1

Legal Aspects of Islamic

Finance

LCA4592

DR. ZULKIFLI HASAN

2

CONTENTSCONTENTS

� Legal Systems

� Rationale for regulations

� Legal framework

� Regulatory and Supervisory Authorities

� International Standard Setting Agencies

� Corporate Structure and Regulatory

Requirements

3

Diversity in the Legal Arrangements

� Civil Law: Algeria, Djibouti, Egypt, Jordan,

Indonesia, Lebanon, Syria, Tunisia, Turkey,

Philipines,  Thailand.

� Common Law: Bangladesh, Msia, Brunei, Hong

Kong, Spore, UK

� Shariah: GCC Countries, Iran, Sudan, Pakistan

and Yemen

4

5

Why Islamic finance needs regulation? (1)

� Systemic Considerations:

� Domino theory

� To maintain an efficient payment system and

mitigate the risks of disruption of payment.

� Promoting development and ensuring the

stability

6

Why? (2)

� Protecting the Interest of Depositors and

Investment Account Holders

� CA holders are capital guaranteed.

� IAH: do not enjoy capital guarantee

� Disclosure

� Sufficient security assurance

7

Why? (3)

� Ensuring compliance with shariah

� Regulatory requirement

� Tainted income has to be cleansed

� Credibility and competence of legal avenues

� Shariah board and corporate governance

8

Why? (4)

� Supporting the Integration of IFIs in the

International Financial System

� Global financial stability

� Economic growth

� International trade and payments

9

Why? (5)

� Financial systems are prone to instability

� Numerous banks failures

� Islamic finance is under regulated

10

Why? (6)

� Consumer confidence

� Degree of assurance and lower transaction cost

11

Over-Restrictive Regulation?

� While regulation is expected to govern and

regulate the market effectively as in the case of

Malaysia, it is worth emphasizing that over-

restrictive regulation can also be counter-

productive and may impede the development of

Islamic Islamic finance industry as a whole.

12

Why?

• Failure to asses risk to compensate the regulatory constraints. The BOD

and management failed to asses regulatory risk in which led to numerous

problems and difficulties (Grais and Pellegrini, 2006).

• Patni

Cooperative

Credit

Society

• Losses, totaling RM457 million in 2005 (Parker, 2005). The composition of

the board was not appropriate as there were no board members who were

familiar with banking sectors as well as no sound and proper credit and

debt collection (Parker, 2005).

• Bank Islam

Malaysia

Berhad.

• This refer to the fraud case in DIB involving of USD501 million. Seven

individuals have been charged including two Dubai Islamic Bank former

executives (Morris, 2009). Weak internal control.

• Dubai

Islamic

Bank

• The closure of the IICE in 1988 was due to the weak of corporate

governance, irresponsible management, and improper regulatory

frameworks as well as engaged in Shari’ah non-compliance activities

(Zuhaida, 1990).

• Islamic

Investment

Companies

of Egypt

• The IBSA was closed in November 1997 with debt of between R50-R70

million. Lack of supervision from regulatory authority, bad management,

weak risk management and numerous loans to insiders (Okeahalam, 1998:

37-38).

• Islamic

Bank of

South

Africa

• IF was closed in 10/02/2001 due to financial distress and weak corporate

governance. Failure of CG and internal checks and balances (Ali, (2007).

• Ihlas

finance in

Turkey

13

Case Study: Case Study: IhlasIhlas FinansFinans

�� Accumulation of bad debtAccumulation of bad debt-- Politically motivated lending Politically motivated lending

and lending to connected business. Finance the businesses and lending to connected business. Finance the businesses

of its parent company, of its parent company, IhlasIhlas Holdings.Holdings.

�� Lax RegulationLax Regulation-- Law on full guarantee of the bank deposits Law on full guarantee of the bank deposits

offered by the State made banking a lucrative business for offered by the State made banking a lucrative business for

the corrupt entrepreneurs with political connections who the corrupt entrepreneurs with political connections who

set up banks that siphoned off money.set up banks that siphoned off money.

�� Major proportion of the investment was an illiquid assets Major proportion of the investment was an illiquid assets

and projects as compared to other domestic and foreign and projects as compared to other domestic and foreign

commercial banks who could hold very liquid government commercial banks who could hold very liquid government

securities.securities.

�� Failures in CG and lack of internal checks and balancesFailures in CG and lack of internal checks and balances::--

Control failure, Management failure and regulatory failure.Control failure, Management failure and regulatory failure.

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15

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Legal Framework

� Body empowers to enact the laws

� The applicable laws

� The relevant regulatory and supervisory

authorities

� Persons who are subject to the laws

� adjudication

18

Effective Legal Framework

� An enabling environment that accommodates

and facilitates the development of the industry

� Facilitates and allows access to investors

� Credible and reliable forum for legal disputes.

19

Components of Legal Framework

� Banking and finance law: licensing and regulation

� Tax law: incentives

� Business law: real economic activities, trading.

� Property law: to hold properties

� Insolvency law: recovery

� Securities law: capital market

� Employment law: qualified employee

� Dispute resolution framework: court or arbitration.

20

Legal Approaches

� Apply the same existing legal framework as for

conventional: UK

� Adapt or amend the existing legal framework

mainly through subsidiary legislation or insertion

of provision under existing laws: Bahrain

� Totally new and separate legal framework: Msia

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IFIs in Malaysia

� Comply with the Malaysian Law

� Comply with the Shariah principles

� Comply with the guidelines and directives

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REGULATORS

BNM
SECURITIES

COMMISSION

LABUAN

OFFSHORE

23

BNM

� BNM-CBA 2009: Stability of monetary, financial
and payment system.

� 1. IBS

� 2. IIMM

� 3. ICM

� 4. IDM

� 5. IEM

� 6. Takaful

24

CBA 2009

� Rationale:

� To provide the BNM with necessary power to

carry out its mandate

� Greater clarity in term of mandates

� Autonomy achievement of mandates

� Financial and monetary stability

25

CBA 2009

� 1. Acknowledgement; dual system: S27

� 2. Mandate to NSAC: s 56 and s 57

� 3. Commitment to promote MIFC: s 68.

