ISLAMIC finance by AMIRUL HM

SOUQ Muamalah Madinah - Inaugural

2012-02-05T01:17:00.004+08:00

The 1st ever National SOUQ MUAMALAH MADINAH took place in front of Rumah Aman, Shah Alam yesterday I.e. Saturday, 4th February 2011 from 10am - 6pm.

Basic Terminologies in a Souq:
SOUQ. = Market or, Bazaar
MUHTAHSIB = Enforcer or, Regulator
QAFILAH = Traders
WAKALAH. = Agent / Representative

The organisers of the Souq intended to re-introduce the way how the Souq were organised during Prophet's Muhammad SAW time in Madinah.

The Souq had more than 30 Qafilah and the Qafilah were not only local Klang Valley traders but came from as far away as Teluk Intan, Raub and even Perlis amongst other places. Apart from Malaysians, the Souq had visitors from Singapore, Indonesia, Phillippines and even Spain.

One of the more interesting products available in the Souq were non-crystalised honey from Russia which is good for people suffering from heart complications or, diabetes. A student studying medicine in Russia brought the honey and it was sold out by noon. Hence, it is not surprising then that camera crews from 2 TV stations were there to record the event. One crew were from the ISLAMiC FiNANCE programme , a new Business TV channel which just went on air on 1st December 2011 called "THE CAPITAL" available at Channel 127, Hypp TV-UNIFI whilst the other were shooting for the lifestyle "NONA Programme" aired on TV3.

It is expected that the next Souq MM will take place in Bangi, Selangor either in March or April.

Islamic Financing Contracts & Credit Evaluation - Discourse with Dato' Wan Ismail Wan Yusoh

2012-01-18T14:02:00.008+08:00

" Islamic Financing Contracts & Credit Evaluation" was the topic chosen for today's interview for Episode 7 of ISLAMiC FiNANCE @ The Capital TV which will be aired on Thursday, 19 January 2012 @ 9pm.

The Guest Speaker for this episode is Dato' Wan Ismail Wan Yusoh from Bank Islam Malaysia Berhad, a 3-decade veteran of the Islamic Banking industry. My first "face-off" with him was almost 2-decades ago when I attended the 1st International Integrated Course on Islamic Banking and Finance held at Holiday Villa, Subang Jaya organised by Bank Islam.

Tun Mahathir Interview - Islamic Gold Dinar!

2012-01-16T00:44:00.005+08:00

" Islamic Finance: The Gold Dinar " " was the topic chosen for this Exclusive Episode which was shot at the Perdana Leadership Foundation, Putrajaya on Monday, 16 January, 2012.

The Honourable Guest Speaker for this EXCLUSIVE is Tun Dr. Mahathir Mohamad, Statesman & the Fourth Premier of Malaysia.
I am the Host for this Exclusive...my 2nd "face-off" with him after 2000 during the MSC-IAP session at Mines.
Preview the Exclusive Episode at:- Capital TV Channel

The Capital TV is promoting this Special Episode as an EXCLUSIVE . Stay tuned to Channel 127, Hypp TV - UNIFI.

34th IBF Discussion Series: Legal Issues in Sukuk Issuance

2012-01-08T09:34:00.008+08:00

The 34th Islamic Banking and Finance (34th IBF) Discussion Series was held on Friday, 12 Safar 1433Hijrah (6 January 2012) at the IIUM Institute of Islamic Banking and Finance(IIiBF) Damansara-KL Campus.

Topic for this series is " Legal and Beneficial Ownership in the Underlying Assets for Sukuk Issuance ". Dato Dr.Nik Norzrul Thani (Chairman & Senior Partner - ZICOlaw) and Madzlan Mohamed (Partner, ZICOlaw) co-presented.

Issues Highlighted:-
1) The difference between Legal and Beneficial Ownership
2) Asset-backed v. Asset-based in Sukuk Issuance
3) Legal "infrastructure" in Malaysia as opposed to other jurisdictions in Middle-East, London-UK and Victoria-Australia.
Using Malaysian laws as the Law of Reference as opposed to English Law
4) Case Study of 2 defaulting Sukuks I.e. Nakheel & TID
5) Syariah Governance

ISLAMiC FiNANCE@The Capital TV were there to cover the event and interviewed the Chairman of ZICOlaw on the sidelines of the Series.

The 34th IBF Discussion Series also marks the last official function for the outgoing IIiBF Dean i.e. Prof.Dato Dr.Mohd Azmi Omar who will be the new Director-General of IRTI in Jeddah. Prof. Dr. Abdul Rahim Abdul Rahman will be the new Dean.

This blog would like to take this opportunity to Congratulate Prof. Dato Dr.Mohd Azmi Omar and Prof. Abdul Rahim on their respective new appointments. We (blog & IF@The Capital TV) would also like to put on record our appreciation to the organisers for the kind invitation.

Interview with Dato' Mohd.Fadzli Yusof (for Ep.5, ISLAMiC FiNANCE@The Capital TV

2012-01-05T11:05:00.004+08:00

In Episode 5, ISLAMiC FiNANCE @ The Capital TV interviewed Dato' Mohd. Fadzli Yusof (MFY).
View The Capital TV Youtube channel:- Episode 5 - ISLAMiC FiNANCE

Dato' Mohd. Fadzli is the Director & Principal Consultant of First International Consulting, Malaysia a company providing Islamic Finance Consulting & Advisory Services locally and internationally. He is also the Director for Arab-Malaysian Takaful ( a Jeddah-based Takaful operator) & Amana Takaful, Sri Lanka.
More importantly, MFY is the first ever CEO of a full-fledged (Life & General Islamic Insurance) Takaful company in the Modern World and in 2001 led Syarikat Takaful Malaysia Berhad to be listed on KLSE, the first ever Takaful company to be listed in the world. MFY has received many awards from the IF industry for being a pioneer since the late 70s/early80s in the Takaful industry. He is also the Author of 3 books, all on Takaful and is a Member of the Board of Trustees of The Sultan Mizan Royal Foundation.

MFY Comprehensive Biodata, refer:-
http://www.assaif.org/content/download/1393/9497/file/ITS2008%20-%20Dato%20Mohamed%20Fazli.pdf

The episode dealt with the History/Development of the Takaful industry in the late 70s/early 80s at a time where Islamic Insurance were virtually non-existent and what led the Malaysian government to initiate the establishment of the first ever comprehensive Takaful company in the modern world and how it was done.

