Magazine & Newspaper

 Monday, 24 February 2014 10:00


A Malaysian outfit researching Islamic finance has come out with a neat job of publishing a book on Islamic legal maxims that are key to the sector.

Let me start by saying that this is a must-have for those involved in the fast-expanding Islamic finance, especially for those who rely heavily on materials in English. They will be delighted with the 249-page Islamic Legal Maxims & Their Application in Islamic Finance (picture).

This is the latest work to come from the International Shariah Research Academy for Islamic Finance (ISRA), an outfit that was set-up six years ago with a generous backing of the Malaysian central bank.



Zeti officiating at the opening of the 2nd ISRA Colloquium 2012 in Kuala Lumpur. Looking on are INCEIF governing council chairman Dr Rozali Mohamed Ali (centre) and ISRA executive director Assoc-Prof Mohamad Akram Laldin.

Zeti officiating at the opening of the 2nd ISRA Colloquium 2012 in Kuala Lumpur. 
Looking on are INCEIF governing council chairman Dr Rozali Mohamed Ali (centre) and ISRA executive director Assoc-Prof Mohamad Akram Laldin.


KUALA LUMPUR: Malaysia wants to have steady growth that will allow it to sustain and improve its economic position, Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said.

She said the country did not want high growth in one year and a very low one the following year.

Zeti said this on the sideline of the 2nd International Shariah Research Academy for Islamic Finance (ISRA) Colloquium 2012 here. She was asked whether the country could sustain strong growth next year.


Timbalan Perdana Menteri Turki, Ali Babacan (dua dari kiri) bersama Zeti melihat buku keluaran International Shari’ah Research Academy for Islamic Finance di Forum Kewangan Islam Global (GIFF) di Kuala Lumpur, semalam.

Kuala Lumpur: Sektor kewangan Islam tidak perlu melaksanakan penjenamaan semula untuk menarik penyertaan lebih banyak pihak ke dalam sektor itu, kata Gabenor Bank Negara Malaysia, Tan Sri Dr Zeti Akhtar Aziz.

Beliau berkata, kewangan Islam sudah diterima secara meluas di negara bukan Islam serta firma antarabangsa. “Saya pernah ditanya beberapa tahun dulu sama ada (sektor kewangan Islam) perlu dijenamakan semula kerana terdapat ‘cakap-cakap’ yang mengaitkan sektor itu sebagai ‘pengganas kewangan.’ 
Perkongsian keuntungan

“Dalam pembentangan itu, saya menekankan bahawa kewangan Islam adalah urus niaga ekonomi membabitkan perkongsian keuntungan serta kontrak berkaitan perkongsian risiko yang disertakan dengan tahap tinggi pendedahan maklumat urus niaga kewangan,” katanya kepada media di luar Forum Kewangan Islam Global (GIFF) di sini, semalam.


Saturday, 19 May 2012 01:32

 Since its establishment in Brunei Darussalam 20 years ago, the Islamic finance institution has faced various challenges. However, while the world is struggling in the midst of a financial crisis, the Islamic finance institution shows a potential to remain progressively forward. Various issues were raised at the recent 6th Regional Shariah Scholars' Dialogue, MCSN, among them the challenges shared by countries in the archipelago.








BELOW are excerpts from an interview between the columnist and Dr Mohamad Akram Laldin, the executive director of the International Shari'ah Research Academy for Islamic Finance (ISRA); Rushdi: You were a syariah scholar and now you are an executive director of ISRA. How did this come about? Dr Akram: I am an academician at the International Islamic University Malaysia and, at the same time, developed my expertise in syariah advisory. I am member of several syariah boards in and outside Malaysia. In 2008, the central bank of Malaysia wanted to establish a Syariah Research Academy and I was selected to be the executive director, and I am still actively participating in my syariah advisory engagements.



ICG-Events are pleased to announce that we are organising the sixth annual London Sukuk Summit. This is scheduled to take place on the 6th & 7th of June 2012 at the Jumeriah Carlton Hotel in London.

We are expecting this year’s event to be the biggest to date as it is set against the backdrop of a vibrant global Islamic Capital Market as the Sukuk sector took off to a strong start in 2012 with January the busiest month ever seen in the market. Industry experts expect this trend to continue throughout 2012 with a significant increase in Sukuk issuance as Islamic Capital Markets perform well against the financial crisis and liquidly crunch of 2011.