26

International Standard Setting Agencies

� BCBS

� IOSCO

� IAIS

� IFSB

� AAOIFI

� IIFM

� IILM

27

Corporate Structure

Internal Shari'ah

Compliance

Unit/
Department

Compliance

Officer

Internal

Audit

Risk

Manageme
nt

Management
Oversight

Governance

Committee

Audit

Committee

Risk

Committee

Board

Oversight

Shari'ah
BoardBOD

Investor/

Shareholder
Protection

Shareholder

Electing

BOD/

Approving
Key Policy

RegulatorRegulation

Guidelines on

Governance

Code of

Conduct

Infrastructure

Due Diligence

Communication

Internal Control

Monitoring

Enforcement

28

Stakeholders in IFIs

• To implement policies set by the BOD• Monetary and non-monetary

compensation and

commitment to claims of the

contract.

• Management

• To set the IFIs direction and policies• Monetary and non-monetary

compensation;

• BOD

• To ensure Shari’ah compliance and

protect the rights and interest of

depositors and other stakeholder.

• Compliance with Shari’ah• Shari’ah

Board

• To monitor the investment

performance

• Repayment of deposits on the

agreed terms; Protection of

their interests and Profit

• IAH

• Appoint fit and proper boards,

management auditors and Shari’ah

board

• Wealth maximization;

Satisfactory earnings per

share; Dividends;

• Shareholders

• Set regulatory framework for sound

and proper CG

• To supervise and monitor the

effectiveness of CG and to check

compliance with regulation

• Economic Stability and

Compliance with the laws and

regulation

• Regulatory

/Supervisory

authority

Functional RolesInterestKey Participants

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Key ResponsibilityKey Responsibility

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Types of Risk Roles of BOD and Senior Management

Credit Risk •Strategy for financing and recognize the potential credit exposures.

•Carry out due diligence review

•Appropriate methodologies for measuring and reporting credit risk

exposure

•Shariah-compliant credit risk mitigating techniques

Equity

Investment Risk

•Strategy for risk characteristics of equity investments

•Appropriate valuation methodologies

•Establish exit strategies in respect of equity investment activities

Market Risk •Appropriate framework for market risk management in respect of all

assets held

Liquidity Risk •Appropriate liquidity management framework

•Able to assume that liquidity risk commensurate with their ability to

have sufficient recourse to Shariah-compliant funds to mitigate such

risks

Rate of Return

Risk

•Comprehensive risk management and reporting process to assess

the potential impacts of market factors affecting rates of returns on

assets in comparison with the expected returns for IAH

Operational Risk •Adequate system and controls to ensure Shariah compliance

•Appropriate mechanism to safeguard the interest of all fund

providers.

31

Tutorial

� What are the rationales for having specific

regulatory framework for Islamic finance?

� Compare and Contrast the different existing

regulatory approaches in Islamic finance.

32

Thank YouThank You

ZulkifliZulkifli HasanHasan
EE--mail: mail: zul361977@yahoo.comzul361977@yahoo.com
z.b.hasan@durham.ac.ukz.b.hasan@durham.ac.uk

BlogBlog: http://: http://zulkiflihasan.wordpress.comzulkiflihasan.wordpress.com
Tel: +44 (0) 7761457686Tel: +44 (0) 7761457686


