BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: October 2014
October 29, 2014
DR. ZULKIFLI HASAN
Visiting Georgetown University Washington DC
Visiting Georgetown University, Washington DC
Georgetown University Campus
With my good friend Dr Khalil Anani, Adjunct Professor at Georgetown University
Discussion with Professor John L Esposito
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October 21, 2014
DR. ZULKIFLI HASAN
Muslim world needs to develop method in Islamic finance
Muslim world needs to develop method in Islamic finance
Available at:
http://www.thesundaily.my/news/1204692
KUALA LUMPUR: The Muslim world needs to develop a revolutionary method in Islamic finance to allow entrepreneurs and financiers to leverage each other to contribute to the nation’s economic growth sustainability, Datuk Seri Najib Abdul Razak said.
The prime minister said Islamic countries had made remarkable progress and became a significant group in the global economy as the total gross domestic products of the Organisation of Islamic Cooperation (OIC) countries had grown to US$9.4 trillion in 2012 from US$7.5 trillion.
The numbers showed that the Muslim world has limitless potential, he said in a keynote address at the Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank (ADFIMI) – SME Bank International Forum 2014 here today.
“The Muslim world through organisations, such as ADFIMI, must continue to emphasise that Islamic nations are peaceful sovereigns and a source of prosperity for the world.
“Our potential is enormous if we are organised and get our act together,” he said.
The prime minister said as an Islamic finance pioneer, Malaysia could and must play an influential role in ensuring the sector’s future development.
“Ten years ago, Malaysia issued the world’s sovereign sukuk.
Today, Islamic finance is a US$1.2 trillion market; this is expected to rise to US$2.6 trillion by 2017. Islamic finance is now growing at 50 per cent faster than conventional banking,” he said.
Hence, Najib called on small medium enterprises (SMEs) to make greater inroads in Islamic finance as one of the fastest growing sectors in a crowded financial marketplace.
Najib drove home the point that there were some issues that needed to be rectified by the industry, such as regulatory hurdles, lack of consumer education and the need for more business-friendly policies.
In Malaysian context, he said, the government aimed to increase the SME macroeconomic contribution to 41% of the GDP, 62% of employment and 25% of exports by 2020.
“This is a tall order, but I believe this is achievable and attainable,” he said.
Najib noted that RM12 billion was spent for 157 SME development programmes last year that supported nearly 890,000 projects across all economic sectors.
He said that this year the spending rose to RM13 billion and almost half of the funds came from the private sector.
Present were Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz, Khazanah Nasional Bhd Deputy Chairman Tan Sri Nor Mohamed Yakcop, SME Bank Group Managing Director Datuk Mohd Radzif Mohd Yunus, and ADFIMI Chairman Mehmet Emin Ozcan. – Bernama
Regards
Zulkifli Hasan
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October 6, 2014
DR. ZULKIFLI HASAN
Visiting Cornell University
Visiting Cornell University, Ithaca, New York
Cornell University
Founding Father of Cornell University
Cornell Waterfall
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Buttermilk Falls
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October 2, 2014
DR. ZULKIFLI HASAN
Female Bank CEOs Deepen Malaysia Expertise Pool in Islamic Finance
Female Bank CEOs Deepen Malaysia Expertise Pool in Islamic Finance
By Liau Y-Sing and Yudith Ho  Available at:
http://www.bloomberg.com/news/2014-09-17/female-bank-ceos-deepen-malaysia-expertise-pool-islamic-finance.html
Raja Teh Maimunah Raja Abdul Aziz, chief executive officer of Hong Leong Islamic Bank Bhd.

