Session 6 The Significance of Islamic Investment Principles - Empirical Evidence from International Investment Funds En. Mohd Syukry Mohd Saidein,

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1 Session 6 The Significance of Islamic Investment Principles - Empirical Evidence from International Investment Funds En. Mohd Syukry Mohd Saidein, Assistant Vice President, Wealth Management, Bank Rakyat

2 The Islamic asset management industry has enormous growth potential Ernst and Young Report: Global Islamic finance assets to be at US$1.8 trillion in 2013 Islamic asset management expected to grow from around US$300 billion to US$500 billion Conventional asset management is at US$58 trillion

3 as the evolution continues, Asia and the MENA region will be growth engines for the Islamic asset management industry

4 Source: TR Global Islamic Asset Management Report 2014

5 Wealth and The Quran And when the prayer has been concluded, disperse within the land and seek from the bounty of Allah, and remember Allah often that you may succeed. (Aayah No. 10, Surah Al-Jumuah, Chapter No. 62, Holy Quran) He said, "My Lord, forgive me and grant me a kingdom such as will not belong to anyone after me. Indeed, You are the Bestower." (Aayah No. 35, Surah Saad, Chapter No. 38, Holy Quran)

6 Islamic Investment Principles Prohibition of Riba Prohibition of Gharar Prohibition of Maysir Prohibition of forbidden commodities Sharing of profits and risks

7 Riba and The Quran Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah. But whoever returns to [dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein. (Aayah No. 275, Surah Al-Baqarah, Chapter No. 2, Holy Quran)

8 Riba and The Quran O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged. (Aayah No , Surah Al-Baqarah, Chapter No. 2, Holy Quran)

9 Riba and The Quran O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful. (Aayah No. 130, Surah Ali-Imran, Chapter No. 3, Holy Quran) And [for] their taking of usury while they had been forbidden from it, and their consuming of the people's wealth unjustly. And we have prepared for the disbelievers among them a painful punishment. (Aayah No. 161, Surah An-Nisa, Chapter No. 4, Holy Quran)

10 Riba and The Sunnah From Jabir (ra): The Prophet (pbuh) cursed the receiver and the payer of riba, the one who records it and the two witnesses to the transaction and said: "They are all alike [in guilt]." [Sahih al-muslim, Sahih Al-Bukhari, Tirmidhi, Ibn Majah, Bahiqi and Musnad Ahmad] From Abu Hurayrah (ra): The Prophet (pbuh) said: "On the night of Ascension I came upon people whose stomachs were like houses with snakes visible from the outside. I asked Gabriel who they were. He replied that they were people who had received riba." [Ibn Majah, Kitab al- Tijarat, Bab al-taghlizi fi al-riba; also in Musnad Ahmad] From Abu Hurayrah (ra): The Prophet (pbuh) said: "There will certainly come a time for mankind when everyone will take riba and if a man does not do so, its dust will reach him." [Abu Dawud, Kitab al Buyu, Bab fi ijtinabi al shubuhat; Ibn Majah]

11 Why Prohibit Riba? Social Corruption Unjustified Misappropriation Negative Effect on Growth Diminishes Humanity Defy al-kharaj bi aldaman Unjust

12 Why Prohibit Riba? $1 borrowed at 5% in Year ,546,318,920,731,950,000, ,806,303,788,323,700,000,000,000,000, ,391,102,204,613,620,000,000,000,000,000,000,000,000,000

13 Gharar are speculative transactions that are harmful to society The word Gharar appeared 27 times in The Quran Literally: negative elements e.g. deceit, fraud, uncertainty, danger, risk, hazard Technically: excessive uncertainty over the substance or attributes of the object of sale or doubt over its existence and availability at the time of contract

14 Gharar and The Quran And do not consume one another's wealth unjustly or send it [in bribery] to the rulers in order that [they might aid] you [to] consume a portion of the wealth of the people in sin, while you know [it is unlawful]. (Aayah No. 188, Surah Al-Baqarah, Chapter No. 2, Holy Quran) O you who have believed, do not consume one another's wealth unjustly but only [in lawful] business by mutual consent. And do not kill yourselves [or one another]. Indeed, Allah is to you ever Merciful. (Aayah No. 29, Surah An-Nisa, Chapter No. 4, Holy Quran)

15 Gharar and The Sunnah From Abu Said al-khudriy (ra): The Prophet (pbuh) has forbidden the purchase of the unborn animal in its mother s womb, the sale of the milk in the udder without measurement, the purchase of spoils of war prior to their distribution, the purchase of charities prior to their receipt, and the purchase of the catch of a diver. [Ibn Majah and Musnad Ahmad] From Jabir (ra): The Prophet (pbuh) is reported to have forbade the sale of a heap of dates, with the weight of which is unknown, in accordance with the known weight of dates. [Sahih al-muslim]

16 Why Prohibit Gharar? To ensure certainty; improve disclosure and transparency Certainty begets consent Without consent, contract is void Protects against information asymmetry

17 Maysir acquisition of wealth by chance, whether or not it deprives right of other s. The winner will take the entire bet and the loser will lose his bet Games of pure chance where any party might gain at the expense of the loss of the other party

18 Maysir and The Quran O you who have believed, indeed, intoxicants, gambling, [sacrificing on] stone alters [to other than Allah], and divining arrows are but defilement from the work of Satan, so avoid it that you may be successful. (Aayah No. 90, Surah Al-Maidah, Chapter No. 5, Holy Quran)

19 Maysir and The Quran They ask you about wine and gambling. Say, "In them is great sin and [yet, some] benefit for people. But their sin is greater than their benefit." And they ask you what they should spend. Say, "The excess [beyond needs]." Thus Allah makes clear to you the verses [of revelation] that you might give thought. (Aayah No. 219, Surah Al-Baqarah, Chapter No. 2, Holy Quran)

20 Why Prohibit Maysir? High risk present in these types of transactions Lead to greater financial and societal problems Unnecessary for society; not contributing to societal wealth

21 Prohibition of Dealing in Forbidden Commodities Alcohol, drugs and pork etc. Also activities such as excessive entertainment Neither individual Muslims nor institutions owned by Muslims can trade, invest in or finance enterprises that deal in forbidden items

22 Sharing of Profits and Risks Equally distribute the risk of business and investment, consistent with sharing of the capital contributed Mudarabah, Musharakah

23 Islamic Investment Principles in Action Higher moral and ethical values Shariah supervision Higher real investment Higher growth rates Extensive evaluation on risk and return

24 Source: TR Global Islamic Asset Management Report 2014

25 Source: TR Global Islamic Asset Management Report 2014

26 Source: TR Global Islamic Asset Management Report 2014

27 Source: TR Global Islamic Asset Management Report 2014

28 Source: TR Global Islamic Asset Management Report 2014

29 The Trial of Wealth Wealth, while one of the greatest blessings that mankind has been given, is at the same time one of the greatest trials and temptations. Indeed, We have made that which is on the earth adornment for it that We may test them [as to] which of them is best in deed. (Aayah No. 7, Surah Al-Kahf, Chapter No. 18, Holy Quran)

30 The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little. Franklin D. Roosevelt

31 DISCLAIMER This presentation should not be regarded as offering a complete explanation of the matters referred to and is subject to changes in law. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Labuan IBFC and MFPC cannot accept any responsibility for loss occasional to any person acting or refraining from action as a result of any material in this presentation. The republication, reproduction or commercial use of any part of this presentation in any manner whatsoever, including electronically, without the prior written permission from Labuan IBFC Inc. and MFPC is strictly prohibited. 31

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