Thursday, December 13, 2012

Akta perbankan Islam, takaful tahun depan

Johor Bahru: Akta khusus bagi mengawal selia industri kewangan Islam dan takaful akan berkuat kuasa tahun depan, kata Gabenor Bank Negara Malaysia, Tan Sri Dr Zeti Akhtar Aziz. Beliau berkata, rang undang-undang bagi Akta Perkhidmatan Kewangan Islam dan Takaful itu sudah memasuki bacaan pertama dan kedua di Parlimen. “Buat masa ini, sektor kewangan Islam dikawal selia Akta Perbankan dan Institusi Kewangan (BAFIA) dan (selepas ini akan diambil alih) Akta Perkhidmatan Kewangan Islam dan Takaful (yang) akan mula berkuat kuasa tahun depan,” katanya pada sampingan Forum Kewangan Ekonomi Islam (WIEF) Ke8 di Johor Bahru, semalam. 'Beliau sebelum itu menyampaikan ucaptama pada forum bertajuk “Bersandar Ke Atas Kewangan Islam: Daripada Perundangan Kepada Nilai Ekonomi”. Zeti berkata, akta baharu itu bukan saja akan menyeragamkan keperluan perundangan bagi seluruh sektor, malah ia juga akan memastikan undangundang berkenaan turut mencerminkan ciri-ciri kontrak Syariah. Katanya, ia juga akan memastikan tahap peraturan adalah sepadan dengan tahap risiko institusi, pasaran dan produk kewangan Islam yang terdapat dalam seluruh sistem kewangan Islam. “Keperluan perundangan lebih jelas seperti dinyatakan oleh prinsip Syariah akan membolehkan peserta sistem kewangan Islam menyelaraskan amalan serta jangkaan masing-masing dengan tepat apabila mereka melaksanakan urus niaga serta perniagaan kewangan Islam,” katanya. Zeti berkata, walaupun pengamal dan ilmuwan kewangan Islam akan terus menggunakan sumber ‘fiqh muamalat’ untuk mewujudkan instrumen baru dan inovatif, rangka kerja perundangan masih perlu diperkukuh bagi memastikan ia diseragamkan dengan perkembangan baru dalam pasaran kewangan. Ini, katanya akan terus memberi keyakinan terhadap produk inovatif dan urus niaga kewangan. “Malah, ketika kegiatan kewangan Islam berkembang merentasi sempadan, pembangunan rangka kerja perundangan untuk memudahkan urus niaga akan menjadi teras yang paling penting. “Perlu ada pengiktirafan dan penerimaan badan kehakiman ke atas kontrak Syariah dalam sistem undangundang sivil,” katanya. Dalam perkembangan lain, Zeti berkata, Malaysia mempunyai kapasiti untuk melaksanakan pelarasan subsidi secara berperingkat tanpa memberikan tekanan kepada inflasi dan menjejaskan pengguna. Beliau berkata, ini kerana perniagaan dan syarikat tempatan mempunyai ruang mencukupi untuk mengawal serta mengurangkan kos pengeluaran masing-masing secara cekap. “Syarikat mampu menguruskan kos dengan cekap serta meningkatkan pengeluaran produk masing-masing untuk mengimbangi kenaikan harga kepada pengguna. Justeru ia tidak akan menyebabkan pengguna menanggung beban kos yang tinggi,” katanya. Pada pembentangan Bajet 2013, kerajaan mengumumkan rancangan untuk mengurangkan jumlah subsidi kepada RM37.6 bilion tahun depan yang meliputi harga barangan asas termasuk bahan bakar, gula dan minyak masak. Ia juga termasuk perbelanjaan melaksanakan beberapa program kebajikan sosial. Kerajaan dijangka membelanjakan RM42.4 bilion untuk subsidi tahun ini, 17 peratus lebih tinggi berbanding pada 2011. Paras inflasi Malaysia setakat Oktober lalu kekal stabil dengan Indeks Harga Pengguna (IHP) hanya meningkat 1.3 peratus. - sumber: http://www.bharian.com.my/bharian/articles/AktaperbankanIslam_takafultahundepan/Article/

Legal framework for Islamic banking in the process of enactment

JOHOR BAHARU: The new legal framework for Islamic banking and takaful is currently undergoing the legislative process towards its enactment, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said today. She said the new legal framework would not only streamline the legal requirements across sectors but would also ensure that the law was reflective of the nature and features of Shariah contracts. It would also ensure that the degree of regulation would commensurate with level of risks that Islamic financial institutions, markets and products pose to the overall financial sytem, Zeti said. "The greater clarity on the legal and prudential requirements underpinned by Shariah principles will enable participants of the Islamic financial system to align to their practices and expectations accordingly when undertaking Islamic financial business and transactions," she said in her keynote address at the last day of the Eighth World Islamic Economic Forum (WIEF) here today. The Governor said while Islamic finance practitioners and scholars continued to draw from the source of fiqh muamalat to create new and innovative instruments, the legal framework needed to be further strengthened to ensure alignment with new market developments. This is to ensure that it continued to lend certainty and predictability to innovative products and financial transactions, she said. -- BERNAMA Read more: Legal framework for Islamic banking in the process of enactment - Latest - New Straits Times http://www.nst.com.my/latest/legal-framework-for-islamic-banking-in-the-process-of-enactment-1.182158#ixzz2Ew3bGp34

133 syarikat kena kompaun langgar akta Perkeso

ALOR SETAR 6 Nov. - Sebanyak 133 majikan dikenakan kompaun oleh Pertubuhan Keselamatan Sosial (Perkeso) Kedah mulai Januari hingga Oktober tahun ini kerana didapati melanggar peraturan di bawah Akta Keselamatan Sosial Pekerja 1969. Pengarah Perkeso Kedah, Othman Mohd. Nordin berkata, selain itu, dalam tempoh sama juga, sebanyak 91 majikan diambil tindakan pendakwaan mahkamah berhubung pelbagai kesalahan terutama gagal mencarum pekerja mereka. Katanya, kegagalan majikan mematuhi peraturan yang ditetapkan boleh mengakibatkan mereka dipenjara sehingga dua tahun atau didenda sehingga RM10,000 atau kedua-duanya sekali. "Majikan yang belum mendaftar diseru berbuat demikian di mana-mana 46 pejabat Perkeso terdekat sebelum diambil tindakan," katanya kepada pemberita selepas majlis penyampaian Faedah Pencen Ilat kepada tiga pencarum Perkeso yang merupakan bekas kakitangan Kedah Medical Centre (KMC) di sini semalam. Yang hadir sama Ketua Pegawai Eksekutif KMC, Zabidi Abdul Razak. Pada majlis berkenaan, Perkeso Kedah turut melancarkan kempen penguatkuasaan Ops Kesan 2012 mulai bulan ini bertujuan mengambil tindakan terhadap majikan yang gagal mendaftar dan mencarum dengan agensi itu. Othman menambah, Ops Kesan Perkeso Kedah akan dilakukan dari pintu ke pintu dan majikan yang mempunyai sekurang-kurang seorang pekerja atau lebih dikehendaki mendaftar dan membayar caruman. "Ops Kesan ini bagi memastikan pekerja yang layak dilindungi di bawah Skim Insurans Bencana Pekerjaan dan Skim Pencen Ilat didaftarkan oleh majikan mereka. "Sepanjang November ini, Ops Kesan akan dilaksanakan secara meluas di seluruh negeri demi kebajikan pekerja," katanya. Beliau turut menasihatkan mana-mana majikan yang belum mendaftar dan mencarum pekerja mereka berbuat demikian sebelum dikesan melanggar peraturan tersebut sekali gus dikenakan kompaun. Tambah beliau, sehingga September tahun ini Perkeso Kedah telah membayar sebanyak RM22.8 juta melibatkan 12,112 kes serta pelbagai faedah. "Apa yang membimbangkan berlaku peningkatan tuntutan yang mendadak terutama membabitkan kemalangan di jalan raya ketika bekerja," katanya lagi. Sementara itu, pada majlis tersebut beliau turut menyerahkan bayaran pertama faedah Ilat kepada Azizah Othman, 51, M. Vartharajoo, 54, dan Romli Saad, 54, yang merupakan bekas kakitangan KMC. Artikel Penuh: http://www.utusan.com.my/utusan/Utara/20121107/wu_02/133-syarikat-kena-kompaun-langgar-akta-Perkeso#ixzz2Ew2gaXu8 © Utusan Melayu (M) Bhd

Kuat kuasa Akta Perihal Dagangan

Oleh NOR AZAN FITRI AHMAD HIDZIR, utusanjohor@yahoo.com - JOHOR BAHRU 7 Nov. - Akta Perihal Dagangan 2011 merupakan pendekatan terbaik kerajaan bagi membendung lambakan produk yang diragui status halalnya daripada terus digunakan umat Islam di negara ini. Pengerusi Jawatankuasa Agama negeri, Datuk Zainal Abidin Osman (gambar) berkata, sejak ia dikuatkuasakan, hanya Jabatan Kemajuan Islam Malaysia (Jakim) dan Jabatan Agama Islam negeri dibenarkan untuk mengeluarkan sijil perakuan dan logo halal di negara ini. Beliau berkata, penggunaan logo halal daripada pihak swasta tidak dibenarkan dan para peniaga yang masih menggunakannya perlu memperbaharui logo lama kepada logo halal baru. "Bagaimanapun masih ada yang beranggapan proses pembaharuan sijil logo halal ini sesuatu yang menyusahkan dan membazir masa dan wang tetapi jika dikaji semula ia banyak memberikan kebaikan daripada keburukan. "Para peniaga hanya perlu mematuhi prosedur yang ditetapkan untuk mendapatkan pengesahan sijil halal tetapi keperluan itu mengambil kira kepentingan masyarakat dan umat Islam khususnya di negara ini," katanya pada Majlis Perasmian Seminar Kepenggunaan Halal (Akta Perihal Dagangan 2011) di Pusat Islam Iskandar, di sini hari ini. Teks ucapan beliau dibacakan oleh Pengarah Jabatan Agama Johor, Datuk Abdul Razak Hassan. Seminar selama sehari itu dihadiri kira-kira 400 peserta yang terdiri daripada usahawan, pertubuhan bukan kerajaan serta agensi kerajaan. Zainal Abidin berkata, dengan wujudnya akta itu, para pengusaha dan pengilang tidak boleh sewenang-wenangnya menggunakan logo halal kecuali memiliki sijil halal sah serta segala proses perlu mematuhi hukum syarak. Artikel Penuh: http://www.utusan.com.my/utusan/Johor/20121108/wj_01/Kuat-kuasa-Akta-Perihal-Dagangan#ixzz2Ew2SFjOI © Utusan Melayu (M) Bhd

