IMaC 2011 at TTI-Kuala Terengganu, Participated!

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.

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

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.

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

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!

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.

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

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 .

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.......SOON!

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.

CAPACITY BUILDING for IF in MALAYSIA & ASEAN

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:

1. BNM - 8 July 2009;
   " Governor's addrsss at the Malaysia-UK Islamic Finance Forum "
   
2. 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.