Islami Banking and Finance Resilience and Stability in the Present System

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Islami Banking and Finance Resilience and Stability in the Present System"

Transcription

1 Current Issues in Islami Banking and Finance Resilience and Stability in the Present System

2 This page intentionally left blank

3 Current Issues in Islami Banking and Finance Resilience and Stability in the Present System Editor Angelo M Venardos Heritage Trust Group, Singapore World Scientific N E W J E R S E Y L O N D O N S I N G A P O R E B E I J I N G S H A N G H A I H O N G K O N G TA I P E I C H E N N A I

4 Published by World Scientific Publishing Co. Pte. Ltd. 5 Toh Tuck Link, Singapore USA office: 27 Warren Street, Suite , Hackensack, NJ UK office: 57 Shelton Street, Covent Garden, London WC2H 9HE Library of Congress Cataloging-in-Publication Data Current issues in Islamic banking and finance : resilience and stability in the present system / edited by Angelo M. Venardos. p. cm. ISBN-13: ISBN-10: Banks and banking--islamic countries. 2. Banks and banking--religious aspects--islam. 3. Banking law (Islamic law) 4. Finance--Islamic countries. 5. Finance--Religious aspects--islam. 6. Finance (Islamic law) I. Venardos, Angelo M. HG3368.A6C '67--dc British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library. Copyright 2010 by World Scientific Publishing Co. Pte. Ltd. All rights reserved. This book, or parts thereof, may not be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording or any information storage and retrieval system now known or to be invented, without written permission from the Publisher. For photocopying of material in this volume, please pay a copying fee through the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA. In this case permission to photocopy is not required from the publisher. Editor: Juliet Lee Ley Chin Typeset by Stallion Press Printed in Singapore.

5 DISCLAIMER The views and opinions expressed in this whole book are the authors and do not necessarily represent those of their affiliations.

6 This page intentionally left blank

7 FOREWORD Southeast Asia is the powerhouse of skills and innovation in Islamic finance as the GCC is the pool of liquidity. Recently, there have been many issues of concern in the sector, with some recalled certifications and Shariah incompatibility concerns. The sector is young and growing rapidly, thereby demanding close monitoring to enable the establishment of a robust and sustainable alternative to conventional finance. This is a timely book as it addresses the issues facing the momentum that Islamic finance has taken in the world. The sub-prime crisis and the credit crunch have focused considerable attention on the sector: its viability and sustainability. The challenges are many and not insurmountable. The market place is constantly evolving and expanding beyond the Muslim clientele and regions. The expected growth of the Islamic finance sector worldwide is estimated at about 15% by the year 2020, but if it exceeds that it should come as no surprise. Standardisation and harmonisation are issues raised consistently at many fora and being addressed and dealt with by many of the active members and institutions involved in the Islamic finance sector. It takes time but the start has been made and many intelligent minds have committed to establishing this means of finance. vii

8 viii Foreword Dr. Angelo Venardos has provided a valuable service in the publication of this book with contributions from some of the legends in the Islamic finance industry who have considerable knowledge of their subject and are active practitioners. The leading lawyers, bankers, regulators, and accountants in the sector are among the contributors and some of them are personal friends. They are talking the talk and walking the walk on a daily basis and are at the cutting edge of development in the industry. There is not much available in the form of literature on the current issues in the sector and this is a fine addition that will prove useful to academics, practitioners, students, and others who would be interested in this sector where it has been, where it is, and where it is going. All extremely relevant. Majid Dawood CEO, Yasaar Limited Dubai, UAE

9 CONTENTS Foreword Majid Dawood (CEO, Yasaar Limited, Dubai) 1. Resilience and Stability: Socioeconomic Response 1 in Southeast Asia Angelo M. Venardos (Heritage Trust Group, Singapore) 2. Legal and Regulatory Changes to Promote the 17 Development of Islamic Banking and Finance in Singapore Arfat Selvam (Managing Director, Arfat Selvam Alliance LLC, Singapore) 3. Brunei: A Niche Money Market for Offshore 45 Islamic Finance Khairul A. Khairuddin (Director, HMR Trust Ltd, Brunei) and Sukor Ashak (Business Development Manager, HMR Trust Ltd, Brunei) vii ix

10 x Contents 4. The Risk Profile of Mudaraba and Its Accounting 61 Treatment Hajah Salma Latiff (Senior Lecturer, Universiti Brunei Darussalam, Brunei) 5. Legal and Regulatory Issues Concerning Islamic 81 Finance s Development in Malaysia Dato Dr Nik Norzrul Thani Nik Hassan Thani (Chairman/Senior Partner, Zaid Ibrahim & Co, Malaysia) and Madzlan Hussain (Associate, Zaid Ibrahim & Co, Malaysia) 6. Recent Legal and Regulatory 99 Developments for Islamic Banking and Finance in Indonesia Hanim Hamzah (Partner, Zaid Ibrahim & Co; and Senior Foreign Counsel, Roosdiono & Partners) 7. Making Sense of the Fast-Growing Islamic 115 Finance Market Tadashi Maeda (Director-General, Japan Bank for International Cooperation) 8. The Growth of Islamic Finance in Southeast Asia: 125 Regulatory Challenges and Opportunities for the United States Mercy A. Kuo (Director, Strategic Asia Program, The National Bureau of Asian Research, The Financial Center, USA) 9. An Introduction to the Laws and Practices of Islamic 145 Trusts and the Distribution of a Trust upon Maturity Angelo M. Venardos (Heritage Trust Group, Singapore) and Aimi Zulhazmi Abdul Rashid (BIMB Trust Ltd, Labuan)

