BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: February 2011
February 28, 2011
DR. ZULKIFLI HASAN
Does Size Matter?
Islamic finance to jump to USD 3 trillion by 2016: study
Available at:
http://www.kuna.net.kw/NewsAgencyPublicSite/ArticleDetails.aspx?id=2148501&Language=en
GENEVA, Feb 27 (KUNA) – – The demand for Shariah-compliant financial products is growing very rapidly which is expected to take the total assets of this sector up to USD 3 trillion by 2016, said a study conducted by the Swiss Bank group (Credit Suisse) and the University of Zurich.
Scientists working with the University of Zurich professor of economics, Ernst Fehr recently made a striking discovery; based on psychological experiments, they found religiosity to have a significant influence on economic action. “The more religious a person is, the harder the person punishes unfair economic behavior of other market participants. This result may be surprising to conventional economists, but it is not to those who participate in Islamic finance,” the study said. For almost four decades, the faith-based business branch has sought to combine the premises of Islam with those of the financial markets, aiming to establish fair ways of trading and investing, the study added.
Surprisingly, the unusual consolidation of financial and faith-based purposes has been richly rewarded. Islamic finance is today one of the fastest-growing business segments in the world, attracting investors worldwide. Its compound growth rate was 26 percent between 2004 and 2009, totaling a market value of USD 822 billion dollars by end of 2009. “Islamic Finance performed comparatively well during the financial crisis, and its future growth rate seems unabated. Shariah-compliant assets are likely to triple within the next six years, expected to reach 3 trillion dollars by 2016,” explained the study.
Islamic Finance is the reconciliation of economic action with the Islamic legal practice of the Shariah (Islamic law). Based on a permanent exchange between banking experts and renowned Islamic scholars, a few basic concepts of prohibition have been defined throughout the past decades such as no interest, no speculation and gambling-like transactions and no “immoral” business branches.
The Dow Jones Islamic Market Index has outperformed MSCI World Index in recent years. There are a number of equity indexes that screen companies with regard to their compatibility to Islam. Even though these indexes have to cope with a limited investment universe, the Dow Jones Islamic Market Index, currently the best-known Shariah-compliant equity index, has managed to outperform the MSCI World Index lately.
In the case of Sukuk (Islamic bonds), structured products and funds, most financial institutions cooperate with so-called Shariah boards, normally consisting of three Islamic scholars that evaluate and categorize every financial product as either Halal (pure) or Haram (impure). Islamic Finance started off as a grass roots movement. In the beginning, many governments, even those of traditional Islamic countries, tried to avoid any entanglement with Islamic Finance. The reason was that they were scared to harm the country’s economic development by following a different way than developed markets. As a consequence, most governments refused to accept Shariah-compliant investment opportunities. However, due to the strong demand from Muslim clients, Islamic Finance emerged and the fear of an Islamic way of doing business proved to be unfounded.
Today, many countries are starting to rethink their attitudes toward Islamic Finance: Islamic Finance-friendlier policies are established, Islamic banking licenses are provided. Various global players have announced plans to enter the Islamic financial market during the course of 2011. As a matter of fact, Shariah-compliance has become a unique selling point to many companies and countries in the Islamic, as well as in the non-Islamic world. What used to be perceived as a restriction to economic action has thus become a beneficial resource to modern finance.
Regards

ZULKIFLI HASAN
Islamic finance news
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February 27, 2011
DR. ZULKIFLI HASAN
Top 100 Companies of the Muslim World: 2010 DS100 Ranking
2010 DS100 Summary: Companies Absorb Financial Crisis Shock
Available at:
http://dinarstandard.com/rankings/2010-ds100-summary-companies-absorb-financial-crisis-shock/
The 7th Annual DS100 continues to benchmark the corporate environment of the 57 OIC (Organization of Islamic Conference) member countries.
The 2010 DS100 ranking, which is based on end-of-year (EOY) 2009 revenue data of the top 100 Companies of the OIC member countries, fully shows the impact of the 2008/09 financial crisis.  As expected, EOY 2009 revenues were down for all sectors represented on the DS100 compared to EOY 2008. The silver lining has been that sectors such as finance, consumer goods, and utilities absorbed the shocks, still showing single digit growth, although down from double digits growth experienced in the previous year.
With USD 1.12 trillion in total revenues, the 2010 DS100 list of companies recorded a 26.47% overall decline in annual revenue over the previous reporting period.  Conversely, 44 companies on the list grew in revenue, with 19 showing double digit growth.
The fastest revenue growing companies on the 2010 DS100 were YTL Corp. (+85.48%, Malaysia,) PT Adaro Energy (+48.89%, Indonesia,) Savola Group (+29.64%, Saudi Arabia,) Etihad Airways (+29.15%, UAE,) Proton (+26.20%, Malaysia,) Bank Rakyat Indonesia (+26.02%, Indonesia,) BIM Birlesik (+25.48%, Turkey,) Public Bank (+24.30%, Malaysia,) Selçuk Ecza Deposu (+24.28%, Turkey,) and Pakistan State Oil (21.48%, Pakistan.)
The 19 Integrated Oil & Gas Companies on the list continue exerting their revenue dominance, representing 64% of the total DS100 company revenues.  However these 19 companies showed a 38% drop in yearly revenue from the previous term.  This was mostly due to the significant drop in oil prices from their dramatic peaks in 2008 ($94.4/barrel ’08 OPEC reference basket price) back down to norms of previous years ($61/b in ’09.)  As we publish this analysis however, 2011 oil prices are back up in the $90/b range.
The important and sizeable Finance sector recorded a 6% increase in EOY 209 revenues while Utilities, Consumer Cyclical, Telecom and Retail sectors all recorded a 7% increase during the same term.  All these sectors had recorded double digit growths in the previous term.
Companies from 20 out of the 57 OIC member countries are on the DS100. The minimum threshold to be on the 2010 DS100 list was USD 2.67 billion in annual revenues.
Global Comparison
Globally, the DS100 companies in 2010 represent 10.4% of the USD 10.8 trillion in revenues attributed to the top 100 global companies from Fortune magazine’s 2010 Global 500 list.
SABIC (Saudi Arabia) and KOC Holding (Turkey) are the only two DS100 companies on the Fortune 500 Global list. Meanwhile, no brands from OIC member countries made it to the BW/Interbrand Top 100 Global Brand list.
Industry Breakdown
Saudi Aramco, the world’s top oil producer, continues to lead the DS100 list as the largest business enterprise of the Muslim world.  However, during the term of this ranking (EOY 2009) Saudi Aramco recorded an estimated 42% decrease in its revenues from the year before. This drop, however, is almost a complete reversal of the estimated 47% increase in revenue experienced in the previous term (EOY2008).
Overall, the Energy sector continues to confirm its dominance by number of companies on the list (19) and, more significantly, by revenue size (US$ 642 billion.)  Indeed 9 out of the top 10 companies on the list are all state-owned Integrated Oil & Gas companies.  From these top 10 companies, Petronas (#3 rank) recorded the smallest decrease in annual revenue growth, of -18% as compared to the previous term.
After the Energy sector, the diversified companies represent the second largest sector on this year’s DS100 list (18 of 100 companies); with the Turkish family-owned conglomerates Koc Holding, and Sabanci Holding representing the largest and second largest diversified companies, respectively, followed by Astra International (Indonesia), and Sime Darby (Malaysia). The diversified sector also registered a contraction in annual revenue growth of -7.43% over the previous year.
The third largest sector represented in the 2010 DS100 ranking is Financial Services (17 of 100 companies) with Turkish banks IsBank (#19), Ziraat Bank (#24), Akbank (#31), leading the list, followed by Malaysia’s Maybank Group (#37).
Bank Melli Iran (#57), Al Rajhi Bank from Saudi Arabia (#85), and Kuwait Finance House (#100) are the leading full Islamic banks within the financial services sector.
The other major sectors represented are Basic Materials Manufacturing, Services (Telecom and Retail), and Transportation.   A fast maturing sector, the Telecom space has become increasingly competitive regionally, and is led by Saudi Telecom (#31), Etisalat (#27), and Zain (#28.) Telecom continues to be the most exciting sector with a flurry of acquisitions, market expansion and technology innovation.  Although not the fastest growing sector, Basic Material Manufacturing is emerging as a major area of opportunity and investment. SABIC (#11 – chemicals), IMIDRO (#23, metals/mining), are the leading players in this sector.
Publicly Listed vs. Government and Private Companies
The 2010 DS100 list had 56 publicly traded firms from 11 countries compared to the previous year’s (2009) 58 firms from 13 countries.
Turkey-based Koc Holding–a diversified electronics, automotive, energy, finance, and retail giant, is the largest publicly traded company on the list. It is followed by SABIC (#8, chemical), and Saudi Telecom Company (#13, services).
While a majority of the companies on the DS100 are publicly traded, the bulk of the total revenue (64%) is attributed to the 31 government-owned companies on the list, signifying their powerful roles in the respective economies. This trend remained mostly the same from the year before.  Additionally, it should be noted that some of the ‘Listed’ companies still have majority government ownership and are at different stages of privatization drives.
In regards to privately held companies, the ranking this year has 13 private enterprises. Data for these companies was available through public sources. Sabanci Group (#16, Turkey) leads this list, followed by Saudi Oger (#29, Saudi Arabia), and ETA – Ascon Group (#39, UAE). Even though there is a small representation of private companies on the list, there are many firms for whom data was not available and therefore were not included in this report.
Turkish, Malaysian, Saudi and Indonesian Companies lead the List
Turkish companies continue to set the benchmark for OIC economies, evidenced by the fact that Turkey has more companies on the 2010 list (20 companies) than any other country. Subsequently, the Turkish companies also present the widest and most diverse sector representation of any other country in this year’s ranking. This should come as no surprise, given the fact that Turkey has the largest OIC economy, as measured by GDP output.
Malaysia has the second highest number of companies (16 companies) on the DS100. This is quite impressive, as Malaysia is only the 5th largest OIC economy (by 2009 GDP est.)  Indonesia, the second largest OIC economy, had 11 companies represented.  Reflective of their growing potential, this number has increased from 9 Companies represented on the previous DS100 ranking.
13 Saudi Arabia based companies are on the list.  Other major representations include 8 from both UAE and Iran, and 6 from Kuwait. Other countries represented included Algeria Brunei, Egypt, Jordan, Kazakhstan, Morocco, Nigeria, Oman, Pakistan, Qatar, and Syria

