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Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: October 2010
October 31, 2010
DR. ZULKIFLI HASAN
IMF: Islamic Banks are More Resilient to Crisis?
Islamic Banks: More Resilient to Crisis?
Available at:
http://www.imf.org/external/pubs/ft/survey/so/2010/RES100410A.htm
* Islamic banks fared differently from conventional banks during global crisis

    * Weaknesses in risk management hurt Islamic bank profitability in 2009

    * Crisis revealed important regulatory and supervisory challenges
A new IMF study compares the performance of Islamic banks and conventional banks during the recent financial crisis, and finds that Islamic banks, on average, showed stronger resilience during the global financial crisis.
But the study also finds that Islamic banks faced larger losses than their conventional peers when the crisis hit the real economy.
In “The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study,” economists Jemma Dridi of the IMF’s Middle East and Central Asia Department and Maher Hasan of the IMF’s Monetary and Capital Market Department look at the effects of the crisis on bank profitability, credit, and asset growth in countries where both types of banks have a significant market share. The new working paper adds an empirical dimension to the debate on the relationship between Islamic banking and financial stability, a topic that has generated renewed interest since the global crisis.
Too big to ignore
Islamic finance is one of the fastest growing segments of the global financial industry. In some countries, it has become systemically important and, in many others, it is too big to be ignored. It is estimated that the size of the Islamic banking industry at the global level was close to $820 billion at end-2008. The largest Islamic banks are located in the countries of the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates).
While Islamic banks play roles similar to conventional banks, fundamental differences exist between the two models. The main difference between Islamic and conventional banks is that the former operate in accordance with the rules of Shariah, the legal code of Islam. The central concept in Islamic banking and finance is justice, which is achieved mainly through the sharing of risk. Stakeholders are supposed to share profits and losses, and charging interest is prohibited.
There are also differences in terms of financial intermediation, the paper notes. While conventional intermediation is largely debt based, and allows for risk transfer, Islamic intermediation, by contrast, is asset based, and centers on risk sharing. One key difference between conventional banks and Islamic banks is that the latter’s model does not allow investing in or financing the kind of instruments that have adversely affected their conventional competitors and triggered the global financial crisis. These include toxic assets, derivatives, and conventional financial institution securities.
Crisis impact
To control for varying conditions across financial systems, the paper looks at the actual performance of Islamic banks and conventional banks in countries where both have significant market shares (see Chart 1). It uses bank-level data covering 2007−10 for about 120 Islamic banks and conventional banks in eight countries—Bahrain, Jordan, Kuwait, Malaysia, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates. These countries host most of the world’s Islamic banks (more than 80 percent of the industry, excluding Iran) but also have large conventional banking sectors. The key variables used to assess the impact are the changes in profitability, bank lending, bank assets, and external bank ratings.
The analysis suggests that Islamic banks fared differently from conventional banks during the global financial crisis. Factors related to the Islamic banking business model helped contain the adverse impact on their profitability in 2008 (see Chart 2). In particular, smaller investment portfolios, lower leverage, and adherence to Shariah principles—which precluded Islamic banks from financing or investing in the kind of instruments that have adversely affected their conventional competitors—helped contain the impact of the crisis on Islamic banks in that year.
The following year, however, weaknesses in risk management practices in some Islamic banks led to a larger decline in profitability compared to that seen in conventional banks (see Chart 3). The weak 2009 performance in some countries was associated with sectoral and name concentration—that is, too great a degree of exposure to any one sector or borrower. In some cases, the problem was made worse by exemptions from concentration limits, highlighting the importance of having a neutral regulatory framework for both types of banks.
Despite the higher profitability of Islamic banks during the pre-global crisis period (2005–07), their average profitability for 2008–09 was similar to that of conventional banks, indicating better cumulative profitability and suggesting that higher pre-crisis profitability was not driven by a strategy of greater risk taking. The analysis also shows that large Islamic banks fared better than small ones, perhaps as a result of better diversification, economies of scale, and stronger reputation. Development of the industry might therefore be achieved, the paper suggests, through establishing large, well-managed Islamic banks that can compete with existing banks.
Source of stability
Islamic banks contributed to financial and economic stability during the crisis, given that their credit and asset growth was at least twice as high as that of conventional banks. The paper attributes this growth to their higher solvency and to the fact that many Islamic banks lent a larger part of their portfolio to the consumer sector, which was less affected by the crisis than other sectors in the countries studied. These findings were corroborated by external rating agencies’ reassessment of Islamic banks’ risk, which was generally found to be more favorable than—or similar to—that of conventional banks.
In view of their robust growth during the crisis, Islamic banks will likely take a growing market share in the future—but this implies greater supervisory responsibility, the authors note.
Challenges revealed
While the global crisis gave Islamic banks an opportunity to prove their resilience, it also brought to light some important challenges. Going forward, the authors say, the industry will need to focus on the following priorities:
• building a well-functioning infrastructure for liquidity management;
• ensuring that the supervisory and legal infrastructure, including for bank resolution, remains relevant in the rapidly changing Islamic financial landscape;
• aligning reform efforts with the global financial regulatory reform agenda; and
• harmonizing regulations and products to foster the efficient and sustainable growth of the Islamic banking industry.
To address these challenges, Islamic banks and supervisors will have to work together to develop the needed human capital, since expertise in Islamic finance has not kept pace with the industry’s growth, the authors say.
Best Regards