11 Contents xi 10. Lessons From Pakistan s Model 167 Bilal Rasul (Registrar, Securities and Exchange Commission of Pakistan) 11. Islamic Structured Products: Issues and Challenges 189 Aznan Hasan (Professor, International Islamic University, Malaysia) 12. Islamic Banks: Resilience and Stability Not Immune 229 from Crisis Shamshad Akhtar (Former Governer of the Reserve Bank of Pakistan and currently with Asian Development Bank) 13. Islamic Capital Markets: A Growing Area 255 for Investments Michael Mahlknecht (Delta Hedge) 14. Short-Selling Replication in Islamic Finance: 277 Innovation and Debate in Malaysia and Beyond Ryan Calder (Department of Sociology, University of California-Berkeley, USA)

Religious Extremism Understanding the Salafi Doctrine of Al-Wala wal Bara

Religious Extremism Understanding the Salafi Doctrine of Al-Wala wal Bara The Roots of Religious Extremism Understanding the Salafi Doctrine of Al-Wala wal Bara Imperial College Press Insurgency and Terrorism Series ISSN: 2335-6847 Series Editor: Rohan Gunaratna (Nanyang Technological

More information

Explaining Islamist Insurgencies The Case of al-jamaah al-islamiyyah and the Radicalisation of the Poso Conflict,

Explaining Islamist Insurgencies The Case of al-jamaah al-islamiyyah and the Radicalisation of the Poso Conflict, Explaining Islamist Insurgencies The Case of al-jamaah al-islamiyyah and the Radicalisation of the Poso Conflict, 2000 2007 Imperial College Press Insurgency and Terrorism Series ISSN: 2335-6847 Series

More information

ISLAMIC BRANDING AND MARKETING CREATING A GLOBAL ISLAMIC BUSINESS

ISLAMIC BRANDING AND MARKETING CREATING A GLOBAL ISLAMIC BUSINESS ISLAMIC BRANDING AND MARKETING CREATING A GLOBAL ISLAMIC BUSINESS ISLAMIC BRANDING AND MARKETING CREATING A GLOBAL ISLAMIC BUSINESS PAUL TEMPORAL John Wiley & Sons (Asia) Pte. Ltd. Copyright 2011 John

More information

SHARIAH NON-COMPLIANT RISK MANAGEMENT FOR ISLAMIC FINANCIAL INSTITUTIONS

SHARIAH NON-COMPLIANT RISK MANAGEMENT FOR ISLAMIC FINANCIAL INSTITUTIONS SHARIAH NON-COMPLIANT RISK MANAGEMENT FOR ISLAMIC FINANCIAL INSTITUTIONS Introduction Ensuring Shari ah compliant aspect is imperative for Islamic financial institutions (IFIs) to maintain the confidence

More information

SHARIAH AUDIT AND REVIEW FOR ISLAMIC FINANCIAL INSTITTUTION

SHARIAH AUDIT AND REVIEW FOR ISLAMIC FINANCIAL INSTITTUTION SHARIAH AUDIT AND REVIEW FOR ISLAMIC FINANCIAL INSTITTUTION Introduction Shariah compliance is the backbone of Islamic finance institutions (IFI) in which they operate. Therefore, ensuring Shari ah compliant

More information

Home-Grown Jihad Downloaded from by on 01/04/18. For personal use only.

Home-Grown Jihad Downloaded from  by on 01/04/18. For personal use only. This page intentionally left blank ICP Published by Imperial College Press 57 Shelton Street Covent Garden London WC2H 9HE Distributed by World Scientific Publishing Co. Pte. Ltd. 5 Toh Tuck Link, Singapore

More information

The Paradigm of the Islamic Banking System

The Paradigm of the Islamic Banking System 185 The Paradigm of the Islamic Banking System Bogdan Munteanu Islamic banks have constantly grown their activity and expanded across the world economy, in a matter of decades. Today, their assets cover

More information

THE ROLE OF CENTRAL BANK OF MALAYSIA IN DEVELOPING MALAYSIA'S ISLAMIC FINANCIAL INDUSTRY

THE ROLE OF CENTRAL BANK OF MALAYSIA IN DEVELOPING MALAYSIA'S ISLAMIC FINANCIAL INDUSTRY الا كاديمية العالمية للبحوث الشرعية ISRA International Shari ah Research Academy for Islamic Finance THE ROLE OF CENTRAL BANK OF MALAYSIA IN DEVELOPING MALAYSIA'S ISLAMIC FINANCIAL INDUSTRY Prof. Dr. Mohamad

More information

The CIMA qualifications in Islamic Finance. A different perspective on global business

The CIMA qualifications in Islamic Finance. A different perspective on global business The CIMA qualifications in Islamic Finance A different perspective on global business I was always interested in moving into Islamic finance by my personal preference and the career opportunity available

More information

Product Branding and Market Development Global Growth Opportunities. Daud Vicary Abdullah

Product Branding and Market Development Global Growth Opportunities. Daud Vicary Abdullah Product Branding and Market Development Global Growth Opportunities Daud Vicary Abdullah 1 Agenda Facts and Figures Spreading the Word About Islamic Finance Opportunities Challenges to Development 2 What

More information

ISLAMIC ECONOMICS EDUCATION IN SOUTHEAST ASIAN UNIVERSITIES

ISLAMIC ECONOMICS EDUCATION IN SOUTHEAST ASIAN UNIVERSITIES Editors Mohd Nizam Barom, Mohd Mahyudi Mohd Yusop, Mohamed Aslam Haneef and Mustafa Omar Mohammed are attached to the Department of Economics and the Centre for Islamic Economics, Kulliyyah of Economics