Ranking Purpose & Challenges
The purpose of the DS100 (in its seventh year) is to portray as close a picture as possible of the leading domestic business activities in the OIC (Organization of Islamic Conference) member countries while providing its corporate managers and strategists with a tool to benchmark trends and identify opportunities.
The DS100 aims to recognize companies that are leading the charge in the global competitive landscape and are making a significant impact on the well-being of their communities.  The ranking is based purely on the 2009 end-of-year annual revenue figures (as EOY 2010 data has not been released by most as yet).
More than half of the list is comprised of publicly listed companies (56 of 100) from the growing public markets of the Muslim World.  At the same time, the ranking continues to include government and private enterprises to reflect their disproportionately significant role in the Muslim world economies.  Only those private and government enterprises are included for whom data could be estimated or verified through various media sources. Acquiring this verification continues to be a challenge, given limited financial disclosure practices. However, a visible positive trend towards better corporate governance, transparency practices, and privatization is facilitating a clearer view of the corporate environment in the Muslim World.
Top 10 Companies of the Muslim World

1. Saudi Arabian Oil Co. (Saudi Aramco)- Saudi Arabia

2. National Iranian Oil Company- Iran

3. Petroliam Nasional Bhd. (Petronas)- Malaysia

4. Kuwait Petroleum Corp.- Kuwait

5. Sonatrach- Algeria

6. PT Pertamina (Persero)- Indonesia

7. Qatar Petroleum- Qatar

8. Nigerian National Petroleum Corp.- Nigeria

9. Abu Dhabi National Oil Co.- UAE

10. Koc Holding A.S.- Turkey
Regards

ZULKIFLI HASAN
Muslims News
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February 25, 2011
DR. ZULKIFLI HASAN
Central Bank of Iraq: open Islamic banking windows of banks, government will raise by 40% of its activity
Central Bank: open Islamic banking windows of banks, government will raise by 40% of its activity
By Just Hopin Available at:
http://theiraqidinar.com/2011/02/20/cbi-open-islamic-banking-windows-of-banks-government-will-raise-by-40-of-its-activity/
Advisor to the Governor signs the Iraqi Central Bank the appearance of Mohammed Saleh, Sunday, to lead the Ministry of Finance to open windows for Islamic banking in the State-owned banks to increase their activity by more than 40%, confirming the central bank sought to pass a law for Islamic banks.
Saleh said in an interview with “the Sumerian News”, “State-owned banks dominate 85% of the activity of banking in Iraq, and therefore, the Ministry of Finance to open windows of an Islamic bank Mesopotamia and the good will raise the activity of banks in Iraq to more than 40%”. “
“The Iraqi government allocated 50 billion dinars to support the Rafidain and good equally to open the windows for Islamic banks which,” noting that “Islamic banks which are based on partnership between the bank and the depositor of his money is a tool that modern banking does not exceed the size and activity of banking in Iraq at the present time more than 20%. “
He said: “There are seven Islamic banks in Iraq among the 40 banks were private sector.”
Saleh pointed out that the “law of Iraqi banks did not distinguish between investment banking and commercial banking where there is no legal basis or a paragraph in the Banking Act regulating the operation of Islamic banks or sets of work, and therefore, the Islamic banks in Iraq exercised pursuant to the usury and the Muslim.”
He revealed that “the Central Bank of Iraq at the present time trying to pass a law for Islamic banks.”
The Ministry of Finance has announced at the end of the month of January of this year from its quest for the opening of an Islamic bank under the Ministry of Finance based bank dropped interest in Mesopotamia and the good ..
Intended to Islamic banks, the banking activity is compatible with Islamic law, where the intervention of interest paid by banks on deposits, or take on loans, in the rule of usury which was forbidden by the Islamic religion, was to establish the first Islamic bank in the Emirate of Dubai in the early seventies of last century, then established many Islamic banks thereafter until it reached about 100 banks in all parts of the world’s most famous and the Faisal Islamic Bank and Dubai Islamic Bank.
The number of Arab and foreign banks made after the issuance of the Banking Act No. 94 of 2004 to get licenses for the establishment of private banks in Iraq, whether by 100%, or in partnership with banks, a local Iraqi, or to open branches to work in Iraq, but security conditions have prevented it , with the exception of some few posts that have been made with a number of national banks.
The CBI, with headquarters in Baghdad, has four branches in Basra and Sulaymaniyah, Irbil and Mosul, and founded the bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March 2004, and is responsible for the maintenance of price stability and the implementation of monetary policy, including policies, prices exchange and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector.
Regards