ZULKIFLI HASAN
Dubai International Financial Centre
Islamic finance news
1 Comment
October 28, 2010
DR. ZULKIFLI HASAN
Stricter Rules on Shari’ah Governance for IFIs in Malaysia
BNM mulls 5 Shariah advisors for Islamic banks
By Habhajan Singh Available at:
http://islamicfinanceasia.blogspot.com/2010/10/bnm-mulls-5-shariah-advisors-islamic.html
Bank Negara Malaysia (BNM) is mulling at pushing up the number of Shariah comittee members to five from the present three and getting directors more involved in Islamic governance under its wide-ranging proposals on Shariah governance for Islamic banks.
At present, Islamic banks operating on the local turf like Maybank Islamic Bank Bhd, CIMB Islamic Bank Bhd and Kuwait Finance House Malaysia Bhd, are required to have at least three members in their in-house Shariah committee. Each member is not allowed to sit on the Shariah committee board of another Islamic bank, but may sit on the Shariah committee of a takaful operator.
A member of the Shariah Advisory Council (SAC), the Shariah mother-board at the central bank level currently headed by Dr Mohd Daud Bakar, is also not allowed to sit on Shariah committee at the bank level. The measures are partly built in as a firewall to ensure proper governance on the Shariah front.
The central bank is also recommending Islamic financial institutions (IFIs) operating in Malaysia to appoint their respective chairman of Shariah committees onto the board as independent directors. It is understood the Shariah governance recomnmendations drafted by the central bank have been circulated to IFIs for their feedback.
“So far, feedback has been mixed. Some banks may be a little behind the curve on some of the proposals,” said one Islamic finance expert with knowledge of the proposals.
In its latest recommendation, it is understood that BNM is also compelling Islamic banks to ensure that at least three of the five Shariah committee members have Shariah background. It is understood that the requirement is to ensure members are able to fulfil the board’s role, as spelt out in the Islamic Banking Act 1983 and Takaful Act 1984, which is to ensure that all aspects of their bank’s business operations are in accordance with the Shariah principles.
“At the moment, there is no specific requirement. However, in practice, BNM approval is required for the appointment of each and every Shariah committee member. So, invariably, they will ensure that the board is appropriately manned,” said one industry executive.
These proposed changes will mark yet another milestone in the regulation regime in place to govern IFIs which come under the jurisdictions of BNM, especially after the introduction of the Central Bank of Malaysia Act 2009.
In a report on Nov 23, 2009, The Malaysian Reserve noted that an analysis of the new ground rules for the central bank showed a strong Islamic finance flavour running through the 68-page document, especially in empowering of the SAC, designated to be the “authority for the ascertainment of Islamic law for the purpose of Islamic financial business”. On the proposal for Shariah committee chairman to sit on the bank’s board, an industry expert told The Malaysian Reserve that it may raise some issues.
“Some banks have state muftis chairing their Shariah committees. Now, do you want muftis to sit on the boards of Islamic banks?” he asked. Perak mufti Tan Sri Harussani Zakaria, for example, is chairman of Maybank Islamic’s Shariah committee.
At CIMB Islamic, on the other hand, its Shariah committee is headed by Prof Dr Mohammad Hashim Kamali, who is already sitting as an independent director on the bank’s board. Mohammad Hashim is the chairman/chief executive office of Hadhari Institute For Advance Islamic Studies. On the takaful side, MAA Takaful Bhd’s Shariah committee chairman, Dr Mohd Khalil Ruslan from Universiti Malaya’s law faculty, also sits on the company’s board.
Best Regards

ZULKIFLI HASAN
With Dr. Mohamad Daud Bakar at his office in Dubai,  a world-renowned Shari’ah scholar from Malaysia
Islamic finance news
3 Comments
October 26, 2010
DR. ZULKIFLI HASAN
Authenticity, Innovation and Reach in Islamic Finance
Sign posts to Islamic finance 2.0
By Rushdi Siddiqui Available at:
http://www.btimes.com.my/Current_News/BTIMES/articles/20101025000658/Article/
IS the AIR (authenticity, innovation and reach) out of Islamic finance? It has been operating in a viral vacuum of “Islamic on Islamic” as an over the counter fragmented industry without global connectivity.
In the inaugural article, I want to establish the “GPS sign-post” of issues on the road to IF 2.0., by way of “self-interview”, and ask questions that may not have been raised or answered.
Question: At a macro level, what is needed beyond short term liquidity and risk management, standardisation, scholars, qualified human capital, etc?
Answer: First, we need to scientifically establish the size and growth rate of the industry. Is it US$500 billion (RM1.5 trillion), US$750 billion (RM2.3 trillion) or US$1 trillion (RM311 trillion) as the range variance erodes the credibility.

Is Southeast Asia growing faster than Gulf Cooperation Council (GCC)? We should not be “embarrassed” if the size number and growth rates are smaller, it’s a beginning point.
Second, we need to establish leading and lagging economic/financial indicators for this geographically fragmented market, some will be same as “conventional”, but others will be different, i.e., more emphasis on applied over academic research. The world’s attention span is getting shorter, and we need to better capture the pulse and health of Islamic finance (IF) for the day, week, month and quarter for countries, regions, and IF world.
Third, post crisis, deposit taking Islamic banks need to under go a stress test, as exposure to realty is greater, risk and liquidity management is not as robust, issues with deposit insurance, etc., as a confidence building measure.

Fourth, an international Islamic dispute resolution centre, possibly housed in Malaysia much like the IFSB and newly announced International Islamic Liquidity Management (IILM), as industry embarks on 2.0. We need to preempt regulatory arbitrage and supplement the inefficient, expensive and time consuming legal process.
Fifth, sustainability is the century’s mantra, yet, how many Islamic institutions are signatories to the Carbon, Climate or Equator Principles as part of corporate social responsibility? Are there Islamic finance award categories for “Best Sustainability Islamic Bank” or is an Islamic bank in a sustainability index? We are vicegerent (khilafah) of the Almighty here, as the planet is not “owned” by humans, rather gifted to us for safe-keeping or trust (amanah) for future generations.
Finally, serious stakeholders have been commenting on finding alternatives to Libor as reference rate, yet, when serious attempts have been made, similar people have said it (reference rate) would be same for Islamic fixing, cause confusion, and so on. Empirical evidence shows that the delinking of Libor to, say, GCC inter-banks rates exist, hence, proposed Islamic fixing delinking to Libor has commenced.
Q. What areas need work?

A: There are many, but I’d like to focus today on syariah screening, funds, convergence of IF and halal industry, and venture capital (VC). The world’s first Islamic index, by an index provider, was launched in 1999, but what does it really measure? Low debt, non-financial, social ethical companies like Microsoft, Pfizer, ExxonMobil, etc, but do such companies provide a pulse for Islamic finance? Investing in them, via funds usually, provides investment flow information, and it’s usually capital flight out of Muslim country, i.e. as about 85 per cent of market capitalisation weighting of a global Islamic index is in G20 countries.
According to Lipper, about 96 per cent of (560) Islamic funds are actively managed, meaning managers attempting to capture alpha, why not an Islamic fund index capturing alpha? Lipper has one for GCC, why not one for Malaysia?
Islamic finance has neither addressed the needs of non-bankable Muslims (may be 70-85 per cent of the 1.6 billion Muslims) nor its brethren, US$640 billion (RM1.9 trillion) halal industry (HI), separated at birth 1400 years ago. Irony of the situation is the HI is looking for compliant capital, yet IF does not understand the halal model or deemed too small to finance.
Thus, can it be said IF has been driving the halal producers to Riba- based financing?
Finally, the chairman of Malaysia Securities Commission Tan Sri Zarinah Anwar, stated in a keynote speech in 2007, “… how can Malaysia distinguish itself in the emerging market venture capital pool? Our belief is that Islamic VC provides that distinguishing factor.” Where is Islamic VC in Malaysia today?
Q: What are some suggestions for Malaysia?
A: Malaysia’s holistic approach to Islamic finance over last 27 years has made it a global intellectual property leader, but the mainstream media’s attention is on size, hence, traditional bias coverage in GCC. Some of the suggestions include;

There are five FSA approved Islamic banks in the UK, a G20 country, but not one had a Malaysian founding shareholder, and, now, the European wholesale market may have potential for comparable profits to Indonesian retail.
Surely, the Malaysian Islamic finance thought leadership did not miss and does not continue to miss Europe?
Almost every presentation on syariah-compliant companies on Bursa Malaysia (BM) is about applying Securities Commission (SC) screening, yet there is very little GCC syariah-compliant portfolio investing on BM. Why not apply SC screens on Global, GCC, BRIC, Technology, etc, universe of companies? The end result just may be that the top 20 companies in these regions and sectors are similar to S&P syariah or AAOIFI screening, implying the Malaysian screening is not “liberal”.
Investors in the GCC are more interested in market share leading Islamic banks than their products, yet the major players in Malaysia are Islamic subsidiaries, CIMB and Maybank, of conventional bank holding companies. Spin-offs would not generate buzz and interest, but also contribute to build out of syariah based indexes.
We do not have an Islamic asset management hub, and it is here Malaysia can lead without cheerleading. A rich mixture of asset managers, ETF experience, a SWF openly invests Islamically, Hajj fund, etc., and combined with order flow platform and human infrastructure could cause concern for traditional hubs of Singapore, London and Geneva.
Q: Is Malaysia’s IF model exportable to countries?