In her native Malaysia, Hong Leong Islamic Bank Bhd. Chief Executive Officer Raja Teh Maimunah Raja Abdul Aziz says she has never felt discriminated against on the basis of her gender. Overseas, it’s a different matter.
“I was speaking at a conference in Europe when somebody got up and said how can you be speaking about Islamic finance when you’re a woman?,” the 46-year-old who took over as head of the unit of the country’s fourth-largest bank in 2011, said in a Sept. 9 interview in Kuala Lumpur. “In Malaysia, there is a conscious effort by the government on gender diversity.”
Two of the nation’s 16 Islamic lenders now have female CEOs and three of the 11-member central bank Shariah Advisory Board are women, becoming role models for Prime Minister Najib Razak’s drive to raise the female labor participation rate to 55 percent by 2015, from 52.4 percent now. The push, which mirrors similar efforts in Japan and South Korea, aims to widen the pool of available talent and help Malaysia maintain its position as the world’s preeminent center for Islamic finance. Only one Shariah bank in the Middle East has a female CEO.
“Because Malaysian banks don’t discriminate between genders when recruiting, that means they can tap a larger pool of talent,” Abas A. Jalil, chief executive at Kuala Lumpur-based consulting company Amanah Capital Group Ltd., said in an interview yesterday. “The size of Malaysia’s Islamic finance industry speaks for itself. Having women in executive positions allows the banks to have a more diverse point of view.”
Global Hub
Southeast Asia’s third-biggest economy has carved out a position as the major global hub in an industry that Ernst & Young LLP estimates will see assets doubling to $3.4 trillion by 2018. Malaysia accounts for 59 percent of outstanding sukuk worldwide, compared with 31 percent for the Gulf Cooperation Council countries of Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman.
Annual sales of ringgit-denominated Islamic bonds have more than tripled in the last 10 years as Malaysia attracted overseas issuers including Bank of Tokyo-Mitsubishi UFJ Ltd. and sovereign wealth fund Bahrain Mumtalakat Holdings Co. Issuance climbed 82 percent to 43.9 billion ringgit ($13.5 billion) this year from the same point in 2013, compared with a 41 percent increase to $33.1 billion worldwide.
Unlike Saudi Arabia, where women are forbidden from driving, Malaysian women face few restrictions and are able to compete freely with men for jobs and places at institutions of higher learning. Women accounted for 68 percent of public university enrollment in the 2013/2014 academic year, according to official figures.
Female Scholars
Fozia Amanulla, the female chief executive officer of Alliance Islamic Bank Bhd. recalls being at a meeting at a Saudi Arabian lender where they didn’t even have a women’s toilet.
“The whole building comprised of men,” said the 46-year-old in a Sept. 11 interview in Kuala Lumpur. “Even the tea person was a man. In that kind of situation you feel a little awkward.”
Being open to female talent has allowed Malaysia to access a wider pool of Shariah scholars, an area where there is a shortage of experts. Bank Negara Malaysia’s Shariah Advisory Council include university lecturers Engku Rabiah Adawiah Engku Ali and Rusni Hassan and researcher Shamsiah Mohamad, according to the central bank’s website. That contrasts with the Middle East, where female scholars are extremely rare.
“It’s a number of reasons, demographics and cultural” that have contributed to the lack of female Shariah scholars in the GCC, Sheikh Bilal Khan, co-chairman of Dome Advisory Ltd., said in a phone interview from London yesterday. “But I don’t think there is a lack of female talent in the Middle East.”
Participation Rates
Bank Negara, led by a woman since the Asian financial crisis in 1998, has been at the forefront of efforts to build the nation’s sukuk market and open up the Islamic finance industry to overseas investors.
“You have to demonstrate capability, knowledge and background and a track record,” central bank Governor Zeti Akhtar Aziz said in a Sept. 3 interview in Kuala Lumpur. “So regardless of gender, that is how positions should be accorded.”
Some 44 percent of Malaysian women aged 15 and above were employed in 2012, according to figures from the World Bank. That compares with 47 percent in the United Arab Emirates, 39 percent in Bahrain and 18 percent in Saudi Arabia.
‘True Spirit’
“The Malaysian government has given considerable thought to the enabling infrastructure required to supplement its policy to develop the domestic Islamic financial system,” Stella Cox, London-based managing director of DDGI Ltd., an Islamic finance consultancy, said in an e-mail interview yesterday. “Education, training and resource development have all been focal points.”
Prime Minister Najib has taken a number of steps to encourage women into the workforce since he took office in 2009. Tax incentives are offered to companies that establish nurseries and allow flexible work arrangements and the government allocated 2.2 billion ringgit last October to a fund that includes a program to train women to become entrepreneurs and company directors.
“Malaysia has embraced the true spirit of the philosophies of Islamic jurisprudence,” Hong Leong Islamic’s Raja Teh said. “If you look at Islam and the philosophy and teachings, women are really regarded as equals.”
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Zulkifli Hasan
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: March 24, 2010
March 24, 2010
DR. ZULKIFLI HASAN
The BNM tightens Shari’ah governance rules for IFIs
Malaysia c.bank tightens sharia rules for Islamic banks
