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Monthly Archives: January 2015
January 7, 2015
DR. ZULKIFLI HASAN
Malaysia Sukuk Costs Rise as Dollar Supply Ebbs: Islamic Finance
Malaysia Sukuk Costs Rise as Dollar Supply Ebbs: Islamic Finance
By Elffie Chew  Available at:
http://www.bloomberg.com/news/2015-01-06/malaysia-sukuk-costs-rise-as-dollar-supply-ebbs-islamic-finance.html
The cost for Prime Minister Najib Razak to replenish U.S. dollar holdings has risen to an 11-month high as foreign-exchange reserves slump to the lowest since 2011.
The difference in yield between the nation’s 2.991 percent sukuk due in 2016 and similar-maturity Treasuries was 84 basis points, the widest since February, data compiled by Bloomberg show. The securities are one of only three global notes the country has outstanding, which are all Islamic, and the others mature in June this year and in 2021.
Malaysia’s CURRENCY has declined to its lowest level in more than five years on concern the drop in crude prices will erode the oil-exporting nation’s current-account surplus. Reserves in Southeast Asia’s third-largest economy have dwindled to $121 billion, versus $157 billion in Thailand and $111 billion in Indonesia.
“Since the spread is expected to widen in the near future and the country’s financial health is weakening, it doesn’t pay for Malaysia to issue dollar sukuk now,” Nizam Idris, head of foreign-exchange and fixed-income strategy at Macquarie Group Ltd. in Singapore, said by phone yesterday. “Timing is important and there’s a window of opportunity in the second quarter before the U.S. raises interest rates.”
Ringgit Warning
The central bank told local lenders last month to guard against speculation in the ringgit, which led losses in Asia in 2014 behind the YEN. All short-dated transactions requiring the exchange of ringgit for a foreign currency must be backed by documentation, Bank Negara Malaysia said in a Dec. 4 statement.
Diverging monetary policies in the U.S. and Europe are also increasing demand for the dollar, forcing policy makers in some Asian countries to intervene to curb losses. European Central Bank President Mario Draghi last week signaled the prospect of government bond purchases. The Federal Reserve halted its debt-buying program last year and is likely to increase borrowing costs sometime after the first quarter.
The extra yield investors demand to hold Malaysia’s 2021 Islamic bonds climbed to a six-month high of 99 today. The yield on the sukuk due in June this year has increased 35 basis points, or 0.35 percentage point, from 2014’s low to 1.09 percent. That compares with 0.06 percent for the similar-maturity Treasury notes.
Concern about the nation’s finances is already starting to show in the local-currency debt market, where global funds reduced holdings of Malaysian government bonds in November by 5.8 percent, the most since September 2011, to 236.5 billion ringgit ($66.9 billion), central bank data showed Dec. 31.
Fiscal Goal
The surplus in Malaysia’s current account, the broadest measure of TRADE, shrank to 7.6 billion ringgit in the third quarter, the least since the three months through June 2013.
The nation is the only net oil exporter among major Asian economies and tumbling crude prices will reduce state income as the government seeks to cut the fiscal deficit to 3 percent of gross domestic product this year from last year’s 3.5 percent target. Brent crude dropped below $60 a barrel in December for the first time since 2009.
While Malaysia’s foreign-exchange reserves have dwindled, they are still higher than the $91 billion at the end of 2008, when the ringgit dropped 4.6 percent in the midst of the global credit crunch. In 1997-98, when the Asian financial crisis struck, they were as low as $20 billion.
Demand for global Islamic bonds, which pay returns based on assets to comply with a ban on interest, may still be supported this year amid a shortage of supply.
Not Expensive
The Bloomberg Malaysian Sukuk Ex-MYR Index, which tracks foreign-currency Shariah-compliant bonds, climbed 5 percent in 2014, a fourth straight annual gain. Worldwide issuance rose 7.4 percent to $46.3 billion, just shy of the unprecedented $46.8 billion in 2012, data compiled by Bloomberg show. Offerings in Malaysia increased 27 percent to 62 billion ringgit.
“The spread widened because of concern that falling oil prices will crimp the government’s revenue,” Nik Mukharriz Muhammad, a Kuala Lumpur-based fixed-income analyst at CIMB Investment Bank Bhd., said by phone yesterday. “It’s still not expensive for the government to tap the dollar bond market as U.S. yields are still not high.”
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January 1, 2015
DR. ZULKIFLI HASAN
SAMBUTAN MAULIDUR RASUL MELALUI PEMBUDAYAAN ILMU
SAMBUTAN MAULIDUR RASUL MELALUI PEMBUDAYAAN ILMU: MENELUSURI LITERATUR SIRAH RASULULLAH SALLALLAHUALAIHIWASALLAM
Zulkifli Hasan
Sabtu ini 3 Januari 2015 bersamaan dengan 12 Rabiulawal 1436H/ seperti kebiasaannya umat Islam akan menyambut maulidur Rasul bersempena memperingati kelahiran Nabi Muhammad Sallallahualaihiwasallam yang kita kasihi. Mungkin ada yang tidak tahu bahawa tarikh kewafatan Rasululullah juga berlaku pada 12 Rabiulawal iaitu pada 11 Hijrah/632M seperti yang diriwayatkan oleh sebahagian besar ahli sejarah. Manfaat juga untuk dikongsikan di sini bahawasanya kebanyakan ahli sejarah pada zaman sahabat dan tabiin yang meriwayatkan kisah dan kehidupan Rasulullah Sallallahualaihiwasallam merupakan pakar dalam ilmu hadis.
Di kala umat Islam di Malaysia menempuhi pelbagai cabaran tahun 2014 dengan beberapa insiden yang sangat signifikan seperti banjir yang melanda beberapa negeri, jerebu, Lahad Datu, misteri MH370, MH17 dan QZ 8501 dan bermacam-macam lagi, penulis ingin mengajak semua untuk mengingati dan menghayati sirah Rasulullah SAW bersempena dengan sambutan Maulid al Rasul 1436H. Umumnya, sebahagian umat Islam pada waktu ini kebiasaannya sibuk membuat persiapan menyambut maulidur Rasul dengan pelbagai aktiviti dan menerima sambutan ini sebagai salah satu mekanisma dan pendekatan mencetuskan kefahaman dan perasaan mengenai Rasulullah SAW. Mungkin pada tahun ini sambutannya akan sedikit berkurangan berikutan kesan banjir yang melanda negara.
Sambutan Maulidur Rasul merupakan antara amalan yang diterima sebagai salah satu usaha untuk mendidik dan mengingati Rasulullah SAW. Namun, mahu tidak mahu, tidak dinafikan bahawa masih ada juga sebahagian pihak yang mempertikaikan usaha ini dan melabelkannya sebagai bidaah.Dalam kekhilafan ini, penulis memilih pendekatan sederhana untuk bersama-sama Imam Jalaluddin Sayuti, Sayid Ahmad bin Zaini Dahlan, Syeikh Yusuf Qaradawi dan fuqaha yang lain untuk mengharuskan sambutan Maulidur Rasul dengan syarat ianya tidak  mencampur adukkan perkara yang dilarang oleh Islam. Dalam merungkai permasalahan ini, penulis ingin menukilkan kata-kata Hasan Al Banna menasihati umat Islam dalam masalah ini seperti yang diungkapkan oleh Yusuf Qaradawi di dalam Fiqh Awlawiyat, halaman 266-267 yang bermaksud:
“Wahai saudara-saudaraku, aku amat mengetahui bahawa saudara yang bertanya tadi, termasuk juga ramai di kalangan kalian, tidak bermaksud daripada soalan seumpama itu melainkan hanya ingin mengetahui, daripada kumpulan manakah pengajar baru ini? Adakah daripada kumpulan Syeikh Musa atau daripada kumpulan Syeikh Abdul Sami’?! Sesungguhnya pengetahuan ini tidak memberikan apa-apa manfaat kepada kamu, sedangkan kamu telah menghabiskan masa dalam keadaan fitnah selama lapan tahun dan cukuplah sekadar itu. Kesemua masalah-masalah itu telah diperselisihkan oleh umat Islam sejak ratusan tahun dan mereka masih terus berselisih pendapat sehingga ke hari ini, namun Allah SWT redha kepada kita untuk berkasih sayang dan bersatu padu serta membenci untuk kita berselisihan dan berpecah-belah. Maka aku ingin mengajak kamu semua berjanji dengan Allah SWT untuk meninggalkan semua perkara-perkara ini sekarang, dan bersungguh-sungguh untuk mempelajari asas-asas agama dan kaedah-kaedahnya, beramal dengan akhlaknya, kelebihan-kelebihannya yang umum dan petunjuk-petunjuknya yang disepakati. Dan mendirikan segala kewajipan dan sunat serta meninggalkan sikap memberat-beratkan dan terlalu rigid supaya hati menjadi suci. Dan supaya menjadi tujuan kita semua hanya untuk mengetahui kebenaran, bukan hanya kerana sekadar mahu memenangkan satu pandangan. Ketika itu, kita mempelajari kesemua ini bersama dalam keadaan kasih sayang, kepercayaan, kesatuan dan keikhlasan. Aku berharap kamu terimalah pandanganku ini dan agar ia menjadi perjanjian sesame kita untuk berbuat demikian”