A: Malaysia’s model is thought through, time consuming, holistic and stakeholder oriented, and led by visionary and committed leaders like prime minister, finance minister, central bank governor and SC chairman. Countries like Kazakhstan, Kenya, Australia, France, etc., all want to be IF hubs to tap the petro-liquidity, but all seem to be in a hurry.
Can the time frame be compressed without consequences? Maybe, but levelling the regulatory and legal playing field is only the beginning. Funds must be set aside for training (bankers and scholars), as seed money for funds (to jump start IF), marketing and PR (to address myths and misconceptions), and so on.
The visibility to IF 2.0 may be clear with fresh AIR, but climbing the narrow and winding mountain road will have challenging speed-bumps and potholes. It will be an interesting ride to stay within guardrails and avoid the unknown over the upcoming articles!
The writer is Global Head of Islamic Finance for Thomson Reuters and is based in New York.
Best Regards

ZULKIFLI HASAN
University of Glasgow, Scotland
Islamic finance news
2 Comments
October 26, 2010
DR. ZULKIFLI HASAN
Palestine, I Hear You – A Poem
A very inspirational and powerful poem by Lilian Rosengarten. May Allah free Palestine from the zionist.
Palestine, I Hear You – A Poem
By Lillian Rosengarten Available at:
http://palestinechronicle.com/view_article_details.php?id=16351
Palestine! You call to me with whispers of pain.

You speak of lost poets, children who cry for lost parents, lost teachers

lost childhoods, dreams torn  from their roots, mangled in a desert gone dry.

In this place, water is poisoned, air putrid from the blood belly of war

There is no escape, only sleep ravished by nightmares or death.
I want to hear your poetry

and tell you mine.

I want to look into your eyes and see myself in you.

Down!  Down beneath the graves I hear your cries

Muffled in a shroud of deception. You don’t exist.
Israel, you are no longer my Israel.

You punish those you call Arabs, dirty Arabs.

Sad peoples of Palestine spit on and defiled, kept behind a wall.

Oh ghetto of Israel, I ache for the reviled proud Palestinians, our brothers and sisters.

But most of all I ache for you, for you know not what you do.
– Lillian Rosengarten was the only American on board the Irene to Gaza.
Best Regards

ZULKIFLI HASAN
Masjid Al Aqsa
Muslims News
Palestine
Poem
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October 25, 2010
DR. ZULKIFLI HASAN
Fiqh Aulawiyyat (the Science of Priority Jurisprudence): Priority of the Ijtihad over the Imitation (Taqlid)
كتب: في فقه الأولويات دراسة جديدة في ضوء القرآن والسنة أولوية الاجتهاد على التقليد
Available at:
http://www.qaradawi.net/site/topics/article.asp?cu_no=2&item_no=2182&version=1&template_id=89&parent_id=1
ومن هذا الباب: أولوية الاجتهاد والتجديد على التكرار والتقليد. وهذا مرتبط بفقه المقاصد الذي أشرنا إليه، وبقضية الفهم والحفظ أيضا.
فالعلم عند السلف من علماء الأمة ليس هو مجرد معرفة الأحكام، وإن كان عن طريق تقليد الغير، وتبني قوله ولو لم تكن له حجة مقنعة، فهو يعرف الحق بالرجال، ويتبع الأشخاص لا الأدلة.
العلم عندهم هو: العلم الاستقلالي، الذي يبتع فيه الحجة، ولا يبالي أوافق زيد أو عمر من الناس، فهو يسير مع الدليل حيثما سار، ويدور مع الحق الذي يقتنع به حيثما دار.
استدل ابن القيم على منع التقليد بقوله تعالى: (ولا تقف ما ليس لك به علم)، قال: والتقليد ليس بعلم باتفاق أهل العلم، وذكر في “إعلام الموقعين” أكثر من ثمانين وجها في إبطال التقليد، والرد على شبهات أنصاره.
وإذا كان الجمود على ظواهر النصوص مذموما، كما هو شأن الظاهرية القدامى والجدد، فأدخل منه في الذم: الجمود على ما قاله السابقون، دون مراعاة لتغير زماننا عن زمانهم، وحاجاتنا عن حاجاتهم، ومعارفنا عن معارفهم. وأحسب لو تأخر بهم الزمن حتى رأوا ما رأينا، وعاشوا ما عشنا ـ وهم أهل الاجتهاد والنظر ـ لغيروا كثيرا من فتاواهم واجتهاداتهم. كيف وقد غير أصحابهم من بعدهم كثيرا منها، لاختلاف العصر والزمان، رغم قرب ما بين أولئك وهؤلاء؟ بل كيف وقد غير الأئمة أنفسهم كثيرا من أقوالهم في حياتهم، تبعا لتغير اجتهاداتهم، بتأثير السن أو النضج أو الزمان أو المكان؟
حتى إن الإمام الشافعي رضي الله عنه كان له مذهب قبل أن يستقر في مصر عرف باسم “القديم”، ومذهب بعد استقراره في مصر عرف باسم “الجديد”. وما ذاك إلا لأنه رأى ما لم يكن قد رأى، وسمع ما لم يكن قد سمع.
والإمام أحمد قد روى عنه في القضية الواحدة عدة روايات متباينة، وما ذاك إلا لأن فتواه تختلف باختلاف الظروف والأحوال.
(Note (s): For the benefits of my weblog readers, I list down several principles of Fiqh Aulawiyyat for references.)
• To balance between the various masalih (plural of maslahah) or manafi‟ (plural of manfa‟ah) or the comparison of all goodness

( الموازنة ب نٌ المصالح أو المنافع أو الخ رٌات المشروعة بعضها وبعض );
• To balance between the various mafasid (plural of mafsadah) or madhar (danger/harm) or the comparison of all vices.

( الموازنة كذلك ب نٌ المفاسد أو المضار أوالشرور الممنوعة بعضها وبعض )
• To balance between the various masalih and mafasid or the comparison of all goodness and vice versa, when there exist conflict between them.