By Liau Y-Sing Available at:
http://in.reuters.com/article/fundsNews/idINSGE62N02R20100324?sp=true
KUALA LUMPUR, March 24 (Reuters) – Malaysia’s central bank announced on Wednesday rules to tighten sharia compliance at Islamic banks including raising sharia advisers’ accountability and independence, and requiring audits on banks. Disputes on the compliance of certain products such as a recent case involving Kuwait’s Investment Dar have put the spotlight on the role of sharia advisers in approving products and their relationship with bank management.
Malaysia’s central bank, which oversees the world’s largest sukuk market, said Islamic banks must set up sharia review, audit and risk management control functions to reinforce compliance. “The framework aims essentially to strengthen the sharia governance process, decision-making, accountability and independence,” the central bank said in its 2009 annual report.
“To reinforce the sharia compliance functions, internal sharia review and audit requirements will be introduced, supported by an appropriate risk management process and research capability.” The central bank, Bank Negara, said under the rules the board would be responsible for the overall sharia oversight of Islamic banks but must recognise the independence of sharia advisers. The role of sharia advisers is widened to include ensuring implementation of decisions involving Islamic law and must inform the bank where non-compliance with sharia issues have not been properly addressed.
Islamic financial institutions in Malaysia, which include the units of HSBC, Kuwait Finance House, Maybank  and CIMB, must have review functions that continuously monitor sharia compliance of their operations. They must also have annual sharia audits which would provide an independent assessment of compliance with established policies, Bank Negara said.
“The senior management is also responsible for ensuring that all submissions to the sharia committee are adequately researched and supported by a thorough study on the sharia issues, product structuring and documentation,” it said. Lawyers have said some banks selectively disclose information to sharia advisers to speed up the approval process for products or push these experts for an endorsement within a short time after supplying them with complicated financial documents.
A recent court case involving Kuwait’s Investment Dar and Lebanon’s Blom Bank has revolved around arguments on the sharia compliance of a certain product, which experts say could leave investors wary of Islamic finance. Dar has refused to pay Blom Bank $10.7 million, arguing that their original deal involving a wakala or agency arrangement — which was approved by its sharia board — fell foul of religious laws. Dar’s charter prohibits it from entering into non-Islamic transactions. Lawyers say the case has raised several issues including the the level of communication between the bank’s board and its sharia advisers. On its plan to introduce guidelines for a uniform application of popular Islamic financing structures, Bank Negara said it would finalise rules for the ijara, mudaraba, musharaka, istisna and wadiah contracts by end-2010. It had launched rules last year for a standard application of the murabaha structure.
“It is better for a city to be governed by a good man than by good laws.” Aristotle.
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Milan, Italy
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: May 2009
May 27, 2009
DR. ZULKIFLI HASAN
Islamic finance industry has suffered less turmoil than western institutions
Financial Times By Dr Humayon Dar. (Available at
http://www.ft.com/cms/s/0/b96e901a-48c3-11de-8870-00144feabdc0.html?nclick_check=1
)
Sir, The impressive growth of the Islamic finance industry over the past decade has not gone unnoticed – certainly not by those envious enough to tarnish its strictures against leverage, speculation and gross uncertainty. While some of the issues Lex (May 19) raises must certainly be debated, recognition should also be given to these principles, which have saved Islamic finance from the fate now being suffered by its western conventional counterpart.
It’s true that our industry is relatively new – certainly by conventional financial standards. But one must put emphasis on the fact that it is maturing, with two robust regulatory agencies in the Accounting and Auditing Organisation for Islamic Financial Institutions, and Islamic Finance Service Board, both issuing standards of practice. Sharia scholars are at the forefront of both these organisations.
A criticism of Islamic finance at this stage would be a criticism of the long standing relationship that it has had with capitalist investment banks, through which it has been able to develop innovative hybrid structures, with the added feature of sharia compliancy. Islamic finance has the potential of attracting a new flock of 1.6bn investors. A flock with principles, and also a flock that has enjoyed considerably better protection of capital than that seen in the west.
Learning from the practical mistakes of conventional financial institutions, Islamic banking has initiated a process of reform to further strengthen itself internally. The ruling recently issued by the International Fiqh Academy of the World Muslim League on Tawarruq (a synthetic commodity trade-based mechanism that achieves the economic effects of an interest-based loan) is a firm step in this direction.
Such developments must be appreciated rather than used as an example of disagreement among sharia scholars. Similarly, there is now greater clarity on sukuk structures after the well-advertised ruling against purchase undertakings in partnership-based sukuk.
Best Regards