More information

SHARIAH GOVERNANCE & SHARIAH COMPLIANCE CULTURE FOR ISLAMIC FINANCIAL INSTITUTIONS

SHARIAH GOVERNANCE & SHARIAH COMPLIANCE CULTURE FOR ISLAMIC FINANCIAL INSTITUTIONS SHARIAH GOVERNANCE & SHARIAH COMPLIANCE CULTURE FOR ISLAMIC FINANCIAL INSTITUTIONS 26 th February 2018, InterContinental Hotel, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points Shariah governance has

More information

Christian Mission among the Peoples of Asia

Christian Mission among the Peoples of Asia American Society of Missiology Series, No. 50 Christian Mission among the Peoples of Asia Jonathan Y. Tan ORBIS BOOKS Maryknoll, New York 10545 ORBIS BOOKS Maryknoll, New York 10545 Founded in 1970, Orbis

More information

C L A R I D E N 29 April 1 May 2013

C L A R I D E N 29 April 1 May 2013 C L A R I D E N 29 April 1 May 2013 Hotel Mulia Jakarta Knowledge for the world business leaders Indonesia Islamic Banking & Financing Seminar Gearing Towards The New Dynamics of Global Banking and Finance

More information

INTRODUCTION TO PHILOSOPHY OF RELIGION

INTRODUCTION TO PHILOSOPHY OF RELIGION KELLMF01_0131517619.QXD 8/3/06 12:12 PM Page i INTRODUCTION TO PHILOSOPHY OF RELIGION James Kellenberger Upper Saddle River, NJ 07458 KELLMF01_0131517619.QXD 8/8/06 8:28 PM Page ii To Anne Library of Congress

More information

Partners, Resources, and Strategies

Partners, Resources, and Strategies Partners, Resources, and Strategies Cheryl Benard Supported by the Smith Richardson Foundation R National Security Research Division The research described in this report was sponsored by the Smith Richardson

More information

or Blog :

or Blog : Full name : ZULKIFLI BIN HASAN Postal Address (UK) : 10 Clarence Street Bowburn, DH6 5BB United Kingdom Home (UK) : +44 (0) 1913772571 Mobile (UK) : +44 (0) 7761457686 E-mail : z.b.hasan@durham.ac.uk or

More information

BANK OF UGANDA THE WORKSHOP ON THE FUNDAMENTALS OF ISLAMIC BANKING OPERATIONS ORGANIZED BY TROPICAL BANK LIMITED. Speech

BANK OF UGANDA THE WORKSHOP ON THE FUNDAMENTALS OF ISLAMIC BANKING OPERATIONS ORGANIZED BY TROPICAL BANK LIMITED. Speech BANK OF UGANDA THE WORKSHOP ON THE FUNDAMENTALS OF ISLAMIC BANKING OPERATIONS ORGANIZED BY TROPICAL BANK LIMITED Speech By PROF. EMMANUEL TUMUSIIME-MUTEBILE GOVERNOR, BANK OF UGANDA NOVEMBER 28, 2016 -

More information

S. CHANDRASEKHAR. A Scientific Autobiography: A Scientific Autobiography: S Chandrasekhar Downloaded from

S. CHANDRASEKHAR. A Scientific Autobiography: A Scientific Autobiography: S Chandrasekhar Downloaded from A Scientific Autobiography: S. CHANDRASEKHAR This page intentionally left blank A Scientific Autobiography: S. CHANDRASEKHAR Edited by Kameshwar C. Wali Syracuse University, USA World Scientific NEW JERSEY

More information

Sharia Finance. Islamic Economics The Solution for World Crisis

Sharia Finance. Islamic Economics The Solution for World Crisis Sharia Finance Islamic Economics The Solution for World Crisis 2010 Dubai Intl. Peace Convention Background of Dr. Hussein Hamed Hassan Gender roles at Peace Convention Dr. Hassan s three main points Dr.

More information

THE RIGHTS OF WOMEN IN ISLAM

THE RIGHTS OF WOMEN IN ISLAM THE RIGHTS OF WOMEN IN ISLAM Also by Haifaa A. Jawad EURO-ARAB RELATIONS: A Study in Collective Diplomacy THE MIDDLE EAST IN THE NEW WORLD ORDER (editor) The Rights of Women in Islam An Authentic Approach

More information

The Proceeding of the 6 th International Symposium on Islam, Civilization and Science (ISICAS 2015) Upholding the Dignity of Islamic Civilization

The Proceeding of the 6 th International Symposium on Islam, Civilization and Science (ISICAS 2015) Upholding the Dignity of Islamic Civilization The Proceeding of the 6 th International Symposium on Islam, Civilization and Science (ISICAS 2015) Upholding the Dignity of Islamic Civilization Editors: Muhammad Hilmi Jalil Fariza Md. Sham Latifah Amin

More information

Financing Public Infrastructure Using Sovereign Sukuk

Financing Public Infrastructure Using Sovereign Sukuk Financing Public Infrastructure Using Sovereign Sukuk Salman Ahmed Shaikh Markets fail in the provision of public goods. Public goods are non-rival and non-exclusive. This creates the problem of free riding.

More information

SHARIAH REQUIREMENTS AND ARRANGEMENTS FOR ISLAMIC FINANCIAL PRODUCTS & FEATURES

SHARIAH REQUIREMENTS AND ARRANGEMENTS FOR ISLAMIC FINANCIAL PRODUCTS & FEATURES SHARIAH REQUIREMENTS AND ARRANGEMENTS FOR ISLAMIC FINANCIAL PRODUCTS & FEATURES Ijarah Istisnah Waad 27 th March 2017, InterContinental Hotel, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points Bank Negara

More information

LEGAL, DOCUMENTATION AND SHARIAH RISK IN ISLAMIC BANKING AND FINANCE

LEGAL, DOCUMENTATION AND SHARIAH RISK IN ISLAMIC BANKING AND FINANCE LEGAL, DOCUMENTATION AND SHARIAH RISK IN ISLAMIC BANKING AND FINANCE 13 th April 2017, InterContinental Hotel, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points Operational risk in conventional banking