ZULKIFLI HASAN
Islamic finance news
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February 24, 2011
DR. ZULKIFLI HASAN
Mahathir Backs Islamic Finance In Korea
Mahathir Backs Islamic Finance In Korea
By Alastair Gale Available at:
http://blogs.wsj.com/korearealtime/2011/02/24/mahathir-backs-islamic-finance-in-korea/?mod=google_news_blog
Former Malaysian Prime Minister Mahathir bin Mohamad voiced support Thursday for an attempt by South Korea’s finance ministry to kickstart the growth of Islamic finance in Korea, saying “it’s not about religion.”
Back in 2009, Seoul aimed to launch a local Islamic bond, or sukuk, market in order to diversify funding sources for companies by tapping into capital from Middle Eastern investors and others with an interest in Shariah-compliant financial products. Key to getting the project off the ground was legislation that would provide the same tax breaks for sukuk as for traditional bond issuance.
That legislation ground to a halt in committee late last year under objections from lawmakers and South Korea’s powerful Christian lobby, both of whom cited cultural and religious conflicts, and said tax benefits for sukuk would be unfair. Christian groups also raised objections to the standard practice of payment of some of the proceeds of sukuk deals to the poor, saying it could funnel money to terrorist groups.
The finance ministry says the objections are down to misunderstandings about Islamic finance. It is making another bid to pass tax legislation during the current National Assembly session. The prospects for success are unclear, but Mr. Mahathir backed the growth of Islamic finance in Korea, saying it would be good for the development of the nation’s banks.
“There’s no reason why countries should reject Islamic banking. It’s not about religion, it’s about using banks,” he said on the sidelines of a conference in Seoul.
“It should be a privilege for all banks,” he said.
Malaysia is the world’s biggest issuer of sukuk, followed by Saudi Arabia.
Regards

ZULKIFLI HASAN
Islamic finance news
1 Comment
February 23, 2011
DR. ZULKIFLI HASAN
Qatar banks agree to move accounts to Islamic banks
Qatar banks agree to move accounts to Islamic banks, Sharq says
By Bloomberg Available at:
http://www.arabianbusiness.com/qatar-banks-agree-move-accounts-islamic-banks-sharq-says–382560.html
ISLAMIC BANKS: The central bank’s circular to banks on February 1 said that non-Shariah compliant banks must close Islamic branches by year end
A number of commercial banks in Qatar have agreed to transfer governance of assets and accounts to Islamic banks after the central bank ordered them to shut their Islamic branches by year end, Al Sharq reported, citing an unidentified bank official.
The central bank’s circular to banks on February 1 said that non-Shariah compliant banks must close Islamic branches by year end and stop taking deposits in those units immediately.
Qatari banks including Qatar National Bank, Commercial Bank of Qatar, Doha Bank and International Bank of Qatar have Islamic banking divisions.
HSBC Amanah, the Islamic banking unit of Europe’s largest bank, is in discussions with the central bank “to find a workable solution,” the company said in an e- mailed statement on February 6.
Best Regards

ZULKIFLI HASAN
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: November 2010
November 30, 2010
DR. ZULKIFLI HASAN
Turkey’s New Global Role
Turkey’s New Global Role

Henri J. Barkey Q&A, Available at:
http://carnegieendowment.org/publications/index.cfm?fa=view&id=41952
With economic success at home, Turkey’s government has been flexing its muscles on the world stage and Recep Tayyip Erdogan seems likely to win a third term as prime minister next year. As Turkey moves toward national elections in 2011, analysts are questioning whether Erdogan’s demonstrated popularity will further embolden an increasingly assertive foreign policy or if a more democratic Turkey will find ways to reduce friction with the West.
In a Q&A, Henri Barkey analyzes how Turkish politics influence the country’s rise. Barkey says that the ruling party is now well positioned for the election and that a convincing victory could create the momentum necessary to redraft the constitution. Through sheer ambition, popularity, and political savvy, Erdogan has come to dominate Turkey in all its facets—domestic, foreign, and security. He has become the master tactician and Turkey’s single most determinant force. While the West is concerned that Turkey will continue its assertive foreign policy, it remains to be seen whether Erdogan’s domestic popularity may actually temper his populist rhetoric and policies.
What are the major issues in the national elections next year?

A major test for the ruling Justice and Development Party (AKP) and opposition parties was the referendum in September—the results constituted a significant defeat for the opposition. The main opposition party, the Republican People’s Party, elected a new leader just a few months before the referendum. While the party’s strategy was developed before he took the reins, he fared poorly in his first electoral test. And nearly half of the supporters of second largest opposition group, the nationalist National Movement Party, defected to the AKP.
The Kurdish party, the Peace and Democracy Party, on the other hand, also emerged a winner in the referendum. Despite doubts that the strategy would be effective, the party called for a boycott of the referendum to protest that none of the proposed changes would improve the Kurds’ situation. Again to the surprise of many, most of its voters heeded the party’s call. With the possibility that the constitution will be completely redrawn starting next year, Kurds may continue to rally around the party in the elections in hopes of presenting a united front on Kurdish demands.
The opposition’s decision to turn the referendum into a vote on the AKP—a major strategic error—leaves the AKP in great shape for the elections slated for next summer. And if the current projections hold, the government will be in a good position to deal with Turkey’s unresolved internal issues—including the Kurdish question—and rewrite the constitution.
Turkey’s strong economic performance has helped improve the AKP’s popularity as the ruling party is widely credited for its market-friendly policies. While there is unemployment in Turkey, the country managed the global crisis better than most and enjoys excellent economic prospects compared to the rest of the world. The opposition has yet to put forward a distinct and viable economic program with which it can dent the AKP’s commanding lead among voters reluctant to upset the current momentum. For the time being, the opposition is not giving the population reasons to support it. The Republican People’s Party, however, is in the midst of an attempted revival and cleansing of its most conservative elements. Whether the new leadership succeeds in injecting new blood and ideas will be critical to ending, in the medium term, the current one-party dominance of Turkish politics.
The one major issue that could alter the trajectory of the elections is the Kurdish question. While the AKP is not going to make any significant changes or offer proposals on the Kurdish issue before next year’s vote, it clearly wants to contain interethnic violence. There will undoubtedly be attempts to provoke fighting by all kinds of provocateurs intent on derailing the prospect of a peaceful solution. The government will need to show restraint and carefully manage the situation.
That Erdogan ultimately wants to be president is the open secret that everyone in Turkey is talking about. Currently, the president is selected by the parliament, but due to an amendment introduced some years ago, the next president will be selected by popular vote. Erdogan is thought to be interested in replacing the current Turkish parliamentary system—which concentrates all executive power in the hands of the parliament and its chosen cabinet—with a presidential system of sorts. To succeed, however, he must win the next election as convincingly as possible. A strong AKP victory will open the door for constitutional reform and Erdogan’s goal of becoming president with expanded powers.
A presidential system is not a foregone conclusion, however. There is likely to be a great deal of opposition from within the AKP to such a radical change in the constitution—particularly as it could diminish the importance of the party itself. Hence it is expected that Erdogan will try to carefully select future candidates for parliament with an eye on their willingness to ultimately support such revisions.
What was the significance of the September referendum?

