “perhimpunan” sama ada ianya merujuk kepada sebarang perarakan atau mana-mana protes jalanan atau piket atau demonstrasi. Rang Undang-undang ini juga tidak menjelaskan sama ada bukan warganegara Malaysia juga diberikan hak untuk berhimpun secara aman.
Peruntukan seksyen 19 juga adalah tidak jelas di mana merujuk penganjur sebagai seseorang yang menggalakkan, menaja, mengadakan atau menyelia perhimpunan, atau menjemput atau merekrut peserta atau penceramah bagi perhimpunan. Ini bermakna penganjur perhimpunan merangkumi definisi yang amat luas dan ini termasuk sesiapa sahaja yang terlibat. Terminologi ’merekrut’ juga tidak mempunyai sebarang pendefinisian yang jelas menimbulkan lagi kekaburan dan kekeliruan.
2.6	Penggunaan Kekerasan Dibenarkan
Agak mengejutkan apabila merujuk kepada seksyen 21 yang membenarkan pihak polis menggunakan kekerasan untuk menyuraikan perhimpunan. Walaupun peruntukan ini merujuk kepada “kekerasan yang munasabah”, kebenaran untuk membolehkan pihak polis menggunakan kekerasan tanpa ada apa-apa definisi dan skop bakal membuka ruang yang luas untuk ianya digunakan sewenang-wenangnya. Bukan itu sahaja, denda yang dikenakan kepada mana-mana pihak yang gagal untuk mematuhi seksyen ini ialah denda tidak melebihi RM20,000.
Peruntukan seumpama seksyen 21 ini yang memberikan kuasa ekslusif kepada pihak polis untuk menggunakan kekerasan bagi menyuraikan perhimpunan dan denda yang tinggi kepada sesiapa yang gagal mematuhinya membuktikan bahawa terdapat ketidakadilan dan ketidakrelevanan sebahagian besar ruang lingkup dan pendekatan Rang Undang-undang Perhimpunan Aman 2011 ini. Aspek ini sewajarnya diberikan perhatian serius oleh pihak kerajaan selaras dengan hasrat transformasi yang ingin dilaksanakan.
2.7	Akses Munasabah Kepada Media
Di antara aspek yang juga boleh dipertikaikan ialah peruntukan mengenai akses kepada media. Seksyen 24 memperuntukkan bahawa mana-mana wakil media hanya boleh mempunyai akses yang munasabah kepada tempat perhimpunan dan menggunakan apa-apa kelengkapan untuk membuat laporan tentang perhimpunan itu. Apakah yang dimaksudkan dengan ‘akses munasabah’ ini? Pihak manakah yang menentukan kemunasabahan akses ini?. Apakah sekatan-sekatan yang boleh dikenakan kepada media untuk menentukan kemunasabahan akses tersebut?
Peruntukan ini secara umumnya boleh menyekat media untuk mendapatkan maklumat secara adil dan bebas terhadap perhimpunan yang diadakan dan seterusnya boleh menafikan kebebasan media serta menidakkan laporan sebenar yang berlaku. Walaupun kebebasan media tidak boleh diberikan secara mutlak, tetapi menidakkan kebenaran dan fakta yang tepat melalui peruntukan sedemikian rupa umpama menafikan hak rakyat atau masyarakat untuk mengetahui kebenaran dan apa yang sebenarnya berlaku. Media perlu diberikan akses yang sewajarnya dan masyarakatlah yang perlu berperanan untuk mengadili sebarang laporan yang tertera di media massa.
3.0	Kesimpulan
Hasrat kerajaan untuk melakukan transformasi yang menyeluruh dalam sistem pentadbiran termasuk perundangan adalah sesuatu yang sewajarnya diraikan. Keputusan untuk memansuhkan beberapa undang-undang yang tidak lagi sesuai dilaksanakan menunjukkan sedikit sebanyak komitmen kerajaan untuk merealisasikan transformasi ini. Namun begitu, setelah meneliti dan membuat pemerhatian terhadap beberapa keputusan dan tindakan kerajaan akhir-akhir ini, polisi dan pendekatan transformasi ini menimbulkan pelbagai keraguan.
Di antara keraguan yang dizahirkan merujuk kepada pengenalan Rang Undang-undang Perhimpunan Aman yang telah dibentangkan di Parlimen November lalu. Setelah diteliti, Rang Undang-undang ini mempunyai pelbagai kelemahan dan terdapat beberapa persoalan signifikan  yang perlu diberikan perhatian. Penulis telah menggariskan beberapa aspek penting yang menimbulkan seribu persoalan dan ini termasuk tiada wacana awam, pelbagai sekatan dan syarat, kuasa budi bicara pihak polis, kuasa Kementerian Dalam Negeri, Kekaburan undang-undang, penggunaan kekerasan dan akses munasabah kepada media. Senarai ini tidak berhenti setakat ini sahaja. Masih terdapat banyak lagi persoalan dan keraguan yang timbul mengenai undang-undang ini. Rang Undang-undang ini juga sebenarnya boleh menidakkan hak umum berhimpun dan menyatakan pendirian mereka terhadap sesuatu isu yang relevan dan signifikan. Oleh kerana ianya mempunyai lebih banyak kelemahan berbanding kelebihan dan kekaburan dari aspek ruang lingkup undang-undang serta memberikan kuasa budi bicara yang amat luas kepada pihak berkuasa, penulis cenderung untuk menolak Rang Undang-undang ini melainkan dianjurkan terlebih dahulu secara menyeluruh wacana awam untuk meneliti dan memperkemaskan lagi isi kandungan dan pendekatannya.
Regards

ZULKIFLI HASAN
Statue of Liberty, New York, USA
Share this:
Facebook

X
Like this:
Related
My Thought
permalink
Leave a comment
Post navigation
← Previous
Next →
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
November 2011

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
« Oct
Dec »
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
Create a free website or 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