More information

Establishment IDB Group

Establishment IDB Group www.irti.org Establishment IDB Group Established 1981 Established 2008 Established 1975 Established 1994 Source: IRTI Annual Report Established 1999 Islamic Research and Training Institute Successful Islamic

More information

Shariah Audit of Financial Institutions. August 26th - 27th, 2016 Lahore - Pakistan

Shariah Audit of Financial Institutions. August 26th - 27th, 2016 Lahore - Pakistan Shariah Audit of Financial Institutions August 26th - 27th, 2016 Lahore - Pakistan About Training Workshop: AlHuda CIBE, realizing the immense need of training on Shariah Audit in Lahore, Therefore, AlHuda

More information

POST-FORUM ANALYSIS REPORT

POST-FORUM ANALYSIS REPORT #IFNPakistan16 POST-FORUM ANALYSIS 26 TH SEPTEMBER 2016 Pearl Continental, Lahore SUPPORTED BY State Bank of Pakistan EXCLUSIVE LEAD PARTNER ACCREDITATION PARTNER EXECUTIVE PARTNERS LUNCHEON SPONSOR LEAD

More information

Call for Paper GLOBAL FORUM ON ISLAMIC FINANCE (GFIF)2018 Islamic Finance Building Sustainable Future

Call for Paper GLOBAL FORUM ON ISLAMIC FINANCE (GFIF)2018 Islamic Finance Building Sustainable Future Call for Paper GLOBAL FORUM ON ISLAMIC FINANCE (GFIF)2018 Islamic Finance Building Sustainable Future March 13 & 14, 2018 Organized by Center of Islamic Finance (CIF), COMSATS Institute of Information

More information

SHARIAH GOVERNANCE FRAMEWORK: THE ROLES OF SHARIAH REVIEW AND SHARIAH AUDITING

SHARIAH GOVERNANCE FRAMEWORK: THE ROLES OF SHARIAH REVIEW AND SHARIAH AUDITING SHARIAH GOVERNANCE FRAMEWORK: THE ROLES OF SHARIAH REVIEW AND SHARIAH AUDITING Nor Fadilah Bahari Department of Accounting and Finance, Faculty of Management and Muamalah International Islamic University

More information

T H I S B O O K B E L O N G S T O

T H I S B O O K B E L O N G S T O THIS BOOK BELONGS TO Developing Leaders To Fulfill The Great Commission LeaderTreks is a student leadership development ministry using curriculum, innovative training, and trips to help students identify

More information

manah Institute of Islamic Finance and Economics Learn at Your Pace, Anytime, Anywhere

manah Institute of Islamic Finance and Economics Learn at Your Pace, Anytime, Anywhere manah Institute of Islamic Finance and Economics Learn at Your Pace, Anytime, Anywhere SCHOLARSHIP AVAIL A BLE Amanah Institute of Islamic Finance and Economics (Amanah IIFE) Certified Islamic Microfinance

More information

Muslim and Christian Understanding. Theory and Application of A Common Word

Muslim and Christian Understanding. Theory and Application of A Common Word Muslim and Christian Understanding Theory and Application of A Common Word Muslim and Christian Understanding Theory and Application of A Common Word Edited by Waleed El-Ansary and David K. Linnan MUSLIM

More information

RESOLUTION ON TOURISM DEVELOPMENT AMONG THE OIC MEMBER STATES ADOPTED BY OF TOURISM MINISTERS (ICTM)

RESOLUTION ON TOURISM DEVELOPMENT AMONG THE OIC MEMBER STATES ADOPTED BY OF TOURISM MINISTERS (ICTM) Original: English OIC/8-ICTM/201 ICTM/2013/RES/ /RES/FINAL RESOLUTION ON TOURISM DEVELOPMENT AMONG THE OIC MEMBER STATES ADOPTED BY THE 8 TH SESSION OF THE ISLAMIC CONFERENCE OF TOURISM MINISTERS (ICTM)

More information

THE PROJECT ON DEVELOPING ISLAMIC FINANCE INDUSTRY DATABASE FOR OIC MEMBER COUNTRIES

THE PROJECT ON DEVELOPING ISLAMIC FINANCE INDUSTRY DATABASE FOR OIC MEMBER COUNTRIES Workshop on Islamic Finance in the National Accounts THE PROJECT ON DEVELOPING ISLAMIC FINANCE INDUSTRY DATABASE FOR OIC MEMBER COUNTRIES Mrs. Zehra Zümrüt SELÇUK 25 October 2017 Beirut, Lebanon OUTLINE

More information

The Rise of Islamic Finance

The Rise of Islamic Finance Page 1 of 7 The Rise of Islamic Finance Author: Mohammed Aly Sergie, Online Writer/Editor January 30, 2014 Introduction Origins and Controversy A Rising Asset Class Sukuk: A Global Trajectory Islamic Finance

More information

Analysis of Minor Proposals outside the Mainstream Islamic Finance in Pakistan

Analysis of Minor Proposals outside the Mainstream Islamic Finance in Pakistan Journal of Islamic Banking and Finance July Sept 2017 1 Analysis of Minor Proposals outside the Mainstream Islamic Finance in Pakistan Salman Ahmed Shaikh This paper is a humble attempt to discuss the

More information

TURKEY AIMS TO BECOME CENTER OF ISLAMIC FINANCE

TURKEY AIMS TO BECOME CENTER OF ISLAMIC FINANCE 48 In Depth / Islamic Finance TURKEY AIMS TO BECOME CENTER OF ISLAMIC FINANCE Islamic Banking in Turkey continues to develop at an accelerated pace in recent years. Islamic nance s total assets in Turkey