Subsequently, the concept of Takaful were explored where amongst others the concept/contracts of Tabarru', Mudharabah & Wakalah were discussed. The interview ends with a discourse on the issues and stumbling blocks affecting the Takaful industry and some criticism on the present scenario.

of Shadow Play...Proxy Battles and One's Ego!!!

2011-12-26T01:08:00.012+08:00

The last Quarter of 2011 was an interesting one from this Blog's Weltanschauung!
Ever since, a Content Advisory mandate for an Islamic Finance programme were accepted by AHM CREATES for a media company...members of the IF industry would just divulge more info to a certain Consultant Producer than what is normally revealed during "normal" conversation.

In November, the 5th International Islamic Capital Market Forum was held at Lanai Kijang, KL. What was interesting was the wordings in the Forum's flyers - "....., where much of its product structures essentially replicates that of conventional finance. These structures have been based on debt-based contracts and leverage; and are further exposed to the fractional reserve banking system. ........"

Read 2nd Page, 4th Para:-
http://www.sc.com.my/eng/html/icm/iicmf/iicmf_2011.pdf

To the uninitiated, Islamic Finance purists had slowly but surely over the years put forward the argument that debt-based contracts is NOT the way forward for IF but rather equity-based contracts. The purists had also indicated that Fractional Reserve Banking is " BACKDOOR RIBA" !!!

A week later, the Tun Ismail Ali Chair Public Lecture was held at Sasana Kijang, KL. The topic for the lecture was "Conceptual & Analytical Issues on IF from the Perspective of Conventional Economic ".

Not mincing his words, Prof.Emeritus Ajit Singh said during the Press Conference - "....it is difficult to differentiate between speculative and non-speculative elements in the share market. Hence, close down the market(s) and let the banks step in......."

It might just be a coincidence and critics would accuse the writer of making a mountain out of a mole hill BUT, to the keen observer....this academic banter sure sounds like "shadow play" between the regulators. Add to the grapevines that representations have been made to the powers that be to have a nominee from the Central Bank to head the SC once the existing Chairman's tenure is over and one can see why the fireplace is starting to smoke!!!

On another matter, it's sad that someone's ego gets in the way of propagating Islamic Finance and ultimately Islam. This was what happened when a person of authority cancelled an interview which was supposed to publicise the respective institution Islamic Finance courses and ultimately Islam itself!

"RISK-SHARING" - 5th International Islamic Capital Market Forum

2011-11-11T21:01:00.003+08:00

In November, the 5th International Islamic Capital Market Forum was held at Lanai Kijang, KL. The 5th IICM Forum is organised by the Securities Commission of Malaysia (SC).

What was interesting was the wordings in the Forum's flyers - "....., where much of its product structures essentially replicates that of conventional finance. These structures have been based on debt-based contracts and leverage; and are further exposed to the fractional reserve banking system. ........"

Read 2nd Page, 4th Para:-
http://www.sc.com.my/eng/html/icm/iicmf/iicmf_2011.pdf

What was interesting about the theme this time around was the fact that risk-sharing and risk-sharing contracts like Al-Mudhrabah or, Al-Musyarakah is given prominence as opposed to numerous times where debt or assets-based products like the Sukuk is normally in the limelight.

This blog would like to put on record our appreciation to the Islamic Capital Market(ICM) Unit of the Securities Commission of Malaysia for the kind invitation to attend and cover the event.

Syukran as well to Dr. Abbas Mirakhor, Prof.Aslam from IIUM and Bro.Omar Sheikh of RHT Partners, Dubai for kindly consenting to be interviewed.

54 Tahun MERDEKA! "MINDA" Masih diJAJAH melalui PERLEMBAGAAN!

2011-09-01T23:40:00.019+08:00

( BENDERA, Negeri-Negeri Melayu Bersekutu. 1894/95 )

( JATA, Negeri-Negeri Melayu Bersekutu )

54 Tahun MALAYSIA Merdeka!
Juga GENAP 500 Tahun EMPAYAR MELAYU MELAKA tumbang!!

Amat Gembira TanahairKU Sudah MERDEKA!

Akan Tetapi "MINDA" kita masih diJAJAH melalui instrumen Bekas Penjajah seperti "PERLEMBAGAAN", "MATAWANG KERTAS", "TAULIAH" dll

Saya tergerak menulis pandangan saya mengenai catatan tertera di atas setelah ada rakan taulan yang meminta saya mengutarakan logika saya yang telah saya ketengahkan melalui "fb wall" saya sempena "fb post" pada hari Merdeka yang ke 54.

Secara dasarnya, FITRAH Orang ISLAM (dari Zaman Nabi Muhammad S.A.W.) dan Orang MELAYU (dari Zaman Empayar Melaka) adalah orang Berniaga / ENTREPRENEURs.

Hujah yang selalu digembar-gemburkan oleh penulis British / Barat yang kononnya Penjajahan telah menyebabkan melayu (dengan izin) "to be a better farmer or fisherman" sebenarnya adalah satu tipu daya atau "smokescreen" untuk memperkotak-katikkan bangsa Melayu agar mereka terhutang budi dengan penjajah sekaligus melupakan fitrah kita adalah "ORANG BERNIAGA".

Pada hemah saya, Penjajah telah "Influence" Perangka Perlembagaan Persekutuan Tanah Melayu (sebelum digubal kepada Persekutuan Malaysia pada tahun 1963) agar hal-hal berkaitan Jual-Beli termaktub di bawah bidangKUASA "Federal List"...walhal 9/10 rezeki adalah dari urusan Jual-Beli atau Perniagaan.

Perlembagaan Persekutuan membezakan antara "FEDERAL" List dan "STATE" List. Islam dan hal-hal berkaitan Islam telah diletakkan dibawah bidangKUASA negeri atau "State List". Artikel 73-79 Perlembagaan dibawah tajuk "LEGISLATIVE POWERS" telah menetapkan perbedaan antara "FEDERAL List (List I)", "STATE List (List II)" dan "CONCURRENT List (List III)".

Justeru itu, saya ingin bertanya - kenapa SKIM PERBANKAN ISLAM diKAWALSELIA oleh Kerajaan Persekutuan Malaysia(Federal Government). Bukankah "ISLAM" termaktub dibawah bidangKUASA kerajaan negeri-negeri Melayu yang berdaulat?