Denda RM10j dedah dokumen pelanggan bank

KUALA LUMPUR 22 Nov. - Mereka yang didapati bersalah kerana mendedahkan maklumat pelanggan mana-mana institusi kewangan kepada pihak lain boleh dipenjara tidak lebih lima tahun atau denda tidak melebihi RM10 juta atau kedua-duanya sekali sebaik sahaja Rang Undang-Undang Perkhidmatan Kewangan 2012 mula dikuatkuasakan. Rang undang-undang itu telah dibentang untuk bacaan kali pertama oleh Timbalan Menteri Kewangan, Datuk Dr. Awang Adek Hussin di Dewan Rakyat hari ini. Secara umumnya rang undang-undang itu memperuntukkan bahawa seseorang yang mempunyai akses kepada apa jua dokumen atau maklumat berhubung akaun mana-mana pelanggan di mana-mana institusi kewangan dilarang mendedahkannya kepada orang lain. Yang dimaksudkan pihak yang mempunyai akses itu termasuk institusi kewangan itu sendiri atau mana-mana orang yang pernah menjadi pengarah, pegawai atau ejen institusi kewangan tersebut. Larangan itu terkandung di bawah Seksyen 133 rang undang-undang itu yang menyebut secara khusus berhubung soal kerahsiaan. Namun, rang undang-undang itu ada memberi pengecualian terhadap apa-apa dokumen atau maklumat berhubung hal ehwal atau akaun mana-mana pelanggan bagi sesuatu institusi kewangan. Pengecualian itu merangkumi maklumat yang didedahkan kepada bank oleh mana-mana pegawainya atau mana-mana orang yang dilantik di bawah rang undang-undang tersebut atau Akta Bank Negara 2009. Selain itu, pengecualian turut diberikan kepada mana-mana dokumen atau maklumat yang dibenarkan secara bertulis oleh pelanggan, wasi atau pentadbir pelanggan kepada pihak yang dibenarkan oleh mereka. Pengecualian juga diberikan jika pelanggan diisytiharkan bankrap di Malaysia atau di mana-mana negara, wilayah atau di luar Malaysia. Maklumat dan dokumen berkaitan pelanggan terbabit boleh didedahkan kepada sesiapa yang perlu mengetahui status kebankrapannya. Rang undang-undang tersebut bertujuan menggabungkan Akta Bank dan Institusi-Institusi Kewangan 1989; Akta Insurans 1996; Akta Sistem Pembayaran 2003 dan Akta Kawalan Pertukaran Wang 1953. Artikel Penuh: http://www.utusan.com.my/utusan/Parlimen/20121123/pa_02/Denda-RM10j-dedah-dokumen-pelanggan-bank#ixzz2Ew214aSV © Utusan Melayu (M) Bhd

Pengamal perubatan tradisional, komplementari wajib berdaftar

KUALA LUMPUR 3 Dis. - Dewan Negara hari ini meluluskan Rang Undang-Undang Perubatan Tradisional dan Komplementari 2012 yang mewajibkan semua pengamal perubatan tradisional berdaftar dengan Majlis Perubatan Tradisional dan Komplementari yang akan ditubuhkan. Timbalan Menteri Kesihatan, Datuk Rosnah Abdul Rashid Shirlin ketika menggulung perbahasan rang undang-undang itu di Dewan Negara berkata, sebanyak 13,811 pengamal perubatan tradisional dan komplementari di seluruh negara telah berdaftar dengan kementerian sehingga kini. Katanya, menerusi akta tersebut, gelaran doktor hanya diberikan kepada pengamal perubatan tradisional dan komplementari yang berkelayakan dengan lima tahun ijazah asas, di samping memenuhi kelayakan ditentukan majlis berkenaan. “Rang undang-undang ini tidak membenarkan individu yang hanya mengikuti kursus pendek (dalam bidang berkenaan) untuk menggunakan gelaran doktor, contohnya Dr. (H) untuk pengamal homeopati," katanya. Berhubung garis panduan perubatan Islam atau Rukyah, Rosnah memberitahunya, kementeriannya telah pun menerbitkan buku ‘Garis Panduan dalam Perubatan Islam’ yang perlu dipatuhi dan diikuti pengamalnya. “Perubatan Islam Rukyah ialah ikhtiar penyembuhan penyakit rohani dan jasmani oleh seorang Islam yang mahir dalam kaedah rawatan dengan mengggunakan ayat-ayat al-Quran atau hadis serta bahan-bahan atau kaedah dibenarkan syarak. Terdapat 600 pengamal perubatan cara ini yang berdaftar dengan kementerian," katanya. Dalam pada itu, menurut Rosnah, sehingga kini, terdapat lapan institusi pengajian tinggi (IPT) tempatan yang menawarkan program pengajian akademik dalam bidang perubatan tradisional dan komplementari. “Kursus yang ditawarkan termasuk program Ijazah Sarjana Perubatan Tradisional China, Ijazah Sarjana Muda Perubatan Tradisional China dan Ijazah Sarjana Muda Homeopati," katanya. Artikel Penuh: http://www.utusan.com.my/utusan/Dalam_Negeri/20121204/dn_09/Pengamal-perubatan-tradisional,-komplementari-wajib-berdaftar#ixzz2Ew1FuiJn © Utusan Melayu (M) Bhd

Akta pindah banduan antarabangsa diluluskan

KUALA LUMPUR 4 Dis. - Dewan Negara hari ini meluluskan Rang Undang-Undang Pemindahan Antarabangsa Banduan 2012 yang bertujuan membawa balik banduan warga Malaysia yang ditahan di luar negara bagi menjalani baki hukuman penjara di negara ini. Rang Undang-Undang itu juga membolehkan banduan warganegara asing di negara ini dipindahkan ke negara asal bagi menjalani baki hukuman penjara. Timbalan Menteri Dalam Negeri, Datuk Lee Chee Leong ketika menggulung perbahasan rang undang-undang itu di Dewan Negara berkata, akta berkenaan hanya boleh dilaksanakan melalui hubungan dua hala menerusi negara yang bersetuju menandatangani perjanjian atau triti berkenaan. Beliau memberitahu, sehingga kini, seramai 2,622 warga Malaysia merangkumi 481 wanita sedang dipenjarakan di 59 negara di atas pelbagai kesalahan termasuk dadah, curi dan kad kredit. "Daripada 59 negara, 39 negara melaksanakan sistem pemindahan antarabangsa banduan dan secara keseluruhan, terdapat 99 negara di dunia melaksanakan sistem ini," katanya. Semasa membentangkan rang undang-undang itu untuk bacaan kali kedua di Dewan Negara, Chee Leong berkata, akta itu diwujudkan kerana kes warga Malaysia ditahan di penjara luar negara semakin meningkat dan menyebabkan golongan itu terpaksa mengikuti acuan program pemulihan yang berbeza dari segi budaya, agama dan bahasa. Katanya, akta itu juga dapat mengurangkan jumlah banduan asing di Malaysia memandangkan statistik Jabatan Imigresen dan Polis Diraja Malaysia (PDRM) menunjukkan lebih 40,000 warga asing telah ditangkap dan didakwa setiap tahun kerana pelbagai kesalahan. Selain rang undang-undang tersebut, sidang Dewan Negara hari ini turut meluluskan Rang Undang-Undang Hakmilik Strata (Pindaan) 2012 yang membenarkan pengeluaran hak milik strata dan pemilikan kosong atau 'vacant possession' diberikan secara serentak berbanding secara berasingan sebelum ini. Sidang Dewan Negara hari ini juga meluluskan Rang Undang-Undang Keselamatan Sosial Pekerja (Pindaan) 2012 yang bertujuan menaikkan had umur daripada 55 tahun kepada 60 tahun bagi kelayakan mendapat pencen ilat serta pencen penakat. Artikel Penuh: http://www.utusan.com.my/utusan/Parlimen/20121205/pa_05/Akta-pindah-banduan-antarabangsa-diluluskan#ixzz2Ew0mejPS © Utusan Melayu (M) Bhd

Akta pantau pusat kecantikan bakal diwujud

KUALA LUMPUR 11 Dis. - Kementerian Kesihatan sedang menimbang untuk mewujudkan akta bagi memantau aktiviti pusat-pusat kecantikan dan mengambil tindakan jika berlaku sebarang salah laku, kata Menterinya Datuk Seri Liow Tiong Lai. Beliau berkata, pada masa ini tiada sebarang peruntukan undang-undang di bawah kementerian bagi mengambil tindakan terhadap mana-mana pakar kecantikan tidak bertauliah yang melakukan aktiviti di luar bidang kerja termasuk penyuntikan, yang hanya boleh dilakukan oleh doktor perubatan. "Kementerian memang dalam kajian wujudkan akta baharu untuk pantau pakar kecantikan dan terapi. Bila mereka jalankan kerja-kerja di luar bidang, ia adalah satu jenayah. Kita akan bincang lebih lanjut untuk pastikan penguatkuasaan berkesan," katanya menjawab soalan tambahan Senator Noriah Mahat pada persidangan Dewan Negara hari ini. - BERNAMA Artikel Penuh: http://www.utusan.com.my/utusan/Dalam_Negeri/20121211/dn_31/Akta-pantau-pusat-kecantikan-bakal-diwujud#ixzz2Ew0Nyxo4 © Utusan Melayu (M) Bhd