ZULKIFLI HASAN

KUALA LUMPUR
Muscat, Sultanate of Oman
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May 15, 2009
DR. ZULKIFLI HASAN
Is Islamic Finance the Answer?
By Robin Brant. (Available at:
http://news.bbc.co.uk/1/hi/business/8025410.stm
)
Experts in Islamic finance believe their way of doing business has shielded them from the global credit crisis. But how does it differ from conventional Western finance? A former executive director of the International Monetary Fund, Dr Abbas Mirakhor, says wider Islamic economics relies on God’s guidance, handed down almost 1,400 years ago. There is a “consciousness of a supreme creator and a system that he has provided”, he says. What we know as the conventional Western way does not have that, which is “really the major difference between the two”, he adds. In practical terms, the most significant difference is that charging interest is not allowed in Islamic finance.
FEATURES OF ISLAMIC ECONOMY

Dealing in interest, liquor, pork, gambling or pornography are prohibited under Sharia law. Islam forbids all forms of economic activity which it deems morally or socially harmful Individuals must spend their wealth judiciously and not hoard it, keep it idle or squander it. Muslims have a duty to contribute a percentage of their wealth to deprived and poor sections of Muslim society. Neither are most forms of speculative investment permitted, such as hedging or derivatives trading.
“We don’t recognise the concept of interest and look for some profit from trading money,” explains Dr Bambang Brodjonegoro from the Islamic Development Bank. “In the Islamic concept, money is strictly for the purpose of exchange or storing value, but not for the transaction of looking for excessive profit,” he says.
Sharing risks
How then, does an Islamic bank, and a customer who puts money in that bank, make a profit? The system is asset-based, with tangible assets or commodities at the heart of it. There are buyers and sellers, not borrowers and lenders.
Here is a comparison.

In Los Angeles a customer who wants to borrow money to buy a car would go to a conventional bank and agree a loan. The bank would hand over the money. There would be regular repayments, which include interest accrued on the loan. In Lahore a customer could go to an Islamic bank and sign a contract with the bank to buy a car from them. The bank would not loan the money but buy the car itself. Then it would sell it to the customer at a mark up. The customer would agree to pay back the cost in instalments over a regular period.
One of the core principles at the heart of Islamic economics is risk sharing. The bank and the people who put their money in it share any profit, or loss, from investments. “In Islam we appreciate merit, so if someone works harder in a business…they (the bank) will get the sharing benefit,” explains Dr Brodjonegoro. “The more important thing is that there will be no bank that rules everything. It will be bank and borrowers at the same level and they share the risk and benefit.”
Alternative way
This sense of equality is important. It is one of the defining characteristics which proponents of Islamic economics say make it different from the conventional western way. Islamic economics also highlights a belief in benefitting the wider Muslim community. The former IMF Executive Director Dr Mirakhor says that it chimes with “a movement toward becoming more ‘other conscious’…having consciousness about the other fellow, about the general public interest.” This contrasts with what he described as the “simple narrow basis of self interest which motivates, supposedly, the economic agents in the liberal economic system.” Some see the Islamic model as an alternative. Others see it as complementary to the system which has dominated the western world.
“I don think that this Islamic banking system is the alternative, that we have one or the other. I think this is a complimentary service, a way of doing service,” says Prof Ekmeleddin Ihsanoglu, Secretary General of the Organization of Islamic Countries. “It needs to be an option there where people can find different ways of doing the same thing.”
Compromising principles
Islamic economics is not the exclusive preserve of Muslims. Islamic Bank of Britain UK has 8th largest Islamic finance sector according to the DTI. London is emerging as a major financial centre for Islamic finance. Islamic banking products are also widely used by non Muslims in Malaysia. “This is an alternative system that can be applied to everybody. Everybody can use it regardless of their religion,” says Dr Brodjonegoro from the Islamic Development Bank. Major banks like Britain’s HSBC and Citi of the US have set up Islamic banking subsidiaries that are flourishing. Some of the champions of the Islamic way want to see business expand beyond the natural market of Muslim countries.They believe that now, more than ever, there is a market for non Muslims who share in the values espoused in Islamic economics. But there are some who fear that by expanding the Islamic way is becoming less Islamic.
Time to reflect
“Unfortunately what is happening is that Islamic finance in some ways is moving more and more closely to the conventional finance,” says Prof Habib Ahmed, a world authority on Islamic finance. “If you look at the development in the past few years, Islamic finance appears to be mimicking most of the products of conventional finance.” There has never been a better time to champion an economic model which is different to the one laying in shreds on Wall Street, says Prof Ahmed. But he believes that the Islamic concept is being diluted. “As people after this crisis are looking for solutions…the Islamic finance industry is moving towards that very system,” he says. “I think it is time for Islamic finance to pause and think of the direction it is taking”.
Best Regards