Waima dengan penerimaan Perlembagaan Persekutuan Tanah Melayu pada 1957, saya dapat merumuskan - justeru itu juga Penjajah telah menanam unsur sekularisma tanpa disedari Perangka Perlembagaan dan "meremehkan" Islam kepada hal2 keluarga & fahaman/kepercayaan orang Islam sahaja!

ALLAH S.W.T.MAHA MENGETAHUI, ALLAH KNOWS BEST!

IMaC 2011 at TTI-Kuala Terengganu, Participated!

2011-04-17T20:46:00.020+08:00

Participated in the IMaC 2011 held at Taman Tamadun Islam, Kuala Terengganu. It was the first time for me at the venue and more than 10years since I last went to KT during the days I was helping EON Finance's branches to launch and promote their respective Interest-Free Banking Scheme(IFBS) otherwise known as "Skim Perbankan Tanpa Faedah-SPTF" (the precursor of today's Islamic banking).

Though the Minister's NO-SHOW was a letdown to organisers, overall the Conference was well-run. In addition, the venue of IMaC 2011 enabled me to visit the much talked about Taman Tamadun Islam and allowed me to pray at the Crystal mosque.

The talk by the first keynote speaker i.e. Tan Sri Muhammad Ali Hashim was interesting.Who would have thought that a parking operator (Metro Parking) had sales exceeding RM100m with presence in ASEAN countries+Hong Kong and remarks like " Bisa Di Atur, Kita Yang Bisa "(in reference to doing business in Indonesia)and "there's only ONE Anak Johor in Johor Corp" and proceeded to show the photo of an employee whose father is named "Johor" had the audience in stitches. Tan Sri Muhammad also elaborated on the concept of "Business Jihad" and stated that "...TRUST, should be given to those MOST deserving and NOT just limited to Johoreans and/or Muslims ".

I would like to thank the following for the kind sponsorship and enabling the Islamic Finance blogger to participate in IMaC 2011:-
(1) Mr. KHUAILID HAJI IBRAHIM
-for Financial Contributions made when established institutions were NON-responsive.
(2) OP Mazri Ayub
-for invaluable assistance and services rendered from 15-18 April 2011.
(3) OP Razuan Sahan, CEO of Chester Phila Sdn Bhd (GongZ.my)
-for ICT Support in Conference Presentation & Related Promotions.

(4) Mr. Taufiq Khalid, Managing Partner of M/S AriffinShahzad, Advocates & Solicitors (ASAS)
-for providing space and related infrastructure to prepare for IMaC 2011.

...and last but never the least, UNISZA and especially the IMaC 2011 Secretariat for the assistance and hospitality extended throughout the duration of the International Conference. This blog hopes that it'll get a repeat invitation when the Conference is held again in 2013.

Another Question on Islamic Banking at 45th AGM of Public Bank

2011-03-14T16:59:00.013+08:00

Attended Public Bank Berhad's AGM (its 45th) for the second time in as many years at the Shangri-la Hotel, KL.
( Read, last year/44th AGM 2010 AHM blog report:- Question/Comment on IBF at 44th PBB AGM )
Also read:- The EDGE, Malaysia & The STAR

Initially, attendees were briefed by Tan Sri Thong that the PBB Group were issued with a Joint Family Takaful licence by BNM with ownership in the ratio of 60% to the ING Group whilst PBB held the other 40%.

During Q&A Session, as per last year another question on Islamic banking were posed. Abdul Razak asked, " What is PBB Islamic banking Directions? Also for Takaful and Wealth Management? " ....... However, as per last year no specific answer were given.

Perhaps, PBB should get its act together and get one of the other Directors to respond. Twice in as many years, PBB FAILED to give a specific respond to the floor's question on Islamic Banking......rambling about and beating around the bush with no specifics does not do the PBB BOD justice especially when all other indicators are up.

Note: 1st time I went to an AGM where the attendees sang Happy Birthday and clapped in unison. At times, it reminds me of a Political Conference where the top echelons can do no wrong! Overall, Nice Door Gift and GOOD FOOD....perhaps this can be one of my wife's & I retirement plan i.e. buy syariah-compliant shares and attend AGMs where good food are served coupled with nice door gift!!!

IMaC 2011 - Paper Abstract ACCEPTED - “Introduction of a Syariah/Halal Compliant Certificate for Islamic Finance Product”

2011-02-10T11:13:00.044+08:00

The Centre of Research-Management & Innovation, Universiti Sultan Zainal Abidin(UNISZA) will be organising an International Management Conference aka IMaC2011 from 16-17 April 2011 in Taman Tamadun Islam, Kuala Terengganu.

The International Management Conference 2011(IMaC 2011)
themed “Innovation and Creativity in Management: Issues, Opportunity and Challenges”, is very apt and timely as Malaysia is in its transition to a new economic model based on innovation, creativity and high income nation.

Refer: IMaC2011 Official Website

After developing my idea over a few conferences and forums in 2010 (Inaugural SC-OCIS Forum in March 2010, 6th WIEF in May 2010 and culminating in my Public Suggestion during the Q&A Session with Syariah Scholars during 7th KLIFF in August 2010 )...I'd Finally, received GOOD News on the Academic/Research front.

The email received on 9th February(8.58am) from the IMAC 2011 Secretariat is as follow:-
" Assalamualaikum Wrt Wbt

Dear Amirul,

We are pleased to inform you that your abstract entitled “Introduction of a Syariah/Halal Compliant Certificate for Islamic Finance Product” is in line with the theme of the Conference and has been accepted for presentation at the International Management Conference (IMaC2011) to be held from 16 – 17 April 2011 at Taman Tamadun Islam (TTI) in the city of Kuala Terengganu, the capital state of Terengganu, Malaysia.

Please follow the submission guidelines in preparing your manuscript and submit your full paper before or by 1st March 2011 to the Secretariat IMaC2011, which is available at the Conference website.

Your full paper will only be included in the conference proceedings compact disc, after confirmation of registration. For your information,selected papers will be considered for the Best Papers Awards.

We look forward to meeting you at the Conference!