Berdasarkan kepada peringatan penting Hasan Al Banna di atas, sudah pasti isu sambutan maulidur Rasul ini tidak akan menjadi punca perselisihan dan perpecahan umat Islam sekiranya maksud sebenar sambutan seumpama ini dihayati. Jika ditinjau sejarah, C. Cherfils di dalam bukunya ‘Napoleon And Islam’ menukilkan bahawa Napoleon Bonaparte juga telah menganjurkan upacara besar-besaran menyambut maulidur Rasul di atas kekagumannya terhadap Rasulullah Sallallahualaihiwasallam. Hingga ada yang mengatakan dengan yakin berdasarkan beberapa dokumen sahih bahawa Napoleon diakhir hayatnya adalah seorang Muslim dengan nama Muhammad Ali Bonaparte.
Namun harus diingat, pada masa umat Islam beriya-beriya untuk menjayakan sambutan Maulidur Rasul dengan pelbagai program dan aktiviti di setiap pelusuk negara, sememangnya tidak dapat dinafikan bahawa masih ramai yang tidak mengenali Rasulullah Sallallahualaihiwasallam sama ada dari aspek pemikiran, peribadi, akhlak, pendekatan dan keseluruhan cara hidup baginda. Penulis mengambil kesempatan ini untuk berkongsi sedikit pengetahuan untuk membicarakan literatur mengenai Sirah Rasulullah Sallallahualaihiwasallam dengan harapan ianya akan dapat menjadi panduan dan rujukan selepas ini.
Merujuk kepada sejarah penulisan Sirah Rasulullah Sallallahualaihiwasallam, ianya telah pun dimulakan oleh para sahabat seperti Abu Rafi Mawla yang telah menulis tentang sifat solat dan ibadah baginda. Ini termasuk Sahl b. Abi Hathmah al-Madani al-‘Ansari dan ‘Abd Allah b. ‘Amru b. al-‘As b. Wa’il b. Hashim. Penulisan sirah Rasulullah Sallallahualaihiwasallam secara sistematik telah dimulakan oleh para Muhaddithun yang juga ahli sejarah seperti Sa`id b. al-Musayyib al-Makhzumi, ‘Urwah b. al-Zubayr b. al-‘Awwam and Abu Fadalah ‘Abd Allah b. Ka’b b. Malik al-Ansari.
Penulisan sirah Rasulullah Sallallahualaihiwasallam kemudiannya kian popular ketika zaman Muhammad b. Ishaq yang telah menulis kitab Kitab al-Mubtada’ wa al-Mab`ath wa al-Maghazi iaitu buku yang membincangkan secara terperinci kehidupan baginda bermula kelahiran hingga kewafatan. Ini diikuti oleh Muhammad b. ‘Umar al-Waqidi yang menulis Kitab Azwaj al-Nabiyy, Kitab al-Tarikh wa al-Maghazi wa al-Mab`ath and Kitab Wafat al-Nabiyy and Kitab al-Maghazi. Kitab Sirah yang menjadi rujukan utama hingga kini telah ditulis oleh ‘Abd al-Malik b. Hisham melalui karyanya yang masyhur iaitu Kitab al-Sirah al-Nabawiyyah. Kitab Shamail al Tirmizi yang menghimpunkan hadis-hadis mengenai karakter, sifat, akhlak dan peribadi Rasulullah SAW juga patut menjadi rujukan. Bahkan kitab ini dapat menjadi panduan untuk mengelakkan sebarang riwayat tidak sahih dan palsu mengenai Rasulullah SAW.
Kitab-kitab sirah di atas walaubagaimanapun ditulis di dalam bahasa Arab dan mungkin ini menimbulkan kesulitan sesetengah pihak untuk memahami dan merujuk isi kandungannya. Ini sebenarnya tidak menjadi halangan bagi tujuan untuk memahami kehidupan Rasulullah Sallallahualaihiwasallam kerana terdapat banyak buku-buku kontemporari yang ditulis oleh sejarawan Islam mahupun dalam bentuk terjemahan. Sebagai contoh buku “Life of the Prophet Muhammad: Al-Sira Al-Nabawiyya” oleh Ibn Kathir, Sirah Nabawiyah oleh Abul Hasan Ali Al Nadwi dan juga “The Life of Muhammad: A Translation of Ibn Ishaq: Sirat Rasul Allah” telah diterjemahkan ke dalam bahasa Inggeris yang boleh dijadikan sebagai rujukan.
Selain daripada itu, buku-buku lain yang boleh dirujuk adalah seperti “Prophet Muḣammad and His mission” oleh S. Athar Husain, “Muhammad, the messenger of Islam: His Life and Prophecy” oleh Hajjah Amina Adil, “Mohammed and the Rise of Islam” oleh D. S. Margoliouth, “The Great Prophet a Short Life of the Founder of Islam” oleh F. K. Khan Durrani, “The Messenger of God Muhammad: An Analysis of the Prophet’s life” oleh M. Fethullah Gulen, “Prophet Muhammad(s) and His Family: A Sociological Perspective” oleh Shamim Aleem, “The Prophet Muhammad: A Biography” oleh Barnaby Rogerson, “Muhammad: Prophet and Statesman” oleh William Montgomery Watt, “Muhammad: Prophet for Our Time (Eminent Lives)” and “Muhammad: Western Attempt to Understand Islam” oleh Karen Armstrong, “The Sealed Nectar (Ar-Raheeq Al-Makhtum)” oleh S. al-Mubarakpuri, “Muhammad: His Life Based on the Earliest Sources” oleh Martin Lings, “Introducing Muhammad” oleh Ziauddin Sardar dan “Prophet Muhammad and His Miracles” oleh Bediuzzaman Said Nursi. Di samping itu, terdapat juga koleksi rujukan dalam bentuk cakera padat seperti “The Life of the Last Prophet”, sebuah audio biografi oleh Yusuf Islam. “The Sealed Nectar (Ar-Raheeq Al-Makhtum)” oleh S. al-Mubarakpur dan “Muhammad: His Life Based on the Earliest Sources” oleh Martin Lings merupakan dua buah buku yang mendapat anugerah khas antara buku terbaik versi Bahasa Inggeris mengenai sejarah hidup Rasulullah SAW. Antara karya kontemporari yang menghidangkan analisis segar dan bersifat universal serta menyentuh secara langsung kehidupan dan pengajaran sirah Rasulullah SAW ialah karya Tariq Ramadan yang bertajuk In the Footsteps of the Prophet: Lesson from the Life of Muhammad.
The Sealed Nectar
Kesemua koleksi sirah Rasulullah Sallallahualaihiwasallam di atas diterbitkan dalam bahasa Inggeris dan faktor ini boleh menjadi penghalang sesetengah individu untuk memahami buku-buku tersebut. Sebenarnya terdapat buku-buku dalam bahasa melayu telah diterbitkan seperti “Biografi Muhammad bin Abdullah” oleh Zulkifli Mohd Yusoff dan Noor Naemah Abdul Rahman, “Fiqh al-Harakah dan Sirah Nabawiyyah” oleh Abdul Hadi Awang dan “Ensiklopedia Sirah Nabi Muhammad SAW” oleh Khalil Munawwar. Buku “Biografi Muhammad bin Abdullah” ini mempunyai kelebihan dan tarikan tersendiri di mana ia memuatkan gambar-gambar dan ilustrasi sebagai panduan tambahan kepada pembaca untuk memahami sirah Rasulullah SAW. Selain daripada itu, begitu banyak buku terjemahan seperti Fiqh al-Sirah oleh Muhammad Sa’id Ramadan al-Buti, “Sejarah kehidupan Nabi Muhammad” oleh Muhammad Hussein Haykal dan “Sirah Nabi Muhammad SAW: Pengajaran dan Pedoman” oleh Mustafa as-Shibaie, ‘Muhammad’ oleh Martin Lings, ‘Ar-Raheeq Al-Makhtum” oleh S. al-Mubarakpur boleh sahaja didapati di pasaran. Bahkan kitab “Sirah Nabawiyyah Ibnu Hisham” karya Abu Muhammad Abdul Malik Ibnu Hisham yang dianggap antara rujukan berotoriti mengenai Sirah Rasulullah SAW juga telah diterjemahkan.
Berdasarkan senarai rujukan tertera di atas, penulis menganjurkan agar setiap umat Islam untuk memiliki sekurang-kurangnya senaskhah sirah Rasulullah Sallallahualaihiwasallam sebagai koleksi peribadi. Sebagai tambahan, setiap isi rumah perlu juga memiliki sekurang-kurangnya satu set koleksi hadith Rasulullah saw seperti sahih bukhari, muslim dan kitab hadith yang lain. Kitab karangan Yusuf al Qaradawi bertajuk ‘kaifa nataamal maa al sunnah al nabawiyah’ (Bagaimana Beramal Dengan Sunnah Nabawiyah) pula adalah sangat baik bagi menjadi rujukan kepada semua cara dan amalan untuk berinteraksi dengan sunnah. Bagi menghidupkan budaya ilmu dan lebih mengenali sunnah Rasulullah SAW, selain membaca al Quran, bacaan hadith Rasulullah saw juga perlu dijadikan amalan harian. Moga dengan menghidupkan budaya ilmu ini akan dapat membuatkan kita lebih mengenali dan menghayati ajaran Rasulullah SAW.
Bagaimana Beramal Dengan Sunnah Nabawiyah oleh Yusuf al Qaradawi
Memahami dan meneladani Rasulullah Sallallahualaihiwasallam merupakan suatu kewajipan bagi semua umat Islam. Perkara ini tidak akan dapat dicapai melainkan melalui proses pencarian ilmu. Dalam aspek ini, sememangnya kita telah disajikan dengan pelbagai koleksi rujukan mengenai kehidupan Rasulullah Sallallahualaihiwasallam. Hanya tinggal kini ialah kemahuan, keazaman, keiltizaman diri untuk belajar memahami dan meneladani seterusnya mendidik jiwa dan rohani untuk mengasihi Rasulullah Sallallahualaihiwasallam.
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PLEADINGS