(الموازنة أ ضٌاًب نٌ المصالح والمفاسد أو الخ رٌات والشرور إذا تصادمت وتعارضت بعضها ببعض ).
• Eliminating mafsadah is prioritized over bringing maslahah;

(إن درء المفاسد مقدم على جلب المصالح )
• A small mafsadah is allowed to bring a great maslahah;

(إن المفسدة الصغ رٌة تغتفر من أجل المصلجة الكب رٌة )
• A temporary mafsadah is allowed for a lasting maslahah; and

( تغتفر المفسدة العارضة من أجل المصلحة الدائمة )
• A genuine maslahah cannot be forsaken for an apparent mafsadah.

( لا تترك مصلحة محققة من أجل مفسدة متوهمة )
• Putting precedence of the dharuriyah over the hajiyyah and also the tahsiniyyah.

(تقد مٌ الضرور اٌت على الحاج اٌت، ومن باب أولى على التحس نٌات )
• Putting precedence of the hajiyyah over the tahsiniyyah.

(وتقد مٌ الحاج اٌت على التحس نٌات والمكملات )
• Putting precedence of the certain maslahah over the uncertain maslahah.

(تُقدَّم المصلحة المت قٌنة على المصلحة المظنونة أو الموهومة )
• Putting precedence of the big maslahah over the small one.

( تُقدَّم المصلحة الكب رٌة على المصلحة الصغ رٌة. )
• Putting precedence of the maslahah of the group over the individual maslahah.

( تُقدَّم مصلحة الجماعة على مصلحة الفرد. )
• Putting precedence of the maslahah of the many over the maslahah of the few.

( تُقدَّم مصلحة الكثرة على مصلحة القِلَّة. )
• Putting precedence of the lasting maslahah over the temporary or intermittent maslahah.

(تُقدَّم المصلحة الدائمة على المصلحة العارضة أو المنقطعة )
• Putting precedence of the fundamental and basic maslahah over the marginal and subsidiary maslahah.(تُقدَّم المصلحة الجوهر ةٌ والأساس ةٌ على المصلحة الشكل ةٌ والهامشةٌ )
• Putting precedence of the potent future maslahah over the immediate weak maslahah.

( تُقدَّم المصلحة المستقبلةٌ القو ةٌ على المصلحة الآن ةٌ الضع فٌة. )
• Priority of the lasting action over the temporary action

( أولو ةٌ العمل الدائم على العمل المنقطع );
• Priority of the action that brings long term benefits over short term ones

(أولو ةٌ العمل المتعدي النفع على القاصر );
• Priority of the fundamentals over the peripherals

(أولو ةٌ الأصول على الفروع );
• Priority of the rights of the group over the rights of the individual.