Pinda akta daun ketum kepada Akta Dadah Berbahaya

KUALA LUMPUR 12 Dis. - Jabatan Peguam Negara dan Kementerian Dalam Negeri digesa mengkaji semula undang-undang berkaitan penyalahgunaan daun ketum agar dipinda kepada Akta Dadah Berbahaya, berbanding Akta Racun yang digunakan sekarang. Ahli Dewan Negara, Mohd. Khalid Ahmad berkata, pindaan itu juga perlu merangkumi kesalahan menghidu gam yang banyak dilakukan golongan remaja di negara ini. Katanya, hal demikian ini kerana denda kesalahan penyalahgunaan air daun ketum yang mengkhayalkan di bawah Seksyen 30 (3) Akta Racun 1952 didapati rendah iaitu tidak lebih RM10,000 atau penjara maksimum empat tahun. "Kajian Persatuan Pengasih Malaysia menunjukkan ramai yang mengambil air daun ketum untuk dicampur dengan kopi bagi mendapatkan tenaga dan ramai anak remaja terbabit dalam hal ini," katanya semasa membahaskan Rang Undang-Undang Perbekalan 2013 dalam sidang Dewan Negara hari ini. Mohd. Khalid menambah, dakwaan sesetengah pihak kononnya minum air daun ketum boleh menurunkan tekanan darah tinggi dan sebagainya adalah tidak benar dan diragui. "Kalau betul, kenapa pada Pameran Antarabangsa Pertanian, Hortikultur dan Agro Pelancongan Malaysia (MAHA 2012) tiada pameran mengenai air daun ketum seperti tongkat ali dan kacip fatimah," katanya. Dalam pada itu, Ahli Dewan Negara, Datuk Boon Som Inong memberitahu, penjualan air daun ketum oleh penduduk tempatan di utara tanah air kepada rakyat Thailand juga didapati berleluasa. "Sudah seperti industri dan mereka boleh jual sekitar RM30 sepeket kepada orang Thailand namun di negara itu ia adalah satu kesalahan," katanya. Artikel Penuh: http://www.utusan.com.my/utusan/Parlimen/20121213/pa_02/Pinda-akta-daun-ketum-kepada-Akta-Dadah-Berbahaya#ixzz2Ew05c2hO © Utusan Melayu (M) Bhd

Akta pantau dana asing biaya NGO tempatan

Kuala Lumpur: Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan (KPDNKK) tidak menolak kemungkinan mewujudkan undang-undang bagi memantau penyaluran dana asing ke badan bukan kerajaan (NGO) dan syarikat di negara ini. Timbalan Menterinya, Datuk Tan Lian Hoe, berkata pada masa ini bidang kuasa penguatkuasaan KPDNKK melalui Suruhanjaya Syarikat Malaysia (SSM) hanya terhad kepada kawal selia undang-undang yang termaktub mengikut Akta Syarikat 1965 dan Akta Pendaftaran Perniagaan 1956. Tidak mempunyai bidang kuasa “SSM tidak mempunyai bidang kuasa seliaan terhadap perkara berkaitan penerimaan dan kemasukan dana asing ke dalam NGO, syarikat dan juga perniagaan di Malaysia...penggubalan undang-undang baru ini kelak mungkin akan membabitkan KPDNKK dengan Bank Negara Malaysia. “Sebagai contoh pula, undang-undang baru itu akan menggariskan supaya NGO atau mana-mana syarikat yang menerima dana asing mengisytiharkan jumlah dana asing yang diterima serta cara penggunaannya,” katanya menjawab soalan tambahan Senator Ahamat @ Ahamad Yusop di Dewan Negara, semalam. Menjawab soalan asal Ahamat mengenai bentuk pemantauan yang dibuat terhadap syarikat bagi mengelakkan pelanggaran Akta Syarikat 1965, Lian Hoe berkata SSM melaksanakan beberapa langkah proaktif dan reaktif bagi memastikan pematuhan terhadap akta berkenaan. Katanya, aktiviti pemantauan proaktif yang dijalankan termasuk pemantauan rutin terhadap data sistem maklumat syarikat perniagaan, pemeriksaan rutin ke alamat berdaftar syarikat dan premis perniagaan. “Selain itu, ia juga membabitkan pemantauan melalui media serta semakan terhadap dokumen seperti penyata tahunan dan penyata kewangan syarikat yang wajib diserah-simpan kepada SSM. “Aktiviti penguatkuasaan reaktif pula dilaksanakan berdasarkan aduan dan laporan yang diterima melalui kaunter aduan, surat, laporan akhbar dan laman sesawang rasmi SSM serta rujukan daripada agensi pengawal selia lain,” katanya. - BERNAMA - sumber: http://www.bharian.com.my/bharian/articles/AktapantaudanaasingbiayaNGOtempatan/Article/index_html

Jawab periksa guna bahasa SMS

DBP anggap petanda bahaya apabila pelajar guna dalam peperiksaan awam, IPT - Kota Bharu: Penggunaan bahasa ringkas atau Khidmat Pesanan Ringkas (SMS) kini semakin membimbangkan apabila ia turut digunakan oleh pelajar dalam peperiksaan rasmi, termasuk di peringkat institusi pengajian tinggi. Penemuan itu hasil kajian yang dijalankan oleh sekumpulan penyelidik Universiti Kebangsaan Malaysia (UKM) berhubung penggunaan bahasa ringkas yang memfokuskan calon Sijil Pelajaran Malaysia (SPM), Sijil Tinggi Persekolahan Malaysia (STPM) serta pelajar universiti. “Selain itu, kajian berkenaan turut mendapati ada pelajar yang menggunakan bahasa pasar seperti 'sedap gila’, 'laju gila’ dan sebagainya," Dr Awang Sariyan, Ketua Pengarah Dewan Bahasa dan Pustaka (DBP) Ketua Pengarah Dewan Bahasa dan Pustaka (DBP), Dr Awang Sariyan (kanan), berkata isu itu sudah menjadi petanda bahaya kepada pelajar kerana menjawab peperiksaan dengan perkataan singkatan sehingga sukar difahami pemeriksa. Bahasa ringkas Katanya, kebanyakan pelajar tidak serius dalam penggunaan bahasa dan mereka tidak mementingkan susunan ayat yang betul kerana sudah biasa menggunakan bahasa ringkas dalam perbualan harian, termasuk SMS dan Facebook. Banyak singkatan tidak difahami, makna berubah “Justeru, penggunaan bahasa SMS ini memainkan satu bibit atau ragam bahasa bukan saja penggunaan bahasa sangat santai, tetapi banyak singkatan yang tidak difahami dan perubahan makna sangat ketara. “Selain itu, kajian berkenaan turut mendapati ada pelajar yang menggunakan bahasa pasar seperti 'sedap gila’, 'laju gila’ dan sebagainya,” katanya di Majlis Perasmian Simposium Tun Syed Nasir Sempena Sambutan Bulan Bahasa Kebangsaan 2012 Peringkat Kelantan, di sini, semalam. Masih terkawal Awang bagaimanapun berkata, penggunaan bahasa SMS itu masih lagi terkawal, tetapi perlu dilihat dalam konteks yang lebih serius kerana hal begitu sebenarnya mengganggu dan menjejaskan bahasa kebangsaan. “Menghalang bahasa ringkas menular dalam urusan harian bukanlah mudah kerana dalam percakapan harian pun kita sudah menggunakan bahasa pasar dan sebagainya yang sedikit sebanyak mencalarkan imej bahasa ibunda. “Kalau kita nak gunakan bahasa ringkas, tiada masalah, tetapi mesti digunakan dalam konteks yang sangat kecil. Jika kita menulis atau berhubung dalam konteks yang lebih umum, maknanya bahasa digunakan bersama orang awam hendaklah teratur dan terkawal,” katanya. Awang berkata, dalam memartabatkan bahasa dan persuratan Melayu sebagai benteng peradaban bangsa, semua peringkat masyarakat seharusnya berganding bahu supaya mutu penggunaan bahasa sentiasa terkawal. - sumber: http://www.bharian.com.my/bharian/articles/JawabperiksagunabahasaSMS/Article/artikel

Akta lindungi data peribadi mulai Januari 2013

Kuala Lumpur: Akta Perlindungan Data Peribadi, yang bertujuan mencegah penyalahgunaan data peribadi orang awam untuk tujuan komersial, akan berkuat kuasa 1 Januari depan. Timbalan Menteri Penerangan Komunikasi dan Kebudayaan Datuk Joseph Salang, berkata akta itu, yang diluluskan Parlimen pada 2010, akan memainkan peranan penting dalam melindungi kepentingan individu. Katanya, ia akan menjadikannya satu kesalahan bagi entiti korporat atau individu untuk menjual maklumat peribadi atau membenarkan penggunaan data oleh pihak ketiga. Beliau berkata, banyak pihak berasakan penguatkuasaan akta itu adalah tepat pada masanya kerana ia akan memudahkan pemindahan dan penghantaran maklumat peribadi serta maklumat yang amat penting dengan lancar. “Ia memberikan orang ramai lebih banyak kawalan terhadap data peribadi mereka. Apabila persetujuan diperlukan untuk pemprosesan data, ia diberi dengan jelas dan bukannya secara tersirat atau rekaan,” katanya dalam ucaptama pada Sidang Kemuncak Tahunan Kedua Perlindungan Data Peribadi di sini, semalam. Audit data berterusan Beliau berkata organisasi, dari satu sudut, perlu memulakan amalan audit data peribadi secara berterusan untuk memastikan ia mematuhi undang-undang. Salang berkata, untuk mentadbir undang-undang itu, Jabatan Perlindungan Data Peribadi ditubuhkan pada 16 Mei 2011. Beliau berkata mengikut akta itu, mereka didapati bersalah boleh dipenjara sehingga dua tahun atau denda RM300,000 atau kedua-duanya. - BERNAMA - sumber: http://www.bharian.com.my/bharian/articles/AktalindungidataperibadimulaiJanuari/Article/artikel