Pleadings

• Pleadings are documents which parties to a
proceeding in a civil suit exchange between
themselves. They consist of all material facts on
which the parties rely for the purpose of
establishing a claim or defence.

• Pleadings include a statement of claim, a
counterclaim, a defence and a defence to
counterclaim, a reply and subsequent responses to
be filed and served with the leave of the court.

• To define issues between the parties , i.e issues which

required to be tried

• To enable the defendant to know the exact nature of the

plaintiff’s claim and the relief(s) sought by him

• To allow the plaintiff to ascertain the exact nature nature of

the defendant’s defence

• To assist the court in determining the issues in dispute

• To narrow down the case to the exact issues to be tried by

the court

• To eliminate the element of surprise

• To save time of the parties, counsels and the courts and

hence reduce costs

Functions of Pleadings

Statement of Claim (SOC)

• The function of Statement of Claim is to put

the defendant on notice of the exact nature

of the plaintiff’s claim, the grounds on

which it is based and also relief(s) sought

by the plaintiff.

• S63(1) SCCP (Sgor)2003: every SOC must

be signed by the plaintiff or his Peguam

Syarie.

• S63(1) SCCP (Sgor)2003: the SOC must

contain the concise and sufficient facts

relied by the plaintiff, reliefs and other

particulars (if any).

• If there are more than one cause of action,

they must be mentioned separately.