More information

Five Traits of a Christ-Follower

Five Traits of a Christ-Follower Five Traits of a Christ-Follower five traits of a Christ-follower DOUG NUENKE General Editor A NavPress resource published in alliance with Tyndale House Publishers, Inc. NavPress is the publishing ministry

More information

THE REDISCOVERY OF JEWISH CHRISTIANITY

THE REDISCOVERY OF JEWISH CHRISTIANITY THE REDISCOVERY OF JEWISH CHRISTIANITY FROM TOLAND TO BAUR Edited by F. Stanley Jones Society of Biblical Literature Atlanta THE REDISCOVERY OF JEWISH CHRISTIANITY From Toland to Baur Copyright 2012 by

More information

THE PRACTICE OF TAKĀFUL BENEFIT (NOMINATION) IN THE CONTEXT OF IFSA 2013: A CRITICAL APPRAISAL

THE PRACTICE OF TAKĀFUL BENEFIT (NOMINATION) IN THE CONTEXT OF IFSA 2013: A CRITICAL APPRAISAL THE PRACTICE OF TAKĀFUL BENEFIT (NOMINATION) IN THE CONTEXT OF IFSA 2013: A CRITICAL APPRAISAL Saba Radwan Jamal Elatrash * Younes Soualhi ** I. INTRODUCTION Nomination, in the context of takāful (Islamic

More information

Why Baptist? The Significance Of Baptist Principles In An Ecumenical Age

Why Baptist? The Significance Of Baptist Principles In An Ecumenical Age Why Baptist? The Significance Of Baptist Principles In An Ecumenical Age James A. Alter Dolton W. Robertson II Sidney, Ohio Callahan, Florida Copyright 2008 by Ancient Baptist Press. All Scripture quotations

More information

MODERN TRENDS OF ECONOMIC DEVELOPMENT ALTERNATIVE BANKING SYSTEM FOR MUSLIM STATES MALAYSIA SHOWCASE

MODERN TRENDS OF ECONOMIC DEVELOPMENT ALTERNATIVE BANKING SYSTEM FOR MUSLIM STATES MALAYSIA SHOWCASE SPECIAL PROGRAMME Lomonosov Moscow State University 15 th September 2015 MODERN TRENDS OF ECONOMIC DEVELOPMENT ALTERNATIVE BANKING SYSTEM FOR MUSLIM STATES MALAYSIA SHOWCASE By: Haji Razli Ramli 1 2 What

More information

Psalms. Songs of the Soul. Published by Q Place. Marilyn Kunz & Catherine Schell

Psalms. Songs of the Soul. Published by Q Place. Marilyn Kunz & Catherine Schell Psalms Songs of the Soul Marilyn Kunz & Catherine Schell Published by Q Place 1 All Scripture quotations, unless otherwise indicated, are taken from the Holy Bible, New International Version, NIV. Copyright

More information

Customer Satisfaction Level of Islamic Bank and Conventional Bank in Pakistan

Customer Satisfaction Level of Islamic Bank and Conventional Bank in Pakistan IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668. Volume 11, Issue 1 (May. - Jun. 2013), PP 31-40 Customer Satisfaction Level of Islamic Bank and Conventional Bank

More information

Paul s First Epistle

Paul s First Epistle Paul s First Epistle to the Corinthians Brigham Young University New Testament Commentary Richard D. Draper and Michael D. Rhodes BYU Studies Provo, Utah BYU New Testament Commentary Series Board of Editors

More information

Contracts and Transactions under Islamic Law

Contracts and Transactions under Islamic Law Contracts and Transactions under Islamic Law Understand key issues in Finance, Trade and Investment Contracts Understanding Islamic contracts: structuring and legal issues 17-19 August, 2015, 9:00am 5:00pm

More information

Reading and Writing Scripture in New Religious Movements

Reading and Writing Scripture in New Religious Movements Reading and Writing Scripture in New Religious Movements Palgrave Studies in New Religions and Alternative Spiritualities Series editors: James R. Lewis and Henrik Bogdan Palgrave Studies in New Religions

More information

Case Studies in Islamic _ Banking and Finance _

Case Studies in Islamic _ Banking and Finance _ Case Studies in Islamic _ Banking and Finance _ Case Questions & Answers Brian Kettell A John Wiley and Sons, Ltd., Publication Preface Introduction About the Author xiii xvii xxiii 1 Case Study 1: Ijara

More information

Also by Nafsika Athanassoulis. Also by Samantha Vice

Also by Nafsika Athanassoulis. Also by Samantha Vice The Moral Life Also by Nafsika Athanassoulis MORALITY, MORAL LUCK AND RESPONSIBILITY: FORTUNE S WEB PHILOSOPHICAL REFLECTIONS ON MEDICAL ETHICS (editor) Also by Samantha Vice ETHICS IN FILM (co-editor

More information

this work has been asserted by them in accordance with the Copyright and Patents Act 1988.

this work has been asserted by them in accordance with the Copyright and Patents Act 1988. Scripture Union 2009 First published 2009 ISBN 978 1 84427 388 1 Scripture Union, 207 209 Queensway, Bletchley, Milton Keynes, MK2 2 EB, England Email: info@scriptureunion.org.uk Website: www.scriptureunion.org.uk

More information

AFRICAN ISLAMIC BANKING & TAKAFUL FORUM

AFRICAN ISLAMIC BANKING & TAKAFUL FORUM 3 rd AFRICAN ISLAMIC BANKING & TAKAFUL FORUM April 18 & 19, 2015 at Image Lifestyle Conference Venue Johannesburg South Africa Organized by Supported by Center of Islamic Banking & Economics Moolla Capital

More information

Through the Scriptures

Through the Scriptures Through the Scriptures 31 DAYS TO A DEEPER PRAYER LIFE For those who have little time for praying on a consistent, regular basis, and also for those who love spending much time in prayer each day. Esther

