Islamic ESTATE PLANNING

" Wahai Abu Hurairah! Belajarlah ilmu Faraid Dan ajarkanlah kepada orang lain kerana ia adalah separuh ilmu. Dia Akan dilupakan Dan dia Akan menjadi perkara pertama dicabut dari umatku." (Riwayat Ibn Majah dari Abu Hurairah r.a.)

Am attending a 3-day Islamic Estate Planning(IEP) course at the As Salihin Trustee Berhad HQ located In Kelana Jaya-Selangor branch as part of my undertaking for the newly-formed QIBLAH Consulting (an Islamic Finance Consulting, Advisory & Services outfit). and also as preparation for a segment on "Opportunities in Islamic Finance" for the ISLAMiC FiNANCE TV programme on The Capital TV, Channel 127 (Hypp TV-UNIFI).

An interesting hadith learnt today is:- "Half of Knowledge is in Faraid"
Very interesting training content.

More Report after the 2nd Day.

3rd GLOBAL ISLAMIC FINANCE FORUM (GIFF 2012), Covered!

Normally, I would just write " xxx Event, Attended! ". However,this is the FIRST (or rather the 2nd time if last year's ICM is taken into account) time that I'm participating in a major Islamic Finance event with a Global stature as a member of the Media due to my Consultant Producer role for the ISLAMiC FiNANCE programme @The CAPITAL TV, Channel 127 - Hypp TV, UNIFI.

GIFF 2012 Official Website, HERE

Having attended the 2nd GIFF in 2010, certain changes can be observed. The "vibrancy" is one. Whether it's Positive, Negative or, Mixed....is open for debate!!!

Previously in GIFF 2010, the Prime Minister of Malaysia opened the Forum followed by a Public Lecture. This time around the Governor of the Bank Negara Malaysia gave the Keynote address followed by a Public Lecture from the Deputy PM of Turkey...and that only on the 2nd Day of GIFF.

It was also interesting to observe that the RAIF(Royal Award in Islamic Finance) recipient I.e. Mr.Iqbal Khan gave a lecture in place of a Royal Address by the MIFC Ambassador from Malaysia.

Change of venue was nice as Sasana Kijang, KL is a better place compared to the previous hotel venue coupled with good food served.

It was good to have been able to link-up with old friends from the Islamic Banking sector since 1994/95, Alumni members(from College, A-Levels & University) as well as new friends during GIFF 2012.


(to be continued....)

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

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.

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

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.