(أولو ةٌ حقوق الجماعة على حقوق الأفراد ).
Best Regards

ZULKIFLI HASAN
Cambridge University
Islamic finance news
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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: January 3, 2010
January 3, 2010
DR. ZULKIFLI HASAN
Hundreds of Gazans marched with international activists against the Israeli blockade
Hundreds of peace activists from forty two countries, in confrontation with the Egyptian police of in the center of Cairo.
Available at:
http://www.indypendent.org/2009/12/31/gaza-freedom-march-on-the-march-at-last/
Hundreds of peace activists from all over the world are engaged in a prolonged  confrontation with the Egyptian police at Tahrir Square that in the heart Cairo,  protest the government of Egypt’s decision to prevent them from entering the  Gaza Strip. Some 1400 activists had arrived from forty two countries all over the world, intending to arrive at the Gaza Strip and to hold a protest parade towards the Erez Checkpoint, together with Palestinian residents, and demand the lifting of the siege which is causing grave daily suffering to the million and half inhabitants of the Gaza Strip. However, the government of Israel applied  heavy pressure on the Egyptians to prevent the activists’ entry into the Strip.  Finally, only one hundred of them were allowed to cross the border, who did  participate in a demonstration opposite Erez Checkpoint, simultaneously with  the rally held on the Israeli side.
The activists who were forced to remain in Cairo were indignant at the government of Egypt, and continued to demand to be allowed to get the Gaza Strip and hold the “Gaza Freedom March” for which they had come, at their own expense, from all over the world. . This morning Egyptian policemen besieged the Lotus Hotel  in Cairo, where many of the activists are staying, preventing them  from going out to the streets of Cairo and demonstrating. However, many of the international activists succeeded in avoiding the police and mingle with the  stream of tourists arriving at the Egyptian National Museum on Tahrir Square.
Suddenly, hundreds of them took off their shirts, revealing t-shirts bearing  the slogan “Freedom to Gaza – Remove the Siege!” and blocked for half an hour the traffic in the central streets of Cairo. Also after the police pushed them to the sidewalk they continued  to demonstrate, raising signs, reading “We Shall Overcome” and chanting “Free Gaza!”, while surrounded on all sides by hundreds of police.
The whole affair causes considerable embarrassment to the regime of  President Hosni Mubarak, who feels unable to use against European and American activists the level of violence often used by the Egyptian police in dispersing demonstrations.  Moreover, the president is at the same time also strongly criticized by the opposition in the Egyptian Parliament, as well as by influentual Moslem sages, for authorizing the construction of “The Underground Steel Wall”, designed to block the tunnels in Egypt’s border with Gaza.
Gush Shalom, the Israeli Peace Bloc, says that the Netanyahu Government was in grave error in pressuring the Egyptians to prevent the entry of international peace activists into the Gaza Strip. Instead of regarding the peace between Israel and Egypt as a major asset, to be used as a bridge in order to achieve  peace with the Palestinians and to the entire Arab World, the government  pressured President Mubarak to adopt an unpopular policy which harms him and makes Israel’s “Cold Peace” with Egypt even colder. That is a highly short-sighted policy”.
“By cultivating the beautiful we scatter the seeds of heavenly flowers, as by doing good we cultivate those that belong to humanity.” Robert A. Heinlein
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Newcastle Upon Tyne, UK
Palestine
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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 2011
May 30, 2011
DR. ZULKIFLI HASAN
Who cares in the Middle East what Obama says?
Who cares in the Middle East what Obama says?
President Obama has shown himself to be weak in his dealings with the Middle East, says Robert Fisk, and the Arab world is turning its back with contempt. Its future will be shaped without American influence
By Robert Fisk Available at:
http://www.independent.co.uk/opinion/commentators/fisk/who-cares-in-the-middle-east-what-obama-says-2290761.html
This month, in the Middle East, has seen the unmaking of the President of the United States. More than that, it has witnessed the lowest prestige of America in the region since Roosevelt met King Abdul Aziz on the USS Quincy in the Great Bitter Lake in 1945.
While Barack Obama and Benjamin Netanyahu played out their farce in Washington – Obama grovelling as usual – the Arabs got on with the serious business of changing their world, demonstrating and fighting and dying for freedoms they have never possessed. Obama waffled on about change in the Middle East – and about America’s new role in the region. It was pathetic. “What is this ‘role’ thing?” an Egyptian friend asked me at the weekend. “Do they still believe we care about what they think?”
And it is true. Obama’s failure to support the Arab revolutions until they were all but over lost the US most of its surviving credit in the region. Obama was silent on the overthrow of Ben Ali, only joined in the chorus of contempt for Mubarak two days before his flight, condemned the Syrian regime – which has killed more of its people than any other dynasty in this Arab “spring”, save for the frightful Gaddafi – but makes it clear that he would be happy to see Assad survive, waves his puny fist at puny Bahrain’s cruelty and remains absolutely, stunningly silent over Saudi Arabia. And he goes on his knees before Israel. Is it any wonder, then, that Arabs are turning their backs on America, not out of fury or anger, nor with threats or violence, but with contempt? It is the Arabs and their fellow Muslims of the Middle East who are themselves now making the decisions.
Watching the hundreds of refugees pouring from Syria across the northern border of Lebanon, the Turkish government is now so fearful of a repeat of the great mass Iraqi Kurdish refugee tide that overwhelmed their border in the aftermath of the 1991 Gulf war that it has drawn up its own secret plans to prevent the Kurds of Syria moving in their thousands into the Kurdish areas of south-eastern Turkey. Turkish generals have thus prepared an operation that would send several battalions of Turkish troops into Syria itself to carve out a “safe area” for Syrian refugees inside Assad’s caliphate. The Turks are prepared to advance well beyond the Syrian border town of Al Qamishli – perhaps half way to Deir el-Zour (the old desert killing fields of the 1915 Armenian Holocaust, though speak it not) – to provide a “safe haven” for those fleeing the slaughter in Syria’s cities.
The Qataris are meanwhile trying to prevent Algeria from resupplying Gaddafi with tanks and armoured vehicles – this was one of the reasons why the Emir of Qatar, the wisest bird in the Arabian Gulf, visited the Algerian president, Abdelaziz Bouteflika, last week. Qatar is committed to the Libyan rebels in Benghazi; its planes are flying over Libya from Crete and – undisclosed until now – it has Qatari officers advising the rebels inside the city of Misrata in western Libya; but if Algerian armour is indeed being handed over to Gaddafi to replace the material that has been destroyed in air strikes, it would account for the ridiculously slow progress which the Nato campaign is making against Gaddafi.
Of course, it all depends on whether Bouteflika really controls his army – or whether the Algerian “pouvoir”, which includes plenty of secretive and corrupt generals, are doing the deals. Algerian equipment is superior to Gaddafi’s and thus for every tank he loses, Ghaddafi might be getting an improved model to replace it. Below Tunisia, Algeria and Libya share a 750-mile desert frontier, an easy access route for weapons to pass across the border.
But the Qataris are also attracting Assad’s venom. Al Jazeera’s concentration on the Syrian uprising – its graphic images of the dead and wounded far more devastating than anything our soft western television news shows would dare broadcast – has Syrian state television nightly spitting at the Emir and at the state of Qatar. The Syrian government has now suspended up to £4 billion of Qatari investment projects, including one belonging to the Qatar Electricity and Water Company.
Amid all these vast and epic events – Yemen itself may yet prove to be the biggest bloodbath of all, while the number of Syria’s “martyrs” have now exceeded the victims of Mubarak’s death squads five months ago – is it any surprise that the frolics of Messrs Netanyahu and Obama appear so irrelevant? Indeed, Obama’s policy towards the Middle East – whatever it is – sometimes appears so muddled that it is scarcely worthy of study. He supports, of course, democracy – then admits that this may conflict with America’s interests. In that wonderful democracy called Saudi Arabia, the US is now pushing ahead with a £40 billion arms deal and helping the Saudis to develop a new “elite” force to protect the kingdom’s oil and future nuclear sites. Hence Obama’s fear of upsetting Saudi Arabia, two of whose three leading brothers are now so incapacitated that they can no longer make sane decisions – unfortunately, one of these two happens to be King Abdullah – and his willingness to allow the Assad family’s atrocity-prone regime to survive. Of course, the Israelis would far prefer the “stability” of the Syrian dictatorship to continue; better the dark caliphate you know than the hateful Islamists who might emerge from the ruins. But is this argument really good enough for Obama to support when the people of Syria are dying in the streets for the kind of democracy that the US president says he wants to see in the region?
One of the vainest elements of American foreign policy towards the Middle East is the foundational idea that the Arabs are somehow more stupid than the rest of us, certainly than the Israelis, more out of touch with reality than the West, that they don’t understand their own history. Thus they have to be preached at, lectured, and cajoled by La Clinton and her ilk – much as their dictators did and do, father figures guiding their children through life. But Arabs are far more literate than they were a generation ago; millions speak perfect English and can understand all too well the political weakness and irrelevance in the president’s words. Listening to Obama’s 45-minute speech this month – the “kick off’ to four whole days of weasel words and puffery by the man who tried to reach out to the Muslim world in Cairo two years ago, and then did nothing – one might have thought that the American President had initiated the Arab revolts, rather than sat on the sidelines in fear.
There was an interesting linguistic collapse in the president’s language over those critical four days. On Thursday 19 May, he referred to the continuation of Israeli “settlements”. A day later, Netanyahu was lecturing him on “certain demographic changes that have taken place on the ground”. Then when Obama addressed the American Aipac lobby group (American Israel Public Affairs Committee) on the Sunday, he had cravenly adopted Netanyahu’s own preposterous expression. Now he, too, spoke of “new demographic realities on the ground.” Who would believe that he was talking about internationally illegal Jewish colonies built on land stolen from Arabs in one of the biggest property heists in the history of “Palestine”? Delay in peace-making will undermine Israeli security, Obama announced – apparently unaware that Netanyahu’s project is to go on delaying and delaying and delaying until there is no land left for the “viable” Palestinian state which the United States and the European Union supposedly wish to see.
Then we had the endless waffle about the 1967 borders. Netanyahu called them “defenceless” (though they seemed to have been pretty defendable for the 18 years prior to the Six Day War) and Obama – oblivious to the fact that Israel must be the only country in the world to have an eastern land frontier but doesn’t know where it is – then says he was misunderstood when he talked about 1967. It doesn’t matter what he says. George W Bush caved in years ago when he gave Ariel Sharon a letter which stated America’s acceptance of “already existing major Israeli population centres” beyond the 1967 lines. To those Arabs prepared to listen to Obama’s spineless oration, this was a grovel too far. They simply could not understand the reaction of Netanyahu’s address to Congress. How could American politicians rise and applaud Netanyahu 55 times – 55 times – with more enthusiasm than one of the rubber parliaments of Assad, Saleh and the rest?
And what on earth did the Great Speechifier mean when he said that “every country has the right to self-defence” but that Palestine would be “demilitarised”? What he meant was that Israel could go on attacking the Palestinians (as in 2009, for example, when Obama was treacherously silent) while the Palestinians would have to take what was coming to them if they did not behave according to the rules – because they would have no weapons to defend themselves. As for Netanyahu, the Palestinians must choose between unity with Hamas or peace with Israel. All of which was very odd. When there was no unity, Netanyahu told us all that he had no Palestinian interlocutor because the Palestinians were disunited. Yet when they unite, they are disqualified from peace talks.
Of course, cynicism grows the longer you live in the Middle East. I recall, for example, travelling to Gaza in the early 1980s when Yasser Arafat was running his PLO statelet in Beirut. Anxious to destroy Arafat’s prestige in the occupied territories, the Israeli government decided to give its support to an Islamist group in Gaza called Hamas. In fact, I actually saw with my own eyes the head of the Israeli army’s Southern Command negotiating with bearded Hamas officials, giving them permission to build more mosques. It’s only fair to say, of course, that we were also busy at the time, encouraging a certain Osama bin Laden to fight the Soviet army in Afghanistan. But the Israelis did not give up on Hamas. They later held another meeting with the organisation in the West Bank; the story was on the front page of the Jerusalem Post the next day. But there wasn’t a whimper from the Americans.
Then another moment that I can recall over the long years. Hamas and Islamic Jihad members – all Palestinians – were, in the early 1990s, thrown across the Israeli border into southern Lebanon where they spent more than a year camping on a freezing mountainside. I would visit them from time to time and on one occasion mentioned that I would be travelling to Israel next day. Immediately, one of the Hamas men ran to his tent and returned with a notebook. He then proceeded to give me the home telephone numbers of three senior Israeli politicians – two of whom are still prominent today – and, when I reached Jerusalem and called the numbers, they all turned out to be correct. In other words, the Israeli government had been in personal and direct contact with Hamas.
But now the narrative has been twisted out of all recognition. Hamas are the super-terrorists, the “al-Qa’ida” representatives in the unified Palestinian leadership, the men of evil who will ensure that no peace ever takes place between Palestinians and Israeli. If only this were true, the real al-Qa’ida would be more than happy to take responsibility. But it is not true. In the same context, Obama stated that the Palestinians would have to answer questions about Hamas. But why should they? What Obama and Netanyahu think about Hamas is now irrelevant to them. Obama warns the Palestinians not to ask for statehood at the United Nations in September. But why on earth not? If the people of Egypt and Tunisia and Yemen and Libya and Syria – we are all waiting for the next revolution (Jordan? Bahrain again? Morocco?) – can fight for freedom and dignity, why shouldn’t the Palestinians? Lectured for decades on the need for non-violent protest, the Palestinians elect to go to the UN with their cry for legitimacy – only to be slapped down by Obama.
Having read all of the “Palestine Papers” which Al-Jazeera revealed, there is no doubt that “Palestine’s” official negotiators will go to any lengths to produce some kind of statelet. Mahmoud Abbas, who managed to write a 600-page book on the “peace process” without once mentioning the word “occupation”, could even cave in over the UN project, fearful of Obama’s warning that it would be an attempt to “isolate” Israel and thus de-legitimise the Israeli state – or “the Jewish state” as the US president now calls it. But Netanyahu is doing more than anyone to delegitimise his own state; indeed, he is looking more and more like the Arab buffoons who have hitherto littered the Middle East. Mubarak saw a “foreign hand” in the Egyptian revolution (Iran, of course). So did the Crown Prince of Bahrain (Iran again). So did Gaddafi (al-Qa’ida, western imperialism, you name it), So did Saleh of Yemen (al-Qa’ida, Mossad and America). So did Assad of Syria (Islamism, probably Mossad, etc). And so does Netanyahu (Iran, naturally enough, Syria, Lebanon, just about anyone you can think of except for Israel itself).
But as this nonsense continues, so the tectonic plates shudder. I doubt very much if the Palestinians will remain silent. If there’s an “intifada” in Syria, why not a Third Intifada in “Palestine”? Not a struggle of suicide bombers but of mass, million-strong protests. If the Israelis have to shoot down a mere few hundred demonstrators who tried – and in some cases succeeded – in crossing the Israeli border almost two weeks ago, what will they do if confronted by thousands or a million. Obama says no Palestinian state must be declared at the UN. But why not? Who cares in the Middle East what Obama says? Not even, it seems, the Israelis. The Arab spring will soon become a hot summer and there will be an Arab autumn, too. By then, the Middle East may have changed forever. What America says will matter nothing.
Regards

