3/16/2017 Islamicbanking'schallengesandgoals|NewStraitsTimes|MalaysiaGeneralBusinessSportsandLifestyleNews

Islamicbanking'schallengesandgoals

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ThelinehasbecomebluronwhetherthefinancialindustryoracademiashouldbeentrustedwiththeroleofteachingorofferingdegreesanddiplomasinIslamicfinancialtools.Academics
andpractitionersshouldjointlyfocustheirenergiesonimportantareasthatwilltakeIslamicbankingandfinancetothenextlevel.Filepic

ByProfDrKhaliqAhmadi(/authors/profdrkhaliqahmadi)April18,2016@11:01am

StrongviewswererecentlyexpressedbytheMuslimConsumersAssociationofMalaysiathattheIslamicbankingandfinanceindustryfollowstheletterbutnotthespirit
ofIslam.

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3/16/2017 Islamicbanking'schallengesandgoals|NewStraitsTimes|MalaysiaGeneralBusinessSportsandLifestyleNews
PerbankanIslamtiadrohIslam,zalim(Utusan,Oct23,2015)raisessomeseriousconcernsofsociety.

ThisisdespitethefactthatIslamicbankingassetsgrewatanannualrateof17.6percentbetween2009and2013,andwillgrowbyanaverageof19.7percentayear
in2018(TheEconomist,Sept13,2014)KhalidHowladarofMoodysratingagency,callsthisalandmarkyearforIslamicfinance,inthatitismovingfromavery
esotericassetclasstoonethatsmoreglobal.

Islamicfinance(IF)isdevelopingataremarkablepace.Indeed,Islamicbanking,withthedevelopmentofsukukandtheIslamiccapitalmarket,wealthmanagementand
Takaful,inMalaysiaandelsewhere,istryingtoofferalternativefinancingneedsofsocietyasopposedtotheprevalentribawi(interest)basedsystemthatisfullofzulm
(oppressionandexploitation).

However,Islamicbankingisnowbeingaccusedofoperatinginasimilarfashionasitsconventionalcounterpart,andbeingskewedtomoreprofitandbusinessdriven
intereststhanservingtherealneedsofajustsociety.ThephenomenalgrowthinIslamicbankingandfinance(IBF)hasplacedMalaysiainaprominentpositionglobally.

Sinceitsinceptionslightlymorethanthreedecadesagoin1983whenInternationalIslamicUniversityMalaysia(IIUM)wasestablished,ithascontributedthousandsof
experts,tothenumberofIslamicfinancialinstitutionsworldwide,whicharenowemployingthem.

TheIBFinstitutionshaverisenfromonlyafewinthe1980stoover300todayinmorethan75countries.TheyareconcentratednotonlyintheMiddleEastand
SoutheastAsia,butalsoinEuropeandtheAmericas.TotalassetsgeneratedbythesetalentsinthisemergingindustryworldwideareestimatedtoexceedUS$2trillion
(RM7.8trillion),andaregrowingatanestimated20percentayear.

ThatmanyIslamicbanksandfinancialinstitutionstodayseemtobemoreconcernedaboutstickingtothewordratherthanthespiritofIslamicfinance,isaquestion
raisedbysociety.Icanexplainthisissuefromseveralperspectivessuchas(1)formandsubstanceand(2)MaqasidofSyariah(theobjectivesoftheSyariah).The
wholeexercisecentresondebtfinancingratherthanequityfinancing,wealthdistribution,andsoon.

Formoversubstance:Whenthelegalformisconsideredfullyvalidbutthesubstanceistotallydifferent.InthecontextofIslamicfinance,someproductsandservicesin
Islamicbankingaredeemedvalidfromalegalperspective,however,theirpracticesaresimilartoconventionalbankingintermsofpricing,interestbasedbenchmarks,
thetreatmentoflatepayment,andsoon.

MaqasidalSyariah:asellingpointofIslamicfinanceisthatprofitmaximisationshouldnotbetheonlyobjectiveoffinancialinstitutionsandthatofferingsocialvalue
shouldbeapartofthevalueproposition.

Focusingonratherthanequityfinancing:WithriskfreedebtbasedmodesoffinanceusedpredominantlyinIslamicfinanceandpricedwithsameinterestbased
benchmarks,itseemsthatthepracticesofIslamicbankingarefarfromtheidealsofIslamiceconomicprinciples.