The constitutional amendments voted on in September aim to further erode the military’s political influence and restructure the judiciary. The reforms include barring military courts from trying civilians, empowering civilian courts to try military figures for plotting to overthrow the government, and lifting immunity for the perpetrators of the 1980 military coup. In addition, there are provisions giving workers more labor union choices and allowing them to join more than one and adding new protections for women, children, the elderly, and the disabled.
Notably, changes were also made to the membership of the Constitutional Court and the High Judicial Council, which regulates judges and prosecutors. The changes are the direct result of the confrontation between the AKP and the judiciary, one of the bulwarks of the Kemalist regime in Turkey. Frustrated by its inability to dent the judiciary’s control—which derived primarily from the way judges and prosecutors were selected from a small coterie of ideological purist elements—the AKP pushed to widen the selection process and enlarge the main constitutional judicial bodies. One of the primary outcomes has been to give more say to the parliament in selecting membership. The number of seats on the constitutional court, for instance, was increased from 11 to 17.  Ironically, the strongest bulwark to changing the constitution is the constitutional court itself which, in the past, has invoked its own interpretation of the immutable articles of the constitution, forbidding women wearing headscarves from attending university or simply manufacturing criteria to prevent a presidential candidate from getting elected.
All these provisions, however, are relatively minor and represent a tiny step toward serious reform. AKP’s timid constitutional gambit had more to do with its electoral ambitions and dominating the political discourse than changing the constitution. Turkey is in desperate need of a new constitution that brings the country more in line with Western models in Europe and the United States. The current constitution is a straightjacket that privileges the state over the individual. Turkey is a country of laws, but not the rule of law—laws are applied in an arbitrary fashion; it is not the infraction of the law that determines whether an individual is to be charged but that individual’s position in society. And laws have always been applied harshly to deal with opponents of the regime. Shortly after the results of the referendum were released, Erdogan committed to pushing for a complete overhaul of the current constitution—imposed by the military after the 1980 coup—after next year’s election.
While the referendum was specifically about all of these issues, in the end, the vote was more about the AKP. The 58-42 percent result surprised everyone as most observers had expected a tighter outcome. The opposition made a strategic calculation that discussing the individual reforms would be too difficult, so it erred on the side of the uncomplicated and decided to make the AKP the issue instead—and this backfired. Since the margin in favor of the amendments was even larger than predicted, the AKP emerged stronger ahead of next year’s elections and the opposition appears feeble.
Is there a divide between the secular establishment and religious-leaning government in Turkey?

The impression one gets about the division between secularists and Islamists in Turkey is misleading. Today, the fight is over Kemalism, the official ideology of the state, named after the founder and first president of the Republic of Turkey, Mustafa Kemal Ataturk.
Dominating Turkey since the 1930s, the ideology is nationalistic, self-reliant, xenophobic, and adamantly secular. Its problems have been mostly associated with the narrow and forcible way in which it was introduced and implemented over the years. But shortcomings aside, it has also fast-tracked the emancipation of women and has, even if indirectly, wedded Turkey to the West. Adamant supporters of Kemalism include the military, judiciary, universities, media, and some of the upper-middle class.
The problem with Kemalism is not necessarily its ideological components, but how its supporters operationalize it on a day-to-day basis. The 1930s ideology was rendered amazingly rigid by its original supporters, who were often inflexible, undemocratic, and intolerant of others. In many ways, the military, which took the lead in interpreting Kemal’s legacy, viewed everything through a narrow prism of internal security where everyone was a potential suspect and traitor. The lack of trust in its population is exactly the opposite of all liberal, Western constitutions. Successive constitutions and the political system constructed around this legacy have stunted democratic development in Turkey.
The September referendum is the beginning of the dismantlement of the ideological infrastructure of the Turkish state. The next step is to change the constitution, and whether the AKP will be successful in doing this remains an open question. But if it does not, the AKP will likely fill the authoritarian vacuum left by the retreating Kemalists. At the moment, there is too much power vested in Erdogan—precisely because he is so popular. The inherent authoritarian tendencies in the current political system that privileges party leaders and turns them into demi-gods is not conducive to democratic institutionalization.
As they consider a new constitution, the AKP and Erdogan have much to decide on balancing the expansion of rights for those with whom they disagree. This ranges from expanding the rights of those who have been marginalized by the current system while protecting the rights of persons who find themselves at odds with the AKP’s priorities—such as the traditional secular elites who fear that their way of life is under assault—to guaranteeing freedom of the press, irrespective of how unlikeable their owners may be in the eyes of the government.
How is Ankara handling the domestic Kurdish issue?

To its credit, the AKP launched the Kurdish opening—an attempt to solve a 26-year insurgency through political, cultural, and economic means rather than just military force—last year. But in the face of a domestic backlash and upcoming referendum and elections, the government backtracked and closed the door, at least temporarily. The hope is that with a strong electoral mandate, the AKP will finally take the steps necessary to resolve the issue.
Turkey is deeply divided over its Kurdish minority—which totals approximately 20 percent of the population—and moving toward a crisis point. The violent struggle for greater rights has been led by the Kurdistan Workers’ Party (PKK) and enjoys a great deal of support among Kurds. The situation is also evolving as the Kurdish population is no longer concentrated in the southeast, but spread across the country. There are as many as 3 million to 5 million Kurds in Istanbul alone, making it the world’s largest Kurdish city. This means the frustration is not contained to a certain region and conflict could erupt anywhere. Youth, in particular, feel alienated and are prone to violence.
The state has been unable to contain the struggle through security and military efforts. Kurdish leaders want official recognition for the ethnic group, cultural freedom, language rights, and a greater devolution of administrative powers in Turkey. The only way to truly address the issue is through constitutional change. This will mean that certain articles in the constitution that explicitly define Turkey as an ethnic state will need to be altered, the decision-making authority of local leaders will need to be strengthened, and the right to teach, speak, and make use of the media in one’s mother tongue will need to be protected.
These changes cannot be seriously contemplated until after the elections—and this is assuming the AKP wins. Until then, there is a great deal of tension and the Kurds aren’t patiently waiting. In the absence of any response from the central government, they are quietly creating the institutions that are separate and autonomous, although they are not calling for independence.
How is Turkey’s rising regional influence shifting its foreign policy and international interests?