ZULKIFLI HASAN
Trafalgar Square, London
Islamic finance news
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May 10, 2009
DR. ZULKIFLI HASAN
Thought Leadership Series, Islamic Finance and Corporate Governance: My Interview
Assalamualaikum,
Dear Readers,
I would like to share my recent thoughts on the issue of Corporate Governance in Islamic financial institutions featured in the newsletter of Hawkamah, the Institute for Corporate Governance of Dubai International Financial Centre. As part of its Thought Leadership Series, Hawkamah had conducted an exclusive interview with purpose of getting information and enlightening several essential issues pertaining to corporate governance practice of IFIs across jurisdictions. Below is the excerpt of the interview (Also available at
http://www.hawkamah.org/news_and_publications/newsletter/files/10.pdf
)
Enjoy reading!
Part of Hawkamah’s thought leadership strategy involves engaging scholars with its work to look at Corporate Governance challenges faced by the region. Zulkifli Hasan a Ph.d candidate of University of Durham, UK from Malaysia has recently joined for a three-month program and has been working on the Taskforce on Islamic Financial Institutions (IFIs). His unique research focus is Shari’ah governance and he has analyzed and looked at corporate governance of IFIs in Malaysia, GCC Countries and the UK.
What is Shari’ah governance?

In IFIs, Shari’ah governance mostly refers to the management, establishment and affairs of the Shari’ah board. The Shari’ah board, normally consists of fiqh scholars, practitioners and academicians, is an independent body entrusted with the duty of directing, reviewing, supervising the activities of IFIs for purpose of Shari’ah compliance and issuing legal rulings pertaining to Islamic banking and finance. In carrying out these duties, the Shari’ah board needs sound framework and structure to ensure its independence and effectiveness. On this basis, Shari’ah governance refers to a set of organizational arrangement as to how the Shari’ah board is directed, managed, governed and controlled that ensures the governance structure and framework is in compliance with the principles of Shari’ah. Shari’ah governance aims at ensuring the Islamicity of financial transaction and activities so as to uphold the integrity of the IFIs as inspired by all stakeholders by strengthening the institution of Shari’ah board.
What is the main issue involved in relation to Shari’ah governance system?

As Islamic finance becomes an integral part of the international financial system, it will face numerous challenges. The world has experienced numerous distinct banking crises in the past including the recent crisis which are all based on conventional banking system. In order to prove its resilience and provide for a better alternative to its conventional counterpart, the Islamic financial industry needs to ensure that it will not be a source of such financial instability.
A sound Shari’ah governance system is one of the main contributors that guarantee the stability in IFIs because the integrity of IFIs greatly depends on the status of Shari’ah compliance, the impact of products, professional competence and behaviour towards and observance of Shari’ah norms. For instance, one of the major factors of the 1986 failure of Kleinwort Benson, the first investment bank to introduce an Islamic unit trust, was due to investor’s reservations about the absence of a Shari’ah governance system. Additionally the closure of Ihlas Finance House in Turkey in 2001 was due to poor governance practice and this includes failures of management, control, strategy and regulators.
Therefore it is very important for us to identify challenges and to promote best practice in relation to Shari’ah governance system such as the independence of Shari’ah board, its operative procedures, transparency and disclosure practices, conflict of interest arrangement and competency board and executives. These efforts will bring into focus the needed measures that need to be carried out to strengthen and improve the Shari’ah Governance system in IFIs.
What do you hope to achieve in relation with Shari’ah governance system in IFIs?