Itissupposedtoinvolverisksharingmudharabaandmusharakah(orequityinvestmentcontracts)basedonprofitandlosssharingequityfinancing,whereasin
practice,itlargelyreflectsmurabaha(orsaleatadisclosedprofit)baseddebtfinancing,withthebankoperatingasarisklessprincipal.

AsanacademicinvolvedinteachingandresearchinanareaofIslamicfinance,beingtheareaonefeelstheneedtoconformmosttotheSyariah,ormoreimportantly
theMaqasidalSyariah,andreflectsagenuineconcernforsociety.

AsIIUMacademicshaveplayedasuccessfulroleandhavebeenintheforefrontincontributingtothetalentdevelopmentpoolintheIFindustry,manpowerneedshave
developedbyleapsandboundstotheextentthatourgraduatesandexpertshavebeeninstrumentalinenhancingthegrowthoftheIBFindustrysprogressataround
20percentannually.

ThishasensuredourgloballeadershipinresearchandpublicationsinvolvingIslamicbankingandfinance.

However,fromanacademicperspective,Islamicbankshaveskewedtheirbehaviourtowardsbusinessinterestsandprofitmaximisation,withanoverfocusondebt
basedproductsandservicessuchasmurabahah,tawarruq,andsoon,whereasequitybasedfinancingssuchasmudharabahandmusharakaharetheleastpopular.

TheheartofIslamicfinanceinvolvesarisksharingspirit,whichdoesnotprevailinthepracticesofcontemporaryIslamicbanks.

It,therefore,warrantsunsoughtcriticismonanotherwiseribafreefinancingsystem,leadingtoaccusationsofbackdoorribatransactions,wheretheletter,butnotthe
spiritofIslamexists.

IfIslamicbanksrelyonriskfreedebtbasedcontracts,thegeneralpublicwillbecomeincreasinglydisenchantedwithIslamicfinance.Therefore,Islamicbanksshould
shyawayfromdebtbasedfinancing,andmovetowardsmoreequitybasedproductsandservices.

WhatarethemainchallengesofasustainablesystemofIBFonecanexpectwhenmanagingIslamicfundsthatshouldbeaddressedbyindustry?

AccordingtoastudybyThomsonReuters,IslamicfundsareaUS$60billionindustryforecasttogrowtoatleastUS$77billionby2019,whilethelatentdemandfor
IslamicfundsisprojectedtogrowtoUS$185billion.

Toachievethisgoal,Islamicassetmanagersneedtocompetewithconventionalinstitutionsbyprovidingbothattractiveyieldsandasuperiorlevelofservicequalityand
productcustomisation.

Thelackofavailableexpertise,compliancewithnewregulations,investorsconfidenceandmarketconditionsarekeychallengeslimitinginvestmentscaleandgrowth
forIslamicassetmanagers.

SpecialProjectTeamsweresetupundertheguidanceofMinistryofHigherEducationtoentrustIIUMexpertsspecificallyforTalentDevelopmentandCurriculum
Development.

TheTalentDevelopmentTeamwasassignedthetaskofdevelopingatalentpoolbyTrainingofTrainersmoduledevelopmentinvolvingrelevantexpertiseonrelated
IslamicFinanceEducationdomains.

AlsotheCurriculumDevelopmentTeamwasmaderesponsiblefordevelopingacomprehensivecurriculuminIslamicFinancerangingfromabaccalaureatedegreeup
todoctoratelevels.

InternationalIslamicUniversityMalaysiasroleinthisrobustfinancialindustrystalentdevelopmentiswithoutdoubtoccupyingacentralposition.

However,withthefinancialindustryledbythecentralbankontheonehand,andtheacademia(educationists)ontheother,hasresultedinnodemarcatedlineor
limitations.

Unfortunately,wenowseethatthelinebetweenthetwoisbecomingblurredand,tosaytheleast,mostconfusing,becausebankingpractitionersaretakingon
educationalmattersandperipheriesintotheirfold.

Thebasicquestionis,ofcourse,shouldtheindustrybeallowedordisallowedtoteachorofferdegreesanddiplomas?

Generally,theanswerisno,becausetheyarenotdegreeawardingauthorities,thereforetheuniversitiesandcollegesaretheonesthatmustexecutethisresponsibility
bynurturingneutral,butqualifiedscholarstoaddresstheimbalance.