More information

Lenin and the Logic of Hegemony

Lenin and the Logic of Hegemony Lenin and the Logic of Hegemony Historical Materialism Book Series Editorial Board Sébastien Budgen (Paris) Steve Edwards (London) Marcel van der Linden (Amsterdam) Peter Thomas (London) VOLUME 72 The

More information

ZONDERVAN. Rick Warren s Bible Study Methods Copyright 1981, 2006 by Rick Warren. Formerly published under the title Personal Bible Study Methods

ZONDERVAN. Rick Warren s Bible Study Methods Copyright 1981, 2006 by Rick Warren. Formerly published under the title Personal Bible Study Methods ZONDERVAN Rick Warren s Bible Study Methods Copyright 1981, 2006 by Rick Warren Formerly published under the title Personal Bible Study Methods Requests for information should be addressed to: Zondervan,

More information

Early Muslim Polemic against Christianity Abu Isa al-warraq s Against the Incarnation

Early Muslim Polemic against Christianity Abu Isa al-warraq s Against the Incarnation Early Muslim Polemic against Christianity Abu Isa al-warraq s Against the The Muslim thinker Abu Isa al-warraq lived in ninth-century Baghdad. He is remembered for his extensive knowledge of non-muslim

More information

Structure Development for Microfinance Institute. Islamic Microfinance Product Development. Training & Capacity Building. Shariah Audit & Review

Structure Development for Microfinance Institute. Islamic Microfinance Product Development. Training & Capacity Building. Shariah Audit & Review Centre of Excellence in Islamic Microfinance Structure Development for Microfinance Institute Our Islamic Micro Financial Services Islamic Microfinance Product Development Training & Capacity Building

More information

Copyrighted material Boys Guide to Discovering His Bible, A.indd 3 12/23/14 2:45 PM

Copyrighted material Boys Guide to Discovering His Bible, A.indd 3 12/23/14 2:45 PM Unless otherwise indicated, all Scripture quotations are from the Holy Bible, New International Version, NIV. Copyright 1973, 1978, 1984, 2011 by Biblica, Inc. Used by permission. All rights reserved worldwide.

More information

in this web service Cambridge University Press

in this web service Cambridge University Press THE DIVINITY OF JESUS CHRIST THE DIVINITY OF JESUS CHRIST A study in the history of Christian doctrine since Kant Hulsean Lectures, igj6 by JOHN MARTIN CREED, D.D. Ely Professor of Divinity in the University

More information

No Limits, No BouNdaries Praying Dynamic Change into Your Life, Family, and Finances

No Limits, No BouNdaries Praying Dynamic Change into Your Life, Family, and Finances Unless otherwise indicated, all Scripture quotations are taken from the King James Version of the Holy Bible. Scripture quotations marked (nkjv) are taken from the New King James Version, 1979, 1980, 1982,

More information

Shariah Governance. Zulkifli Hasan, PhD

Shariah Governance. Zulkifli Hasan, PhD + Shariah Governance Zulkifli Hasan, PhD + CONTENTS n n n n n n n n n Conceptual Framework of Shariah Governance Corporate Governance Shariah Governance Elements of Shariah Governance Why Do We Need Shariah

More information

ISLAMIC BANKING STRUCTURES: IMPLICATIONS FOR RISK AND FINANCIAL STABILITY

ISLAMIC BANKING STRUCTURES: IMPLICATIONS FOR RISK AND FINANCIAL STABILITY Islamic Economic Studies Vol. 20, No.2, December 2012 ISLAMIC BANKING STRUCTURES: IMPLICATIONS FOR RISK AND FINANCIAL STABILITY Author: Abd Elrahman Elzahi Saaid Ali Published by Islamic Research and Training

More information

Legal Groundwork for the Practice of Islamic Finance in Central Europe

Legal Groundwork for the Practice of Islamic Finance in Central Europe Legal Groundwork for the Practice of Islamic Finance in Central Europe Reasons behind growing Islamic Finance in Europe Growing Shariah compliant assets in western countries, two reasons An opportunity

More information

ISLAMIC BANKING SCHEME: A NEW SILVER BULLET IN BANKING INDUSTRY

ISLAMIC BANKING SCHEME: A NEW SILVER BULLET IN BANKING INDUSTRY ISLAMIC BANKING SCHEME: A NEW SILVER BULLET IN BANKING INDUSTRY Dariyoush Jamshidi International Business School (IBS), Univeristi Teknologi Malaysia (UTM) University of Applied Science and Technology,

More information

LifeWay Press Nashville, Tennessee

LifeWay Press Nashville, Tennessee LifeWay Press Nashville, Tennessee 2009 LifeWay Press No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying and recording,

More information

Journal of Internet Banking and Commerce

Journal of Internet Banking and Commerce Journal of Internet Banking and Commerce An open access Internet journal (http://www.icommercecentral.com) Journal of Internet Banking and Commerce, April 2016, vol. 21, no. 1 The Role of Islamic Leading

More information

Copyrighted material

Copyrighted material Unless otherwise indicated, all Scripture quotations are from the Holy Bible, New International Version, NIV. Copyright 1973, 1978, 1984, 2011 by Biblica, Inc. Used by permission. All rights reserved worldwide.