--
Kind regards,

The Secretariat
International Management Conference 2011
(IMaC2011)
Faculty of Business Management and Accountancy
Universiti Sultan Zainal Abidin
Gong Badak Campus
21300 Kuala Terengganu, Terengganu, MALAYSIA

http://www.unisza.edu.my/imac2011 "

Now, all I need to do are:-
1) Finish writing my ideas;
2) Prepare my Presentation Slides(if any), and,
2) Look for Sponsors to cover incidental expenses, estimated at RM3,000-4,000.
Any Sponsors or Suggestions? In return, Sponsors will be given due credit in the Paper to be presented.

CORPORATE GOVERNANCE: "Building Blocks of IF - Regulation & Shariah in Perspective", Public Lecture Attended!

2011-01-26T00:01:00.018+08:00

On 25th January 2011, Amirul HM attended a Public Lecture held at the Securities Commission(SC) of Malaysia under the SC-UM Visiting Scholar Programme. The Lecture titled " Building Blocks of Islamic Finance: Regulation and Shariah in Perspective " was given by Dr. Volker Nienhaus from Germany.

Points raised were good eye-openers for attending participants. Amongst them:-
1) Are the so-called "Building Blocks" for Islamic Finance - actually "BUILDING" or, "STUMBLING" Blocks?
2) CITIGROUP & AIG - Debate in the USA as to whether they(the US Government) should have supported "Islamists" movement when bailing out Citigroup and AIG as it contained the Islamic Finance operations as well.

3)LOW Retail Penetration. Examples:-
A. UK - After 5years of operations, the Islamic Bank of Britain (bailed out by Qatar), only had 50,000 out of a potential 2.5million customers in UK. Hence, a penetration rate of ONLY 2%.
B. Malaysia - 20% of deposits in the banking system is in Islamic deposits. However, ONLY 20% of the 20% are from private individuals.

4)Disturbing trend of using TRADE contracts (e.g. Commodity Murabaha, Tawarruq are a combination of trade/leasing contracts. Also sukuk) for FINANCING purposes.
5)Growth of IF is driven by NON-Islamic banks offering IF products.
6)Fatwa's change of opinion is NOT documented or, Updated. Thus, edicts are not accessible in this age of Transparency & Corporate Governance.

7)Conflicts of Interest in certain Financial Institution's Syariah Council.Examples:-
A. Brothers or members of the same clan sit in the Council.
B. Syariah Advisors sits on the Syariah Council of banks who are competing in the same market segment and/or competing to launch the same product first.
C. "Closed Door" Club.
Example:- A Syariah Advisor from Bank B2 will sit on the Syariah Council of Bank A1 in exchange for introducing one of Bank A1 Advisor to sit in Bank B2 Syariah Council.
D. Syariah Advisors sits on too many Syariah Council. Realistically, how much time can they spent for a particular institution.

At the end of the session, SC's Managing Director Dato Dr. Nik highlighted the difficulties the SC have been facing in collecting and collating the deliberations of the Syariah Council of the respective financial institution in endorsing or rejecting IF products.

"HALAL FINANCING/ISLAMIC FINANCE by AHM" BLOG APPRECIATION:
I would like to put on record my appreciation to the Securities Commission-Islamic Capital Market(SC-ICM) and Mr. Wan Rahim for the kind invitation. It is my fervent wish that SC-ICM's invites me to future events and access to all the other Conferences and Forums as well.

Attended at TTDI, talk by Sheikh M.Nuruddin Marbu Al-Banjari Al-Makki on "RIBA dan Kesannya Terhadap Masyarakat".

2011-01-17T01:04:00.016+08:00

Attended a talk by Sheikh Muhammad Nuruddin Marbu Al-Banjari Al-Makki on "RIBA & Kesannya Terhadap Masyarakat"(Riba and its Impact on Society) at Taman Tun Dr.Ismail-K.Lumpur on Sunday, 16 January 2011.

Sheikh M.Nuruddin's talk was a Good recap of the various riba i'd learnt many years ago in IIUM-PJ i.e. Riba Jahiliyyah,Fadl,Nasiah etc.

Also learnt interesting stories of Imam Ahmad and the stolen lamb and what happened subsequently for the next 7 years. Sheikh also pointed out the various categories/levels of riba prohibition in the Al_Quran from zero tolerance to multiple folds.

During Q&A Session, when asked as to whether Paper/Fiat Money is "halal" - Most currencies are "halal" as they are backed by a Guarantee and/or by Gold, Commodities & Other Currencies....with the EXCEPTION of the USD! GO Figure!

Attending Public Lecture on "ISLAMIC GOLD DINAR: MYTHS & REALITY" on 17 JAN. at BNM

2011-01-13T15:23:00.015+08:00

UPDATE: 17 Jan. 2011. Please refer to DinarDirham Trade blog for Lecture Report.

Amirul HM is attending a Public Lecture on "ISLAMIC GOLD DINAR: Myths & Reality " to be held on Monday, 17 January 2011 (1000-1100hours) at the Auditorium - Bank Negara Malaysia, K.Lumpur. Lecture will be given by Prof. Dr. Murat Cizakca, a Professor of Comparative Economic History at INCEIF. Dr. Murat will present a thorough analysis of gold /silver coinage systems in history

Brief Report will be published at the GOLD DINAR & SILVER DIRHAM blog after the event.

Islamic Finance by AHM blog would like to thank INCEIF, ACIFP and OP Razali Ahmed for the kind invitation and updates.

ISRA blooms, wither INCEIF???

2010-11-09T00:20:00.011+08:00

The Central Bank of Malaysia i.e. Bank Negara Malaysia(BNM) announced their new Syariah Council line-up for 2010/2013.

Amirul HM is quite surprised that nobody from INCEIF's faculty was named...."is it a slap on the wrist to INCEIF???"

Despite there being 2 members from ISRA (which is part of INCEIF), the fact that non from INCEIF is named to the board is a shocking revelation especially in view of the push by the powers that be to elevate INCEIF to a whole new level i.e. the premier Islamic Finance university/institution in the world....read, "the Al-Azhar, Harvard, Oxford or Cambridge of ISLAMIC FINANCE"

Am hopeful that this omission is an oversight by BNM considering that they have "easy" access to INCEIF's faculty due to INCEIF being their subsidiary and the amount that BNM have and about to pour into INCEIF rather than the announcement being a slap on INCEIF's faculty wrist. Am sure that the likes of Syed Othman, Syed Hamid, Saiful Azhar or even Obiyathullah would be able to add to the discourse.