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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: October 2011
October 31, 2011
DR. ZULKIFLI HASAN
ISLAMIC FINANCE IN GERMANY
AN OVERVIEW OF ISLAMIC FINANCE IN GERMANY
Available at:
http://www.citizentimes.eu/2011/03/04/an-overview-of-islamic-finance-in-germany/#.Tq4sdJs6uRU
In a few days, the German Federal Financial Supervisory Authority, BaFin will send two representatives on an Islamic finance congress. Dr. Johannes Engels, senior advisor and Robert Elsen, deputy head of the section for technical co-operation, will both contribute to the World Islamic Finance Conference held this year in London, March 28/29. The conference, organised by Fleming Gulf, features such prominent figures of the Islamic finance world as Sheikh Nizam Yaquby, Sharia scholar from Bahrain who is a member of more than 80 Sharia-boards advising Islamic financial institutions and is considered to be one of the top ten leading Sharia-scholars in the world. The World Islamic Finance Conference is set up to be an opportunity to forge closer ties between the European Islamic finance industries with its partners in Islamic countries. The conference is not the first effort undertaken by the BaFin to jump start Islamic Banking in Germany.
In October 2009, BaFin, even hosted its first own conference on Islamic finance which was well received in the press. It was the first event of this sort and a major break-through in public awareness on the subject. BaFin officials, including its president Mr. Jochen Sanio, repeatedly signalled their willingness to support Islamic banking. The conference was seen as the starting point to build up a regulatory framework for Islamic banking in Germany. Mr. Sanio again stressed his willingness for cooperation in a lecture held at the Euro Finance Week in Frankfurt in November 2010.
Nevertheless, so far no Islamic bank has settled for the German market. Asked why, Juergen Dreymann another BaFin representative in June 2010 stated at a panel discussion in Frankfurt that until then the BaFin had simply not received any applications for the opening of an Islamic Bank. The authorities had not undertaken further steps to bring forward the matter due to missing demand. The Kurveyt Türk Bank, announced in the press as the first Islamic Bank to open in Germany, started only by operating a representative office which will collect the money in Germany but administrate and invest it through their home offices in Turkey. The way to a full banking licence for a Sharia-compliant institution in Germany is expected still to be long even though Mr. Dreymann’s further remarks clearly showed sound interest. The framework of the German banking regulations still either does not allow trade based Islamic transactions or does not consider them to be banking transactions at all. Besides some of the tax regulations such as VAT constitute a disadvantage for Islamic banking customers who would be charged twice.
Most of the transactions executed by an Islamic bank are trade based due to the strict prohibition of interest, called “riba”. Put in a nutshell, the Islamic bank buys designated goods for the costumer and then resells them to the costumer at a higher price. The scheme is applied in variations for nearly all traditional loan products. Other Islamic financing models set up joint ventures between the bank and the costumer, the bank providing the needed funds and the costumer the labour and knowledge. Both do not affect the German banking rules as these models are not considered banking activity. Other distinguishing features of Islamic finance are customers and bank both having to bear the risk of their investment. Should the enterprise lead to a loss both will share the resulting financial burden. In consequence, deposit guaranties and other protection schemes for customers are not accepted. Additionally, certain investments are strictly prohibited such as pork, alcohol, gambling, prostitution, music, dancing and in most cases, Israeli companies. These regulations are enforced by the obligatory Sharia-board each Islamic financial institution needs to consult. It alone decides whether an activity or a product is Sharia-compliant.
The BaFin is willing to react to claims by various Muslim institutions in Germany stating that the demand for Sharia-compliant banking is high and therefore adjustments must be undertaken to meet the demand.
An extensive study by the German Federal Office for Migration and Refugees (BAMF) found that 50 % – 70 % of the 4.3 million Muslims living in Germany call themselves religious. This correlates with the findings of another study supported by the Institution for Islamic Banking and Finance (IFIBAF) in Frankfurt, Germany, in which 72 % of the Turkish answer that they would prefer to invest their money in Sharia-compliant products. Further findings of the study show the market potential for Islamic investment products to be about €1.2bn per year with overall cumulated savings of Muslim costumers between €22bn – 38bn. Ernst & Young (E&Y), in comparison, estimates the total assets of Muslims in Germany to amount to €20bn, the Central Council of Muslims in Germany (ZMD) together with E & Y assume in their study that 30 % – 50 % of German Muslims are disposed to execute financial transactions in accordance with Islamic principles.
Albeit these findings, conventional banks targeting Muslim customers on the German market up till now engage in ethnic banking only, for example Bankamiz by Deutsche Bank. It advertises conventional products and provides Turkish language advisory services along with offerings such as free transfer payments to Turkey. In a recent article published in Financial Times Germany, which asked major banks why they react reluctantly to the impressive numbers featured in the studies, corrected the estimates for real demand to between only 3%-15% of Muslims. In that same article the studies were further alleged to be carried out on a non-representative basis and grossly overestimating the need for Islamic finance.
German institutions are not hesitating to seize business opportunities, be it conventional or Islamic. This is proven by Deutsche Bank which opened “Islamic Windows” in the GCC and in Malaysia and by Germany’s biggest insurer, Munich based Allianz, which successfully launched Allianz Sharia in Indonesia in 2006 – with a continuing annual growth. Their focus on the Islamic finance market abroad may indeed be a sign that the home market is still too small.
Gradually, though, Islamic finance does take a hold in Germany. In March 2010, Meridio, an asset management company with headquarters in Cologne, launched the first actively managed Islamic mixed fund broadly advertised in Germany. And the first Islamic bank, the Kurveyt Türk Bank is short of applying for a full banking license. Their success will be one more indicator on whether further expansion of Islamic finance will have a favourable prognosis in Germany.
Regards

ZULKIFLI HASAN
With Prof Dr Faris Kaya, Secretary of The Istanbul Foundation for Science and Culture at his office in Istanbul, Turkey
Islamic finance news
Leave a comment
October 25, 2011
DR. ZULKIFLI HASAN
Moody’s: New IFSB Liquidity Guidelines Are Credit-Positive for Islamic Banks
Moody’s: New IFSB Liquidity Guidelines Are Credit-Positive for Islamic Banks
On 12 October, the Islamic Financial Services Board (IFSB), a standards setting body for Islamic Financial Institutions (IFIs), issued an Exposure Draft presenting their proposed principles on liquidity risk management. As a global standard setter for IFIs, the IFSB principles are often adopted by the relevant supervisory authorities and hence are an important step in improving stability of financial systems where IFIs operate. This draft is credit-positive for IFIs as it translates a set of globally recognized best practices for liquidity management into the Shari”ah-compliant banking context.
In 2009, the IFSB set up a Task Force on Liquidity Management composed of representatives of all central banks participating in the IFSB. This group has been instrumental in laying out the 22 guiding principles presented in the Exposure Draft, which include specifying the roles and responsibilities of the board of directors and senior management, addressing funding diversification, contingent funding plans and the issuance Shari”ah-compliant liquidity instruments, among numerous other principles.
A set of principles is also laid out for national regulators, inviting them to actively monitor liquidity at a systemic level and to supervise directly how IFIs are managing their liquidity. We observe that a relative lack of sophistication in most IFI liquidity management practices is a constraint on their standalone creditworthiness. However, the IFSB has no legislative power and hence relies on national regulators to adopt its prudential standards. Hence, the ultimate effect of these principles will depend on the willingness of each national authority to implement them.
Liquidity for IFIs remains constrained by the absence of a deep and globally integrated Shari”ah-compliant money market, particularly in liquid, short-dated and high-quality issuance. To address this problem, the task force set up by the IFSB created the International Islamic Liquidity Management Corporation (IILM). Fully operational since the beginning of 2011, this organisation is supported by 12 central banks and its mission is to issue short-term sukuk (fixed-income certificates compliant with the ethical investment guidelines of Islam) in global reserve currencies. IILM”s first issuance is expected by year-end. With this money market infrastructure being set up and the IFSB guiding principles for liquidity management now established, IFIs are gradually closing the qualitative gap with their conventional peers in terms of liquidity management.
Regards