ZULKIFLI HASAN
Palestine
1 Comment
May 28, 2011
DR. ZULKIFLI HASAN
Durham Islamic Finance Summer School 4th-8th July 2011
Durham Islamic Finance Summer School 4th-8th July 2011
Available at:
http://www.dur.ac.uk/difp
DIFP, with its international reputation in theoretical and empirical research, aims to share its experiences by hosting an annual Summer School. The first Islamic Finance Summer School held in 2006 proved to be very successful with over 40 participants. We are, therefore, confident that this annual event will be equally valuable for future participants, whether they are pursuing academic research or working in the Islamic banking and finance industry, or in financial service providers that are debating whether to offer Shariah compliant products.
The Islamic Finance Summer School runs during July each summer.
DURHAM ISLAMIC FINANCE SUMMER SCHOOL 2011
Topics:
§ Philosophy of Islamic Economics and Finance: An Introduction

§ Islamic Financing Instruments

§ Capital Adequacy Framework for Islamic Banks

§ The Evolving Paradigm of Islamic Finance: Shift from Shari’ah-Compliant to Shari’ah Based

§ The Current Financial Crisis and the Future of Islamic Finance

§ Shariah Compliant LBO

§ Distressed Assets or Sellers for Islamic Investments

§ Islamic Asset Management

§ Islamic Capital Markets: Dubai Perspective

§ Shari’ah Screening Systems

§ The Sukuk Controversy after the February 2008 AAOIFI Statement: Insights and Impacts

§ Takaful and Co-operative Insurance

§ Shari’ah Issues in Islamic Banking & Finance

§ Alternative Asset Classes: Their Role in Islamic Financial Institutions

§ Securities Commission and Its Role in Safeguarding Muslim Investors in MalaysiaOperational Risk Management in Islamic Banking

§ Shariah Issues in Liquidity Risk Magement

§ Why Invest in Islamic Funds? An Analysis of Malaysian Investors

§ Recent Innovations in Islamic Finance: Islamic Financial Products and Services Development