Statement of Defence (SOD)

• S65(1) SCCP (Sgor)2003: the defendant

may either admit or deny every material fact

alleged- then state concisely any new facts

• S66 SCCP (Sgor)2003: counterclaim is

done similar to the manner of how SOC and

SOD are done.

DISCOVERY & INSPECTION

OF DOCUMENTS

Discovery and Inspection of

Documents
• The court may where necessary order any party to

state an oath or by affidavit what document he
has: S85 SCCP (Sgor)2003

• S86 SCCP (Sgor)2003: any party may inspect and
copy any document in the possession of the other
party.

• The process of discovery enables the parties to
inspect the documents intended to be relied upon
by the other party and to facilitate the proof of
these documents by agreeing with them.

Process of Discovery

• It involves discovering thedocuments,

inspecting them and producing them

(making copies).

Functions of Discovery

• To provide the parties with relevant

documentary material before trial to enable

them to appraise the strength pr weakness of

their respective cases

• To eliminate the element of surprise

relating to documentary evidence

Privileged Communications &

Documents
• If any information is confidential so as to be

prejudicial to the public interest or professional
employment or communications during marriage,
such person having the information cannot be
compelled to disclose the information.

• S87 SCCP (Sgor)2003: production and inspection
of documents shall be subject to any law relating
to privileged communications and documents.

• E.g matters relating to affairs of the state, husband
& wife, legal professional communication, or
matters which may injure public interest.


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: September 2009
September 30, 2009
DR. ZULKIFLI HASAN
Sum of USD350 billion lost by Gulf sovereign funds: UN Report
Available at:
http://topnews.ae/content/2811-sum-350-bln-lost-gulf-sovereign-funds-reports-un
A latest UN report has specified that the global financial crisis has had an adverse affect on Sovereign wealth funds (SWFs) of four oil-exporting Gulf States, as they lost nearly 350 billion dollars last year. But it should be noted that after the funds of Saudi Arabia, Kuwait, Qatar and Abu Dhabi received enormous returns from oil income from the government, they almost maintained their total asset value at the end of 2008.
The United Nations Conference on Trade and Development (UNCTAD) said in the report dubbed World Investment Report 2009, released last week, “Assets held by the four Gulf funds dropped to 1.115 trillion dollars last year from 1.165 trillion dollars at the end of 2007 and those government injections of 300 billion dollars helped narrow their losses.” The most affected was the Abu Dhabi Investment Authority (ADIA), which lost nearly 183 billion dollars, from the 453 billion dollars that it had in 2007. However, the fund was able to end last year at 329 billion dollars, as the government pumped 57 billion dollars in it.
A sum of 94 billion dollars was lost by Kuwait Investment Authority (KIA), from 262 billion dollars it held at the end of 2007. But since the Kuwaiti government injected 59 billion dollars into the fund, it (fund) was able to stand at 228 billion dollars at the end of last year. The report said, “Qatar Investment Authority (QIA) lost 27 billion dollars and ended at 66 billion dollars in 2008, while Saudi assets, run by the Saudi Arabian Monetary Agency (SAMA), valued at 501 billion dollars at end-2008, shed around 46 billion dollars.”
It should be noted that till date, Gulf SWFs have never revealed the size of their assets nor losses. The UNCTAD report described Gulf SWFs as becoming more proactive investors in recent years, along with entering riskier investments and targeting strategic holdings in international companies. UNCTAD said, “The recent collapse of real estate and equity markets has generated large losses for SWFs, but it also offers investment opportunities.”
Due to this, some Gulf SWFs have become apprehensive about investing abroad. Instead, they are now investing in domestic economies. Over 13 million barrels of oil is pumped by the four Gulf states per day, just under half of total OPEC production of around 29 million bpd.
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Eidulfitri in Durham.
Islamic finance news
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September 28, 2009
DR. ZULKIFLI HASAN
Only 1 in 4 Malaysia Federal Territories companies pay business zakat
By Habhajan Singh Available at:
http://www.themalaysianreserve.com/SubPage.asp?pageid=6&eventid=934
Some 4,000 companies registered in the Federal Territories (FT) are eligible to pay business zakat estimated around RM46 million, but at the moment only one in four are fulfiling their zakat obligations. Pusat Pungutan Zakat (PPZ) MAIWP, the body entrusted to oversee the collection of zakat in the FT, has set its sight on reaching out to these eligible corporations to encourage them to fulfil their zakat obligations. PPZ, established by the Federal Territory Islamic Religious Council, is better known locally by its Malay acronym MAIWP, and began operations in 1991. It practises a corporate style of management combined with a computerised collection system, proactive marketing and customer-oriented approach.
In a recent interview, PPZ general manager Mohd Rais Ali identified reaching out to the board of directors of these eligible corporations as one of its challenges in the coming years.

He said that an internal survey showed that there are 43,266 companies registered in the FT, which covers Kuala Lumpur, Putrajaya and Labuan. Out of this, it identified 13,055 companies with Muslim shareholders to be eligible to pay business zakat. In 2008, 1,060 companies paid zakat on business. “That’s only 27%. If all companies pay (business zakat), PPZ can collect RM45.92 million,” he told The Malaysian Reserve. Zakat on business is levied at the rate of 2.5% on the zakatable assets of a business, which include the value of the net current asset and the short-term investment as shown in the balance sheet. Last year, total collection for zakat nationwide was RM1.03 billion, with PPZ collecting RM206 million. Besides business zakat, the other types of zakat include zakat on income, savings, shares, gold, crops, livestock and self (zakat fitrah). PPZ’s business zakat amounted to RM28.7 million in 2008.
On the payment mode, Mohd Rais said that zakat through salary deduction is the most popular means and it contributes to about 70% of the organisation’s collection. “It’s almost a fixed income (for us). We get some RM12 million from about 40,000 payers annually. Of course, the 20-80 pareto rule applies here, as well,” he said. The pareto principle, also known as the 80-20 rule, states that, for many events, roughly 80% of the effects come from 20% of the causes. Business management thinker Joseph M Juran suggested the principle and named it after Italian economist Vilfredo Pareto, who observed that 80% of the land in Italy was owned by 20% of the population. When dealing with PPZ, he said most employers now bank in direct their zakat payments, making the transaction cashless.
PPZ, set-up via a company named Hartasuci Sdn Bhd, is placed under a foundation cal led Yayasan Taqwa Wilayah Persekutuan and is controlled by MAIWP. Its basic responsibilities are to collect zakat for the council and raise zakat awareness amongst Muslims. Since its inception, PPZ has experienced many changes and improvements in its administration by passing bureaucratic procedures as well as adopting a customer-oriented and pro-active marketing approach. “We provide multiple channels for people to fulfil their zakat requirements. Since 1991 until now, we have introduced various modes of collection. We have, for example, zakat through salary deduction and cheques. “At on time, you had to personally go to Baitumal Malaysia offices. Today, you can walk into any bank branch or post office to make the payment. We have also started kiosks at selected mosques,” he said. PPZ’s board of directors, chaired by Datuk Mustafa Abdul Rahman, includes Datuk Che Mat Che Ali, Dr Sohaimi Mohd Salleh and Dr Didi Indra Tjahja. Some of senior management team members are Abdul Hakim Amir Osman (operation manager), Mohammed Hassan (assistant operation manager), Azhan Ismail (finance, investment & development manager) and Azrin Abdul Manan (management & human resource manager).
Best Regards