Turkey’s assertive foreign policy and increasing overtures to non-Western governments—most notably Iran, as seen most recently when Ankara sided with Tehran in the United Nations Security Council against the U.S. push for tougher sanctions—are driven by ambition and economic aspirations.
Turkey wants to be a regional power and a global player by using its geopolitical advantages, economic strength, and historical and cultural links with the Muslim world. Today it is the world’s sixteenth-largest economy and aims to be among the top ten economies by 2023. Turkey’s dynamism and its willingness to engage internationally have given it a great deal of clout. In part, the Erdogan government has an overinflated sense of its global relevance and this unhealthy dose of hubris pushes Ankara to go too far at times. Turkey punched well below its weight for a long time, but now it’s punching well above its weight.
Opening new markets, deepening existing ones, and making the most of all commercial opportunities are also driving Turkish foreign policy. Turkey’s economy is export-dependent and Turkish businesses look to the government to help them with new markets.
This can be seen even in the case of Iran. The last thing Turkey wants is another conflict along its borders—like in Iraq—because instability can disrupt trade relations. Moreover, Turkey has also parlayed its new clout to bolster its trade relations with everyone in the Middle East, including Iran. Despite international sanctions, Erdogan has sought to use its support for Iran at the UN Security Council to improve commercial relations, calling for a tripling of the mutual trade in the next five years.
How is Turkey’s relationship with Europe evolving?

It’s important to remember that it will take around 20 years or more for Turkey to be ready to join the European Union. The referendum in September was only one small step for Turkey on the road to membership but it by no means represents the major change Europe still expects. In addition to a new constitution and Turkey’s adherence to the Copenhagen criteria, Ankara also needs to solve its Kurdish question.
Sensitive and complex changes will not happen overnight and the tough road ahead should not be underestimated. This means that politics in Europe today are in many ways irrelevant to Turkey’s EU accession. French President Nicolas Sarkozy and, to a lesser extent, German Chancellor Angela Merkel may resist Turkey’s ambitions for European integration, but they won’t be in charge in 20 years.
Whatever the Europeans say today, if Turkey continues to reform, solves egregious problems, and changes its domestic politics to be more tolerant and to resist authoritarian tendencies that come naturally to government and party leaders—which in the past has led to, for instance, unacceptable pressure on the press, it will be extremely hard for Europe to say no in two decades—so long as the continent is not in the economic mess that it is now. So while Turks are prone to use European leaders’ lack of desire to justify inaction, the country should want to make the changes regardless and show the world it is serious about reform. Then when the time comes, if Turkey has successfully implemented the necessary reforms, Europe will have a hard time refusing Turkey’s accession.
If the AKP convincingly wins the next elections, as expected, it will have a real opportunity to start tackling the hard problems facing Turkey. This could be good news for democracy in Turkey and its move toward Europe.
What is the status of U.S.-Turkish relations?

There is a great deal of angst and reflection in the United States in terms of its relations with Turkey. Given Turkey’s more muscular role on global issues, there is a bit of a backlash in Washington. Policy makers are concerned that Turkey will drift toward the East and work against U.S. interests. In reality, Turkey is not going anywhere. Turkey’s current stature in the region would suffer greatly if it is perceived to have broken with Washington. Both countries need each other.
The problem is that they have difficulty communicating with and understanding each other. While the United States has to adjust to the reality of Turkey under the AKP, Ankara has to learn to deal with the United States, which, as a global power, has numerous interests in far-flung places and is not solely focused on Turkey’s region. The United States must accept Turkey’s domestic transformation and how that manifests itself in the bilateral relationship—the elites the United States were used to dealing with, like the Istanbul-based business sectors and the military, are no longer calling the shots. Instead a conservative, pious, and yet market-oriented elite from Anatolia has garnered the levers of power.
For their part, the Turks have always exhibited a primitive and conspiratorial approach to Washington, which has caused them to misunderstand and misinterpret American interests. The best example of this was during the recent crisis over Turkey and Brazil’s mediation efforts on Iran’s nuclear program, when Ankara completely misread the Obama administration’s concerns regarding counter-proliferation efforts, desire to reduce the number of nuclear weapons, and sign the START agreement with Russia.
There are concerns that with Erdogan and the AKP’s current domestic strength, Ankara will become even more aggressive internationally. But this could go both ways. An Erdogan who feels more secure will be more comfortable and relaxed going into the election, so the inclination to go for populist, nationalist, and flamboyant policies may diminish. Exacerbating relations with Washington will not help him—except with nationalist elements on the margins—because the time is quickly approaching when the Turkish electorate will look for a leadership that is less combative, more mature, and more constructive. That’s a good sign for U.S.-Turkey relations.
Still, there is no guarantee that the two sides will see eye to eye on all issues. Turkish-American relations were always difficult and acrimonious even in the best of times, and the State Department is used to relying on the Pentagon to wield its influence there. What is different now is that the issues over which Turkey and America differ are far more numerous and complicated than in the past.
Best Regards

ZULKIFLI HASAN
Mazaar Hadrat Abu Ayyub Al Ansari RA, Istanbul, Turkey. (Abu Ayyub Al Ansari RA was chosen by Allah SAW to host the Prophet at Medina during Hijrah. He passed away during the first attempt to open Constantinople by Caliph Muawiyah Ibnu Abu Sufian in 51AH). To know more about Abu Ayyub Al Ansari, click
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November 25, 2010
DR. ZULKIFLI HASAN
Islamic finance needs regulatory reforms
International Seminar Calls for Regulatory Reforms
By: MUHAMMED PALATH Available at:
http://www.radianceweekly.com/226/6208/DOES-THE-VERDICT-LEGITIMISE-MASJID-DEMOLITION/2010-10-17/Islamic-Finance/Story-Detail/International-Seminar-Calls-for-Regulatory-Reforms.html
An international seminar on Islamic finance concluded in Kochi on October 6, raising immense scope for easing Indian regulatory system to adopt Islamic banking and insurance system. The three-day seminar was jointly hosted by Islamic Research and Training Institute of Islamic Development Bank Jeddah and Al-Jamia al Islamiya of Kerala with participation from various international institutions from different countries including USA, UAE, UK, Malaysia, Indonesia, Bangladesh and Qatar. Key industry players from Indian financial sector also participated in the seminar. The papers presented in the seminar and the discussions on Islamic financial regulations and instruments proved a step forward for popularising Islamic finance among the public and Indian financial experts.
The inaugural session of the seminar was held at AJ Hall at Kaloor in the presence of huge gathering. Veteran Justice V.R. Krishna Iyer inaugurated the seminar. He said Islamic banking is promoting human values. A country like India with 50 per cent of population living below poverty line needs the financial system which considers human values. A banking system which considers mercy, justice and values is necessary. So Islamic banking is fit for our country.
Islamic banking is not only for Muslims but for all community. It is free from exploitative mode of interest. It is practising the method of sharing of earned income between the participants in economic activities. So the people who believe in God should support the Islamic banking system, Justice Iyer concluded.