§ Islamic Asset Management in Practice

Course Director: Professor Rodney Wilson

Course Coordinator: Dr Mehmet Asutay
Further Information:-

Email: mehmet.asutay@durham.ac.uk

Tel: +44 (0)191 334 5672 Fax: +44 (0)191 334 5661
Regards

ZULKIFLI HASAN
Islamic finance news
1 Comment
May 27, 2011
DR. ZULKIFLI HASAN
MARK ZUCKERBERG ‘LIKES’ TO SLAUGHTER THE ANIMALS HE EATS
ZUCKERBERG ‘LIKES’ TO SLAUGHTER THE ANIMALS HE EATS
Available at:
http://au.news.yahoo.com/latest/a/-/latest/9530651/Zuckerberg-likes-to-slaughter-the-animals-he-eats/
Mark Zuckerberg, the mastermind behind Facebook, has given himself a new challenge for this year: to only eat the meat from the animals he has personally killed.
According to news reports coming from various sources, this new bizarre diet has seen the 27-year-old billionaire slaughter a chicken, a pig and slit the throat of a goat with a knife — which, according to Silicon Valley chef and Zuckerberg’s guide on this journey, Jesse Cool, is “the most kind way to do it.”
In an interview with Fortune magazine, Zuckerberg revealed that he started by boiling a lobster alive, which he found emotionally difficult at first but rewarding after the first bite. “The most interesting thing was how special it felt to eat it after having not eaten any seafood or meat in a while.”
The Facebook CEO explained that this new personal challenge comes from a desire to be thankful for the food he eats. “I’ve learnt a lot about sustainable farming and raising of animals,” he said. “It’s easy to take the food we eat for granted when we can eat good things every day.”
Zuckerberg went on to say that he first started thinking about this diet after he held a pig roast dinner at his house. According to him, his friends said that while they enjoyed the dish they didn’t like to think about the fact that the pig used to be alive. “That just seemed irresponsible to me,” Zuckerberg explained. “I don’t have an issue with anything people choose to eat, but I do think they should take responsibility and be thankful for what they eat rather than trying to ignore where it came from.”
Regards

ZULKIFLI HASAN
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May 26, 2011
DR. ZULKIFLI HASAN
Could someone please arrest the head of the IMF for screwing the poor for 60 years?
The IMF versus the Arab spring
The IMF is depicted as the rich uncle saving wayward children, but proposed loans for Egypt and Tunisia could be devastating.
By Austin Mackell Available at:
http://www.guardian.co.uk/commentisfree/2011/may/25/imf-arab-spring-loans-egypt-tunisia
In the midst of the media storm surrounding IMF chief Dominique Strauss-Kahn last week, my feelings were perfectly expressed in a tweet by Paul Kingsnorth: “Could someone please arrest the head of the IMF for screwing the poor for 60 years?”
Without diminishing the seriousness of the sexual allegations against Strauss-Kahn, the role of the IMF, over past decades and at present, is a far bigger story. Of particular importance is its role at this crucial moment in the Middle East.
The new loans being negotiated for Egypt and Tunisia will lock both countries into long-term economic strategies even before the first post-revolution elections have been held. Given the IMF’s history, we should expect these to have devastating consequences on the Egyptian and Tunisian people. You wouldn’t guess it though, from the scant and largely fawning coverage the negotiations have so far received.
The pattern is to depict the IMF like a rich uncle showing up to save the day for some wayward child. This Dickensian scene is completed with the IMF adding the sage words that this time it hopes to see growth on the “streets” not just the “spreadsheets”. It’s almost as if the problem had been caused by these regimes failing to follow the IMF’s teachings.
Such portrayals are credulous to the point of being ahistorical. They do not even mention, for example, the very positive reports the IMF had issued about both Tunisia and Egypt (along with Libya and others) in the months, weeks, and even days before the uprisings.
To some extent, though, the IMF is aware that its policies contributed to the desperation that so many Egyptians and Tunisians currently face, and is keen to distance itself from its past. Indeed, as IMF watchers will know, this is part of a new image that the IMF, along with its sister organisation the World Bank, has been working on for a while. The changes, so far, do not go beyond spin. You can’t, as they say, polish a turd – but you can roll it in glitter.
Take, for example, the heartwarming IMF and civil society webpage, which as early as August 2007 was noting that civil society groups, by and large, “believe that global institutions also need to be accountable to a broader definition of stakeholders to be effective and legitimate”.
Why then, is the IMF not (as Mohamed Trabelsi, of the International Labour Organisation’s North Africa office, suggested when I interviewed him recently in Cairo) meeting the civil society groups and unions in Egypt and Tunisia? It would rather make backroom deals with Mubarak-appointed finance minister, Samir Radwan, and the generals currently running Egypt who are themselves members of an the economic elite that sees its privilege threatened by the approach of democracy.
Beginning in the 1990s, IMF-led structural adjustment programmes saw the privatisation of the bulk of the Egyptian textile industry and the slashing of its workforce from half a million to a quarter-million. What’s more, the workers who were left faced – like the rest of Egypt – stagnant wages as the price of living rocketed. Though you wouldn’t know it from western coverage, the long and gallant struggle of these workers, particularly the strike of textile workers of Mahalla el-Kubra, is credited by many Egyptian activists as a crucial step on the Egyptian people’s path towards revolution.
This failure to appreciate the revolutions as a rebellion not just against local dictators, but against the global neo-liberal programme they were implementing with such gusto in their countries, is largely a product of how we on the western left have been unwitting orientalists, and allowed the racist “clash of civilisations” narrative to define our perceptions of the Middle East. We have failed to see the people of the region as natural allies in a common struggle.
It is this blindness that makes the revolutions appear as instantaneous explosions, like switches suddenly flicked, rather than as events in a continuum. A good place to start the story, if you want it to make sense, would be the Egyptian bread riots of 1977, which came following an initial round of economic liberalisation (which was as much a part of Sadat’s change of cold war allegiances as his salute to the Israeli flag in Jerusalem). It should not have surprised us that as people’s struggle to survive grew more and more grinding following the IMF-led reforms of the subsequent decades they would rise up once more.
Nor should we surprised at the moneyed fightback, which will no doubt be attempted. During this transition period, forces like the IMF will seek to lock in and enlarge the neoliberal project before there is an accountable government to complain about it.
The example of South Africa, as documented by Naomi Klein, immediately springs to mind. The ANC’s famous Freedom Charter, she points out, contained many demands for economic justice including the provision of housing and health care, and the nationalisation of major industries. However, while Nelson Mandela was negotiating the structure of the new parliament, Thabo Mbeke was busy in economic talks with FW de Klerk’s government during which, in Klein’s words, he was persuaded “to hand control of those power centres to supposedly impartial experts, economists and officials from the IMF, the World Bank, the General Agreement on Tariffs and Trade (GATT) and the National Party – anyone except the liberation fighters from the ANC”.
The team of ANC economists busy drawing up their plan would find themselves unable to implement it once the party was in government. The consequences for South Africans have been disastrous.
These new loans from the IMF threaten to bind the newly democratic Egypt and Tunisia in much the same way. Once more, local elites could collaborate with the institutions at the helm of global capitalism to screw the broader population. If this occurs, these revolutions will be robbed of much of their meaning, and a terrible blow will be dealt to the broader Arab spring.
Best Regards