ZULKIFLI HASAN

DURHAM UNIVERSITY, UK
Eiffel Tower, Paris, France
Islamic finance news
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September 18, 2009
DR. ZULKIFLI HASAN
Happy Eidulfitri 1430H
Assalamualaikum,
Dear Readers,
I would like to take this opportunity to wish all of you Happy Eidulfitri! Maaf zahir dan batin! Please apologize for any wrongdoings or anything I have said that offended to anybody. I pray to Allah the Almighty for His blessings and may He grants us an opportunity to meet Ramadhan next year. Aaminnn.
Best Regards

ZULKIFLI HASAN

DURHAM UNIVERSITY
Gold Souk, Dubai, United Arab Emirates
Islamic finance news
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September 17, 2009
DR. ZULKIFLI HASAN
Benign Islamic Finance
This article is a response by Lorne Cutler (
http://network.nationalpost.com/np/blogs/holy-post/archive/2009/08/28/shariah-finance-a-zero-sum-game.aspx
) to Dr. Sebastian Gorka’s assertion on his article in Holy Post entitled Shariah finance: A zero-sum game, in August 28. Click here:
http://network.nationalpost.com/np/blogs/holy-post/archive/2009/08/28/shariah-finance-a-zero-sum-game.aspx
Dr. Sebastian Gorka is military affairs fellow with the Foundation for Defense of Democracies in Washington, D. C., and associate fellow with the Joint Special Operations University, Florida.
Islamic or shariah-compliant financing is becoming increasing popular, both in Muslim countries and Western countries with large Muslim populations. It was therefore quite a surprise to read Dr. Sebastian Gorka’s assertion (Shariah finance: A zero-sum game, Aug. 28) that the primary reason for Islamic financing is to funnel funds into political and military Jihad to destroy the West. This is based on Dr. Gorka’s view that Islam doesn’t actually prohibit interest, only usury, and as such Islamic banks have really been established to fund jihad with the prohibition of interest really being a ruse.
This is equivalent to saying that the real reason for conventional interest-based banking is to launder money for organized crime. Leading Western banks such Citibank, HSBC, Deutschebank and ABN-Amro have opened up Islamic subsidiaries. It is hard to believe that they would knowingly funnel money to terrorist groups.
At one time, Christianity and Judaism also considered interest as usury and prohibited it. This was at a time when lending was considered taking advantage of the poor. The poor would borrow money to pay off debts of servitude. Any interest added to the burden of the poor was considered usurious. Gradually, however, capital was required in the creation of real wealth. Charging interest was no longer taking advantage of the poor but a critical tool in creating wealth and raising standards of living. While Christianity and Judaism changed their views regarding interest, Muslim scholars did not.
Each Islamic bank has a panel of three Islamic scholars who opine on whether something is shariah-compliant. These panels can only determine what constitutes shariah-compliant financing, not whether the structure complies with the laws of the country, and they have no authority to act against the country’s law.
There are international agreements prohibiting banks from money laundering and funding terrorist groups. If required, existing international agreements can be modified to ensure Islamic banks are governed by these agreements if they aren’t already. If certain banks don’t abide by these rules, Western banks will be prohibited from working with them. Canada’s criminal code also makes it an offense to support terrorist groups. If a religious scholar advising a particular Islamic bank also preaches jihad, regulations could be established to prevent our banks from dealing with that bank. Islamic banks would be subject to the same regulations and supervision as are conventional banks.
Interest is a merely a tool, not a fundamental Canadian or Western value. If certain groups have problems charging interest, there is nothing inherently wrong in setting up financial institutions that can provide funding in a way that does not abrogate religious principles. Our existing and future banking laws and regulations can protect us against the risk of a bank engaging in illegal activities.
Best Regards

ZULKIFLI HASAN

DURHAM UNIVERSITY
Desert Safari, Dubai, United Arab Emirates
Islamic finance news
Leave a comment
September 16, 2009
DR. ZULKIFLI HASAN
Supervising Islamic Finance
Available at:
http://www.aawsat.com/english/news.asp?section=6&id=18054
By Lahem al Nasser
Riyadh, Asharq Al-Awsat-Since its emergence, Islamic banking has never been subjected to any kind of independent supervision with the exception of supervising itself and that of [Islamic] Shariaa bodies that observe its activities and the tools and products of Islamic banking and its institutions. The supervisory bodies that oversee financial corporations, such as central banks, market authorities and the bodies supervising insurance have paid no attention to this, either because they want to avoid double standards or because they are unaware of the importance of a supervisory body and of the need for standards to govern such an industry and its institutions. Those who passed laws with regards to this industry did not activate them, and they were more like ineffective instructions rather than laws.
This is because those in charge of supervisory bodies were unaware of the substantial and perhaps radical differences between the Islamic banking industry and conventional banking. Most of these people were conventional bankers who had no previous experience in the field of Islamic banking. Moreover, they had no incentive to learn, as they were in strong positions in the sense that they were the ones to enact, and at the same time, supervise the laws. They alone can solve or further complicate matters.
In addition, Islamic banking was not as wide spread as it is today and people were not forced to deal with it. However, as the influence of this industry has increased recently and has expanded so much that it has become a dominating feature of some financial institutions and their products in some countries, it will force the officials in charge of supervisory bodies to review their positions and to strive towards learning about the secrets of this industry and towards studying it carefully so that they can supervise it more effectively.
As some Asian and Western cities, London in particular, seek to attract the finances of Islamic banking and its institutions in order to become the financial capital of this industry, the Islamic banking industry took on an international dimension after having been immersed in localism. After the emergence and intensification of the global financial crisis and after the Western world in particular realised that the Islamic banking system and its institutions could help the world out of the crisis, several systematic and advanced markets opened up to this industry. Such markets do not allow any kind of activity unless proper laws are enacted and proper mechanisms of supervision are ensured so as to guarantee risk control and good management. These countries have sought to pass laws that are suitable to the characteristics of such an industry and to create an effective supervisory system to monitor it.
With the risks of this industry being brought to light, such as the risks entailed in the settlement of Sukuk and the fact that several financing operations of some struggling companies are Islamic finances, this still gives rise to disputes between banks, these companies, Sukuk bearers and issuers. Due to the lack of clear rules and specialized courts necessary for this industry, there is no doubt that such disputes would be prolonged, which would affect the interests of the parties involved, especially banks and Sukuk bearers who would be highly affected by any delay in judgment and in obtaining their rights in such cases.
All these combined elements are now putting pressure on the founding Islamic countries to deal with the Islamic banking industry in a different manner so that this industry is acknowledged, proper laws are enacted, effective supervisory bodies are formed for risk control, accounting policies are legislated to ensure proper transparency and so that a fair judicial system is set up to preserve and give people their rights in the quickest and easiest way possible. This will make Islamic banking and its institutions a significant source of development for these countries and also a factor of financial strength after having been marginalized for a long time by the supervisory bodies in these countries, causing the finances in these countries to head towards other advanced markets that can guarantee a sound legal environment. As a result, these countries were deprived of that industry’s finances that would have contributed to the development of these countries by making the appropriate finance available for the infrastructure of these countries and contributing to financing the private sector and creating suitable job opportunities for their people. Providing the appropriate supervision of any industry is enough to protect it and ensure its development and the Islamic banking industry is in dire need of supervision to protect it against itself and to ensure its development.
Best Regards