The new Syariah Council consists of:-
# Tun Abdul Hamid Mohamad
- Former Chief Justice of the Federal Court, Malaysia;
# Tan Sri Datuk Sheikh Ghazali Abdul Rahman
- Shariah Legal Advisor, Attorney General Chamber;
# Dato’ Haji Hassan Haji Ahmad - Mufti of Penang;
# Dato’ Dr. Abdul Halim Ismail
- Executive Director of BIMB Securities Sdn. Bhd.;
# Dr. Mohd Daud Bakar
- Chief Executive Officer of Amanie Business Solutions Sdn. Bhd.;
# Prof. Madya Dr. Engku Rabiah Adawiah Engku Ali
- Associate Professor, International Islamic University Malaysia;
# Prof. Madya Dr. Mohamad Akram Laldin
- Executive Director of International Shariah Research Academy for Islamic Finance;
# Prof. Madya Dr. Ashraf Hashim
- Senior Researcher, International Shariah Research Academy for Islamic Finance;
# Dr. M. Anwar Ibrahim
- Vice Chairman, National Shariah Board, Indonesia Ulama Council;
# Dr. Aznan Hassan
- Assistant Professor, International Islamic University of Malaysia; and
# Dr. Rusni Hassan
- Lecturer, International Islamic University of Malaysia

2nd Global Islamic Finance Forum(GIFF 2010), Attended!

2010-10-26T00:14:00.023+08:00

Attended the 2nd GLOBAL ISLAMIC FINANCE FORUM 2010 (GIFF 2010) at the Mandarin Oriental Hotel, Kuala Lumpur - Malaysia for 2 days i.e. from 25-26 October 2010. The theme for this year is " Islamic Finance: OPPORTUNITIES for TOMORROW ".

It was refreshing for me that the organiser chose to highlight another verse from the Al-Quran rather than the Al-Baqarah verse commonly used/associated with Islamic Finance during the Al-Quran recitation prior to the start of the Opening Ceremony.

It is not often that 3 speakers ( Malaysian Prime Minister cum Finance Minister 1, Governor of the Malaysian Central Bank & HRH the MIFC Ambassador) speak when opening a forum, no matter how distinguished they are. Hence, I can't help but feel a sense of deja vu when HRH Raja Nazrin (MIFC Ambassador) spoke at length on the Hijrah especially when he had spoken about it on a similar vein in the Inaugural Securities Commission - Oxford Centre for Islamic Studies(SC-OCIS) Forum in March 2010. Read SC-OCIS Forum 2010

For me the highlight of GIFF 2010 must be the signing of the Articles of Agreement for the Establishment of the International Islamic Liquidity Management Corporation (IILM). The Articles were signed by Eleven(11) Central Banks and Two(2) Multilateral Organisations. Whilst the impact of IILM on IF would not be felt immediately by the IF industry, trust me when I say that its reverberation and "green foot mark" would come in the months if not years to come.

Also, of significance are Remarks by Tun Dr. Mahathir (Malaysia's 4th Premier) and Tan Sri Andrew (Economic Advisor) on GOLD and its linkages to the World economy should be noted with circumspect.

All in it was a good forum as I caught up with some old contacts from the IF industry, friends and I'd made new friends as well...prominent amongst them is Senator Reverien Ndikuriyo from Burundi as its not often you get to meet representatives from Burundi in IF forums or Conferences.

"HALAL FINANCING/ISLAMIC FINANCE by AHM" BLOG APPRECIATION:
I would like to put on record my appreciation to the GIFF 2010 Secretariat for the kind invitation. It is my fervent wish that the GIFF Secretariat invites me to future events and access to all the other sessions as well.

"HALAL" Certificate for IF Instrument Proposed at 7th KLIFF!

2010-08-04T02:07:00.021+08:00

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.

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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

4th International Islamic Capital Market Forum, Attended!

2010-07-01T21:35:00.011+08:00

Attended the 4th International Islamic Capital Market Forum with the theme " Sukuk: Transferring the Best Practices " at the Securities Commission, KL.

It was good to receive updates on the sukuk. It can be said that negative conotations like "arbitrage" between Islamic and conventional finance and "helah fiqqiyah(legal devices)" is starting to creep-in or is rampant...depending on who you talk to!

Good to have met up with my former Islamic Jurisprudence lecturer whilst doing my PDIBF in IIUM i.e. Prof. Hashim Kamali (now the founding CEO of ISRA) and also my former Syariah Advisor whilst I was with EON Finance Berhad/EON Bank Group i.e. Dr. Mohammad Deen Mohd Napiah ( now Maybank Islamic Syariah Advisor). Also, IF practitioners like Wan Rahim (SC), Ust. Nurdin(SC), Afifudin (OSK), Wan Rizaidy (Bursa)and others.

Looking forward to the 5th International Islamic Capital Market Forum

BLOG APPRECIATION:
TQ to SC's Islamic Capital Market & SIDC for the kind invitation.

" Gearing for Economic Resurgence ". 6th WIEF-KL, Attended!

2010-05-19T00:52:00.025+08:00

LINKS:-
1) WIEF - World Islamic Economic Forum
2) 6th WIEF 2010, Kuala Lumpur

Judging by the attendance of Presidents(Indonesia,Kosovo, Maldives and Senegal), Prime Ministers( Bangladesh and Malaysia )and the Sultan of Brunei in addition to the various facets of the plenary and parallel sessions available, the 6th WIEF have certainly evolved into a premier world-class economic forum for the international muslim community.

In Islamic Banking & Finance there seems to be a concerted effort and common mantra in calling for harmonisation of products and standards for IF products. Tun Musa Hitam started the ball rolling even before WIEF proper.

This is similar to the clarion call by most speakers be they from UK or Malaysia in the Inaugural SC-OCIS,UK Forum I'd attended in March 2010 at the Securities Commission.

Whilst I'm not opposing to the frequent calls for harmonisation, I have to disagree on how it is to be done. Why can't harmonisation be done in another manner....as I strongly believe in the "Unity in Diversity" idea. Why do Muslim countries have to "gear" their products in accordance to the oil-rich gulf countries edicts!!?? There is no one size fits all solution.