The chairman of the Organising Committee and General Secretary of Indian Centre for Islamic Finance H Abdur Raqeeb chaired the session. He explained the present condition of Islamic banking and finance in India and the progress he has achieved in introducing it to the large segments of masses as well as to the authorities concerned.
Many secular countries like Britain have made changes in their laws in favour of Islamic banking. If London, Paris and Hong Kong have chance to become hubs of Islamic finance, why not Mumbai and Cochin? he asked. The introduction of Islamic banking in India is for the development of the country. Dr. Muddassir Siddiqi, a renowned financial consultant, made the keynote address. He explained the present condition of Islamic finance in the world and added that opening the window of Indian regulatory system for Islamic finance will drive to flow of foreign direct investment to the country. It will promote growth of the nation. He also inaugurated the International Islamic Finance Academy to be started in Al Jamiya al Islamiya.
The members of Parliament from Kerala E.T. Mohammed Basheer and M.I. Shanavas in their speeches explained their missions to the Finance Ministry for introduction of Islamic banking and offered all their support for the same.  Dr. M Obaidullah (IDB), M.Y. Khan Mumbai, Syed Mohammed Bairy, Prof. K.A. Siddiq Hassan, H Jayesh, Munavir Ali Shihab Thangal, Hussain Madavoor, Bahavuddeen Kooriyad, T Arifali, Dr. Kanniyappan, and Dr. Abdussalam Ahmad also addressed the gathering.
The five resolutions to change the Indian regulatory system to help introduce Islamic banking and finance in India were adopted in the seminar. One of them urges the Government of India to accept the recommendations of the Committee on Financial Sector Reforms (CFSR) of Planning Commission of India headed by Dr. Raghuram Rajan to introduce interest-free banking in the main banking sector for inclusive growth through innovation.
Another resolution urges the Government to suitably amend Banking Regulation Act 1949 and taxation law to provide a level playing field for Conventional Banking as well as Islamic banking as done in several modern, secular and industrialised countries. Yet another resolution urged the Government to accommodate Shariah-compliant mechanism in Microfinance institutions which are mainly operating as NBFC’s along with conventional mechanism based on interest.
One resolution urges the Reserve Bank of India (RBI) to open interest-free windows as a pilot project in few conventional banks which can operate within the framework of Indian Banking Regulation Act 1949.

And the last resolution urges the Insurance Regulatory and Development Authority (IRDA) to amend the Insurance Act in order to introduce Takaful (Mutual Insurance).
Mohammed Palath read out the resolutions and Thanveer Muhiyudheen, the convenor of the organising committee made the vote of thanks. The Business Session of the seminar started at Lemeridian Convention Centre on October 5. The first session was about Shariah compliance of Islamic financial products. Dr. Ausaf Ahmed, former head of research in IRTI Jeddah pointed out that as the minorities in the country Muslims are facing a lot of problems to invest their funds. He highlighted the relevance of providing adequate avenues for investment compliance for Islamic way of banking. Dr. Muddassir Siddiqi, Dr. Mohammed Daud Bakkar, Dr. Musthafa Khemira, Tawfique Al Mubarak, Rafeek Ahmad Sheik also presented their views on Islamic Shariah regulations in Islamic finance.
The second session concentrated on developing framework for Islamic finance in India. Sunil Giduani, representative of Price Water House Coopers, an international financial service company, said Islamic banking is a rapidly growing phenomenon in the international financial market. The global market for Islamic investment products was growing at a remarkable pace of approximately 15 to 20 per cent per annum. After the emergence of the era of globalisation Indian financial sector opened up. Now foreign investors, both individual and institutional, are allowed to invest in India and Indian investors make similar investments abroad. The international financial market enjoyed the existence of Dow Jones Islamic Index. Malaysian financial market had Shariah index. In this scenario Indian financial regulatory authority also made enough steps to promote Islamic financial products. It will promote the flow of foreign direct investment and growth of the country, the speakers added. Prasanna Seshachellam, Abizer Diwanji, Mohammed Abdussamad also presented their papers in this session.
The third session was a panel discussion on institutional feat for Islamic infrastructure financing in India. Khurshid Najmi from India Law Service was the chair for the session. H Jayesh (Juris Corp), M H Khatkatey (Bearies Amanah), Abizer Diwanji (KPMG), Robin Roy (PWC) and MA Mehaboob (Secura) also participated in the discussion. Islamic financial instruments are more suitable for infrastructure financing than the conventional interest based system. In Islamic finance various instruments including istisna, Mudaraba and Musharaka are best fit for infrastructure finance. Several projects in the country including Kerala and Maharashtra state governments are thinking on the way. India needs a jump in the infrastructure sector by constructing new roads, bridges, metros, railway lines etc. for the growth of the country. But financing is our problem. If we are ready to raise funds by using Islamic modes of financing, flow of funds from different nations can well be expected. So the governments try to increase infrastructure facilities by attracting funds by using these modes, the speakers concluded.
The fourth session was about Islamic banking regulation. Aishanth Muneeza Malaysia, Rifqi Mohammed, Indonesia, Abdul Ghafar Ismail Bangladesh presented their papers on Shariah corporate governance, risk based supervisions, and Islamic banking reports about Middle East and Asia.