ZULKIFLI HASAN

DURHAM, UK
Fujairah, United Arab Emirates
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
Monthly Archives: March 2011
March 31, 2011
DR. ZULKIFLI HASAN
Mauritius launches its first Islamic bank
Mauritius launches its first Islamic bank
By Jean Paul Arouff Available at:
http://af.reuters.com/article/investingNews/idAFJOE72U0KT20110331
PORT LOUIS (Reuters) – Mauritius’ first fully-fledged Islamic bank launched operations on Thursday, as the Indian Ocean island seeks to become a regional Islamic banking hub.
Mauritius wants to tap into the roughly $1 trillion Islamic finance industry, and the central bank also plans to offer sharia-compliant short-term liquidity tools.
Hesham Shokry, chairman of Century Bank said its first two to three years would focus on wholesale banking and treasury and wealth management. Wholesale banking, he said, would comprise debt and equity capital markets and fund management.
“Corporate or institutions will now have access to funding alternatives, not only because our offerings will only be Sharia compliant products, but also because wholesale banking is quite different to traditional banking products or services,” he said.
Qatari investors and British American Investment Group are providing the capital.
Developing an Islamic finance industry on the Indian Ocean island that has a buoyant offshore banking sector has been a pet project of Bank of Mauritius Governor Rundheersing Bheenick.
“We need to develop our own niche market and strive to become a regional hub for Islamic finance,” Bheenick told the bank’s launching ceremony late on Tuesday.
The palm-fringed island’s growing offshore financial sector pitches itself as a financial platform bridging Africa, the Indian sub-continent and Asia.
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ZULKIFLI HASAN
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March 30, 2011
DR. ZULKIFLI HASAN
India/Islam-finance: India may get its 1st foreign Islamic Bank in Bank Asya
India/Islam-finance: India may get its 1st foreign Islamic Bank in Bank Asya
By IINA Available at:
http://iina.me/wp_en/?p=1002034
NEW DELHI,23 Rabi 2/March 28 (IINA)-India may soon get its first foreign Islamic bank with the Reserve Bank of India (RBI) seeking government approval to allow Turkey’s Bank Asya to offer Shariah-compliant lending in the country. Shariah, or the Islamic law, bans interest on financing. Bank Asya is keen to start its Indian operations through a representative office in Mumbai. “So far the bank has only sought permission to open a representative office,” a finance ministry official said.”We are considering their application.”
RBI has requested the government to consider the Turkish bank’s application within 45 days. Launched in 1996, Bank Asya aims to develop interest-free banking products, according to its charter. It has 179 branches in Turkey. The current statutory and regulatory framework in India does not allow banks to undertake Islamic banking activities. But the Committee on Financial Sector Reforms, constituted by the Planning Commission, had in a report in 2008 recommended delivery of interest-free finance on a larger scale, including through the banking system. Last year during a visit to Indonesia, the country with the world’s largest Muslim population, Prime Minister Manmohan Singh had said that he would ask RBI to look into the demand for establishing Islamic banking in India.
Bank Asya had in 2009 received clearance from Turkey’s banking regulator to open a representative office in India. Its proposal has been pending with RBI for over a year. “After the global economic crisis, RBI has been stringent with allowing foreign banks in the country,” the finance ministry official said. “As a part of its liberalised policy for foreign banks, it has now granted permission to Bank Asya.” Global financial centers, such as Singapore, Hong Kong, Geneva, Zurich and London, have made changes in their regulations to accommodate Islamic finance industry that is now worth about $1 trillion.
The case for Islamic banking got a boost in India last month when the Kerala high court dismissed writ petitions challenging the government sanction for starting a nonbanking finance company by the Kerala State Industrial Development Corporation, based on the Shariah. The petitioners had argued that the government sanction amounted to favouring Islam, and that setting up such a company with co-ownership of the state was antithetical to equal treatment for all religions. But the court said the petitioners could not demonstrate how the sanction had the effect of directly promoting a particular religion. India had committed to the World Trade Organization in 1997 to issue 12 new branch licenses to foreign banks every year, a number it has exceeded almost every year since. The finance ministry has said that there are 18 foreign banks, which are looking to set up their branches or representative offices in the country and their applications are at various stages of progress. At present, there are 32 foreign banks in the country.
Regards

ZULKIFLI HASAN
Islamic finance news
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March 29, 2011
DR. ZULKIFLI HASAN
Islamic finance system lacks a comprehensive law
Islamic finance system lacks a comprehensive law: Expert
By P.K. ABDUL GHAFOUR | ARAB NEWS Available at:
http://arabnews.com/economy/islamicfinance/article333631.ece
JEDDAH: Islamic banks and finance institutions should have a comprehensive law to regulate their activities, make their products Shariah-compliant and win investor confidence, according to a professor at the Department of Economics in the International Islamic University, Malaysia (IIUM).
“At present there is no law defining what is Islamic banking and finance. We need a complete set of rules and regulations. In the absence of such a law, discrepancies will continue,” Muhammad Yousuf Saleem told Arab News.
A comprehensive law would bring about dramatic improvement in the quality of Islamic banking and finance services, he said. There are now thousands of Islamic banks and financial institutions across the world, dealing with more than $1 trillion in deposits and assets. “These institutions are in need of a substantial law defining Islamic banking products and banking activities,” said Saleem, who holds a doctorate degree in law from IIUM.
He added that many Muslim scholars are not happy with the present Islamic banking system due to the absence of a comprehensive law. The law would create public confidence in the system and encourage more Muslims and non-Muslims to deal with it. “Islamic banks should prove that they are totally different from conventional ones to attract faithful Muslims,” he pointed out.
Saleem said Islamic banks should invest in real economy such as industries and agriculture to boost the development of countries and create more job opportunities. “They should take care of not only the interests of shareholders, but also those of common people,” he said. He attributed the progress of the Islamic banking sector in Malaysia to strong central bank control.
The IIUM professor demands greater independence for Shariah boards that monitor the activities of Islamic banks and financial institutions. “At present, the board members are appointed and paid by the banks where they work. This is one of the weaknesses of the present system. The power of appointing and removing a board member should be vested in the central bank.”
Saleem does not favor the opening of Islamic finance windows at conventional banks. “We can only approve these windows as a transitional step, not as a permanent system, because we don’t know how they separate their transactions and use their funds. Traditional banks should open separate branches for Islamic banking to avoid mixing of funds,” he explained.
Professor Saleem is optimistic about the future of Islamic banking in the world. “There is a good future for Islamic banks, provided they improve services and focus on real economy, infrastructures and SMEs, and do not invest in credit cards and derivatives,” Saleem said. “Conventional banks encourage people to spend more. Islamic banks can put a break on this negative trend,” he added.
Best Regards