Tiada impak inflasi - Zeti

Oleh MOHAMAD FIKRI ROSLY ekonomi@utusan.com.my - JOHOR BAHRU 6 Dis. - Pengurangan subsidi yang dimulakan kerajaan secara berperingkat tidak akan memberi impak inflasi dan perubahan kadar faedah ketara kepada pengguna kerana negara mempunyai kemampuan untuk melakukan rasionalisasi secara beransur-ansur. Gabenor Bank Negara Malaysia, Tan Sri Dr. Zeti Akhtar Aziz berkata, pendekatan tersebut memberikan lebih banyak ruang dan masa untuk industri dan pengguna menyediakan diri melalui langkah pengurusan yang lebih berkesan dan peningkatan produktiviti. "Malaysia mempunyai prospek rasionalisasi dan mengemaskini pemberian subsidi secara berperingkat dan mempunyai ruang untuk berbuat demikian supaya perniagaan dapat menyesuaikan diri dengan keadaan tersebut. "Banyak cara dapat diguna pakai untuk mengurangkan kos tanpa melepaskan bebanan kos kepada pengguna. Pengurusan yang lebih efisien dan peningkatan produktiviti akan meringankan kenaikan harga kepada pengguna akhir," katanya. Beliau berkata demikian kepada pemberita selepas sesi forum Perbankan Kewangan Islam: Dari Kerangka Perundangan Ke Nilai Ekonomi dalam Forum Ekonomi Islam Dunia (WIEF) Kelapan di Pusat Konvensyen Antarabangsa Persada, di sini hari ini. Antara panel yang menyertai sesi tersebut adalah Pengarah Global Kewangan Islam dan Negara-Negara OIC untuk Thomson Reuters, Rushdi Siddiqui dari Amerika Syarikat; Ketua Pegawai Eksekutif Bank Nizwa, Jamil El Jaroudi dari Oman dan Pengarah Urusan Crescent Wealth, Talal Yassine dari Australia. Menurut Zeti, forum itu membincangkan tentang manfaat kewangan Islam kerana salah harga risiko dalam sistem kewangan global sekarang adalah antara faktor yang menyumbang kepada krisis ekonomi. "Kewangan Islam adalah mengenai perkongsian keuntungan dan risiko dengan pengurusan risiko yang sangat eksplisit. Pendedahan tahap tinggi terhadap sesuatu transaksi di dalam kewangan Islam membuatkan prospek salah harga risiko sangat kecil. "Penggunaannya dalam dunia Islam akan membabitkan perundangan di bawah Akta Perkhidmatan Kewangan, Akta Kewangan Islam dan Akta Takaful. Sekarang industri berada di bawah BAFIA dan kami menjangka Akta Perkhidmatan Kewangan Islam akan dimulakan tahun depan," katanya. Tambah Zeti, beliau gembira dengan prestasi kewangan mikro Islam di Malaysia yang menyaksikan peningkatan besar dengan menguasai 40 peratus daripada keseluruhan kewangan mikro negara. Menyentuh mengenai perkembangan ekonomi negara tahun hadapan, Zeti menyifatkan ia adalah positif berdasarkan usahasama sektor awam dan swasta yang erat melibatkan pelbagai projek yang kini berada di peringkat pelaksanaan dan pelaburan yang tinggi. Artikel Penuh: http://www.utusan.com.my/utusan/Ekonomi/20121207/ek_01/Tiada-impak-inflasi---Zeti#ixzz2Evxtn7OA © Utusan Melayu (M) Bhd

Kerjasama tangani risiko kewangan - Zeti

KUALA LUMPUR 12 Dis. - Satu platform kerjasama antarabangsa perlu diperkenalkan bagi memudahkan penyelarasan dan tadbir urus dasar yang berkesan untuk menangani risiko kewangan dalam menghadapi liberalisasi kewangan yang semakin meluas. Ketika membuat saranan itu, Gabenor Bank Negara Malaysia (BNM), Tan Sri Dr. Zeti Akhtar Aziz berkata, walaupun terdapat pelbagai reformasi kewangan untuk memperkukuh daya tahan sektor kewangan global tetapi penggubalan dasar yang merentas sempadan belum meluas. Untuk mempermudah tindakan membuat keputusan dasar yang berkesan, kata Zeti, perlu ada platform dan proses tadbir urus bagi penyelarasan dasar di semua agensi dalam sesebuah ekonomi. Beliau berkata, ia seterusnya perlu diperluaskan bagi tindakan bersama di peringkat serantau dan antarabangsa. "Persetujuan bagi kerjasama dan penyelarasan dasar di kalangan institusi belum mencapai tahap yang sepadan dengan tahap penyepaduan ekonomi dan kewangan global," tegas beliau. "Walaupun usaha persendirian oleh sesebuah ekonomi itu penting , namun ia tidak lagi dapat menjamin kestabilan kewangan global," kata beliau dalam ucapannya, bertajuk "Kestabilan Kewangan Global dan Pengantarabangsaan Sistem Kewangan dalam Ekonomi Sedang Muncul" pada Persidangan Euromoney-Qatar di Doha semalam. Teks ucapan beliau dikeluarkan di sini hari ini. Katanya, ekonomi-ekonomi baru muncul yang lebih terbuka dan bersepadu dengan ekonomi global dan sistem kewangan antarabangsa paling mudah terjejas oleh perkembangan-perkembangan semasa ketika ini. Zeti menegaskan bahawa krisis itu, mahu tidak mahu, telah menunjukkan pentingnya dimensi dasar yang bersifat antarabangsa memandangkan ia mengakibatkan pengangguran yang tinggi di kebanyakan negara. "Ia memerlukan tindak balas menyeluruh untuk memastikan keadaan yang tegang itu tidak berubah menjadi krisis kewangan yang besar," katanya. Artikel Penuh: http://www.utusan.com.my/utusan/Ekonomi/20121213/ek_02/Kerjasama-tangani-risiko-kewangan---Zeti#ixzz2EvxibM6A © Utusan Melayu (M) Bhd

Wednesday, December 05, 2012

Islamic banking: 'Be sympathetic to house buyers of abandoned projects'

KUALA LUMPUR - Islamic banking players have been urged to be sympathetic to house buyers of abandoned projects and not burden them with debt as it may lead to bankruptcy. Malaysian Muslim Consumers Association (PPIM) financial services monitoring bureau chief, Sheikh Abdul Kareem Said Khadaied said many house buyers face legal action filed by Islamic banking players demanding high payment for uncompleted houses. "For example, a house buyer was ordered by the court to pay back the full price of the house costing RM492,000 to a bank although the bank only paid RM39,000 to the developer," he said at Consumer Forum 2012 entitled "Is Islamic Banking Only In Name? here. Sheikh Abdul Kareem who was the third panel member said as an Islamic entity, banks should think of problems faced by Muslim consumers and the officers should discretion to help the house buyers. PPIM activist Shirazdeen Adam Shah served as forum moderator with Bank Islam Malaysia Bhd sharia division head, Ustaz Mohd Nadzri Chik as second panel member and Bank Muamalat Malaysia Bhd former chief executive officer, Datuk Abdul Manap Abdul Wahab as fourth panel member. First panel member was Dr Nuarrual Hilal Md Dahlan, director of Institute for Governance and Innovation Study, Universiti Utara Malaysia (UUM). Nurrual said Bank Negara should improve Islamic banking to benefit consumers, especially buyers of houses in abandoned projects. The government should compel all private developers to complete the houses and sell them by including warranty insurance to avoid problems. He also urged consumers to buy from government developers like Syarikat Perumahan Nasional Berhad (SPNB) to avoid the risk of bankruptcy. -- BERNAMA Read more: 'Be sympathetic to house buyers of abandoned projects' - Latest - New Straits Times http://www.nst.com.my/latest/be-sympathetic-to-house-buyers-of-abandoned-projects-