IFIs in Malaysia, GCC Countries, the UK and any other part of the world have different set of frameworks. The existing Shari’ah governance framework needs further enhancement and improvement and this is important for the consolidation and sustainable of Islamic finance industry globally. I strongly believe that the need to have effective Shari’ah governance is really crucial which would then strengthen the credibility of IFIs. Failure to provide efficient Shari’ah governance would inevitably lead to serious disruptions in the market which would have dire consequences for Islamic finance industry itself. I personally hope that the future Shari’ah governance framework will be nurtured from the best practices and more importantly will be able to promote additional values to the existing corporate governance framework such as trust, fairness, transparency, credibility, responsibility through the underlying Islamic principles of beliefs (aqidah), Shari’ah and ethics (akhlaq). For this purpose, there must be continuous, thorough and intensive research on the subject of corporate governance of IFIs and I believe that in this aspect, Hawkamah is one of the institutions that can contribute something towards this aspiration.
Best Regards

ZULKIFLI HASAN

DUBAI, UAE
Sultan Qaboos Grand Mosque, Muscat, Sultanate of Oman
Islamic finance news
1 Comment
May 5, 2009
DR. ZULKIFLI HASAN
Organized Tawarruq is NOT permissible: OIC Fiqh Academy
Resolution 179 (19/5) in relation to Tawarruq: its meaning and types (classical applications and organized tawarruq)
The International Council of Fiqh Academy, which is an initiative of the Organization of Islamic Conferences (OIC), in its 19th session which was held in Sharjah, United Arab Emirates, from 1 – 5 of Jamadil Ula 1430 AH, corresponding to 26 – 30 April 2009, decided on the following:Having reviewed the research papers that were presented to the Council regarding the topic of tawarruq, its meaning and its type (classical applications and organized tawarruq), a resolution were passed. Furthermore, after listening to the discussions that revolve about the applications of tawarruq, the resolutions were presented at the International Council of Fiqh Academy, under auspices of the Muslim World League in Makkah.
The following were the resolutions:
First: Types of tawarruq and its juristic rulings:

Technically, according to the Fiqh jurists, tawarruq can be defined as: a person (mustawriq) who buys a merchandise at a deferred price, in order to sell it in cash at a lower price. Usually, he sells the merchandise to a third party, with the aim to obtain cash. This is the classical tawarruq, which is permissible, provided that it complies with the Shari’ah requirements on sale (bay).
The contemporary definition on organized tawarruq is: when a person (mustawriq) buys a merchandise from a local or international market on deferred price basis. The financier arranges the sale agreement either himself or through his agent. Simultaneously, the mustawriq and the financier executes the transactions, usually at a lower spot price. Reverse tawarruq: it is similar to organized tawarruq, but in this case, the (mustawriq) is the financial institution, and it acts as client.
Second: It is not permissible to execute both tawarruq (organised and reversed) because simultaneous transactions occurs between the financier and the mustawriq, whether it is done explicitly or implicitly or based on common practice, in exchange for a financial obligation. This is considered a deception, i.e. in order to get the additional quick cash from the contract. Hence, the transaction is considered as containing the element of riba.
The recommendation is as follows:
To ensure that islamic banking and financial institutions adopt investment and financing techniques that are Shari’ah-compliant in all activities, they should avoid all dubious and prohibited financial techniques, in order to conform to Shari’ah rules and so that the techniques will ensure the actualization of the Shari’ah objectives (maqasid Shari’ah). Furthermore, it will also ensure that the progress and actualization of the socioeconomic objectives of the Muslim world. If the current situation is not rectified, the Muslim world would continue to face serious challenges and economic imbalances that will never end. To encourage the financial institutions to provide Qard Hasan (benevolent loans) to needy customers in order to discourage them from relying on Tawarruq instead of Qard Hasan. Again these institutions are encouraged to set up special Qard Hasan Fund.
My Observation
I personally view that the IFIs must be very caution and not to be complacent in developing Islamic financial products by relying on controversial instruments as in the case of Tawarruq. Muhammad Nejatullah Siddiqi has already viewed that Tawaruq is impermissible due to its inherent mafsadah. Although there is no explicit text which denotes the illegality of tawaruq or even analogical reasoning, the element of mafsadah has clearly overwhelmed the maslahah. By offering tawaruq which is appeared to be as much as bay’ al Inah instrument adds another debt financing facilities that generates debt proliferation in the market.  If there is no restriction and warning to the excessive utilization of debt based instrument such as further involvement of the IFIs with tawaruq facility, it will clearly undermine the ‘productive economic activity’ discourse in Islamic economics.
Best Regards

