Islamic Finance gif
ing and satisfying contributions that I have made while with CIMB Islamic as it allows Islamic financial institutions access to a formal derivatives market to better manage their risks.
Aside from all of the above, I have had a high degree of satisfaction in advising and draft- ing new legislations and regulations in many jurisdictions that wanted to develop Islamic banking and finance industry, in my per- sonal as well as professional capacity. It is these new legislative and regulatory frame- works that enable the industry to prosper and grow.
What are your thoughts on the future of Is- lamic finance?
jurisdictions, thus paving the way for others to do the same.
In addition, a very healthy impact that I have made to the industry is the development of a formal Islamic derivatives market in Malay- sia and Southeast Asia.
Together with the International Swaps and Derivatives Association (ISDA), I helped draft an ISDA based Shariah compliant derivative agreement, which eventually became the base for the document that was later adopt- ed under the International Islamic Financial Market (IIFM). It was one of the most excit-
The Islamic banking and finance industry has been growing steadily over the years and will continue to grow in tandem with greater economic prosperity globally, particularly in Islamic countries. However, if financial regu- lators and governments fail to enable the industry effectively and efficiently, there is a danger that its growth will be stunted from achieving its real potential.
Therefore, the appropriate legislative, regu- latory and legal frameworks (in the manner seen in Malaysia) must be put in place in the domestic financial market of all jurisdic- tions that want to broaden and deepen their contemporary financial activities. The future
of the Islamic banking and finance industry would also be better assured when all par- ties accept the fact that Shariah is applied on jurisdictional basis and that all interpre- tations of Shariah are valid and enforceable for as long as it is based on the Quran and legitimate Hadith, the two sources of Sha- riah.
What advice would you give to those want- ing to enter your sector of expertise?
I would advise those who wish to join Islamic banking and finance to enter it with a clean slate without any biased, preconceived or indoctrinated ideas on Islamic banking and finance. Go back to the very basics, which is the Quran and Hadith. Besides that, candi- dates should have the passion and not join the industry purely for financial gain.
Most importantly, candidates also need to have a high degree of patience and perse- verance as there could be more disappoint- ments than successes in the initial stages of their career. They will find that the going is tough as the conventional riba based fi- nancial business is very dominant, but good business sense will always prevail and peo- ple will eventually see the value of the propo- sitions available under Islamic banking and finance.
2012 April Global Islamic Finance 25
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