Strengthening the Islamic banking platform

KUALA LUMPUR: Indonesian Islamic banks like Bank Mandiri have offered strategic partnerships with foreign investors in its plantation projects, saying this would strengthen the Islamic banking platform. “Foreign companies can join us in loan syndication to (jointly) finance the medium and large scale projects,”said Bank Syariah Mandiri CEO Yuslam Fauzi during one of the GIFF industry specific dialogues held yesterday. Such cooperation would not only increase the efficiency and better manage risk but it would also strengthen Islamic banking. Indonesian banks have a great appetite for the rosy palm oil industry what with Indonesia having a 43 per cent market share of the global production plus a 7.8 per cent annual growth. Other crops which are enjoying strong growths in Indonesia are rubber with the strong demand from its automotive sector and cocoa. In the case of Malaysia, financing for downstream activities are limited as SMEs have less access to finance especially those in the timber sector. This was unlike the upstream side where the government extends financial assistance to smallholders in replanting and mechanisation Mohamed Sanuri Shahid from the Plantation Industries and Commodities ministry said financing opportunities are plentiful in large estates, forest plantations, agarwood as well as export credit financing. Meanwhile Bursa Malaysia Bhd head of Islamic and Alternative market Jamaluddin Nor Mohamad said the world's first end-to-end Syariah-compliant commodity trading platform, Bursa Suq Al-Sila' is working on expanding the number to attract higher transactions. The platform now has crude palm oil, plastic resin and RBD palm olein. After a successful joint sukuk issuance for TH Plantation Bhd, Hong Leong Islamic Bank is on an aggressive drive to have more such issues by the end of next year. Hong Leong Islamic Bank head of Islamic Institutions and corporates Syamsul Azuan Ahmad Fauzi said these are benchmark issues valued at between RM500 million and RM1billion. Other plantation companies which have issued Islamic bonds to raise funds for capital expenditure are Kuala Lumpur Kepong Bhd which sold RM1 billion of 10-year Islamic bonds while Sime Darby Bhd is also planning its first multi-currency sukuk programme of as much as US$1.5 billion. In the case of the construction sector, large infrastructure players like UEM have been heavily dependent on sukuk to finance their projects. UEM Group Bhd group managing director Datuk Izzaddin Idris said the company is likely to tap the sukuk market when it embarks on a hospital project in Kuala Lumpur. UEM is still eyeing projects in the Middle East as long as there are infrastructure construction opportunities such as World Cup 2020 in Qatar or affordable housing project in Saudi Arabia. UEM and WCT and Gamuda are among the top Malaysian players in the region. Read more: Strengthening the Islamic banking platform http://0-mobile.btimes.com.my.precise.petronas.com.my/Current_News/BTIMES/articles/20120919215900/Article/#ixzz2EASaryfu

Should you get an Islamic mortgage?

CHOICES: Dr Sr Rosli Said, Senior Lecturer, Department of Estate Management, Faculty of Built Environment, University of Malaya, reveals the workings of Islamic mortgage financing in Malaysia. RED: Please define briefly Islamic banking and explain how it differs from conventional banking. Islamic banking which follows Shariah law has been in operation since the enactment of the Islamic Banking Act in 1983. In these 30 years, Malaysia has been practising the dual-banking system - Islamic and conventional. Islamic principles dictate that money lending (dealing with interest) as well as investing in businesses that are considered haram (unlawful) are prohibited. Islamic finance is all about accumulating all the available resources (from savings) and providing financing based on pre-determined profits rather than dealing with interest. All the available resources will be utilised by Islamic banks to provide financing through either buying, selling or leasing. Islamic banks are required to buy an asset (including real estate) and lease it to the customer through a co-ownership agreement where the customer pays 10 per cent downpayment (customer’s equity) and the bank will finance the balance of 90 per cent (bank’s equity). On the assumption that the customer occupies the house, the bank will rent its 90 per cent equity (share) to the customer who pays rent for occupying the bank’s equity. The title of the property is still in the customer’s name although the asset is co-owned within the contractual agreement. The customer holds 90 per cent of beneficial ownership with the bank acting as trustee. During the amortising period, the bank will transfer its equity to the customer over time. Therefore, as compared to conventional banking, the transaction is not considered as a property loan but more as property financing based on co-ownership principles. The differences are based on the principles attached to each system – halal vs haram, interest vs profit, loan vs financing and ownership vs co-ownership. • RED: What are the advantages or weaknesses of Islamic property financing compared to conventional financing? We should focus on which Islamic products we are dealing with - al-bay’ bithaman ajil (BBA) or the musharakah mutanaqisah (MM). BBA is the older concept of Islamic home financing which was very complicated when it came to settlements/recovery. It also had financial liquidity problems especially during the 1997/98 Asian financial crisis where Islamic banks were unable to react to the sharp rise in interest rates. The MM is actually the latest Islamic financing concept which have eliminated, though not all, the previous issues. I am focusing on the MM. The main advantages of Islamic property financing are: • Fixed payment – fixed monthly payment will help the customer to balance their monthly budget. • Stamp duty – Since 2007 Budget, it is cheaper by 20 per cent as compared to conventional loan. Stamp duty is waived for the redeemed amount when refinancing from a conventional loan to an Islamic home finance. • Penalty fee – whilst conventional loan’s penalty fee for early settlement (prepayment) is set at a certain percentage, the Islamic bank will charge based on the bank’s prevailing cost of funds. However, the fee differs from one Islamic bank to another. • Interest rate cap – Islamic banking is based on Base Financing Rate (BFR) which the bank can actually adjust (the rent) based on the prevailing market conditions but not more than the ceiling rate (cap rate), i.e. the maximum profit an Islamic finance provider will earn. As such, when the BFR changes due to changes in economic conditions, the price of property and financing will also change. However, the BFR will be constant regardless of the location of the property, whether it is in Johor Bahru or Kuala Lumpur. There is no interest rate cap for conventional loans. The main weaknesses of Islamic property financing are: • Penalty rate – Although floating rate for the penalty may be attractive at some point in time but it is less desirable during the high interest rate regime. • Uncertainty of the numbers – although the Islamic financing concept sounds acceptable, the basis of calculation between one bank to another differs significantly. In my experience with one of the Islamic banks, they still have to work within the conventional system i.e. by reversing the amortisation of principal plus interest as implemented for conventional loans. This may not be considered as one of the weaknesses but it makes both the bank and customer feel uncertain. See Tables1 & 2. • Alteration of terms of financing – should a customer choose to alter the terms of financing, a new Sale and Buy-back agreement needs to be created and signed. A conventional loan would only require the amendment to be stamped which incurs cheaper cost. • RED: In Islamic banking, there is no interest, so how does the financing work in terms of property purchases? The profit is normally calculated upfront prior to approval of home financing. The calculation of the profit is similar to conventional loan which is based either on monthly or daily rest. The calculation of monthly instalment is also based on similar mathematical model used for conventional home loan for the whole length of the amortisation period. The only difference is the rate used for conventional home loan is Base Lending Rate (BLR) whereas Islamic financing is based on Base Floating Rate (BFR). Once the profit is determined, the sale price will be established to include the principal. As in most conventional fixed rate loans, the monthly instalment in fixed-rate Islamic financing does not change throughout the amortisation period. Therefore, a decrease in the profit rate will result in surplus (rebate) to customer which directly shortens the length of the financing. In a variable rate Islamic finance, any 243,249.53decrease in the profit rate will either shorten the tenure of the loan or change the instalment amount. Any individual Islamic bank will produce different figures due to certain requirements imposed such as zero entry cost as well as the prepayment penalty. The basis of calculation between the banks will also produce different results and it is entirely up to the customer to shop around before they make up their final decision. • RED: Are there statistics to show more homebuyers opting for Islamic over conventional housing loan? Statistics show that Islamic home financing has grown over 30 per cent in the last five years as compared to conventional of around 11 per cent. The majority of demand would come from the Muslim population which is estimated at 60 per cent of Malaysia’s population. • RED: When a borrower defaults in his Islamic housing loan, is there any difference with conventional banking in terms of recovery of the outstanding loan? Islamic banks are more considerate as they would give more time to the customers according to the Islamic way of life. During this difficult time, the banks are not supposed to impose further burdens on the customer. The late payment charges are normally about 1 per cent, which is lower than conventional banks. In a worst case scenario, there is no difference in the final recovery process where both banks have the right to foreclose the transaction through auction. • RED: Are there any issues that you are aware of in regards to Islamic mortgages that are still pending resolution? Lock-in period is one of the issues that should be carefully looked into. The banks are supposed to return the rebate to the customer on all unexpired profit from the remaining tenure. However, if the customer prepaid earlier than the lock-in period, the non-refundable rebate is imposed on the original loan amount with certain percentage (e.g. 3 per cent). It seems like the unexpired profit is like the bank’s future profit which has been priced into the full amount of financing. The lock-in period is sometimes not mentioned in the letter of offer but replaced with some terms such as ‘if the cost of fund is less than the cost of borrowing’, the bank will charge the customer an administration fee if the borrower sells the property during this period. In my experience, some mortgage officers are not sure of the effect of such terms. This will create another issue in cases of refinancing, for example. Read more: COVER STORY: Should you get an Islamic mortgage? - RED - New Straits Times http://www.nst.com.my/red/cover-story-should-you-get-an-islamic-mortgage-1.149176#ixzz2EARyNeUf

Local banks dominate Islamic finance

MALAYSIA'S Islamic financial services are still dominated by local banks despite the participation of a great number of foreign banks in the sector. Deputy Finance Minister Senator Datuk Dr Awang Adek Hussin told the Dewan Rakyat that local banks currently controlled about 80 per cent of the sector. Awang, who was wrapping up the debate on the Islamic Financial Services Bill 2012 yesterday, said the sector, which had been introduced gradually in the country, was experiencing healthy growth. He said the bill had provisions to ensure that priority for local participation was maintained at all times. "The sector's assets which stood at only 1.4 per cent of the market in 1990, now stands at about 23 per cent and is worth RM459 billion. "The average growth of the Islamic financial services is now 6 per cent of its assets and 18 per cent of deposits." He said the growth rate of conventional banks was only about 6.3 per cent and 7.3 per cent respectively. He said the success of the country's Islamic financial services had even attracted Saudi Arabia's largest bank, the Al Rajhi Bank, to open its first branch outside of Saudi Arabia in Malaysia. Read more: Local banks dominate Islamic finance - General - New Straits Times http://www.nst.com.my/nation/general/local-banks-dominate-islamic-finance-1.178278#ixzz2EARZTJ00

Islamic financing, a perfect system?