ZULKIFLI HASAN

DUBAI, UAE
Durham, UK
Islamic finance news
My Thought
1 Comment
May 4, 2009
DR. ZULKIFLI HASAN
Credit Crunch: A Chance to develop the Islamic Finance Market in Germany?
By Nicole Guski, Islamic Finance News (IFN) Vol. 6, Issue 10. Available at
http://www.nortonrose.com/news/inthepress/news20430.aspx?lang=en-gb
Nearly five years have passed since the federal state of Saxony-Anhalt in Germany issued Europe’s first Islamic bond in July 2004. As a result of such issuance market players were quite enthusiastic about the potentials of Islamic finance for the German market. Although more than 3 million Muslims live in Germany and the Deutschland-AG has a good reputation in many Muslim countries the expected boom of Islamic finance seems not to have arrived in Germany. The reasons for this are manifold, but unlikely due to a lack of potential. Although the majority of Muslims living in Germany have a background of migration and as a result have tendency to a lower income by than German natives, their savings are usually higher. According to Booz & Company there is a potential of Euro 1.2 Billion per annum for Shariah-compliant finance products which would mean an annual growth of 15 – 20 % . There is definitely also a growing interest in the product as the increasing number of attendees from Germany at Islamic finance conferences shows.
Due to globalization a rising number of German banks are already involved in the Islamic finance markets outside Germany. In particular German banks such as Deutsche Bank, Commerzbank and Dresdner Bank are quite active in such markets. Deutsche Bank has been issuing sukuks in cooperation with Saudi banks since 2005. These are, however, not the only banks which are active in the field of Islamic finance. In 2005 for example, it was announced that Arcapita Bank B.S.C. mandated Bayerische Hypo- und Vereinsbank AG, Standard Bank plc and WestLB AG, London Branch to arrange a US $ 200,000,000 five multicurrency murabaha sukuk. In particular Islamic trade and export finance structures are structures which are regularly used by German banks. Similarly CCH Europe GmbH, the German subsidiary of CCH International, arranged a $ 20 million murabaha for Globexbank, Moscow in 2006.
In order to service their Muslim customers German banks often establish a Shariah-compliant window. Just recently HSH Nordbank, a German financial institution and key market player in shipping and renewable energy finance, together with Dubai’s Al Salam Investment signed an agreement with the intention of setting up a Shariah-compliant joint venture in 2009. Also in the past Islamic finance was never a one-way street. Since 2006 Islamic investors have shown an increasing interest in investment opportunities in Germany. In particular the German real estate market was a main target of such investments. Just to name a few, Abu Dhabi Investment House launched a Euro 600 million Gulf German residences fund in 2006, Arab Investment Ltd set up its German AIL Fund 1 for the purpose of making investments in German shopping centers and commercial properties in 2007 and Deutsche Bank even launched a special banking brand called Bankamiz for its Turkish costumers who represent the largest Muslim community in Germany. Still the German Islamic finance market is not yet as developed as in the UK and in all likelihood now also ranks behind the French Islamic finance market given the significant tax and regulatory changes announced by the French authorities last year. What are the obstacles which prevent the German Islamic finance market from developing faster? Why is there not a higher demand for Islamic finance products in Germany given the size of the Muslim community?
Lobby for Islamic Finance in Germany