ZULKIFLI HASAN
Kyoto, Japan
Islamic finance news
Leave a comment
October 20, 2011
DR. ZULKIFLI HASAN
Pengurusan Harta Tidak Patuh Syariah
PENGURUSAN HARTA TIDAK PATUH SYARIAH
Zulkifli Hasan
1.0	Pendahuluan
Pengurusan harta merupakan satu tuntutan agama yang sangat dititikberatkan dalam kehidupan. Di kala pengurusan harta menjadi kewajipan dan tuntutan, mahu tidak mahu di antara punca utama permasalahan umat Islam ketika ini ialah kegagalan untuk mengurus harta secara efisyen dan berkesan. Begitu banyak harta dalam bentuk wang tunai, saham, tanah dan bangunan yang tidak dimanfaatkan semaksima mungkin. Di Malaysia sahaja, Danaharta pernah melaporkan nilai harta yang tidak dapat dimaju dan digunakan atas halangan tertentu yang berjumlah berbilion ringgit. Ini menimbulkan satu persoalan mengenai keperluan untuk mengoptimumkan penggunaan harta melalui pengurusan yang teratur dan berkesan.
Secara umumnya, pengurusan harta yang diperolehi secara sah atau halal sering kali dibincangkan dan tiada banyak isu serta persoalan yang timbul menurut perspektif syariah. Hukum serta kedudukan harta sebegini adalah amat jelas dan tidak melibatkan persoalan atau pertikaian dari sudut syariah. Namun begitu, di antara harta yang sering kali tidak mendapat perhatian sewajarnya oleh ramai pihak ialah kategori aset yang diperolehi melalui saluran yang tidak menepati kehendak syariah atau dalam erti kata lain didapati dari sumber yang haram. Jika ditinjau, jumlah harta yang jatuh kategori ini juga sangat banyak dan ianya perlu dimanfaatkan untuk kemaslahatan umum.  Sehubungan dengan itu, artikel ini cuba membicarakan topik ini secara ringkas dengan memfokuskan kepada aspek pengurusan harta yang dikategorikan sebagai tidak patuh syariah ini.
2.0	Konsep Harta Tidak Patuh Syariah
2.1	Konsep Harta
Ulama bersepakat mengatakan bahawa harta yang dimiliki oleh semua manusia hanyalah amanah oleh Allah. Manusia hanya berperanan sebagai pemegang amanah sementara untuk memakmurkan bumi Allah ini menurut kehendak dan perintahNya. Sebagai khalifah di muka bumi ini, manusia yang diamanahkan oleh Allah perlu menggunakan setiap nikmat dan harta yang dikurniakan dengan adil dan saksama. Seiring dengan amanah ini, setiap harta yang dimiliki mestilah diperolehi melalui sumber yang menepati syariah. Bukan itu sahaja ianya juga perlu dibelanjakan di saluran yang sah, malahan digalakkan untuk diinfaqkan kepada golongan yang memerlukan.
Berdasarkan konsep ini, hanya harta yang sah dari segi syarak sahaja yang diiktiraf dalam Islam. Harta sebegini dibolehkan jual belinya dan apa-apa transaksi melibatkannya adalah sah dan diterima syarak. Bukan itu sahaja harta ini jika cukup nisab dan haulnya wajib pula dikeluarkan zakat daripadanya. Harta yang tidak diiktiraf oleh syarak seperti wang rompakan, harta perjudian dan sebagainya tidak mendapat pengiktirafan syarak dan segala transaksi melibatkannya adalah haram.
2.2	Konsep Harta Tidak Patuh Syariah
Harta tidak patuh syariah merujuk kepada harta yang diperolehi melalui jalan tidak syarie sama ada mengambil harta yang terdapat larangan ke atasnya seperti riba dan judi atau terdapat balasan kepadanya seperti barang curi atau rompakan. Harta tidak patuh syariah ini termasuk harta riba, gharar berlebihan, perjudian, rampasan, rasuah, penipuan dan transaksi yang melibatkan perkara yang diharamkan oleh Islam. Berlainan dengan harta patuh Syariah, harta yang diperolehi melalui sumber yang haram mempunyai kedudukan yang berlainan dalam Islam. Transaksi atau jual beli yang melibatkan harta tidak patuh syariah adalah tidak diiktiraf. Bahkan ianya juga tidak dikenakan zakat memandangkan ianya tiada nilai di mata syarak. Jual beli melibatkan harta curi atau jual beli arak atau transaksi riba adalah haram dan tidak diiktiraf kesahannya oleh syarak.
Secara umumnya harta tidak patuh syariah ini dikategorikan sebagai harta tidak diiktiraf  oleh syarak (Mal Ghair Mutaqawwam). Ini bermakna, walaupun ianya mempunyai nilai dari sudut komersial atau ekonomi tetapi ianya tidak mendapat pengiktirafan Allah. Oleh itu, pemilik atau pemegang harta tidak patuh Syariah ini tidak dibolehkan untuk menggunakannya untuk apa saja tujuan sama ada peribadi atau selainnya. Ini memandangkan beliau tidak mempunyai hak terhadap harta tersebut dan hak terhadap harta tersebut telah berpindah kepada pihak lain iaitu:-
(i)	Sekiranya harta tersebut diketahui pemilik sebenarnya seperti dalam kes curi atau rompakan, ianya perlu dikembalikan kepada pemiliknya yang asal.

(ii)	Sekiranya harta tersebut diperolehi hasil daripada benda yang haram seperti perjudian, arak atau riba, hakmilik harta ini telah terpindah kepada kemaslahatan umum.