By KHAIRIE HISYAM ALIMAN - NOT FOOLPROOF: Despite the advantages offered by the Islamic financing system over conventional banking, is the system itself foolproof? NST RED talks to Baiza Bain, Managing Director of Amanie Advisors, on the changes necessary in the Malaysian Islamic finance industry Following the US subprime mortgage crisis, various quarters have claimed that application of Islamic principles to international financial markets would have prevented such a crisis, as the trading of trillions of dollars without assets backing the transactions as had happened during the crisis would have been against Islamic law. However, would the practice of Islamic financing principles have prevented the US subprime mortgage crisis or is it really of no consequence? Implementation is key: “It’s a tough question,” muses Baiza. “I suppose it is not down to whether the banking system is Islamic or conventional; rather, it is down to how the banks implement their credit policy.” “Islamic or conventional does not matter, really.” Clarifying further, Baiza explains that the regulation of the system should focus on the people, not the product. Regardless of the system used, the potential for abuse will always be there. “The problem lies with the players in the market because they dictate how the market will run.” “In the US, borrowers really don’t have a choice since not many companies offer Islamic financing,” adds Baiza, pointing out that this leads to borrowers trying very hard not to default as they have few alternatives should they default on their loans. “The bottom line is how the banks implement their credit policies — it should be in line with market practice.” However, Baiza quickly notes that there is no risk of such a crisis in the Malaysian market due to the strict monitoring by the central bank. “Recently banks were instructed to tighten their financial policies and even car loans are not easily attainable anymore since we are going on net pay as opposed to gross pay.” “This was implemented in the market to ensure that the default rate stays low,” explains Baiza. “In other words, only those who can afford to pay the instalments get financing.” More options here: In comparison to the US Islamic financing market, Baiza comments that Malaysian consumers are somewhat “spoiled due to the many choices available whereas in the US, options are quite limited.” “We have many banks offering good products, so people have the option of changing from one product at one bank to a different product at another bank,” explains Baiza. “It is more liberal in Malaysia in a sense that you can move around within the market of Islamic banks that offer mortgages.” “In comparison, you can’t do that in the US because there would probably be just one or two companies at most offering Islamic financing products.” Domestic improvement: However, Baiza sees room for improvement in terms of home mortgages using the Islamic financing system, especially in terms of standardising domestic practices. “It is good that there is some standardisation in the market — you can leave some room for banks to be creative in terms of what they offer, but as far as documentation is concerned, if products are similar then we need to introduce some form of standardisation,” points out Baiza, adding that such standardisation would bring benefits such as reducing legal fees and easing processes. “In fact, the central bank is currently moving towards that.” “They are introducing Shariah parameter references, essentially practice notes to industry players explaining how each type of contract can be used,” says Baiza. “For example, in the case of murabahah — what are its applications, the fatwas supporting its use, the parameters in which the murabahah can be applied, etc.” “So it is basically a guide for industry players — not to curtail creativity, but to ensure that the application is the same,” notes Baiza, clarifying that “this is to avoid misinterpretation and to close the gap on how the contracts are being implemented.” According to Baiza, the parameters cover six types of contracts: Murabahah, Ijarah, Mudarabah, Musharakah, Istisna’ and Wadiah. “Two are in practice now whereas four are still in progress,” says Baiza, explaining that each parameter is worked on with input from industry players until it is completed. Standardising standards: Baiza also highlights that there is a significant difference in how Islamic financing is done in Malaysia as compared to the rest of the world, especially the Co-operation Council for the Arab States of the Gulf, also known as the Gulf Co-operation Council (GCC). “We do have differing standards, although both are heading in the same direction and would eventually merge, so to speak.” “Even equity screening for shariah-compliance was previously unique to Malaysia — no other country did it,” notes Baiza, adding that the screening is done based on our local settings and interpretation of Islamic guidelines. However, the days of different standards and practices are numbered. “Over the years, there has been a lot of dialogue between Malaysia, the GCC parties and the rest of the world,” comments Baiza, explaining that as a result, the Securities Commission is now moving towards adjusting Malaysian standards to be in line with international standards. “It will be implemented next year.” How is the Islamic financing market receiving this development though? “The buzz in the market is good,” answers an upbeat Baiza, sharing further that “we advise quite a number of fund managers and they have problems when going into the GCC region because if they use the Securities Commission’s equity screening methodology, it may not necessarily comply with international standards.” “So after the implementation, Malaysian funds will be more palatable to the GCC market,” concludes Baiza. Read more: COVER STORY: A perfect system? - RED - New Straits Times http://www.nst.com.my/red/cover-story-a-perfect-system-1.149178#ixzz2EAR9ajQq

“Strong legal framework needed for Islamic financing”

GROWTH CHALLENGES: Lack of a strong legal platform may hinder growth of the industry Despite the recent global economic crisis, the Islamic finance industry has continued pushing forward strongly. Entering 2012, the industry increased its total assets by 23.8 per cent by the end of 2011— comprising a hefty 22.4 per cent of the total assets of the banking system. Global recognition has not been in short supply either as evidenced by The Banker Magazine’s 2011 rankings of top Islamic financial institutions which saw 21 Malaysian institutions listed. By all appearances, Malaysia’s Islamic finance industry is well on its way to fulfilling its aspirations to becoming an international Islamic financial centre. Is it all hunky dory? Missing element: “The government should look into establishing a special court for Islamic banking,” says Datuk Ahmad Zaini Othman, Chief Executive Officer of the Malaysian Building Society Berhad (MBSB). “This is something I think is still missing in this country.” “If they want Islamic financing in Malaysia to be recognised internationally, they need to do this,” the CEO stresses. Zaini points out that at present the legal aspects such as legal settlements still go through conventional courts. While the conventional judiciary may be familiar with Islamic financing law, Zaini stresses that we need judges who not only know the Islamic financing law but who also possess deep understanding of the religious aspects that go beyond laymen comprehension. “It is all there in the Quran and Sunnah, but we need people who can correctly interpret them,” says Zaini, emphasising that “interpretation is important.” “For example, riba is not right and forbidden; however excessive profit, such as selling a property for 150 per cent profit, is wrong too.” Mismatched avenue: Zaini believes that continuing to rely on conventional courts for Islamic financing’s legal matters would be detrimental in the long run. “Conventional court in itself is a mismatch,” says Zaini, clarifying that the word ‘conventional’ does not match with ‘Islamic’. “Because it is religion-based, at the end of the day we need to return to that essence and adhere to it,” says Zaini. “That means having the necessary infrastructure to uphold it in a dedicated manner.” What might happen if conventional courts continue to be used to deal with legal matters pertaining to Islamic financing? “For one, you will continue looking at it through a secular way of thinking,” replies Zaini, adding that it may lead to oversight of some aspects based on Islamic principles. According to Zaini, another effect would be the stagnation of Islamic financing expertise in the country. “One example is the musharakah mutanaqisah product — this product is not feasible for properties under construction as some aspects of the law do not recognise certain parts of the transaction,” highlights Zaini. “So if a developer goes ahead with the product, there is no protection for the developer under any law.” The CEO further points out how the lack of protection in certain scenarios is limiting the industry. “If you want to attract foreign Islamic investment in a big way, you need to have a strong Islamic legislative framework in place.” “Foreigners would not come here and invest hundreds of millions if they are not protected,” Zaini emphasises. “With a proper legal framework, we can do much bigger business.” In addition, Zaini also points out that such a framework would also mean that the country would be more attractive to top talents in the industry. “If you do not have a very strong framework, you may not have a strong image of the Islamic platform,” says Zaini, asking rhetorically, “why would an Islamic financing talent from the GCC (Gulf Co-operation Council) come to work in Malaysia if we don’t even have a court for Islamic banking?” “He would probably much rather go to GCC countries where the legislation is more developed in this respect.” Challenging: However, Zaini admits that putting in place a legal framework for Islamic financing would be challenging. Differing opinions and interpretations worldwide pose a daunting obstacle — Zaini cites the introduction of Profit Equalisation Reserve (PER) by Bank Negara as an example. “The Islamic deposit programme is based on profit and loss whereby banks pay dividends based on the allocated profits,” says Zaini, explaining that this means the dividends are higher if the Islamic banks make good profit and vice versa. “In comparison, conventional banks pay based on a fixed amount of interest.” “So when Islamic banks report good profits and subsequently pay more dividends than conventional banks, there would be a flow of customers from the conventional banking market to the Islamic financing market.” Zaini explains further that PER was introduced to avoid the mass movement between markets by fixing the percentage of profit shared as dividends by the Islamic banks. “Say they make profit and are able to pay 9 per cent, PER means they can only pay for example 4 per cent while 5 per cent would be kept in reserve.” “There might come a time when the profit margin is smaller, in such an event, the reserve would be used to top up the dividends to be paid out,” says Zaini. “The GCC is against this and do not recognise the practice because it is not in line with shariah.” However, Zaini feels the way forward would be to ignore the differences and focus on what can actually be done. “Malaysia is heading towards a two-system financial system and for the Islamic part of it, we need a strong legal platform,” says Zaini. “I think we have a sufficient pool of shariah legal expertise, and our universities are also producing enough experts in the area of Islamic financing.” “But I think we also need to bring in scholars from abroad with a different perspective of the international market so that when we formulate the legal framework, it will be more comprehensive,” adds Zaini, explaining that doing so would enable Islamic financing in the country to reach greater heights. “Like the English law, this will not happen overnight but instead through years of practice and experience.” Read more: COVER STORY: “Strong legal framework needed for Islamic financing” - Latest - New Straits Times http://www.nst.com.my/latest/cover-story-strong-legal-framework-needed-for-islamic-financing-1.149172?cache=03D163D03edding-pred-1.1176%2F%3FpFpentwage63Dp%3A%2Fhe3D03Dn63F%3Fpage%3D0%3Fpage%3D0%3Fpage%3D0%3Fpage%3D0#ixzz2EAQXupVT