One suspicion is that German Islamic finance products are not widely known within the Muslim community in Germany as such products are rarely advertised. According to Michael Mahlknecht even bankers are often not aware of the existence and availability of such products within their bank. Accordingly such products are not offered to their customers and there is also probably an element of reluctance on such customers to enquire about these products in light of the unjustified but nevertheless stereotypical association that is often made with persons of a Muslim background being linked to terrorists. In addition, the Muslim community in Germany is not a homogeneous group as most of them have a background of migration with family stemming from different countries. Even if they are second or third generation Muslims living in Germany their cultural differences are still quite apparent. Accordingly it is more difficult for them to create their own lobby in Germany. A good example for such difficulties is the Central Council of Muslims in Germany (Zentralrat der Muslime in Deutschland – ZMD). Although the ZMD was established in 1995 there is still an ongoing discussion amongst Muslims in Germany whether the ZMD has the authority to represent the German-Muslim community.
To alleviate such concerns it would assist if, similar to the UK or France, the German government acknowledges Islamic finance as part of standard business by implementing the appropriate legal framework. A platform for which might be that the Federal Financial Supervisory authority (BaFin) in Germany has signed Memoranda of Understanding (MOU) with various regulatory authorities in the Middle East. Pursuant the MOUs BaFin agreed to co-operate with such authorities which includes establishing training programs to increase a better mutual understanding. Although such a co-operation will not immediately change the legal framework for Islamic finance in Germany a better mutual understanding will increase the awareness of Islamic finance products in Germany and may build a greater confidence in the product which may ultimately lead to a stronger lobby for such product.
Certification of Islamic finance products

In addition to the lack of a unified lobby, not every product which is called an Islamic finance product might be recognized as such by every Muslim living in Germany. To overcome such obstacle and to support the German financial institutions to increase the reliability on the Shariah-compliance of their products, ZMD commenced an initiative for establishing a program to certify the Shariah compliance of a product. Although such a program is undoubtedly appropriate to improve the reliability of Islamic finance products it is unlikely that such a program can allay all doubts surrounding the Shariah-compliance of the product. As stated above ZMD is not recognized by all Muslims in Germany as their authorized representative.
A similar issue exists in most Muslim countries where the compliance of a product with the Shariah is supervised by a competent Shariah Board of the relevant financial institution. Although the Shariah Board is independent from the financial institution and not bound by any instruction from it, experience shows that the degree of supervision often depends on the individual members on such board, i.e. a product approved by a fatwa of one Shariah Board as being Shariah-compliant might be criticized by the members of another Shariah Board. It is therefore regularly discussed at conferences and in meetings whether a central Shariah Board should be established to avoid any discrepancies. Apart from Malaysia, the concept of a central Shariah Board is however not accepted in Muslim countries since Islam does not recognise the concept of a centralized representative, as opposed to for example the Catholic Church.
Highly engineered products

Furthermore, it has to be acknowledged that Islamic finance products compete with conventional banking products. The German Muslim community is not prepared to accept Islamic finance products which do not provide them with a similar return as conventional products. Although for example a number of Shariah-compliant structures have been developed to address issues such as double real estate transfer tax, it is desirable that the legal framework in Germany is adjusted to reflect the particularities of Shariah-compliant products to allow a simplification of the relevant structures. This would support a broader use and acceptance of such structures in Germany.
Credit Crunch as a chance for Islamic finance?

Due to globalization the Islamic finance markets have also not been immune to the financial crisis, but as a result of Islamic principles, the Islamic banks are not as highly leveraged as conventional banks and tended to stay away from the main triggers of the financial crisis such as risky derivative products . Due to the global financial crisis the financial sector faces an unprecedented situation which requires a new way of thinking to overcome the difficulties brought by the crisis. Therefore the market is probably more prepared to look at the financial sector from a different angle and in particular be open for a more ethical approach. Accordingly there is good chance that the principles of a Shariah-compliant financing like the ban on uncertainty (gharar), the promotion of risk and profit sharing as well as the promotion of asset-backed transactions may become of a greater interest also to non-Muslims. On the other hand Shariah-compliant products have other inherent risks which have to be taken into account. For example they have usually a greater liquidity risk due a greater mismatch in maturity.
Conclusion

The German market still holds some interesting potentials for Islamic finance products. Regardless of the fact that it is already possible to use Islamic finance products in Germany, it is desirable to increase their awareness and lobby for Islamic finance in Germany by a clear statement from the German government in the form of establishing a legal framework as done in the UK and France and thereby recognizing the particularities of Islamic finance products. A certification of the Shariah-compliance of a product is likely to support the development of the German Islamic finance market even if such certification is not recognized by all Muslims living in Germany. Despite of the fact that the Islamic finance market is not large enough to solve the credit crisis on its own, it can add an interesting dimension to a solution even for the non-Muslim community, but without forgetting to mitigate the risks which are inherent in Islamic finance structures.
Best Regards

ZULKIFLI HASAN

DUBAI, UAE
Zaina Restaurant, Dubai, UAE.
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