(iii)	Sekiranya harta yang diperolehi adalah bercampur dengan halal dan haram, bahagian harta yang haram itu menjadi milik kemaslahatan umum.
Kedudukan harta tidak patuh syariah yang dipaparkan di atas merupakan pandangan hampir semua majoriti fuqaha tradisional mahupun kontemporari. Bahkan institusi fatwa yang membuat fatwa secara kolektif juga berpandangan yang sama. Dalam hal ini, menurut Yusuf al-Qaradawi, harta yang diperolehi secara tidak sah atau sesuatu yang haram itu tidak boleh dimiliki sebaliknya ianya menjadi milik kepada maslahah ‘ammah.   Harta tidak patuh syariah ini tidak boleh sama sekali digunakan bagi tujuan kepentingan diri sendiri, keluarga atau sanak saudara.
2.3	Jenis Harta Tidak Patuh Syariah dan Harta Syubhah
Setelah membincangkan secara ringkas konsep harta tidak patuh syariah, timbul persoalan apakah jenis harta yang boleh dikenalpasti tergolong dalam kategori harta sedemikian. Bagi memudahkan pemahaman dalam hal ini, penulis menyenaraikan beberapa jenis harta tidak patuh syariah kepada beberapa kategori:-
(a)	Harta Diperolehi hasil daripada Benda yang Dikategorikan Haram
Kategori harta tidak patuh syariah ini merujuk kepada apa-apa harta yang diperolehi hasil daripada transaksi yang bertentangan dengan syariat Islam seperti riba, judi, arak dan benda dikategorikan haram yang lain. Harta yang diperolehi melalui transaksi dalam sistem riba termasuk perbankan dan insuran konvensional insuran, perjudian, penjualan produk tidak halal dan saham-saham atau sekuriti- sekuriti yang berasaskan riba juga termasuk dalam kategori ini.
(b)	Harta Diperolehi Melalui Sumber yang Tidak Menepati Kehendak Syariah
Harta ini merujuk kepada apa sahaja jenis aset yang pada asalnya halal dan sah serta bukan kategori haram tetapi ianya menjadi haram akibat daripada cara mendapatkannya yang tidak menepati kehendak syarak. Harta tidak patuh syariah dalam kategori ini merujuk kepada apa-apa aset yang didapati melalui penipuan atau kegiatan jenayah seperti rasuah, penyelewengan,  harta curi, pecah amanah dan rompakan.
(c)	Harta Bercampur Halal dan Haram
Jenis harta tidak patuh syariah ini merujuk kepada harta yang bercampur di mana sebahagiannya adalah haram dan sebahagian lagi adalah halal. Sebagai contoh harta yang diperolehi daripada sumber yang halal dan haram seperti perniagaan yang melibatkan instrumen kewangan Islam dan dalam masa yang sama mempunyai transaksi dan pendapatan daripada perbankan konventional. Sekiranya dapat dikenalpasti daripada percampuran harta itu tadi, harta yang diperolehi sumber haram itu tidak boleh digunakan untuk tujuan peribadi dan ianya perlu diberikan kepada kemaslahatan umum.
(d)	Harta yang Tidak Diketahui Sumbernya