Reforms give Islamic banks growth opportunities

KUALA LUMPUR: Financial reforms in Malaysia could spur the growth of the country's Islamic banks by giving them more opportunity to tap into rural areas, which have a greater proportion of Muslims than urban centres. But concerns about profitability may slow the expansion. The central bank issued new agent banking guidelines this month that expand a pilot programme allowing lenders to offer basic financial services through non-bank retail outlets. “It will be a cost-effective channel for financial institutions to reach out to the underserved parts of the population, particularly those in rural areas,” said central bank governor Tan Sri Zeti Akhtar Aziz. The guidelines list 474 rural districts, or mukims, which can be serviced through the initiative; some of them have the highest proportions of Muslims in the country, and also the lowest average household incomes. This could give Islamic banking an important role in the Government's efforts to expand financial services to the poorest sections of the population. The populations of the states of Kedah, Kelantan, Perlis and Terengganu are on average 89.3% Muslim, much higher than 46.4% for the capital Kuala Lumpur, data from the Department of Statistics shows. - Reuters source: http://biz.thestar.com.my/news/story.asp?file=/2012/8/25/business/11912542&sec=business

Malaysia to leverage on edge in Islamic finance

KUALA LUMPUR: Malaysia will be consolidating and capitalising on its comparative edge in Islamic finance to intensify financial integration and connectivity with international economies, mainly to support expansion of trade and investment activities. Deputy Finance Minister, Datuk Dr Awang Adek Hussin, said Islamic finance has proven to be a potent tool for the nation to achieve more inclusive, well-rounded and sustainable economic development. He said Islamic finance started as a strategy for greater financial inclusion in reaching out to the underserved segment of the Muslims and has progressed into a competitive form of financial intermediation for retail customers, businesses and the government. "At a time when world economy is slowing down, Islamic finance is, more than ever, central to our agenda for sustainable growth and development," he said. Awang Adek said this at the International Symposium on Sustainable Growth Financial Stability: Current Lessons for Social and Economic Governance in Tokyo on Tuesday. The text of his speech was released here today. He said building on the country's strengths and expertise, the Islamic financial services sector today was well-positioned to be a key sector of strategic growth to facilitate the economic transformation of the nation to be a high-income economy. Awang Adek said the Malaysian sukuk market has evolved to be the world's largest Islamic bond market, with a market share of 60 per cent, or US$108 billion, in outstanding sukuk as at end-2011. He said the dynamism of sukuk has been pivotal in contributing to the development of a vibrant bond market, expanding at a rate of 22.2 per cent per annum between 2000 and 2010. "We are also seeing steady increase in the issuance of foreign currency-denominated sukuk in Malaysia, accounting for 14.5 per cent of US dollar-denominated sukuk issued globally," he said. The symposium, held in Tokyo, was jointly organised by the Institute of International Monetary Affairs, the Global Movement of Moderates Foundation and the Konrad Adenauer Foundation. The conference brought together 200 policy analysts, scholars and decision makers for a dialogue on sustainable growth and financial stability. - Bernama source: http://biz.thestar.com.my/news/story.asp?file=/2012/10/3/business/20121003163823&sec=business

Strong demand for Islamic financing likely to push corporate sukuk issuance to RM90bil this year

KUALA LUMPUR: Malaysia's corporate sukuk issuance is expected to grow by 15% to 20% to RM90bil this year, supported by strong demand for sukuk on the back of uncertainties in the market. Association of Islamic Banking Institutions Malaysia (Aibim) president Datuk Mohd Redza Shah Abdul Wahid (pic) said as of June 2012, Malaysia's corporate sukuk stood at RM64bil. “We expect this year's growth to be faster than that of last year, in tandem with Bursa Malaysia's strong performance so far as we had the second and third largest initial public offerings (IPOs) this year,” he told reporters after the launch of the Bloomberg Aibim Bursa Corporate Sukuk Index here yesterday. Association of Islamic Banking Institutions Malaysia (Aibim) president Datuk Mohd Redza Shah Abdul Wahid He said Malaysia so far had been proactive in terms of being very serious and aggressive in pushing the initiative to develop the Islamic capital market. The seriousness of the regulators and market participants had actually contributed to the growth of sukuk in the Malaysian market, he added. Redza said Malaysia continued to be the world's biggest market for sukuk with 65% market share. According to a report from Standard & Poor's Rating Service (S&P), Malaysia is now the world's leader in sukuk issuance. “Political will, recognition of beneficial ownership, tax incentives and rising investors base have all supported the country's continued growth trajectory,” S&P credit analyst Allan Redimerio said in a report earlier this month. S&P further said Abu Dhabi National Energy and Bahrain-based Gulf Investment Group were the first to issue sukuk in ringgit. “The ringgit is attractive because of Malaysia's established regulatory framework for Islamic finance and the wide pool of investor action in this market.” At the event yesterday, Bloomberg launched a ringgit corporate sukuk index, developed with the Aibim and Bursa Malaysia. The Bloomberg Aibim Bursa Malaysia Corporate Index would serve as a benchmark for investors of ringgit-denominated Islamic bonds in Malaysia. The index will track and measure the performance of the most liquid and credit-worthy Islamic corporate bonds in Malaysia. CIMB Malaysia head of Islamic treasury Datuk Mohamad Zabidi Ahmad said that by providing accurate pricing and benchmarking, this index would improve portfolio management and contribute to a more robust bond market. The index was a step in the right direction towards achieving Malaysia's goal of expanding the global Islamic capital market and making Malaysia the hub for Islamic market globally, he added. Last year, Bloomberg launched the Aibim Bursa Malaysia Sovereign Index and the Malaysia Sukuk Ex-MYR Index as part of its Islamic Finance Platform, a broad set of data, analytics and news dedicated to syariah-compliant products and services. - Bernama source: http://biz.thestar.com.my/news/story.asp?file=/2012/9/19/business/12047386&sec=business

Islamic finance must include lower income groups for more balanced growth: Zeti

KUALA LUMPUR: Islamic finance must be inclusive and accessible to all particularly the lower income groups and small businesses so as to achieve a more balanced global economic growth with reduced income disparities, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said. To this end, she said Islamic financial institutions must strive to enhance the access of their financial services to all segments of society by meeting the demand for more Islamic microfinance products. “In emerging as a new market niche, Islamic microfinance would meet the differentiated demands of low income communities and provide support to entrepreneurial activities,” she said at the 2nd International Shariah Research Academy for Islamic Finance (ISRA) Colloquium 2012 on Tuesday. Islamic microfinance, if supported by microtakaful, has the potential to provide a more comprehensive, sustainable and accessible financing and protection solution for the lower income groups and small businesses. Zeti also said the Socially Responsible Investment (SRI) is expected to become a mainstream asset class by 2015, reaching a projected total of more than US$26 trillion of asset-under-management, accounting for 15% to 20% of the global market. This growth was mainly driven by the demand from institutional investors which are increasingly prioritising the consideration of sustainability and social responsibility in their business conduct and institutional value system. “SRI has brought to the forefront the need for the financial system to be linked to the economy and for the need for greater and improved levels of transparency, fairness, ethics and social responsibility in modern finance,” she added. On the Islamic Financial Knowledge Repository Portal that she launched today, Zeti said it can contribute in meeting the need for more efficient information dissemination that would promote greater market transparency, price discovery and industry insights. As a knowledge database, the portal centralises Shariah rulings and its justifications, legal and regulatory requirements. This is enriched by the latest collection of research and development in Islamic finance. “This database will become an important source of reference and guidance for Shariah and industry practitioners, policymakers, researchers and academicians,” said Zeti, adding this initiative will not only promote greater understanding but mutual respect and recognition of Islamic finance. - BERNAMA source: http://biz.thestar.com.my/news/story.asp?file=/2012/11/27/business/20121127161421&sec=business