However,whatsstoppingbanksincludingcentralbanks,thataresupposedtobefinancialregulators,frombecomingacompetitor,inordertoendorsebankingpractices
thatreflectpurelybusinessinterestsintheirfavour,andformtheirownuniversitiesandcolleges?

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Thisiswhereconflictsofinterestoccur,thatmayactuallyimpedeneutraleducation.Willtheindustryandtheacademiacometoarationalehere?

Itremainstobeseen.However,iftheMinistryofHigherEducationiswiseenough,whichIbelievetheyare,perhapsasortofrestraintoftradepolicyoughttobe
developed.

Meanwhile,inourview,withregardtoconventionalinstitutionssettingupIslamicwindowselsewhereintheworldisanotherformofconventionalcamouflage.

Specifically,thenecessityofagenuinefirewallexistingbetweenIslamicandconventionalfundsneedstobedealtwith.

Thefundsofconventionalfinancialinstitutionsmainlycomefrominterestbasedfinancing.Inotherwords,thefundisgeneratedbasedontheborrowingandlending
concept.Then,doyouwanttomobilisethesefundsintoIslamicbanks?

IthinkwehavetoconsiderthisimportantpointwhenestablishingIslamicwindows.Itisalsogenerallybelievedthattheirmoney,viatheIslamicwindowsofconventional
banks,couldbeusedtofinanceactivitiessuchasusury,speculatingonderivatives,andfinancingactivitiesthatareprohibitedinIslaminacollectiveway,becausethe
divisionbetweentheconventionalbankandtheIslamicwindowisinreality,onlyanillusion.

Therefore,inmyopinion,thereshouldonlybeexclusiveIslamicBanks,andnoIslamicWindowswithinconventionalbanks.

Theideaisnottocomplementconventionalribawibasedfinancing,butratherprovidinganalternativetotheconventionalbankingsystem.

Otherurgentareas,inouropinion,whichweneedtofocusoninvolvesachievingsustainabledevelopmentbyadoptingIslamicfinancingasatool.

TheIslamicfinanceparadigmhasalwaysincludedvaluessuchassocialwellbeing.TheMaqasidalSyariahiscentraltoanyeconomicdecisionmaking.Itshould
emphasiseonequityalongwithefficiencyintheallocationofresourcesanddistributionofincome,suchaszakat.

Therefore,itisimportantthatIslamicbanksnotonlytrytomaximisetheirownwelfare,butalsotrytoaddressthedifferentlevelsofsocietybymeansofproperwealth
distributiontools.

Academicsandpractitionersshouldjointlyfocusourenergiesonimportantareas,thatwouldtakeIslamicbankingandfinancetothenextlevel,incompetitionagainst
theconventionalsector,thatneedlesstosay,caninvestinunethicalyetlucrativeinvestments,andthisneedstodone,byevaluatingtheimpactandoutcomeonsociety
andtheeconomy.

Thisisthemajorvalueproposition.TheIslamicfinancesystemisvaluedrivenwhereinanunethicalinvestmentisveryclearlyunjust.However,wecannotdenythat
Islamrecognisestheprofitmaximisation,butnotatthecostofhumansuffering.

However,inordertomaximiseandcompetewithconventionalfinance,wecannotignoretheethicalepistemologyofIslamicfinance.

TheexistenceofIslamicethicalvaluesplaysasignificantroleinguidingpermissiblebusinessactivitiesconductedinaccordancewithSyariahcompliantprinciples.

TheimportanceofindependentSyariahsupervisionwillsignificantlyinfluencethedevelopmentoftheIslamiccapitalmarket.

Therefore,anykindoffinancialassetsmustbescreenedusingIslamicethicalcriteriainvolvingtheSyariahAdvisoryCounciloftheSecuritiesCommissionMalaysiaand
DowJonescriteriaforportfolioinvestmentinMuslimcountries,whichcancontributetotheireconomicdevelopment,whilebringingpotentiallyattractivereturnsto
investorsthemselves.

ProfDrKhaliqAhmadisthefoundingpresidentoftheInternationalCouncilofIslamicFinanceEducatorsanddean,InstituteofIslamicBankingand
Finance,InternationalIslamicUniversityMalaysia,Gombak
3,364reads

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LetterbombexplodesatFranceofficeofIMF,injuring1(http://api.cxense.com/public/widget/click/wwVAzn2e9RJdklTVR9nyGpeH14Ybw5AGBUrKthP4A
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