Di antara harta yang sering kali tidak jelas kedudukannya merujuk kepada harta yang tidak diketahui sumbernya. Umpamanya harta seperti wang atau emas yang dijumpai di jalan atau di mana-mana. Sekiranya diketahui pemiliknya, ianya perlu dipulangkan semula dan jika tidak diketahui ianya perlu diserahkan kepada baitul mal atau pihak berautoriti agar ianya boleh digunakan untuk kemaslahatan umum.
(e)	Harta Syubhah
Harta syubhah merujuk kepada status atau kedudukan benda atau aset tersebut yang diragui. Di antara contoh harta syubhah ialah seperti bayaran pampasan lewat bayar instrumen kewangan Islam dan status pelaburan ASN dan ASB. Dalam kategori ini, terdapat fatwa yang membenarkan dan terdapat juga fatwa yang mengharamkannya. Walaupun secara umumnya kita dibenarkan untuk memilih mana-mana fatwa kerana ianya tidak mengikat melainkan sekiranya digazetkan, adalah lebih baik harta syubhah ini tidak digunakan untuk tujuan peribadi atau ianya menjadi hakmilik kita. Ini bertepatan dengan hadith yang diriwayatkan oleh Bukhari dan Muslim berkenaan dengan status harta syubhah yang bermaksud, Daripada Abu Abdullah An-nu’man bin Basyir katanya : aku mendengar Rasulullah Sallallahualaihiwasallam bersabda: ”sesungguhnya yang halal itu jelas dan yang haram itupun jelas dan di antara kedua-duanya itu (terdapat) perkara-perkara yang syubhah, ramai dari kalangan manusia tidak mengetahuinya. Sesiapa yang menjaga diri daripada perkara syubhat, (maka) dia telah membersihkan agama dan kehormatannya, dan sesiapa yang terjatuh ke dalam perkaraperkara syubhat , dia akan jatuh ke dalam perkara haram”.
2.4	Status Harta Tidak Patuh Syariah
Bagi membicarakan status harta tidak patuh syariah, terdapat dua aspek yang perlu diberikan perhatian. Pertama, adakah harta tidak patuh syariah perlu dilupuskan atau boleh digunakan? Kedua, sekiranya boleh digunakan, adakah ianya boleh digunakan untuk tujuan peribadi atau ianya menjadi hak milik kemaslahatan umum.
Harta Tidak Patuh Syariah Tidak Boleh DiLupuskan
Sekiranya harta tidak patuh syariah ini tidak diiktiraf oleh syarak, timbul satu persoalan yang amat penting untuk dijawab iaitu apakah yang boleh dilakukan terhadap harta ini? Lebih-lebih lagi dalam keadaan apabila seseorang yang mempunyai harta tidak patuh syariah yang banyak telah dan tidak tahu apa yang hendak dilakukan. Dalam aspek ini, isu yang akan timbul adalah adakah harta tidak patuh syariah ini perlu dilupuskan atau adakah ianya boleh digunakan?
Berhubungan dengan isu ini, fuqaha bersepakat mengatakan harta tidak patuh syariah ini tidak boleh dilupuskan atau dibuang atau dibazirkan. Fuqaha tradisional mahupun kontemporari berpandangan bahawa harta ini perlu digunakan atau diagihkan demi kemaslahatan umum. Perbuatan melupuskan harta tidak patuh syariah ini juga menyalahi kaedah syarak yang melarang tindakan idha’ah al-mal iaitu mensia-siakan harta tanpa dimanfaatkan. Bahkan apabila membincangkan isu harta tidak patuh syariah berasaskan riba, Yusuf Al- Qaradawi di dalam Fatawa Muasirah berpandangan bahawa adalah haram secara yakin untuk membiarkan atau meninggalkan wang dalam akaun bank konvensional yang berlandarkan riba. Ini kerana harta ini mampu memberi sokongan kepada pengutuhan konvensional bank yang jelas haram dalam Islam.
Harta Tidak Patuh Syariah Adalah Hak Milik Kemaslahatan Umum
Bertepatan dengan konsep harta dalam Islam yang hanya mengiktiraf harta yang halal atau harta yang diperolehi melalui cara yang menepati kehendak syariah, harta tidak patuh syariah tidak boleh menjadi milik orang yang memiliki atau pemegang harta tersebut. Harta tidak patuh syariah ini menjadi hak milik kemaslahatan umum. Ini adalah jelas dibicarakan oleh hampir semua majoriti fuqaha termasuk institusi fatwa dan ulama kontemporari.
Majlis Fiqh Antarabangsa OIC, Majlis Fatwa Eropah, Majma Buhuth Mesir dan Majlis Fatwa kebangsaan Malaysia telah bersepakat untuk membolehkan harta tidak patuh syariah ini digunakan untuk kemaslahatan umum. Harta tidak patuh syariah ini boleh diagihkan kepada faqir, miskin atau digunakan untuk maslahat umum seperti pembinaan sekolah, infrastruktur awam dan sebagainya.
Ulama mazhab Hanafi, Maliki dan Syafie juga berpandangan bahawa harta tidak patuh syariah boleh digunakan untuk pembangunan dan kegunaan yang memberi manfaat kepada umum serta kepada faqir miskin menurut budi bicara pemerintah. Bahkan Imam Al-Ghazzali  di dalam kitabnya Ihya Ulumuddin juga berpandangan harta tidak patuh syariah ini haram bagi pemiliknya tetapi ia boleh digunakan oleh faqir miskin. Ini secara jelas disokong oleh Yusuf al-Qaradawi di dalam Fatawa Muasirah yang berpandangan bahawa harta tidak patuh syariah tidak boleh menjadi hak milik pemiliknya tetapi ianya perlu disedekahkan kepada faqir miskin atau didermakan kepada projek-projek kebaikan untuk kemaslahatan umum.
3.0	Pengurusan Harta Tidak Patuh Syariah
Setelah memahami konsep, jenis dan hukum harta tidak patuh syariah, adalah menjadi kewajipan kepada kita untuk memastikan harta sebegini diurus dan ditadbir secara berkesan dan mengikut hukum syarak. Pemilik harta tidak patuh syariah ini boleh menyerahkan secara terus harta ini kepada mana-mana institusi kebajikan termasuk baitul mal atau badan-badan amal untuk digunakan demi kemaslahatan umum. Institusi-institusi ini pula perlu memastikan harta tidak patuh syariah ini digunakan secara berkesan dan ianya tidak ditadbir sambil lewa serta tidak menepati kehendak syarak. Pemilik harta tidak patuh syariah ini juga boleh mengagihkan atau memberikan sejumlah harta ini terus kepada golongan yang memerlukan tanpa merujuk kepada mana-mana badan kebajikan atau pihak berautoriti seperti baitul mal.
Bagi memberikan kefahaman yang lebih mendalam tentang pengurusan harta tidak patuh syariah ini, penulis menyenaraikan beberapa kaedah penggunaan harta ini mengikut keutamaannya. Pemilik harta tidak patuh syariah atau penerimanya sama ada baitul mal, badan kebajikan atau orang perseorangan perlu memastikan harta ini digunakan dalam aspek atau perkara yang diklasifikasikan sebagai kemaslahatan umum.
(a)	Harta Tidak Patuh Syariah Perlu Dipulangkan Kepada Pemilik Asal
Jika harta tersebut merupakan harta rompak, curi dan seumpamanya, maka harta tersebut perlu diserahkan semula kepada pemiliknya. Jika pemiliknya telah meninggal dunia atau tidak dapat dijumpai, maka harta tersebut mestilah dikembalikan kepada ahli warisnya. Ini bersepakatan dengan pandangan Imam al-Nawawi dalam kaedah penyelesaian harta tidak patuh syariah iaitu ianya perlu dikembalikan kepada pemilik asal sekiranya diketahui atau wakilnya atau ahli warisnya jika melibatkan kematian.
(b)	Harta Tidak Patuh Syariah Digunakan untuk Pembinaan Infrastruktur
Sekiranya pemilik harta tersebut tidak dapat dikenal pasti, maka harta tersebut mestilah diserah atau dibelanjakan kepada maslahah-maslahah umum umat Islam. Ini termasuk pembinaan infrastruktur awam seperti jalan, sekolah, dewan, jambatan, kenderaan pengangkutan dan masjid-masjid. Bukan itu sahaja harta ini juga boleh digunakan untuk tujuan penyelenggaraan infrastruktur termasuk pemeliharaan alam sekitar serta penjagaan kebersihan kawasan awam.
(c)	Harta Tidak Patuh Syariah Digunakan Untuk Memerangi Sektor Haram
Merujuk kepada harta tidak patuh syariah yang diperolehi melalui sumber yang haram seperti berasaskan riba dan perjudian. Ada ulama yang berpandangan bahawa harta sebegini perlu digunakan untuk memerangi sektor haram ini. Sebagai contoh, wang hasil perjudian hendaklah digunakan untuk memerangi sektor perjudian dan wang hasil riba perlu dibelanjakan pada usaha mengatasi sektor kewangan konvesional.
Menyentuh isu ini Imran Hossein berpandangan bahawa wang riba hanya boleh digunakan bagi memerangi sektor kewangan konvensional dalam apa cara sekalipun. Ini termasuk penerbitan buku-buku menjelaskan pengharaman riba, membiayai penyelidikan yang menyediakan alternatif bagi kewangan konvensional dan menubuhkan institusi yang berupaya untuk mengatasi kewangan konvensional. Walaupun Yusuf Al-Qaradawi tidak mensyaratkan harta riba ini hanya boleh digunakan untuk memerangi sektor haram, beliau berpendapat bahawa adalah haram untuk membiarkan wang di dalam akaun bank konvensional tanpa berbuat sesuatu. Ini memandangkan perbuatan membiarkan wang tersebut tanpa dikeluarkan bukan sahaja akan dapat membantu perkembangan bank konvensional malahan ianya boleh membawa kepada amalan persubahatan dengan aktiviti haram riba.
(d)	Harta Tidak Patuh Syariah Diagihkan Kepada Fakir Miskin
Sekiranya harta tidak patuh syariah ini tidak digunakan untuk pembinaan infrastruktur atau memerangi sektor haram, harta sebegini boleh dibelanjakan atau diagihkan kepada golongan fakir miskin. Harta ini juga boleh diberikan kepada anak-anak yatim, warga emas, orang kurang upaya, muallaf, ibu tunggal yang memerlukan dan pelajar-pelajar yang memerlukan pembiayaan. Golongan ini tidak perlu gusar untuk menerima wang tidak patuh syariah ini walaupun diketahui ianya dari sumber haram kerana ulama bersepakat mengatakan bahawa mereka boleh menggunakannya kerana jatuh dalam kategori kemaslahatan umum. Isu penerimaan wang haram bagi golongan ini tidak menjadi isu.
(e)	Harta Tidak Patuh Syariah Diberikan Kepada Badan Kebajikan
Selain daripada perkara di atas, harta tidak patuh syariah ini juga boleh diberikan kepada mana-mana badan kebajikan termasuk baitul mal, badan-badan amal, badan bukan kerajaan dan institusi dakwah. Institusi-institusi ini pula perlu memastikan segala harta tidak patuh syariah yang diterima dibelanjakan untuk tujuan kemaslahatan umum seperti usaha-usaha jihad di jalan Allah, bantuan untuk perkembangan dakwah Islam, penyediaan para pendakwah, penerbitan kitab-kitab agama dan seumpamanya daripada perkara-perkara yang bersifat kebajikan.
4.0	Kesimpulan
Perbincangan ringkas dalam artikel ini yang merungkai persoalan mengenai pengurusan harta tidak patuh syariah sedikit sebanyak diharap dapat memberikan kefahaman umum terhadap konsep, status, hukum, jenis atau kategori dan pengurusan harta sebegini. Secara umumnya, masih ramai di kalangan masyarakat yang tidak memahami subjek harta tidak patuh syariah ini di mana sering kali pandangan yang tidak tepat dilontarkan dalam menangani isu yang berkaitan dengannya. Penulis cuba menjelaskan topik ini secara mudah dan memperjelaskan tentang pengurusan harta tidak patuh syariah ini dalam konteks semasa.
Konsep harta dalam Islam meletakkan manusia hanya sebagai pemegang amanah. Sebagai khalifah yang memegang amanah ini, manusia perlu mematuhi setiap peraturan yang ditentukan Allah. Dalam konteks ini hanya harta yang diperolehi secara halal atau menepati kehendak syarak diiktiraf oleh Islam sebagai harta yang sah. Manakala harta tidak patuh syariah mempunyai kedudukan yang berbeza di mana ianya tidak diiktiraf dalam Islam. Walaupun harta tidak patuh syariah ini tidak diiktiraf, Islam telah menetapkan bahawa harta ini tidak boleh dilupuskan bahkan perlu diurustadbir dan dibelanjakan mengikut kaedah yang dikehendaki syarak.
Keperluan menguruskan harta tidak patuh syariah ini merupakan antara tuntutan yang perlu dipenuhi ketika ini. Dalam konteks masyarakat Malaysia misalnya, terdapat banyak harta tidak patuh syariah yang berpotensi untuk digunakan demi kemaslahatan umum. Sebarang usaha untuk melupuskan harta ini adalah menyalahi kaedah syarak dan berlawanan dengan ajaran Islam. Oleh itu, harta tidak patuh syariah ini perlulah disalurkan kepada institusi-institusi atau individu yang berhak untuk digunakan demi maslahah umum masyarakat. Walaupun Islam membenarkan pemilik harta tidak patuh syariah ini diagihkan terus kepada individu seperti fakir miskin, anak yatim, penulis berpandangan bahawa kaedah menyalurkan harta ini kepada institusi seperti baitul mal, badan-badan amal atau dakwah, rumah kebajikan dan institusi kebajikan yang lain merupakan yang terbaik untuk dilakukan. Ini memandangkan pengurusan harta yang dibuat oleh organisasi berstruktur dan teratur akan dapat meningkatkan lagi keberkesanan pengurusan harta tidak patuh syariah ini. Pengurusan harta tidak patuh syariah yang berkesan dan efisyen akan dapat memastikan keberkesanan penggunaannya dapat dioptimumkan demi kemaslahatan umum.
Regards