The second day of the seminar opened with a panel discussion on marketing Islamic financial products in India. Dr. Shariq Nisar, Syed Alauuddin, Mazhar S Beary and MH Khatkatay were the participants. In the discussion the speakers pointed out the difficulties facing the marketing of Islamic financial products in the country.
The sixth session was on Islamic Charity and Philanthropy, chaired by Mufti Talha Azmi from UK. Hidayathul Ihasan Malaysia, Syed Khalid Rashid Malaysia, Dr. Rahmatullah Mumbai and Dr. Waqar Anwar Delhi presented their views on Islamic charity system.
The session on Islamic microfinance and co-operatives was a major highlight in the seminar. Microfinance is now recognised as a tool for financial inclusion and poverty alleviation by the world financial sector. But the interest rate charged by these microfinance institutions is too exploitative. Interest-free microfinance institutions developing in different parts of the world are more pro-poor than the conventional one. It helps to effect financial inclusion, poverty alleviation and economic empowerment, the session concluded. The papers presented in this session included different views and studies from different parts of the world. Interest-free nidhis from Kerala, Co-operative societies from Bihar, Micro takaful in Indonesia and economic empowerment study from Indonesia were presented. Dr. Mohammed Obaidullah chaired the session. Yulizar D. Sanrego Indonesia, Najmul Huda from Delhi, Muhammed Palath from Kerala, Ahmad Affandi Mahfuz from Indonesia and Arshad Ajmal from Bihar presented their papers.
The business session was chaired by Dr. Rahmatullah. Dr. Mahmood Ahmad, Dr. Shariq Nisar, Miranthi Karthika Dewi and Ikramul Haq presented the papers. The papers included potential of Islamic banking, sukuk and capital markets, and takaful case study from Indonesia.
There were three parallel workshops on different parts of Islamic finance industry in India like private equity and real estate investments in India by Anand Kakarla from PWC, structuring of Islamic finance in India by H Jajesh from Juris Corp and Non Banking Financial companies by Rohith Narula from KPMG. Many delegates were registered for these workshops; they made the sessions lively with active participation in the discussions.
The valedictory remarks were made by the famous columnist MD Nalapat. He blamed the Government of India, especially the financial regulatory authority, for not adopting Islamic banking in our country. Acting against Islamic finance due to religious matters is not a good thing. If it has a capacity to contribute to Indian financial sector, it should be promoted. It is not promoting negative attitude for new inventions that have potentials to contribute to the country, he added.
H Abdur Raqeeb chaired the concluding session. S Srinivasan, the executive director of Cochin Stock Exchange inaugurated the session. MY Khan, Dr. Abdussalam Vaniyambalam and Dr. Mohammed Obaidullah also made their concluding remarks. Thanveer Muhiyudheen presented vote of thanks.
The three-day international event was a historical event in the country because it was the first largest international gathering in terms of numbers of participants, variety of delegates and peculiarity of sessions. The organisers expect this would be a milestone in the Islamic finance history of the country.
Best Regards

ZULKIFLI HASAN
Durham Castle
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November 24, 2010
DR. ZULKIFLI HASAN
Shariah Scholar on More Than 50 Boards Opposes Limit Plan
Shariah Scholar on More Than 50 Boards Opposes Limit Plan: Islamic Finance
By Dana El Baltaji and Haris Anwar – Available at:
http://www.bloomberg.com/news/2010-11-23/shariah-scholar-on-more-than-50-boards-opposes-limit-plan-islamic-finance.html
Restricting the number of boards religious scholars are involved in would curb growth in the $1 trillion Islamic finance market, says a Bahraini scholar who advises Citigroup Inc. and HSBC Holdings Plc.
The Accounting & Auditing Organization for Islamic Financial Institutions, a Manama-based agency, said in August it’s considering guidelines on scholars owning shares in the institutions they serve and the number of advisory boards they can join, to reduce the risk of conflicts of interest. The top 20 scholars serve on 621 boards globally, said Zawya and Funds@Work AG, a Dubai-based research company.
“Capping the number of boards will be devastating to the industry’s growth,” Sheikh Nizam Yaquby, who was born in 1959, said in an interview in Beirut on Nov. 4. “Sometimes people ask me, are you Superman? How can you sit on so many boards? I tell them it’s hard work.”
Yaquby and Syria’s Abdul Sattar Abu Ghuddah ranked first among the top 20 experts, each serving on 85 boards of Islamic financial institutions, according to Zawya’s report. Yaquby is listed as serving on more than 50 boards, according to data compiled by Bloomberg.
The Islamic finance industry, with assets the Kuala Lumpur- based Islamic Financial Services Board will almost triple to $2.8 trillion by 2015, is struggling to develop global standards and a centralized regulator for scholars. Banks and companies can’t find enough experts to meet demand for new Shariah- compliant products, creating a “bottleneck,” said Khalid Howladar, Dubai-based senior credit officer at Moody’s Investors Service, in an e-mailed response yesterday.
Fragmented Industry
“One scholar advising so many companies doesn’t help make an Islamic product universal,” Kaleem Iqbal, a senior executive vice president at the Pakistani unit of Bahrain-based Albaraka Banking Group said in a telephone interview yesterday from Islamabad. “Unless we adopt a more standardized model, the industry will remain fragmented.”
Islamic institutions typically have their own panels of scholars who pass rulings, or fatwas, to determine that products comply with Shariah principles. Shariah scholars need to be experts on the Koran, commercial law and finance. Yaquby has a degree in economics and comparative religion from McGill University in Montreal.
Mohamad Nedal Alchaar, secretary-general of AAOIFI, said in August that a shortage of experts means they tend to sit on several advisory boards simultaneously. The Bahrain-based agency also plans to address concerns that these scholars’ private companies receive preferential treatment from banks they advise.
‘Conflict of Interest’
“There’s a potential case for conflict of interest, and a case of information leakage or perhaps competition impact,” Alchaar said. “We wanted to address the concerns in an unbiased manner.”
AAOIFI, which has more than 200 members, sets accounting and auditing standards that are used in Bahrain, the Dubai International Financial Centre, Jordan, Lebanon and Qatar, according to its website. The agency said its guidelines have also been used to help frame policy in Indonesia, Malaysia, Pakistan, Saudi Arabia and South Africa.
“What’s key is to create a robust framework in which the industry can thrive and grow,” said Yavar Moini, senior adviser of global capital markets at Morgan Stanley, in an interview in Dubai yesterday. “Clearly scholars’ expertise and representation on Shariah boards are an integral part of such a framework. Placing limitations in this regard will hinder the industry’s growth potential.”
Declining Bond Sales
Global sales of Islamic bonds fell 29 percent to $13.7 billion this year from the same period in 2009, according to data compiled by Bloomberg. Islamic law restricts investors to transactions based on the exchange of assets rather than money alone because interest payments are banned.
Sukuk returned 11.7 percent this year, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index, compared with a 14.5 percent gain in developing markets, JPMorgan Chase & Co.’s EMBI Global Diversified Index shows.
Pakistan’s central bank requires Islamic banks to appoint one scholar as a “Shariah adviser,” who is barred from serving at other financial institutions in the country, Karachi-based Saleem Ullah, director of the Islamic banking department at the State Bank of Pakistan, said in an e-mailed response yesterday.
“The restriction is aimed at addressing the issue of conflict of interest and giving comfort to the banks regarding confidentiality of their business policies and product structures,” he said. The scholar can advise Islamic banks outside the country.
No Restrictions
Some Islamic banks also have Shariah boards and committees which have between three and seven scholars, Saleem Ullah said. There are no restrictions on how many boards scholars can serve on, he said.
“If a country wants to put a limitation, it is up to them,” said Yaquby. “Countries have to question if there are enough scholars to put such limitations.”
Chicago-based Failaka Advisors LLC, an advisory company which monitors and publishes data on Islamic funds, lists 253 practicing scholars worldwide in its 2008 report. There are now an estimated 600 scholars, said Yaquby. Among the top 10 are Mohammad Daud Bakar of Malaysia and Saudi Arabia’s Mohammed Elgari, according to the report by Zawya and Funds@Work.
The difference between the average yield for emerging market sukuk and the London interbank offered rate was little changed at 341 basis points yesterday, having narrowed 32 basis points since Sept. 30, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. A basis point is 0.01 percentage point.
The yield on Malaysia’s 3.928 percent Islamic note due in June 2015 rose two basis points to 2.71 percent today, according to prices provided by Royal Bank of Scotland Group. The extra yield investors demand to hold Dubai’s government sukuk rather than Malaysia’s narrowed 9 basis points to 384.8, according to data compiled by Bloomberg.
Islamic financial institutions “want scholars who understand finance and banking, and can speak languages,” Yaquby said. “This is not a popularity contest. This is a multi-disciplinary specialization, which is rare to find.”
Best Regards