For example, an IBF Compliance Certification for products and services offered can be introduced similar to a halal certificate for food and cosmetics products. The compliance certification will then indicate whether the pertinent IBF product is in compliance with the teachings of Sunnah and any or all of the 4 mazhabs(Syafie, Maliki, Hanafi & Hambali). Wheteher the IBF product is in compliance with the edicts of Shiah will also be indicated. When the IBF Compliance Certification is introduced, then sophisticated Muslim investors can decide as to whether they want to invest in a particular IBF product or not whilst at the same time leaving the room for IBF innovation open for further advancement.

Hence, 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 altogether. In addition, the BBA can take its place as a product/contract which helps in the asset-building process of an Islamic financial institution. I hope, the MIFC can take-up this proposal and introduce it as part of their capacity building initiatives.......SOON!

BLOG APPRECIATION:

On an end note, I will like to thank Iskandar Development Region authorities for the kind invitation extended to me to attend the 6th WIEF in KL.

Capacity Building - Time for IF UNIVERSITIES/INSTITUTE RANKINGS!

2010-05-14T16:46:00.025+08:00

LINKS:
MALAYSIAKINI(Malay)
QS ASIAN UNI Rankings 2010
The Star

Again,One of Malaysia's if not the world's top university in Islamic finance i.e INCEIF were NOT included in the recent QS Asian Universities Rankings 2010.

In October 2009, I'd commented on the need for a WORLD UNIVERSITIES RANKING for Universities/Institutes offering IF training and programmes .

The inclusion of my alma matter i.e. IIUM is a welcomed relief.

Islamic Finance is one of the few areas where Malaysia have a Comparative Advantage compared to the rest of the world.

Having confidence in its Islamic Banking system, BNM via MIFC should now further consolidate its first-mover advantage by introducing and/or sponsoring a World universities/Institutions rankings for IF. Am sure the 2 named universities...if not other local universities will feature in the top 50 IF institutions if such a ranking were introduced.

BNM & MIFC, please expedite the Rankings for IF Universities and Institutes, less the advantage will be lost

Note:

Author's comments re IF rankings at the Times Higher Education website. Refer:-

http://www.timeshighereducation.co.uk/story.asp?storycode=408560

comment under the name of "Amirul HM" on 21st October 2009.

MALAYSIAN Capital Markets Conference, attended!

2010-04-12T21:34:00.001+08:00

UPDATED - 12 April 2010
As per comments by various presenters during the inaugural Conference last year...the RM has indeed strengthened!

Attended a 1 1/2 day inaugural Conference titled " MALAYSIAN CAPITAL MARKETS -Preparing for the Investor and Issuer Resurgence post-Credit Crisis " organised by International Financing Review(IFR) - THOMSON REUTERS at the Shangri-la Hotel, KL from 7-8 October 2009.

Common Themes:-

ISLAMIC FINANCE - Growing Importance & Fast Growing Segment
ECONOMIC Recovery - Crisis is over....optimism compared to previous year!
Indonesia - play on Indonesia..growing importance on the heels of China & India. 3rd Force!

Among the comments passed by Presenters:-

RM becoming more attractive and is expected to strengthened
Yen losing its lustre as a carry-on Currency
Malaysia is the 3rd largest bond Market in Asia (The top being Japan )

Presenter's comments on IF / Development:-

Commodity Murabaha - growing importance and acceptance as a means to manage IF's liquidity.
IF as an alternative - IF was relatively unscatched (except for a few isolated incidences) during the 2008/2009 Global Financial crisis
Sukuk Market - Emergence of Malaysia as World Sukuk Leader.
Emergence of South Korea(presenter from KEXIM & participants from Korea such as Shinhan Asia) & France on the global IF map.

IF Blog COMMENTS:

Overall, it was a good conference to attend especially to update oneself of the latest scenario/ development in the Malaysian capital market - both conventional & Islamic.

I would suggest that in future, the Organisers should adhere more to certain protocol and/or customs e.g. asking for a show of hands as to who will attend lunch and listing VIP guests together with Conference participants in the same category is a definite "boo-boo".

PS: Good to bump into a Senior i.e. OP Effendi Abdullah of AmInvestment Bank.
Last met when he was an Assistant General Manager many years ago prior to my departure from EON's Islamic Banking Division.
Now, Director/Head - Islamic Markets & Public Sector

SC-OCIS Inaugural Forum, Attended!

2010-03-16T07:47:00.035+08:00

( SC - OCIS Forum )

Attended the 1-day Inaugural Securities Commission(SC)- Oxford Centre for Islamic Studies(OCIS) Forum(SC-OCIS Forum).

My Comments and/or Suggestions on Certain Points Raised by Forum's Speakers:-
1)Both HRH Raja Nazrin (Crown Prince of Perak, Malaysia and MIFC Financial Ambassador) & Tan Sri Zarinah Anwar ( Chairman, Securities Commission)in their speeches call for an urgent harmonisation of syariah principles or fatwas to move the IF industry forward. To this, I would respond by:-

A. Introduce an IF COMPLIANCE CERTIFICATE
- This proposed certificate will be in the form of a Syariah Council/Advisory Board declaration that the product is accepted or rejected by the various mazhabs. Hence,intended users or buyers can decide for themselves as to whether they want to be associated with a particular Islamic Finance product or NOT!

B. Have a Journal Publication (...perhaps organised by SC's Islamic Capital Market Unit and/or ISRA) highlighting why certain IF contracts are accepted or rejected by the various mazhabs. In this way, we would not limit certain IF contracts like the BBA but also expand the IF market accordingly. After all, there is no one size fits all solution and we should not just accommodate certain line of reasoning just to attract funds.

2) Ahmad Hizzad bin Baharuddin (Islamic Banking & Takaful, BNM) - The Bank Negara Malaysia(BNM) needs to conduct an audit or, set a benchmark for AMGIA Profit-Sharing Ratios(PSR) and/or Rate of Returns(RoR).This is because the PSR seems to be coming down as opposed to when the Interest-Free Banking Scheme ( or SPTF) in Malaysia were initially introduced in 1993. In addition, certain comments have been put forward that the ROR declared seemed to be within a certain band of the conventional banking system's Fixed Deposit rates. Perhaps BNM could organise an awards ceremony for Banks having high Mudharabah PSR and/or PSR as per the Unit Trust Industry with their annual "The Edge-Lipper Award" as an example.