ZULKIFLI HASAN
With Dr. Mustafa Ceric, the Grand Mufti of Bosnia and Herzegovina in Sarajevo
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October 18, 2011
DR. ZULKIFLI HASAN
Conference Announcement: Credit Risk Asia
Conference on Credit Risk Asia
Organised by the Fleming Gulf, one of the leading institutions that provide trainings and courses for specialized industry sectors including Finance, Energy, Shipping, Logistics, Utilities, Real Estate, Construction and more.
For further information, click here:
http://www.fleminggulf.com/finance/asia-pacific/credit-risk-asia
Credit Risk Asia
09 – 10 November, 2011, Singapore
Managing and measuring credit risk management is no longer the same, thanks to the Global Financial Crisis with the fall of Lehman Brothers, Merrill Lynch and the rest of the financial institutions that never thought they would. As an aftermath of the crisis,  the Basel Committee announced new yet stringent rules on bank’s capital requirement and risk capture. With most Asian banks are just settling in after the implementation of Basel II, the process of moving from Basel II to Basel III will not be easy for them.
When Basel III was announced a year ago, many market observers played down the impact of the new ruling on Asian banks. Basel III requires banks to hold top-quality capital totalling 7 per cent of their risk-bearing assets compared to current requirement of 2 per cent. It  is significantly lower than what banks had feared plus it comes with the comfort of a longer time frame for implementation. However growing concerns has been voiced out across Asia notably on computing counterparty credit risk, credit valuation adjustment and liquidity risk management.
Credit Risk Asia aims to explore how credit risk management, measurement and modelling will change under Basel III. This event also seeks to unearth the best practices in ensuring total compliance yet being profitable at the same time.
Key Speakers:
Christoph Michel, Chief Risk Officer – Natixis, Hong Kong