Facing up to diverse opinions

Diversity of opinion can be both a boon and bane. While pluralistic thought is seen as a blessing in the Islamic intellectual tradition, many observers of Islamic Finance see the multiplicity of views in the field as a hindrance to the industry’s development. When encountering such diversity, how should takaful operators proceed in a way that makes business sense yet does not run afoul of the processes of Shariah?
This is the question posed to a panel of scholars in our bi-monthly series – Shariah Speak.

When there are several opposing Shariah scholarly views on an issue, are takaful operators free to follow the course that serves the business and shareholders best?


Join the largest gathering of senior Islamic finance specialists in February in London as they reflect the industry's major developments in recent years and look forward to the opportunities available to industry participants going forward.

Hear from the Shariah scholars as they reflect on the latest fatwas that have been issued. Economists and regulators will review the current economic climate, the ever changing regulatory environment influencing the financial markets worldwide and the nuances of Islamic financial regulation and supervision in the context of this broader economic setting. Finally the commercial drivers and the hurdles to future development in the industry will be debated amongst senior bankers and legal professionals as well as other key practitioners and stakeholders involved in the industry.

Highlights of the conference include:

The Annual Open Fatwa and Shariah Audience Discussion - Hear from and put your questions to the most senior Scholars in the industry

Introduction to Islamic Finance Workshop - Your chance to go back to basics and learn from industry leaders about the building blocks of the industry

The Heads of Islamic Finance Panel Discussion - The industry rainmakers share their views on the future of Islamic finance worldwide

Euromoney's sought after Islamic Finance Awards - The 'who's who' of Islamic finance

Speakers already confirmed include:

  • Ahmed Saad, Deputy CEO,Sharjah Islamic Bank
  • Dawood Yousef Taylor,Senior Regional Executive-Takaful Middle East, Prudential Corporation Asia
  • Debashis Dey,Partner,Clifford Chance
  • Dr Halim Alamsyah, Deputy Governor, Central Bank of Indonesia
  • Dr Mohamad Akram Laldin, Executive Director, International Shari'ah Research Academy for Islamic Finance




نالت جائزتين في 2011 كأفضل مؤسسة بحثية إسلامية

د. محمد أكرم لال الدين
الرياض: فتح الرحمن يوسف 
حققت الأكاديمية العالمية الماليزية (إسرا) مكاسب ونجاحات بحثية خلال عام 2011، حيث أنجزت وطرحت ونشرت أكثر من 400 ندوة وقصة وبحث وكتيب في مجال التمويل الإسلامي والمصرفية الإسلامية.

وكانت جميع هذه المنجزات تصبّ في كشف واقع وتحديات الاقتصاد الإسلامي والخدمات المصرفية، من وجهة النظر التشريعية الإسلامية، ومنها بحث محكم تناول تكلفة رأس المال بوصفه جزءا من التعويض (التعويض عن الخسارة الفعلية)، وآخر تعرض لصدور الضمان من قبل المضارب في عقد المضاربة من خلال دراسة حالة الشركات الصغيرة والكبيرة، وآخر تناول تطبيقات الزكاة في المؤسسات المالية الإسلامية، وذلك لتحقيق هدف القيادة والقيام بعمل الأبحاث الشرعية التطبيقية في مجال المصرفية الإسلامية.





مدير «إسرا» لـ«الشرق الأوسط»: ترجمنا أكثر من 1000 فتوى وأعددنا آلاف الأبحاث الشرعية

الرياض: فتح الرحمن يوسف 
على الرغم من أن ماليزيا تتعامل بنظامين، مالي إسلامي بجانب النظام المالي التقليدي، حيث يوجد بها 17 بنكا إسلاميا ماليزيا محليا و4 بنوك إسلامية دولية، أمام عدد كبير من البنوك التقليدية، فإن حصة المالية الإسلامية في السوق الماليزية، تساوي 21 في المائة من إجمالي سوق المصرفية الماليزية بشكل عام، وفي طريقها للمزيد. وأوضح مسؤول ماليزي بارز أن نسبة نمو المصرفية الإسلامية في ماليزيا تتراوح بين 20 إلى 25 في المائة سنويا، وأما فيما يتعلق بالأسواق المالية فإصدارات الصكوك تتجاوز الـ60 في المائة من إجمالي إصدارات الصكوك والسندات التقليدية في ماليزيا.