ZULKIFLI HASAN
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May 25, 2011
DR. ZULKIFLI HASAN
Question time: Revival, reach of Islamic finance
Question time: Revival, reach of Islamic finance
By Rushdi Siddiqui Available at:
http://www.btimes.com.my/Current_News/BTIMES/articles/erab/Article/index_html#ixzz1NM0lKC4N
Here are questions and answers that should spark more thoughts about Islamic finance and its positioning, promoting, and responsibilities in the new world order.
IT’S polling time once again in Islamic finance but, today, we survey two major developments, Arab revolution and death of Osama Bin Laden (OBL), and examine the consequences, if any, on Islamic finance in the Maghreb and anti-syariah sentiment countries.
Interestingly, the million-dollar mansion-living OBL and his executive team camped in “cave gate-aways” witnessed in real time the Al Qaeda ideology of hate, mayhem and murder discredited by a highly educated, but very poor Tunisian fruit-seller seeking dignity of work in providing for his family.
The fruit-seller, Mohamed Bouazizi, sparked a peaceful digital revolution that “removed or presently removing” the Ben Ali (Tunisia), Mubarak (Egypt), Saleh (Yemen), and Muamar (Libya).
The questions and answers below should spark more thoughts about Islamic finance and its positioning, promoting, and responsibilities in the new world order. One of the takeaways from these external shocks is slowly removing reasons, one at a time, of “why not to have Islamic finance”.
(1) What will have a “growth and reach” impact on Islamic finance?
A. Arab Revolution.
B. Better understanding of Muslim brotherhood’s agenda.
C. Death of Osama Bin Laden.
D. All of above.
E. None of above, as challenges on shortage of scholars, qualified people, standards, regulations, liquidity/risk management, innovation, etc., have yet to be addressed.
(2) What was (were) the cause(s) that gave rise to Bin Laden-ism and extremism?
A. Enduring and endemic corruption, poverty, injustice, dictatorship, indignity, Palestine, etc, in the Muslim world.
B. “Leadership” of OBL.
C. President Bush’s invasion/liberation of Iraq, Abu-Gharib, Guantanamo, “Mission Accomplished”, etc.
D. All of the above.
E. None of the above. it was the “not-welcomed” Muslim world’s Black Swan.
(3) Why has Islamic finance industry been relatively quiet in the post revolution and OBL’s demise?
A. Islamic finance has traditionally shied away from politics, movements and parties as accountability is to the Almighty.
B. It is too early to comment on how these developments impact Islamic finance, but it’s consistent with present Islamic finance’s reactive, and not proactive, approach to new markets and challenges.
C. Bahrain will be a good case study on the government handles crisis concerning the financial sector, as country is an established and recognised Islamic finance hub.
D. Question not applicable, as people saw it as “war of ideas approach” between Bush-Obama and their quest to squash terrorism.
(4) Two of the discredited North African leaders often used the “syariah scare” of Muslim Brotherhood as pretext to prevent Islamic finance from gaining traction or gathering momentum in their countries, now, what is the fate of Islamic finance in Tunisia and Egypt?
A. People of these countries have gone through brutal secular repression, and it’s too early to have meaningful discussions on Islamic finance.
B. Some of the secular political parties may be using Islamic finance to get the Muslim brotherhood vote.
C. Now is the perfect time to raise profile of Islamic finance for the devout in those countries as every agenda is on the table as the association between Islamic finance and terrorism funding/financing is now broken.
(5) The social media, from Facebook to Twitter, received much credit for the downfall of these leaders, will Islamic finance look into or be receptive to funding home country in Maghreb and GCC social media ventures?
A. No, as does not understand the business model as too far removed from real-estate financing and Murabaha stock margin lending.
B. No, local leaders will prevent funding such ventures unless can control.
C. Conventional entities, either in private equity or venture capital, will fund such ventures.
(6) What does the Arab Revolution mean for Islamic finance in Algeria, Morocco and Libya (post Muamar)?
A. We will see more interest from GCC and Malaysian Islamic banks.
B. Local country investors, institutions and individuals, will need to take an active effort to establish an infrastructure for Islamic finance by reaching out to legislators and regulators for levelling the playing field.
C. Short-term interest in Islamic finance will not result in any meaningful infrastructure for Islamic finance as no top down commitment from the respective governments.
D. Everyone is adopting a “wait-and-see what happens next or till dust settles” attitude, cause still too risky to enter these countries.
(7) As a result of revolution and death of OBL, we are beginning to hear about a peace dividend, reduced political risk and increased stability, and it may result in, say, more sukuk at better pricing.
A. Yes, reduces uncertainty, hence, reducing some of the premium.
B. No, it’s still about credit risk of the underlying asset
C. Move to the next question, as peace and many of the Muslim countries do not go hand in hand.
(8) Will the death of OBL reduce/eliminate the anti-syariah sentiments and movements in countries, like South Korea, France, US, India, where Islamic finance has potential at retail and wholesale levels?
A. Yes, as main argument of funnelling money (zakat, purification, etc.) to terrorist is addressed
B. No, because Islamic finance still needs to educate and convince the stakeholders of finance (and the lobbyists) and policymakers in these countries. It has to clearly embark on awareness and education campaign, that it’s not about money transfer (Hawala), disclose names of the charities money goes to, including non-Muslim charities.
C. No, as Islamic finance missed the opportunity to promote itself in the post credit crisis, it will probably miss this opportunity also.
D. Some see it as just a “conventional makeover”
(9) Will the death of OBL result in increased demand for Islamic finance and halal industry in Afghanistan?
A. Yes, there will be a short-term interest spike
B. No, the regulatory infrastructure doesn’t exist, branch distribution channels are limited, scholars are limited, and the populace is not knowledgeable.
C. The halal industry, extremists have to continue to consume, should be the lower hanging fruit to naturally promote and Islamic banking can ride its coat-tails.
(10) What does the revolution and OBL’s death mean for promoting Malaysia’s Islamic finance and halal industry in the Maghreb?
A. Not affected, Malaysia will continue to bank on the wealthy/ wealth from GCC countries for Islamic finance.
B. Malaysia, led by (Bank Negara Malaysia) governor Tan Sri Dr Zeti Akhtar Aziz and Securities Commission chairman Tan Sri Zarinah Anwar, will expand reaching out to the Maghreb countries as Islamic finance there is more promising than CIS countries, including Kazakhstan, and sub-Saharan African countries, like Kenya.
C. Banking delegations from the Maghreb countries will visit Malaysia for better understanding the holistic approach to Islamic finance and see how they can adopt the same model in their own land.
D. The halal industry, led by World Halal Forum, will take a lead to bring more clarity for the halal industry to prosper/flourish in the Maghreb.
My answers are: 1. b, 2. a, 3. b, 4. c, 5. a, 6. b, 7. b, 8. a/b, 9. c, 10. b
Best Regards

ZULKIFLI HASAN
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