ZULKIFLI HASAN
Islamic finance news
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March 28, 2011
DR. ZULKIFLI HASAN
Outdated laws hold back growth in Islamic banking
Outdated laws hold back growth in Islamic banking
By Morris Aron Available at:
http://www.standardmedia.co.ke/InsidePage.php?id=2000032068&cid=14&j=&m=&d=
The slow rate of reforms on laws governing Islamic banking is holding back the sector’s growth potential in the region and its contribution to the economy, a leading Islamic banking specialist has said.
And as a result, Kenya risks losing investment to Uganda that has fully revised its banking rules and regulations to cater for Islamic financial institution needs.
The country has attracted the attention of investors from as far as the Middle East who are now eyeing establishing banks in the neighbouring country.
Gulf African Bank building in Nairobi. Key among challenges that Islamic banks face include the inability to invest in Government bonds.
Mr Mohamed Haris, head of corporate banking at Gulf Bank — the pioneer fully Islamic bank in the region — is now calling for a wholesome review of the laws to allow for growth of the Islamic banking model just as their conventional counterparts in the industry.
“Kenya is a regional financial hub and should take the lead in financial reforms after having taken the lead in introducing the banking model in the region,” said Haris.
Key among the challenges that Islamic banks face include the inability to invest in Government bonds as they are currently structured.
Instead, Islamic banks deposit 20 per cent of their liquidity through other commercial banks — a move that is cumbersome and blocks them from reaping returns from their investment.
Re-training staff
Islamic banks also do not have a ready pool of bankers who understand their operation mode and have to use a lot of resources in re-training staff.
Islamic banking specialists are now calling on the Central Bank of Kenya (CBK) and other players to review laws to allow such institutions to issue Shariah compliant bonds among other investment instruments.
There is also the need for universities and colleges to review their curriculum to allow for the teaching of Islamic banking principles.
Islamic banks also have to put in extra effort in marketing their products. Though it has been slowly coming, CBK has in the past undertaken a number of reforms to allow Islamic banks to operate.
Key among them include an exception in the regulatory framework where the Prudential Guidelines were relaxed to allow Islamic banks undertake financing transactions without charging interest rates.
“There is need for a much more enabling environment to allow us compete on equal footing,” said Haris.
“While establishing ourselves in the Kenyan market, sceptics argued that financial systems based on religious tenets were unlikely to succeed, yet, three years down the line, our continued growing strength is a clear indication that there has been a shift in perception as more Kenyans embrace Islamic finance,” said Gulf African Bank CEO Najmul Hassan.
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ZULKIFLI HASAN
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March 22, 2011
DR. ZULKIFLI HASAN
Has Islamic finance contributed to the public good?
Has Islamic finance contributed to the public good?
By MUSHTAK PARKER | ARAB NEWS Available at:
http://arabnews.com/economy/islamicfinance/article323928.ece
OXFORD: In the aftermath of the global financial crisis, one of the major criticisms has been the disconnection between banking and the real economy. One perceived manifestation is the single-minded pursuit of shareholder value and individual enrichment driven by a culture of wanton greed, instead of the traditional function of banking as financing entrepreneurial projects for the good of the real economy.
At the stately surroundings of Ditchley House in Oxford in England last week, the Securities Commission of Malaysia (SC), the securities regulator and the Oxford Centre for Islamic Studies (OCIS), organized a timely roundtable on “Islamic Finance and the Public Good,” which given the faith ethos of Islamic finance should be a common feature on the conference circuit purporting to serve the industry instead of the gratuitous marketing platforms which they often offer in return for sponsorship.
The roundtable was by invitation only and gathered some of the top thinkers and market players in global Islamic finance. They included Nik Ramlah, managing director, Securities Commission Malaysia; Nazir Razak, group CEO, CIMB Group, one of Malaysia’s largest banking groups; Farhan Nizami, director, Oxford Centre for Islamic Studies; Ann Pettifor, executive director, Advocacy International; Mukhtar Hussein, Global CEO, HSBC Amanah; Mohd Daud Bakar, a prominent Shariah adviser who serves on several boards; Muhammad Faiz Azmi, global head Islamic finance, PricewaterhouseCoopers; Qudeer Latif, partner Clifford Chance, LLP; David Vicary, chairman, Global Islamic Finance Group, Deloitte; Nicholas Foster, senior lecturer in Islamic commercial law, SOAS, London University; Rafe Haneef, CEO, HSBC Amanah Malaysia; Iqbal Khan, CEO, Fajr Capital; Professors Volker Nienhaus and Simon Archer of Reading University; and Professor Hashim Kamali of the International Institute of advanced Islamic studies.
In his special address, Raja Nazrin Shah, the crown prince of Perak State in Malaysia and ambassador-at-large of the Malaysia International Islamic Financial Centre (MIFC), reminded that in Islamic finance, consideration of the public good is inherent in the Maqasid Shariah (the objectives of the Shariah). “The Shariah seeks to establish justice, eliminate prejudice and alleviate hardship. The prohibition of riba (interest), for instance, serves to ensure that Islamic financial transactions promote real, as opposed to artificial, wealth creation. Therefore, it serves the public good. On the other hand, the artificial creation and transfer of wealth through so-called ‘toxic products’ do not serve the public good. Such activity can have catastrophic consequences as demonstrated during the financial crisis,” he explained.
The concept of Maslaha (the public good) is another testament of the close link between Islamic finance, fiqh (jurisprudence) and the public good, and partly based on the saying of the Prophet Muhammad (peace be upon him) that “no harm should be caused to another nor shall any harm be caused in return for harm.”
In her opening speech, Zarinah Anwar, chairman of the Securities Commission Malaysia, reminded that Islamic finance like any other industry must create a distinctive value proposition that meets the needs of its customers. To a certain extent, Islamic finance has managed to transcend religious, political and geographical boundaries and today serves not only the needs of Muslims but is also gaining the interest and acceptance of non-Muslims.
She warned that there are challenges that could pose threats to the entire value chain. Islamic finance products have had universal appeal due to its ability to replicate its conventional counterparts. But replication has its dangers. “Replicating the conventional banking products means that the industry is importing the same issues and concerns faced by conventional finance. Conventional finance recognizes debt as the basis of all financing structures whilst Islamic finance has risk participation as its cornerstone. Blending the two, which has been the popular practice, has to some extent diminished the value and the spirit of the Shariah. As a consequence, we see increasing legal uncertainties and concerns over investor protection. But there is also a school of thought that says a close resemblance is permissible,” she explained.
Chairman Zarinah called for the virtues of Islamic finance to be unlocked further. Public good, ethics, shared values, governance, real and tangible contributions to the economy hold the key to innovation and growth. “Profits involving a higher social purpose and objective,” she maintained, “represent values that will create not just economic returns but also comply with universal ethical standards. Putting all these in place will strengthen the universality and acceptability of Islamic Finance, enabling it to offer a distinctive value proposition.”
Professor Kamali explained that Islamic finance has provided sufficient evidence that the Shariah has enormous potential to contribute to the public good. One manifestation is the proscription on investments in speculative derivatives and transactions such as CDOs, which were the bane of market capitalism in the recent financial crisis. The concept of Maslaha, he added, is not confined to Islamic finance per se, but also to wider governance, governments and public life, although the application of Maslaha must be genuine, all-inclusive and have no conflicts with Shariah injunctions.
Professor Nienhaus raised some searching questions relating to what Maslaha or the concept of public good actually means in practice, especially in the context of Islamic finance. He noted that Islamic banking follows the conventional structure of fractional reserve banking (FRB) which implies that banks guarantee the nominal value of deposits and keep only a fractional reserve and use the rest for financing etc.
This, he lamented, is a pity because the world in the aftermath of the financial crisis is looking for a system that is more stable, sustainable and efficient.
He alluded to the changing concept of investment from involvement in entrepreneurial projects in the real economy to the contemporary placement of funds in the financial sector. This has diverted liquidity from the real sector and has earned the financial sector huge profits, disturbingly not by financing the real economy.
Professor Nienhaus warned that Islamic finance and the academic debate should also be in a socio-economic context. In this respect, there should be better communication between Shariah scholars and Islamic economists, especially in the context of the debate on Maslaha. He warned that there are too many replications of conventional financial instruments which have serve to undermine the very ethos of Islamic finance. Even the document on the Islamic equivalent to repurchase contracts (Repos) issued for public consultation by the International Islamic Financial Market (IIFM) in Bahrain, talks about this as a functional equivalent of Riba (interest). This cannot be appropriate for the Islamic finance industry to move in the right direction.
It was refreshing to see Islamic bankers on the roundtable acknowledge that there is huge dissatisfaction with the performance of the Islamic finance industry. The industry, they contended, started as a Shariah-compliant one with the hope that it would progress to a Shariah-based industry. This unfortunately has not happened.
Some of the bankers called for a reversion to the Glass-Steagalls era when we had the separation of the commercial banks from the investment banks/asset management companies. Perhaps, the future concentration could be on a much more defined asset management mutual fund model. For instance there could be dedicated Mudarabas for agriculture, infrastructure, education etc. This will help the Islamic finance industry to achieve Maqasid Al-Shariah (the objectives of the Shariah) in a much more reasonable way. However, others maintained that Islamic finance cannot compete with conventional finance in the provision of cheap credit and leveraging. As such, there is no future for the Islamic finance industry model as long as this persists. Another stressed that it is the very nature of the banking model that chases shareholder value that has led to certain behavior, which in turn has given rise to expectations. As such, the public good needs to be defined by and in terms of these expectations.
Ann Pettifor stressed that public good is not an abstract concept. The banking system, in fact, is a public good just as clean water is. Public good is steeped in socio-economic evolution, and the price that has been paid in its name is colossal. She suggested that society has to claim back the banking system as a public good especially in the aftermath of the global financial crisis. Although how we practically can do this is open to debate. The contention is that society has allowed bankers to hijack the public good for personal private gain and greed.
But who are the guardians of the public good? The bankers seem to suggest that it is the regulators. This suggestion may be flawed. If we consider the maxim that it is financial engineering that drives innovation, and innovation that drives regulation, then the responsibilities of bankers become self-evident. In the recent global financial crisis, for instance, regulators had no idea about the complexities of the credit debt obligations (CDOs) and the complex derivatives, that nearly brought about the collapse of the global financial system, let alone how to regulate them.
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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
My Recommended Reading
It is strongly recommended to read all of these pieces. It is worth to mention that only selected publications will be inserted in this site. I will update the information from time to time and wish you all, happy reading!
islamicity-index