KUALA LUMPUR 10 Jan. - Cagamas Bhd. (Cagamas) telah memeterai perjanjian dengan Akademi Penyelidikan Syariah Antarabangsa (ISRA), sebuah entiti penyelidikan Pusat Pendidikan Antarabangsa bagi Kewangan Islam (INCEIF) untuk menaja projek buku teks.

Projek itu adalah inisiatif Pusat Kewangan Islam Antarabangsa Malaysia (MIFC) dan sebahagian daripada program tanggungjawab sosial korporat yang akan diterbitkan pada tahun ini.

Pengerusi Cagamas, Datuk Ooi Sang Kuang berkata, buku teks pasaran kewangan itu dijangka memainkan peranan penting dalam menangani kekurangan dalam penulisan kewangan Islam.

Menurut beliau, pembangunan modal insan dalam kewangan Islam adalah sangat penting, menunjukkan industri itu masih muda tetapi mengalami pertumbuhan pantas.


KUALA LUMPUR, Jan 10 (Bernama) -- National mortgage corporation, Cagamas Bhd, has signed an agreement with the International Syariah Research Academy(ISRA) to sponsor an Islamic financial market textbook.

In a statement Monday, Cagamas said the textbook, which was scheduled to be published later in the year, was part of its corporate social responsibility programme.

"Cagamas will also undertake reviews of selected chapters and provide references to its role in the development of Islamic capital market in Malaysia," it said.


Pada tarikh 10 Mei 2010 bersamaan 25 Jamadilawal 1431H bertempatdi Auditorium D8, Parcel D, Putrajaya, Jabatan Kemajuan Islam Malaysia (JAKIM) bersama-sama Persatuan Persatuan Institusi Perbankan Islam Malaysia (AIBIM) dan Akademi Penyelidikan Syariah Antarabangsa dalam Kewangan Islam (ISRA) telah berjaya menganjurkan Seminar Perbankan Islam Kepada Pegawai Kerajaan.


Seminar ini dianjurkan untuk memberi informasi serta meningkatkan kefahaman di kalangan pegawai-pegawai perkhidmatan awam mengenai Sistem Kewangan Islam. Para peserta juga telah didedahkan mengenai asas dan kepentingan muamalat Islam dalam meningkatkan ekonomi negara. Selain itu, peserta turut didedahkan mengenai aspek-aspek yang membezakan di antara perbankan Islam dengan perbankan Konvensional. Seminar ini secara khususnya disasarkan kepada pegawai-pegawai kerajaan dalam usaha untuk meningkatkan penglibatan mereka dalam industri kewangan Islam di Malaysia.






محمد الخنيفر من الرياض

أكدت دراسة بحثية أولية أجريت على 560 صكا احتمالية ضياع حقوق حملة الصكوك في حالة تعثر جهة الإصدار، وذلك بعد أن كشف مختص في البحوث الشرعية أن 2 في المائة فقط من إصدارات الصكوك تضمن وثائقها استرجاع المستثمرين حقوقهم، والنسبة الباقية تميل لمصلحة جهة الإصدار.وقال محمد أكرم لادين المدير التنفيذي للأكاديمية العالمية للبحوث الشرعية: أجرينا دراسة على 560 من إصدارات الصكوك على مستوى العالم، واكتشفنا أن 11 من هذه الإصدارات يمكن تصنيفها على أنها صكوك ''مدعومة بالأصول'' Asset Backed وهي تعادل ما نسبته 2 في المائة من إجمالي الإصدارات، وكانت بقية الصكوك الأخرى صكوكا مرتكزة إليها الأصول Asset Based نسبتها 98 في المائة. وتابع التنفيذي المسؤول عن الأكاديمية الماليزية المعروفة: ولكن عندما يتعلق الأمر بنقل ملكية هذه الأصول لحمل الصكوك، فقد وجدنا أن حملة الصكوك ''المدعومة بالأصول'' يملكون الحق في النفاذ إلى موجودات الصكوك حال حدوث حالة تعثر من جهة الإصدار''. ما يعني أن بإمكانهم بيع هذه الأصول واسترجاع استثماراتهم.


في مايلي مزيد من التفاصيل:


 A recent report looks at some of the toughest issues facing Islamic finance

Funds-at-Work, a research-based strategy consultancy focusing on the investment industry, recently released "Shariah Scholars - A Network Analytic Perspective," which links Sharia scholars to board positions. It is a more comprehensive study than previous Sharia scholar reports.