Jaime Azcoiti, EVP & Director (Risks) – Citic Bank International, Hong Kong

Lawrence Antioch, Managing Director (Risks) – DBS, Singapore

Pierre Mengal, Director, Head of Collateral Service Asia Pacific – Citi, Singapore

Dr. Ersel Korusoy, Director, Counterparty Credit Portfolio Management –  RBS Global Banking & Markets, Singapore

Fakhri Sarjan, Director, Head Portfolio Management of Global Credit Products – Deutsche Bank, Germany

Goh Chin Yee, Head MIS & Capital Planning –  OCBC Bank, Singapore

Manish Maheshwari, Portfolio Risk Manager – Standard Chartered, Singapore

Dr. Oliver Chen Senior Research Fellow – NUS Risk Management Institute, Singapore

Do not miss this conference to:
Gain insights on how Basel III will affect Asian banking system

Leverage on counterparty risk mitigation techniques

Elevate capital planning and management to the next level

Fortify strategies for active credit portfolio management

Protect from modelling failures

Key topics:
Road to Basel III

How credit risk quantification will change under Basel III?

Counterparty credit risk – Pre & post crisis

ICAAP – A formula for survival

Accurately measuring and benchmarking credit portfolio risk

Auditing the faux pas of models in keeping banks out of trouble
Who should attend:
CEOs, CFOs, CROs, Vice Presidents, Managing Directors, Directors, Heads, General Managers, Senior Managers and Managers of Credit Risk Management, Credit Portfolio Management, Risk Management, Risk Analytics, Basel II, Capital Management, Portfolio Management and Risk Modelling.
Event info:

T: +603 2141 5352

F: +603 2141 5350

E: syafiq.mobin@fleminggulf.com	Sponsorship info:

T: +36 1 411 1840

F: +36 1 411 1841

E: mate.buki@flemingeurope.com
Regards

ZULKIFLI HASAN
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October 14, 2011
DR. ZULKIFLI HASAN
Who Are We in the Presence of Allah to say no or wait to Implement Hudud: Sultan of Brunei
HM proposes Islamic criminal law
Available at:
http://www.bt.com.bn/news-national/2011/03/16/hm-proposes-islamic-criminal-law
HIS Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam yesterday proposed the introduction of an Islamic Criminal Act to deal with Islamic crimes while maintaining the implementation of existing civil and religious legislations.
Brunei does not have an act that specifically handles criminal offences under Islam, the monarch said in a titah at a closed-door meeting with members of the Brunei Islamic Religious Council (Muib).
Brunei runs a Syariah Court that is influential only in the area of Family Law, His Majesty said, adding that the Sultanate has yet to come up with its own Islamic Criminal Act for judiciary purpose.
The pious ruler said he had previously approved the establishment of a Syariah High Court, with the supreme authority to handle not only the administration of a Family Law but also to fully manage the Islamic Criminal Act, as ordained by Allah (SWT).
The law of Allah (SWT) is not new to Brunei, His Majesty said.
The monarch explained that Brunei has been implementing the Islamic Law since the 17th century, but with the intervention of foreign powers, Brunei had to or was rather forced to abandon it.
Noting that Brunei is now, being independent, sovereign, and governed by a Muslim leader, His Majesty asked whether it was not an obligation to restore the law of Allah (SWT) in the country.
To handle Islamic crimes, it is fitting to have an Islamic Criminal Act, while maintaining the current act in cases that do not fit under the former, said His Majesty.
Criminal cases will be evaluated first to see if these fit the conditions under the Islamic Criminal Act. If a case does not fulfil the conditions, then it would be dealt with under the Common Law.
His Majesty said the prosecutions based on the Islamic Criminal Act are carried out under stringent conditions.
“These stringent conditions may make it difficult to implement but we are demanded to have that Act,” said His Majesty.
The monarch said it was important to have and implement both (Islamic Criminal and Common Acts) acts, otherwise criminal cases could be dropped just like that.
The absence of such laws, His Majesty related, could create chaos in the society.
“The Act that we have now is still relevant. In addition to that we need to have an Islamic Criminal Act as reserved for specific circumstances. Hopefully, by doing this Allah (SWT) will spare us from his punishment/torment for not implementing the law.”
His Majesty said the Islamic Criminal Act does not necessarily mean hudud, huduh law or hudud court.
Hudud covers a wide range of Islamic law such as fasting, marriage and akidah, His Majesty added. However, in the context of Islamic crimes, the term hudud is not favoured and even hated among the ignorant.
Hudud laws deal with offences and punishments that are interpreted by Muslim juristic scholars derived from the Al-Quran and the Sunnah of Prophet Muhammad (Peace Be Upon Him).
It was made as an excuse (for them) to reject Allah’s (SWT) law on Islamic Criminal Act, His Majesty said.
The monarch saw no issue in not using the term hudud to refer to the act.
“We can call it other names such as Islamic Criminal Law or Allah (SWT) Criminal Law as long as it is in line with hududullah (laws of Allah (SWT)).
His Majesty asked the council members to seek a formula and reached a decision to achieve the objective and gain Allah (SWT) blessings.
The monarch did not see any problem in seeing both Islamic and Civil laws working together hand in hand.
“We have adjusted the civil law with the requirements of syarak (Islamic Law), and not all that is in civil law contradicts syarak,” said His Majesty.
He said civil law that does not contradict syarak can be maintained. “Those that contradict, we will adjust according to Islamic law.” The Brunei Times
Regards

ZULKIFLI HASAN
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