Corporate Governance in Islamic Financial Institutions

Regulatory Challenges of Islamic Capital Market

Instrument of Regulation and Control of Islamic Bank

Gharar and Its Effect on Contemporary Transaction

Islamic Banking State of the Art

Islamic Capital Market

Regulation and Supervision of Islamic Banks

Profit vs Interest in Economic Analysis and Islamic Law

Shariah Rulings on Contemporary Banking Transaction With Interest

Resolution and Recommendation of Islamic Fiqh Academy

Riba, Bank Interest and Rationale of Its Prohibition

The International Monetary System in the 21st Century. Could Gold Make a Comeback?

Sources of Law Affecting Takaful

Regulatory Framework of Takaful

Towards A Unified Zakat System

Origin of Islamic Banking

Secrets of the Federal Reserve Bank

Zakah: A Bibliography

A Survey on the Institution of Zakah

Waqf: A Bibliography

Report of Israeli Think-Tank on the Global Muslim Brotherhood

The Muslim 500 2012
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4 thoughts on “My Recommended Reading”
zubaidah says:
March 11, 2009 at 5:15 am

Assalamualaikum,

Could you recommend on what books or articles on issues of breach in Islamic contracts and its legal implications?

Reply

ZULKIFLI HASAN says:
March 18, 2009 at 11:23 am

Abd al-Nasir Musa Abu al-Basl. 1999. Al-Qanun al-Madaniyy al-’Urduniyy Al-Nazriah al-‘Amah Li al-‘Aqd. Jordan: Dar al-Nafa’is.

’Ala al-Din Kharofa. 1997. Transactions In Islamic Law. 1st Ed. Kuala Lumpur: Percetakan Zafar Sdn. Bhd.

Muhammad Uthman Shabir. 1996. al-Mu‘amalat al-Maliyyah al-Mu‘asarah fi al-Fiqh al-Islamiyy. 1st Ed.  Jordan:Dar al-Nafa’is.

Wahbah al-Zuhayli. 2002. Fiqh al-Islamiyy Wa Adillatuhu. Vol. IV. Kuala Lumpur: Dewan Bahasa dan Pustaka.

Razali Nawawi, Dr. 1999. Islamic Law On Commercial Transactions. Kuala Lumpur: CT Publications Sdn. Bhd.

Reply

zurai says:
May 4, 2010 at 7:27 am

Salam Sir,

Nak tanye, boleh rekomen buku/article yang berkaitan dengan Shariah Comiittee meeting procedures on Shariah based products?

Reply

Francisco Craft
says:
January 20, 2012 at 2:29 pm

I have been recommended a lot of books by friends and wanted to find a website that has reviews on these books so that I can read a bit about them and then I can choose which books I think I would like to read

Reply
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