More information

saudi arabia in transition

saudi arabia in transition saudi arabia in transition Insights on Social, Political, Economic Making sense of Saudi Arabia is today crucially important. The kingdom s western provinces contain the heart of Islam, its two holiest

More information

DEVELOPING A HEALTHY PRAYER LIFE

DEVELOPING A HEALTHY PRAYER LIFE DEVELOPING A HEALTHY PRAYER LIFE DEVELOPING A HEALTHY PRAYER LIFE 31 Meditations on Communing with God James W. Beeke and Joel R. Beeke Reformation Heritage Books Grand Rapids, Michigan Developing a Healthy

More information

Real Metaphysics. Essays in honour of D. H. Mellor. Edited by Hallvard Lillehammer and Gonzalo Rodriguez-Pereyra

Real Metaphysics. Essays in honour of D. H. Mellor. Edited by Hallvard Lillehammer and Gonzalo Rodriguez-Pereyra Real Metaphysics Essays in honour of D. H. Mellor Edited by Hallvard Lillehammer and Gonzalo Rodriguez-Pereyra First published 2003 by Routledge 11 New Fetter Lane, London EC4P 4EE Simultaneously published

More information

5 & 6 June 2012, Grand Hyatt, Singapore

5 & 6 June 2012, Grand Hyatt, Singapore 3rd Annual 5 & 6 June 2012, Grand Hyatt, Singapore Inaugural Address Opening Keynote Speaker Keynote Speaker Day 2 H.E. Ravi Menon Governor Monetary Authority of Singapore H.E. Dr. Ahmad Mohamed Ali Al-Madani

More information

Marxism and the Leninist Revolutionary Model

Marxism and the Leninist Revolutionary Model Marxism and the Leninist Revolutionary Model This page intentionally left blank Marxism and the Leninist Revolutionary Model William J. Davidshofer marxism and the leninist revolutionary model Copyright

More information

Islamic Banking Foundation Course Information Pack

Islamic Banking Foundation Course Information Pack Islamic Finance Institute of Southern Africa FOUNDATION COURSE IN ISLAMIC BANKING 4 Month Part-Time via Distance Learning Course Semesters : The 4 month Foundation Course in Islamic Banking takes place

More information

Sun. STEvEN FURTICK with Eric Stanford. The. NEW york TIMES BEST-Selling author

Sun. STEvEN FURTICK with Eric Stanford. The. NEW york TIMES BEST-Selling author A 40-Day Experience to Activate Your Faith The Sun Stand Still Devotional STEvEN FURTICK with Eric Stanford NEW york TIMES BEST-Selling author The Sun Stand Still Devotional Published by Multnomah Books

More information

OPTIMAL SHARIAH GOVERNANCE IN ISLAMIC FINANCE

OPTIMAL SHARIAH GOVERNANCE IN ISLAMIC FINANCE OPTIMAL SHARIAH GOVERNANCE IN ISLAMIC FINANCE DR. AZNAN BIN HASAN Assistant Professor Islamic Law Department AHMAD IBRAHIM KULLIYYAH OF LAWS INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA haznan@iiu.edu.my

More information

DAVID ANDERSON, founder and senior pastor of Bridgeway Community Church

DAVID ANDERSON, founder and senior pastor of Bridgeway Community Church Brian Bennett is a leader on the ground, a bridge builder, and understands the heart of the church and the heart of God. In addition, he loves people of all backgrounds. He is indeed a gracist! DAVID ANDERSON,

More information

CHIEF EXECUTIVE OFFICER

CHIEF EXECUTIVE OFFICER APPOINTMENT OF CHIEF EXECUTIVE OFFICER Now to him who is able to do immeasurably more than all we ask or imagine, according to his power that is at work within us, to him be the glory in the church and

More information

A Critical Study of Hans Küng s Ecclesiology

A Critical Study of Hans Küng s Ecclesiology A Critical Study of Hans Küng s Ecclesiology Other works by Corneliu C. Simuţ Richard Hooker and His Early Doctrine of Justification. A Study of His Discourse of Justification (2005). The Doctrine of Salvation

More information

Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world

Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Pearson Education Limited 2014

More information

100 EDUCATION PHILOSOPHY

100 EDUCATION PHILOSOPHY 100 EDUCATION PHILOSOPHY POLICY 100 HANDBOOK APPLICATION All policies in this Handbook of Policies for Diocesan Faith Formation Programs will apply to all faith formation programs of the Diocese of Davenport

More information

The Crucial Questions Series By R. C. Sproul

The Crucial Questions Series By R. C. Sproul What Is Baptism? The Crucial Questions Series By R. C. Sproul Who Is Jesus? Can I Trust the Bible? Does Prayer Change Things? Can I Know God s Will? How Should I Live in This World? What Does It Mean to

More information

Dr. Aznan Hasan, International Islamic University Malaysia

Dr. Aznan Hasan, International Islamic University Malaysia Dr. Aznan Hasan, International Islamic University Malaysia azan98@hotmail.com haznan@iiu.edu.my POINTS OF DISCUSSION Background of the issue IFSB Guiding Principles Some Points to ponders One tier or two

More information

Foreword Hoping the accordance and success from Allah

Foreword Hoping the accordance and success from Allah Foreword Islamic Finance Industry (IFI), since its takeoff, has been rejoicing an ever growing admiration by the specialists, researchers and educational institutions for enhancing its tools to escort

More information

GlOBAl HERMENEUTICS?