Rushdi Siddiqui puts some challenging questions to four international Sharia scholars to get their view points:

  • Dr Hussain Hamid Hassan (HHH), eminent scholar and chairman of many Islamic financial institutions
  • Dr Mohammad Daud Bakar (MDB), international scholar and founder and managing director of Amanie Islamic Finance Consultancy and Education;
  • Yousuf Talal DeLorenzo (YTD), leading US scholar; and
  • Dr Mohammad Akram Laldin (MAL), Executive Director, ISRA, Malaysia.

Research is an important area in Islamic finance and you are well aware of the Funds-at-Work study, linking scholars to Sharia boards. What is your impression of the study?



"The ideal mode of financing according to sharia is mudaraba or musharaka"- Sheikh Muhammad Taqi Usmani, Chairman, Accounting and Auditing Organisation for Islamic Financial Institutions.

The global financial crisis has prompted debate about the use of excessive debt and speculation to fuel growth. It has also renewed calls for Islamic finance to use more equity-based structures such as musharaka and mudaraba and reduce reliance on debt funding.

In light of the current debate on the role of debt to finance growth, Reuters asked industry experts if Islamic finance needs to use more equity instruments and why.

Also, what would be the implications for the Islamic finance industry if there is use of more equity and less debt and would this affect the profitability of Islamic banks?.

Would a shift towards more equity financing make Islamic finance more or less attractive to investors?

Mohamad Akram Laldin is sharia adviser to Malaysia's central bank and executive director of International Shari'ah Research Academy for Islamic Finance (ISRA). Edib Smolo is researcher at ISRA. Both are based in Malaysia.



Mushtak Parker | Arab News

Whether it is at the Islamic Finance Summit held at the Cercle de l’Union Interalliée in Paris, France, or a lively open fatwa session at the Islamic Retail Banking Conference (IRBC) 2009 held in Dubai or the 1st Euro-Arab Real Estate Conference held in Barcelona, Spain, all held over the last two or three months, it is certain that a “new kid on the block” will be a key participant.

The International Shariah Research Academy for Islamic Finance (ISRA) — the Shariah research entity of Bank Negara Malaysia, the central bank, armed with a trust of 200 million ringgits and led by Shariah scholar and executive director Mohammed Akram Laldin — is fast making its mark in an industry segment not known for its convergence or purpose of unity. ISRA, under its mandate, is dedicated to promoting applied research in the area of Shariah and Islamic finance.


KUALA LUMPUR 18 Nov. - Kesemua resolusi daripada fatwa dan mesyuarat Lembaga Kawalselia Syariah tentang kewangan Islam sejak tiga dekad lalu akan diterjemah dan diedarkan ke seluruh dunia untuk meningkatkan lagi kefahaman di kalangan umat Islam.

Usaha yang melibatkan terjemahan bahan berkenaan daripada bahasa Arab kepada bahasa Inggeris dilaksanakan oleh Kuwait Finance House (Malaysia) Bhd. (KFH Malaysia) dan Akademi Penyelidikan Syariah Antarabangsa dalam Kewangan Islam (ISRA).



The lack of credibility and innovation is a big obstacle to the Islamic finance growth, said analysts speaking to Emirates Business unanimously. And because it has started from a low base, the Islamic finance practice has been growing by 15-20 per cent every year for the past decade, according to a report by Standard & Poor's.

Now that the crisis has exposed the loopholes and weaknesses of the conventional system, Islamic products have become more popular because its principles have shielded them from the sub-prime crisis. Debt-selling, which derivatives are primarily about, is not allowed in Islamic finance. The growing Muslim population worldwide is also expected to boost the Islamic financial practice.

Feature Articles : CIO Leadership

Dr. Mohamad Akram Laldin, Executive Director of the International Shari'ah Research Academy for Islamic Finance, discusses the key principles behind Islamic Finance and how this method of banking could prove to be a viable alternative in the current crisis.

“O you who believe! Do not devour your property among yourself falsely, except that it be trading by your mutual consent; …” (Qur’an 4:29)

Islamic finance is a holistic system founded upon the principles articulated in the Qur’an and the traditions (Sunnah) of Prophet Muhammad (peace be upon him). It is not a new system but, rather, part of a system that originated with the first revelation revealed to Prophet Muhammad s.a.w. more than one thousand four hundred years ago. The macro-system governs all aspects of life; including?but not limited to?the social, political and economic systems. The different practices and contracts used in Islamic finance at present originated from the same source. However, it has been expanded and empowered to deal with the complexity of the modern financial system.

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