ZULKIFLI HASAN
With the grand Mufti of Bosnia and Herzegovina, Dr. Mustafa Ceric
Islamic finance news
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November 22, 2010
DR. ZULKIFLI HASAN
Unsung stars of Sharia investing
Unsung stars of Sharia investing
Individuals and institutions at the forefront of the market deserve recognition
By Rushdi Siddiqui, Special to Gulf News Available at:
http://gulfnews.com/business/banking/unsung-stars-of-sharia-investing-1.714951
Dubai: One of the reality checks of Islamic finance, beyond the award winners, is appreciating the work of the ‘grind’ warriors of Islamic finance. These people cum institutions are the ‘unsung stars’ of this niche market, and they need to be acknowledged.
Bloggers
There is much ‘cut and paste’ website coverage on Islamic finance, hence, same ‘news’ repeated on different venues. The need of the hour is analysis of the news and developments, including how conventional ‘instruments and policies,’ impact Islamic finance. If one is to take credence of critics saying much of Islamic finance is conventional products around an Islamic wrapper, then inclusion of conventional macro-economic date/rates/policies is a must.
Bloggers, even with their limited resources and often one-person shops, in the Islamic finance place have done a commendable job on providing both coverage and analysis. The good work of Islamic Finance Resources, Shariah Risk Dot Org, IBFNet, Islamic finance group LinkedIn, and Islamic Finance Google group is acknowledged.
[Open challenge to bloggers: how can Islamic fin-ance, especially at consumer retail, take advantage of the social networking phenomenon for awareness, education, and greater market penetration?]
Furthermore, there is only a small minority of real journalists who have played the role of the ‘conscious’ of Islamic finance over the last 15 years. But only one journalist comes to mind, Mushtak Parker, and all of us in Islamic finance have been criticised by him via “Mushtak speak,” but “it’s all good.”
Champions
There are community based champions of Islamic finance residing in many non-Muslim countries, and they have great passion for Islamic finance via “financial dawa”.
Their objective is to encourage a level playing (tax and regulatory) field for the Islamic finance option, on investing, financing or insurance, for Muslims and non-Muslims in their home countries.
These dedicated people, often working on a shoe-string budget, have not only the challenges of educating the home country regulators and the local populace within a push back politically charged environment, but also we see them attending and/or presenting, at Islamic finance conferences in the UK/EU, GCC and Malaysia/Singapore.
We acknowledge institutions like US-based entities like American Finance House, IdealRatings, Devon Bank, and Guidance Residential, Canada’s UM Financial, Italy’s Assaif, Sri Lanka’s Amana Finance, India’s Bearys Amanah, UK’s IIBI and apologies to those left out inadvertently.
In addition to institutions, there are Islamic finance academics, who do not receive the spotlight of scholars, yet their contribution, via research or constructive criticism, is no less important.
In the US, Mahmoud Al Gamal (Rice University) and Pervez Ahmad (University of North Florida), the UK’s Rodney Wilson (Durham University), Malaysia’s Prof Balal Shanmugun (Monash University) and others contributed much through their authorship.
Regulators
Regulators are an important stakeholder in Islamic finance as they attempt to level the playing field for Islamic finance
They act as “full disclosure consumer protection advocates,” and probably are the most important speakers at conferences, after the keynote.
Due recognition must be accorded to central bank of Bahrain (CBB), Malaysia’s Securities Commission, the UK’s FSA, State Bank of Pakistan, and DIFC’s DFSA
These institutions laid the foundation for Islamic finance within their respective countries and lessons for other countries.
4Fs
Muslim lifestyle market (MLM) encompasses not only Islamic finance, but extends to food (halal) and fashion, put differently, it’s a total package of faith, finance, food and fashion.
Islamic finance ($1 trillion, Dh3.67 trillion) is globally recognised, yet halal ($640 billion) has the greatest market penetration amongst the 1.6 billion Muslims, and (Muslim inspired) fashion is an area that can only grow.
For Muslims, Islam is a way of life, yet Islamic fin-ance is only one part, as there is also consumption of food according to proscribed rules and modesty of clothing.
Today, the emphasis has been on Islamic finance, yet halal is actually a demand based industry.
For example, if a Muslim has lost money in Islamic investments (funds), due to a market sell-off or inferior management skills, they may shy away from investments in the near future or become depositors.
However, even in recession/down markets, Muslims will still consume food. They may consume less or purchase generic brands, but probably will not become “vegetarians”.
Other entities
Malaysia has done a remarkable job in promoting the halal industry, but due recognition must also be given to entities promoting halal like the UAE’s Al Islami, Ghanim Foods’ BruneiHalal, and the US’s Saffron Road, and information providers like Halalfocus, Dinarstandard, Crescent-Rating, and others.
There are many unsung stars in Islamic finance, and if conference organisers do not recognise them, we acknowledged their contribution.
Best Regards

ZULKIFLI HASAN
Blue Mosque, Istanbul
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November 22, 2010
DR. ZULKIFLI HASAN
The Truth About Israel by Jimmy Carter
Dear My Weblog Readers,
Interesting comments and views by former President of the US, Jimmy Carter about Israel. May Allah free Palestine from the Zionist.
(Note: Do not forget to read his book entitled ‘Palestine, Peace Not Apartheid’.)
Best Regards

ZULKIFLI HASAN
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August 22, 2009
DR. ZULKIFLI HASAN
E-Lecture on Uqud in Islamic Financial Services
Assalamualaikum and Happy Ramadhan al-Mubarak,
As an additional effort to disseminate knowledge on Islamic finance as part of my intellectual journey and contribution, I am very pleased to share my series of lecture on Islamic finance related issues. The series of lecture are available on USTREAM TV. You may watch the first lecture series on the following address.
http://www.ustream.tv/recorded/2026400
.
Please apologize for the defects and shortcomings. This is only my small effort of knowledge-sharing for the sake of Allah the Almighty.
Best Regards

ZULKIFLI HASAN

DURHAM UNIVERSITY
Liverpool, United Kingdom
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AUTHOR
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Menu
Welcome to My Blog of Knowledge

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Al-Baqarah, 2:275
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Academic
Centre for Islamic Area Studies at Kyoto University

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

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Institutional Infrastructure for Islamic Finance
Accounting and Auditing Organization for Islamic Financial Insitutions

General Council of Islamic Banks and Financial Institutions

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Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
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Fethullah Gulen

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Hamza Yusuf

Lauren Booth

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ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

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Invest Halal

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Guru Sebagai Murabbi, Mudarris, Mualim, Muaddib Dan Mursyid “Selamat Hari Guru”

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
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