On the whole, despite being an inaugural effort, it was a good Forum for both Practitioners & Academicians/Researchers to update oneself of the comparative situation in Malaysia/ASEAN vis-a-vis UK/Europe. Points made by Dr. Abbas ( ...I've spent my lifetime keeping islamic radicals out and now you want to let them in by implementing IF ) & Rafe Haneef from Fajr Capital,UK ( ...you can take the mountain behind me brother as an asset/collateral)is refreshing and brings to light the realities on the ground when pitching for IF jobs.

Always a pleasure to meet familiar faces within the IF industry like Afifudin(OSK-formerly BIMB/BIRT when I first knew him), Dr. Daud Bakar(Amanie B.S. - EON Finance Consultant), OP Efendi(AMMB), Zuljastri(IIUM - RHB/Kwong Yik Bank)& a fellow college batchmate i.e. OP Wan Suhaimi (MIDF.

Halalfinancing/Islamic Finance by AHM BLOG Appreciation:
TQ En. Wan Rahim (Advisor, SC-Islamic Capital Market)& SC for the kind invitation.

LINKS to this event:-
MSN News

Question/Comment on IBF at 44th Public Bank AGM!!!

2010-03-02T18:07:00.017+08:00

I attended the 44th AGM of Public Bank Berhad(PBB) in KL.

A shareholder posed a question/passed a comment related to PBB's Islamic Banking & Finance(IBF) operations. The question/comment was along the lines of - "...Maybank had purchased a bank in Pakistan to further enhance their IBF operations, what have PBB done to "beef up" this particular area?..." The shareholder(who claimed he was from Ipoh,Perak) was the 1st shareholder invited from the floor to comment. He was also commenting on the flattish growth of PBB share prices compared to other Banks like CIMB, Maybank & Hong Leong and had even suggested that the Board talk to a few parties(e.g. Hong Leong & EON Capital) to merge their operations.

What for me is quite surprising was not that the question on IBF was posed at all BUT,the fact that:-
1) PBB is a predominantly Chinese-owned bank; and,
2) Shareholder who asked the question was a Chinese.

I supposed, when a system is considered "just & equitable"...people will take notice especially after the IBF system having escaped the 2008-2009 global financial turmoil relatively unscatched!

IF World Universities RANKINGS! - Need for a Capacity Building initiative by MIFC

2009-10-23T16:20:00.026+08:00

Malaysia's top universities in Islamic finance like the International Islamic University of Malaysia(IIUM) and
The International Centre for Education in Islamic Finance (INCEIF) which was accorded University status
were NOT included in the Times Higher Education's World Universities Rankings 2009.

The exclusion of INCEIF is not surprising considering it's a new university. However, the exclusion of IIUM of which is one of my alma matter IS!???

Islamic Finance is one of the few areas where Malaysia have a Comparative Advantage to the rest of the world having:-

Set-up the Pilgrims Management Board (popularly known as Tabung Haji) in 1969 with the enactment of LEMBAGA URUSAN DAN TABUNG HAJI ACT 1969 ( which has subsequently Repealed by the Tabung Haji Act 1995,

Incorporated the first Islamic Bank & Takaful company (Bank Islam & Takaful Malaysia respectively ) in 1983; and,

Introduced the dual banking system vis the Interest-Free Banking Scheme(SPTF) in 1993; and,

Opened-Up the Islamic Banking System to foreign Islamic Banks in 2004 even earlier than what was required for the conventional banking system under the WTO liberalisation .

Over to you BNM & MIFC.

Note:

Author's comments re IF rankings at the Times Higher Education website. Refer:-

http://www.timeshighereducation.co.uk/story.asp?storycode=408560

Comment made under the name of "Amirul HM" on 21st October 2009.

"INDONESIA - Access to Islamic Finance for SMEs" - WORLD BANK RFP

2009-09-09T10:15:00.020+08:00

The WORLD BANK has recently issued a Request for Proposal (RFP), titled:-

" INDONESIA - Access to Islamic Finance for SMEs "

( Project Code TF 093571 #8038 )

6 organisations/firms have been short-listed to prepare the RFP. They are:-

Deloitte Consulting Malaysia Sdn Bhd ( MALAYSIA )
e.Gen Consultants Ltd. ( BANGLADESH )
Frankfurt School of Finance & Management ( GERMANY )
NORC
PLaNet Finance ( FRANCE )
P.T. Ernst & Young Advisory Services ( INDONESIA )

Considering the West's animosity towards Islam and anything-related to Islam, the RFP is certainly an interesting development.

The Author is of the view that the World Bank's RFP initiative highlights the emergence and importance of both:-

INDONESIA
~ as an attractive Investment destination. Based on available data at the ASEAN Secretariat(ASEC) and Economic Research Institute for ASEAN & East Asia(ERIA)...both located in Jakarta, Indonesia is one of the few ASEAN countries that is expected to chart positive economic growth in 2009.
Note: Author was an Intern at The ASEAN Secretariat in 2009 and visited ERIA in July 2009 ( refer ERIA Blog Post on 2 July 2009)

ISLAMIC FINANCE (IF)
~ as a preferred source of financing. It is highly probable that the World Bank have taken cognisance of the fact that IF have remained largely intact and unscatched in the present economic downturn, unlike its conventional banking and finance cousins who's taken a terrible beating!

Note:
via an e-mail dated 22nd August 2009,
Blog Author received an invitation to participate in this RFP by one of the 6 firms shortlisted by the World Bank.

CAPACITY BUILDING for IF in MALAYSIA & ASEAN

2009-08-07T00:14:00.018+08:00

Am writing a Chapter titled " Capacity Building for Islamic Finance in Malaysia & ASEAN ". Assoc. Prof. Dr. Hamidin Abd. Hamid (Dep. Executive Director of the Asia-Europe Institute, U.Malaya) will be my supervisor for this topic.

Research thus far have only churn out 1, ... that's right ONLY ONE Journal Article of note i.e. an ILSP- Harvard Law School article by S.Nazim Ali titled " Islamic Finance and Economics as Reflected in Research & Publications ".

Other pertinent non-journal articles includes:

BNM - 8 July 2009;
" Governor's addrsss at the Malaysia-UK Islamic Finance Forum "
AIBIM - 1 June 2009;
" Islamic Banking in ASEAN: don't fly too high!

