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Keynote Presentation: Shariah as Key Pillar in Overall Islamic Financial Industry

Keynote Presentation: Shariah as Key Pillar in Overall Islamic Financial Industry . Rapid expansion with bright growth prospects. Continuously facing issues and challenges. Confront and resolve issues. Rapid Expansion.

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Keynote Presentation: Shariah as Key Pillar in Overall Islamic Financial Industry

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  1. Keynote Presentation: Shariah as Key Pillar in Overall Islamic Financial Industry

  2. Rapid expansion with bright growth prospects • Continuously facing issues and challenges • Confront and resolve issues

  3. Rapid Expansion • Greater efforts to develop a comprehensive financial system • Banking, takaful, and financial market • Growing asset size • Islamic finance is now globally integrated • Facilitates cross border trade • Active involvement of conventional markets in Islamic finance • Islamic bank is governed by its own set of international • regulatory and prudential standards • Malaysia Islamic finance initiatives Operates in more challenging environment ...

  4. Issues and Challenges... Given that... There is this need to... Confront and resolve issues \ • Fast evolution of Islamic financial system • Rising competition from well established and emerging financial centres • Untapped potential in the industry • Continuously review regulatory and legal framework to suit Shariah requirements Modernize and innovate Islamic financial system within Shariah boundary to meet customers’ demand • Develop and standardize global Islamic banking practices – promote uniformity to facilitate cross border transaction and global convention – equivalent to ISDA, UCP • Conduct in depth research and find solution on Shariah issues relating to risk mitigation, liquidity management and hedging • Address shortage of talents in particular financial savvy Shariah Scholars and Shariah savvy financial practitioners • Continuous adaptation of Islamic financial products - is it sustainable?

  5. “...To each among you, We have prescribed a law and a clear way. If Allâh willed, He would have made you one nation, but that (He) may test you in what He has given you; so strive as in a race in good deeds. The return of you (all) is to Allâh; then He will inform you about that in which you used to differ.” Surah al-Maidah : verse 48

  6. Thank you I hereby officiate the International Shariah Scholars Dialogue 2006 May we have a successful dialogue, InsyaAllah

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