Attended the 7th Kuala Lumpur Islamic Finance Forum (KLIFF 2010). Theme for this year is " ISLAMIC FINANCE: Authenticity, Innovation & Reach ".
The last session i.e. Session 7 for KLIFF 2010 is "SHARIAH Session".
Panel members consists of Sheikh Essam Ishaq (Bahrain),Dr. Mohammed Abdul Rahim Sultan (UAE), Dr. Mohd Daud Bakar (IIIF-Malaysia)and Dr. Engku Rabiah Adawiah (IIUM-Malaysia) . Assoc. Prof. Akram Laldin (Executive Director, ISRA) was the Moderator.
During Q&A for the last session titled "SHARIAH DIALOGUE"....I was given the privilege of asking the first question to the panelists during the second round of questions.
I'd suggested that since there are Halal Certificates for the food industry, why can't a similarly modified "Halal" Certificate along the lines of the 4 mazhabs be introduced for IF instruments/issues.
Elated that my Suggestion for a "Halal" Certificate for Islamic financial instruments and/or issues along the lines of the 4 mazhabs(as opposed to a general Syariah Council ruling) were received favorably by the Shariah Panelists...even from Middle East scholar Sheikh Essam Ishaq from Bahrain. Dr. Engku Rabiah even said that this will make the IF instrument even more transparent.
Dr. Akram Laldin-ISRA's Executive Director/ Session Moderator even asked me to clarify further my proposal from the floor. I clarified further my earlier question/suggestion by saying - " IBF products/contracts popular in certain countries or regions like the Al-Bai' Bithaman Ajil (BBA) can still be marketed and securitised as they appeal to a niche set of Muslim investors. Hence, the differences in opinion can be used to grow the industry even further as certain individuals/funds will still invest as long as the instrument/contract complies to a just one sect or mazhab."
I'd earlier touched on this Halal Certificate matter in my earlier blog posting on 19th May after attending the 6th WIEF when suggesting the introduction of the " IBF Compliance Certification "
TQ Shariah Panelists for the positive responses and CERT for the kind invitation
Wednesday, August 4, 2010
"HALAL" Certificate for IF Instrument Proposed at 7th KLIFF!
Subscribe to:
Post Comments (Atom)
Good effort
ReplyDeleteHALAL CERTIFICATION
ReplyDeleteThis is very educational content and written well for a change. It's nice to see that some people still understand how to write a quality post!
ReplyDeleteiibf exams
Much thanks for composing such an intriguing article on this point. This has truly made me think and I plan to peruse more Certificado de Reservista
ReplyDeleteThis article was written by a real thinking writer without a doubt. I agree many of the with the solid points made by the writer. I’ll be back day in and day for further new updates. www.continental-delight.com.sg | halal food catering
ReplyDeleteFinance - it is the science about how individuals lead spending 'the shortfall money assets and wages in the unmistakable timeframe.Finance Tips
ReplyDeleteI am impressed. I don't think Ive met anyone who knows as much about this subject as you do. You are truly well informed and very intelligent. You wrote something that people could understand and made the subject intriguing for everyone. Really, great blog you have got here. Best islamic Bayan
ReplyDeleteI was surfing the Internet for information and came across your blog. I am impressed by the information you have on this blog. It shows how well you understand this subject. Saham Rekomendasi
ReplyDeleteWonderful article. Fascinating to read. I love to read such an excellent article. Thanks! It has made my task more and extra easy. Keep rocking. comment prendre sa retraite anticipée
ReplyDeleteGifts for traders I have read all the comments and suggestions posted by the visitors for this article are very fine,We will wait for your next article so only.Thanks!
ReplyDeleteI like this post,And I guess that they having fun to read this post,they shall take a good site to make
ReplyDeletea information,thanks for sharing it to me.polygon
Hello, I have browsed most of your posts. This post is probably where I got the most useful information for my research. Thanks for posting, maybe we can see more on this. Are you aware of any other websites on this subject. nft art finance twitter
ReplyDeleteI appreciate everything you have added to my knowledge base.Admiring the time and effort you put into your blog and detailed information you offer.Thanks. hindifinance.org
ReplyDeleteVery Informative.
ReplyDeleteStruggled with Wifi Saved But Not Connecting until I found this guide.
The step-by-step process helped me reconnect effortlessly.
Thanks for the useful tips! For those facing the same issue,
check out the blog post – it's a real problem solver. Visit here