Triangulation approach is the research methodology method to be used for this topic. The approach will however be more skewed towards the qualitative aspects i.e. interviews.

Places/Persons where Interviews on IF were conducted to-date:

A) INDONESIA - Jakarta & Bandung ( May - July 2009 )

ASEAN Secretariat, Jakarta.
Interviewed/Talked to 9 persons from different levels i.e. Secretary-General of ASEAN, Directors, Dep.Directors, Asst. Directors, Senior Officers & Technical Officers.

ERIA, Jakarta. Also, refer 2 July 2009 blog article.

ITB, Bandung . Also, refer 2 July 2009 blog article.

CIMB Niaga Bank, Bandung

B) MALAYSIA - Kuala Lumpur

Tan Sri Sanusi Junid

Prof. Saiful Azhar Rosly

Mr. Khairil Abdullah

Appreciate any suggestions for me to proceed further on this topic especially on recommended journal articles, conference papers etc.

WASALAM & THANK YOU.

time is RIPE for an ASEAN definition of an SME!

2009-07-17T01:22:00.003+08:00

( June 2009: Author - on the right,

with ASEAN Secretary-General, H.E. Dr. Surin Pitsuwan)

In most countries, SMEs formed the backbone of the economy be it in terms of the number of people employed, sales generated and other economic indicators.

Hence, I personally find it strange and surprising that despite the existence of an ASEAN SME Blueprint appearing in the ILO Report and the more recent Roadmap for an ASEAN Community, 2009-2015(C.1. SME Development, No.60 ), there is still no single ASEAN definition of what constitutes an ASEAN SME to-date!

Perhaps, the wide array of SME interpretation by different countries makes it difficult for ASEAN to come out with a standardised definition of an SME. For example:-

INDONESIA: Different ministries, have "different interpretations" of what constitutes an SME.

Singapore: Due to the "Currency Conversion" factor, what is normally considered as an SME company in Singapore DOES NOT qualify as one within the ASEAN context. Singaporean SMEs can be MNCs in some ASEAN countries.

MALAYSIA: The policy-makers have defined SMEs within certain parameters. They are sales turnover, no. of employees and/or type of industry. Refer to SMIDEC (now renamed "SME Corp") for Malaysia's definition.

Considering the existence of the Roadmap for an ASEAN Community, I find it even stranger that SME data is NOT readily available when the writer conducted interviews at ASEC & ERIA. Perhaps, the very nature of SMEs i.e. non-availability of published data and its "unsexyness" is a turn-off for most researchers!?

Whatever the situation is, the author hopes that the ASEAN SME definition can be finalised

...the Sooner the Better!

ERIA, Jakarta VISIT ( 2 July 2009)

2009-07-02T19:32:00.002+08:00

Went to the Economic Research Institute for ASEAN and East Asia - ERIA today with my AEI friends i.e. Azrul Shahreen & Zikry Kholil for a 10am appointment.

Purpose of the visit was two-pronged i.e. to understand the functions and workings of ERIA and to gather data on SMEs and Islamic Finance which would be pertinent for my research paper.

Am honoured and very thankful that 2 researchers i.e. Ms. Friska Parulian & Mr. Sothea Oum took time off from their busy schedule to brief us about ERIA and to answer my questions on Economics/Finance generally and on Islamic Finance and SMEs specifically. In addition, we were given copies of the latest Policy Brief on "Global Financial Crisis and Policy Responses in Southeast Asia" and a draft of a future Policy Brief as well. Quite pleased to hear that the researcher "liked" Malaysia's Stimulus Package response to the Global Financial Meltdown.

Thank you again to Mr. Sothea Oum for extending me a copy of the ERIA Research Project Report, No.5 titled "Asian SMEs and Globalization".

My heartfelt thanks to Miss Arlene Taulu of the ASEAN Secretariat for making the visit arrangements and to Ms. Mitsuko Takayanagi for receiving us and bringing us around.

BANDUNG Fact-Finding Trip & SME Data Gathering (29 June - 1 July 2009)

2009-07-02T19:17:00.000+08:00

I visited Bandung on Monday, 29th June - 1 st July 2009.

Purpose of the visit was as a fact-finding trip to observe an Indonesian SME and to gather relevant data on Indonesian SMEs pertinent to my research on SMEs & Islamic Finance. Visited the School of Business & Management, Institut Teknologi Bandung (SBM-ITB),Bandung & Central Refill...both for the second time.

Some interesting observations:-

There's NO standard definition of an SME in Indonesia. Different ministries will have different criteria. ( In Malaysia, a SME as defined by SMIDEC is mainly based on sales turnover, number of employees and/or type of industry )

The government's subsidised micro-credit rate of 6-8% p.a. is similar to Malaysia's commercial lending rate ( Indonesia's commercial lending rate is between 12-18%).

Collaboration between Banks and Universities to render micro-credit assistance to deserving SMEs. Thus, adding another layer to the credit vetting process.

Slow take-up rate of e-commerce due to security/fraud, technology and other issues.

Thank you to Dr. Dwi Larso of SBM-ITB for the assistance rendered and to Mr. Rohimat Fauzi for sharing the data collected and information on the workings of his own SME(called Central Refill) and also for being such a gracious host. Appreciation to Miss Hiftin Harzanty for acting as our local guide.

Conducting Survey on Using Islamic Finance to Strengthen Malaysian SME & Government Participation

2009-03-24T12:15:00.000+08:00

Dear Readers,

Please email to amirulblog@gmail.com if you can participate in my survey or, know of somebody who is willing to participate.

My area of survey/research is on Islamic Finance(IF) generally and more specifically on "Using IF to strengthen Government & SME participation".

Thank you.

FIRST Islamic Finance Presentation.....in 5years

2009-02-27T17:36:00.001+08:00

Just had my first Islamic Finance(IF) presentation in 5 years. It was for our "Accounting & Financial Tools for SMEs" class under the IMSME programme at AEI-UM.

It was also the first time that I'm co-presenting with a non-IF practitioner. Thank you Miss Penny Siew for your efforts on the presentation slides and the presentation itself.

Those Interested to checkout our slides....please go to slideshare.net/amirul or, http://www.slideshare.net/amirulaei/islamic-finance-final

Thank you Prof. Manfred Pollanz for your valuable insights esp. from the Germans' and/or Europeans' perspective!