GlOBAl HERMENEUTICS? GlOBAL HERMENEUTICS? International Voices in Biblical Studies General Editors Louis C. Jonker and Monica J. Melanchthon Number 1 GLOBAL HERMENEUTICS? Reflections and Consequences Global Hermeneutics? Reflections

More information

Library of Congress Cataloging-in-Publication Data

Library of Congress Cataloging-in-Publication Data Morning by Morning Copyright 2007 by Alistair Begg This book was formerly part of Morning and Evening, copyright 2003 by Alistair Begg. Published by Crossway Books a publishing ministry of Good News Publishers

More information

HARMONISATION OF SHARIAH AND COMMON LAW IN THE IMPLEMENTATION OF ISLAMIC BANKING IN MALAYSIA ZULKIFLI HASAN

HARMONISATION OF SHARIAH AND COMMON LAW IN THE IMPLEMENTATION OF ISLAMIC BANKING IN MALAYSIA ZULKIFLI HASAN HARMONISATION OF SHARIAH AND COMMON LAW IN THE IMPLEMENTATION OF ISLAMIC BANKING IN MALAYSIA ZULKIFLI HASAN The growth and development of Islamic banking industry is undeniably adhering much by having

More information

What is wrong with Interest? Ansar Finance Group. Islamic Finance for the Community by the Community

What is wrong with Interest? Ansar Finance Group. Islamic Finance for the Community by the Community What is wrong with Interest? Ansar Finance Group Islamic Finance for the Community by the Community What is wrong with Interest? Islamic point of view Interest has been declared Haram (forbidden) by Allah

More information

Dedicated to the called and chosen of the Lord Jesus Christ, who seek to fulfill their apostolic destiny and establish the Kingdom of God on earth.

Dedicated to the called and chosen of the Lord Jesus Christ, who seek to fulfill their apostolic destiny and establish the Kingdom of God on earth. Dedicated to the called and chosen of the Lord Jesus Christ, who seek to fulfill their apostolic destiny and establish the Kingdom of God on earth. Implementing Apostolic Ministry 2003 2016 John P. Kelly

More information

Also by Chris Zanetti: Superhuman Training A Guide to Unleashing Your Supernatural Powers Mystical Words of Power A Collection of Original & Powerful

Also by Chris Zanetti: Superhuman Training A Guide to Unleashing Your Supernatural Powers Mystical Words of Power A Collection of Original & Powerful Also by Chris Zanetti: Superhuman Training A Guide to Unleashing Your Supernatural Powers Mystical Words of Power A Collection of Original & Powerful Poetry Volume 1 Angels A Collection of Original Angel

More information

Problems and Prospects of Islamic Capital Market In Bangladesh

Problems and Prospects of Islamic Capital Market In Bangladesh ISSN: 2308-5096(P) ISSN 2311-620X (O) [International Journal of Ethics in Social Sciences Vol. 4, No. 2, December 2016] Problems and Prospects of Islamic Capital Market In Bangladesh Mohammad Aman Uddin

More information

Recent Developments in Islamic Banking in Indonesia

Recent Developments in Islamic Banking in Indonesia Proceedings of the Fifth Harvard University Forum on Islamic Finance: Islamic Finance: Dynamics and Development Cambridge, Massachusetts. Center for Middle Eastern Studies, Harvard University. 2000. pp.

More information

1970 by G. I. Williamson One-volume edition 2003 Sketches 1970 by Thomas E. Tyson

1970 by G. I. Williamson One-volume edition 2003 Sketches 1970 by Thomas E. Tyson Second Edition 1970 by G. I. Williamson One-volume edition 2003 Sketches 1970 by Thomas E. Tyson All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted

More information

Listen Up! Listen Up! J. Jason Browne. Cima Vista Productions, LLC Phoenix, AZ. Page 1

Listen Up! Listen Up! J. Jason Browne. Cima Vista Productions, LLC Phoenix, AZ. Page 1 Listen Up! J. Jason Browne Cima Vista Productions, LLC Phoenix, AZ Page 1 2013, J. Jason Browne. All rights reserved. Printed in the United States of America. No part of this publication may be used or

More information

UK to global mission: what really is going on? A Strategic Review for Global Connections

UK to global mission: what really is going on? A Strategic Review for Global Connections UK to global mission: what really is going on? A Strategic Review for Global Connections Updated summary of seminar presentations to Global Connections Conference - Mission in Times of Uncertainty by Paul

More information

PROCESS AND PROCEDURES

PROCESS AND PROCEDURES PROCESS AND PROCEDURES FROM CONVENTIONAL TO ISLAMIC BANKING AMIR ALFATAKH YUSOF ISLAMIC BANKING SPEAKER PROFILE 1. Started in Conventional Banking Sales for OCBC Bank Retail, Business Banking and Corporate

More information

CONFIRMATION OF PROBATIONARY APPOINTMENT CURICULLUM VITAE

CONFIRMATION OF PROBATIONARY APPOINTMENT CURICULLUM VITAE CONFIRMATION OF PROBATIONARY APPOINTMENT 1 CURICULLUM VITAE I. (a) Name: Ibrahim Olatunde Uthman (b) Date of Birth: 27 June 1970 (c) Department: Arabic and Islamic Studies (d) Faculty: Arts (e) College:

More information

An Advocate for Women

An Advocate for Women An Advocate for Women The Public Life of Emmeline B. Wells, 1870 1920 Carol Cornwall Madsen Brigham Young University Press Provo, Utah Deseret Book Salt Lake City, Utah This volume is part of the Smith

More information

Edison on Innovation. 102 Lessons in Creativity for Business and Beyond. Alan Axelrod

Edison on Innovation. 102 Lessons in Creativity for Business and Beyond. Alan Axelrod Edison on Innovation 102 Lessons in Creativity for Business and Beyond Alan Axelrod Edison on Innovation Edison on Innovation 102 Lessons in Creativity for Business and Beyond Alan Axelrod Copyright

More information

Sponsorship Opportunities

Sponsorship Opportunities Sponsorship Opportunities Meet industry leaders in real estate development and land use Gain visibility for your company and access to ULI s C-suite and senior executive members by becoming a sponsor at

More information

Education, Democracy, and the Moral Life

Education, Democracy, and the Moral Life Education, Democracy, and the Moral Life Michael S. Katz, Ph.D. Susan Verducci, Ph.D. Gert Biesta, Ph.D. Editors Education, Democracy, and the Moral Life Editors Michael S. Katz, Ph.D. San Jose State University

More information