Innovation and Islamic finance

by Rushdi Siddiqui - Innovation and the ensuing needed authenticity are the pre-requisites to move Islamic finance to US$2 or US$2 trillion (RM6 or RM6 trillion) by 2015. But, how best to describe innovation in Islamic finance? Famous quotes often capture succinctly the essence of the issue, and, for innovation in Islamic finance, the below quotes are a good beginning. "Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations." - Steve Jobs. "Innovators are inevitably controversial." - Eva Le Galliene. "Innovation is the ability to see change as an opportunity - not a threat." - Unknown. So, from the three quotes, come three questions: Are Islamic hedge funds a mistake? Is sitting on 80 syariah boards controversial? Are Islamic derivatives an opportunity to bring meaningful risk management tools to bring "authenticity of change"' to Islamic finance? It took the murabaha-centric Islamic finance nearly 40 years to reach US$1 trillion (RM3 trillion) benchmark, and projections are that it will cross the US$2 trillion threshold by 2015. Obviously, innovation will play a large part, but I would hope that its "outside the box" thinking on innovation that results in inclusion of the financially disenfranchised, funding and financing non-traditional areas, and human asset capacity building to build knowledge based economies in the economically established Muslim countries like Malaysia, Indonesia, Turkey, Saudi Arabia and UAE. Today, innovation in Islamic finance seems to mean better product structuring. A recent email shot campaign from the respected UK's IIBI, Institute of Islamic Banking & Insurance, about a workshop stated: Innovation in product structuring is far more important to Islamic financial institutions than their conventional counterparts to keep the momentum of growth and development, and to effectively meet the needs of their clients with diverse risk/reward profiles. Islamic finance should not be mainly about product pushing, even if it means more efficiently priced products. Innovation in Islamic finance should also be about inclusion of the non-bankable, Muslims and non-Muslims. To date, Islamic finance has reached, at best, 2-3 per cent of 1.6 billion or 48 million Muslims, while the halal industry has not only great reach, including non-Muslim countries, but deeper penetration. Query: what can Islamic finance learn from halal industry? There are many areas in Islamic finance requiring innovation, and the emphasis will be on the following five: One, Islamic micro-financing and, my preference, micro-funding, are important part of impact investing. The "man on the street" financing/funding needs to be prioritised at a policy level for those (Muslim) countries that have declared themselves Islamic finance hubs. Yes, there are challenging initiating, implementing and monitoring costs, but this would start to address the (1) moral and justice (public good) argument for Islamic finance, (2) build bridges to the non-Islamic entities involved and (3) establish the foundation for future Islamic finance customers. Two, Innovation in Islamic finance is about financing areas that contribute to building a knowledge based economy based upon and linked to real tangible and intangible/usufruct assets. For example, in a number of Muslim majority countries there are the 2020 and 2030 Visions Plans, which entails pushing for higher per capital income, migration towards service based economies, and focus in areas like food security, alternative energy, healthcare, and so on. Obviously, these are all syariah-compliant/friendly areas and some, like food security, are ideal opportunity for the US$640 billion (RM1.9 trillion) halal industry to contribute, if not lead, the development. In Abu Dhabi, the world's first zero-carbon, zero-waste city, Masdar, is being built, one wonders how much, if any, is done via sukuk or Islamic syndicate loans. Yes, it's a real estate project, but the technology is world class, and it will have a spill-over effect locally. Islamic private equity and venture capital needs to become a priority amongst the thought leaders of Malaysian Islamic banking. It's about providing meaningful patient seed capital that is professionally managed for selected sectors resulting in technology acquisition/transfer, incubated in the tech parks or the work in progress halal parks and eventual IPO on Bursa Malaysia. One success story will have the Islamic banks in the GCC, presently sitting on mountain of liquidity, knocking on the Malaysian corridors. Third, Islamic finance needs its own innovative financial indicators that establish blueprints for understanding the pulse of the industry and starts the de-linking from conventional finance. For example, from syariah-compliant equity indexes to syariah-based, from using Libor as a reference rate in pricing credit to a Syariah-Compliant Inter-Bank Offering Rate (Scibor) based on murabaha/wakala, and so on. The Islamic cost of capital may be different, but it needs to be confirmed. Fourth, consolidation is innovation as it would bring economies of scale efficiencies and reach to better compete with conventional banks, not just their Islamic windows/subsidiaries. It is well acknowledged that Malaysia, like UAE, is Islamically overbanked, and it may result in destructive competition. For example, Malaysian bank holding companies need to be encouraged to spinoff the Islamic subsidiaries and list them on Bursa Malaysia, as it will entice international Islamic investors, start process of syariah-based index, and possibly result in market led consolidation. Finally, human skill development in the Islamic finance chain from the bank to scholars to intermediaries to customers is probably the most important innovation-cum-authenticity. It begins the process of focusing on the merits of the offering that would satisfy a "conventional" financial user, i.e., the cross sell, rather than the continued emphasis on its "Islamicity." Thus, in removing the "premium" from Islamic offering, it will make it conventionally efficient. To quote Steve Jobs again, "Innovation distinguishes between a leader and a follower." Innovation implies taking a holistic and inclusive approach that focuses on shifting the paradigm to a new level, now, will Malaysia innovate or product push towards Islamic finance 2.0? The writer is Thomson Reuters' Global Head of Islamic Finance and OIC countries. Read more: Innovation and Islamic finance http://www.btimes.com.my/Current_News/BTIMES/articles/ifnov/Article/#ixzz2EANhx4Om

Islamic finance at crucial growth stage

KUALA LUMPUR: The Islamic finance industry needs to redefine and establish the enabling environment to spur its next phase of growth, says Securities Commission executive director for Islamic capital market Zainal Izlan Zainal Abidin. He said the industry is currently at a crucial stage as it moves to the next growth phase, which will be dominated by greater internationalisation. In the next phase, more product issues and service providers are expected to expand beyond their home markets, where investors will be seeking products or instruments with international exposure. "There would also be greater diversity in terms of currencies used in issuing syariah-compliant instruments," said Zainal Izlan in his welcome remarks at the 7th Islamic Markets Programme (IMP) yesterday. He said Islamic finance has developed into an industry with global appeal, marked by a 15 per cent average annual growth rate over the past decade to reach US$1.3 trillion (RM4.1 trillion) today. Malaysia's Islamic capital market is expected to grow at an average of 10.6 per cent per year, over the 10-year period to 2020, according to the Capital Market Masterplan 2. Zainal Izlan noted that Islamic finance has developed not only in traditional Muslim markets like Malaysia and the Middle East, but also in conventional markets and financial centres such as the UK Themed "Building the Environment for the Growth of Islamic Finance", the IMP attracted 41 local and international participants including Islamic finance practitioners and regulators. Read more: Islamic finance at crucial growth stage http://www.btimes.com.my/Current_News/BTIMES/articles/izln/Article/#ixzz2EANNL12l

Islamic finance can restore confidence during crisis

by Zaleha Kamarudin - COMMERCIAL trade exchanges can facilitate both domestic and international trade. A trade exchange stimulates trade by brokering the members' merchandise, keeping account of members' transactions and trade balances and acting as a clearing house. Similarly, central banks can use multilateral payment arrangements (MPA) to spur trade among member countries while significantly reducing the need for foreign exchange reserves. It would be even better if the MPA is gold-based, since central banks can leverage on their gold reserve holdings. The need for cash (or gold) for settlement can be reduced by increasing the membership size and lengthening the settlement period. Malaysia has bilateral payment arrangements with about 20 countries. Now is an opportune time to implement the gold-based MPA as proposed by former prime minister Tun Dr Mahathir Mohamad as a response to the 1997 East Asian economic crisis. As for long-term solutions, one important thing that governments need to do is establish a global currency that is anchored to some "money" commodities like gold. This would effectively be a fixed-exchange-rate regime that would bring about monetary stability and hence encourage international trade. Such a currency can play the role of international reserve currency that is not under the control of any one nation. Recently, the governor of China's Central Bank, Zhou Xiaochuan, made a proposal for the adoption of such an international reserve currency, that is, global money to be managed by the International Monetary Fund. The 2009 G-20 Summit agreed to support a Special Drawing Rights (SDR) allocation which will inject some US$250 billion (RM800 billion) into the world economy. It's this SDR, an instrument created by the IMF to replace gold as an international reserve asset, that is the most likely candidate for a global currency. To make it truly political-free and stable, the SDR has to be made redeemable for some real commodities like gold. From an Islamic perspective, the gold dinar and silver dirham were the monetary units of the Islamic caliphate from the dawn of Islam until the collapse of the caliphate in 1924. The world has to be careful not to allow money or SDRs to be created out of thin air and thereafter, lent out on interest. Money and SDRs should be made redeemable for gold or other commodities, even oil, in order to prevent abuse and the repeat of monetary crises in the proportions of recent times. In order to stimulate economic activity, particularly in the current recessionary environment, governments should keep taxes as low as possible. Low rates encourage business activities and do not encourage tax evasion whereas high tax rates discourage business activities while increasing the probability of tax evasion. For sustainable economic development, governments should move towards imposing negative interest rates. Experts have shown that sustainable economic development requires negative interest rates. Unlike in the current system, annual savings should be "taxed" rather than rewarded through interest. A negative interest rate is also consistent with the natural order of entropy and is also a characteristic embedded in the Islamic principle of zakat. And as learned from the current crisis, the banking sector, rating agencies and hedge funds must be monitored carefully with more regulations and transparency. Speculative gambling in the derivative markets must also be checked. The derivatives market has grown into a huge bubble, estimated to be in the vicinity of US$1 quadrillion (a thousand trillion). Derivatives markets are accelerating the current monetary meltdown, particularly the credit default swaps that failed during the subprime mortgage crisis in 2008. There is a likelihood of huge sums of money leaving that market into the commodities markets, thereby sparking the rise of commodity prices to unprecedented levels. From an Islamic perspective, the measures outlined above contribute to the attainment of the maqasid al-shariah or the objectives of the syariah, by inculcating values like compassion, justice, avoidance of greed and protection of rights back into the socio-economic dimensions. The 1990s saw the collapse of socialism; now clearly, capitalism is on a downward trend. Perhaps the world could now give Islam a chance to show the good things it has to offer mankind. The Vatican remarked that banks should look at the rules of Islamic finance to restore confidence among their clients at a time of global economic crisis. Read more: Islamic finance can restore confidence during crisis - Columnist - New Straits Times http://www.nst.com.my/opinion/columnist/islamic-finance-can-restore-confidence-during-crisis-1.94335#ixzz2EAMuZM00

Iqbal innovates Islamic finance

KUALA LUMPUR: Prominent Islamic banker, Iqbal Khan, was named second recipient of the Royal Award for Islamic Finance for his exceptional leadership and dedication. The award was presented by the Yang di-Pertuan Agong, Tuanku Abdul Halim Mu'adzam Shah, at a gala dinner here last night. "I am honoured to receive this distinction, but our work has just begun," Iqbal said. He added that the Islamic finance industry had to develop itself as role model institutions and economies to create a demonstration effect across the world. Iqbal, who is from Aligarh, India, and now lives in Dubai and London, played an important role in facilitating, promoting as well as innovating Islamic finance on a global scale. He was instrumental in establishing a number of institutions and initiatives in the Islamic finance industry, including Citi Islamic Investment Bank, the Islamic Finance project at Harvard University, Meezan Bank, HSBC Amanah and Fajr Capital Ltd, of which he is the founding board member and chief executive officer. Iqbal also played an important role in promoting global sukuk as a mechanism to raise capital by sovereign governments. In creating the evolutionary move from basic banking and finance to more sophisticated product structures, global sukuk have become the mainstream fundraising instrument for sovereigns. The award is spearheaded by Malaysia International Islamic Financial Centre and supported by Bank Negara and Securities Commission. The award selection criteria is focused on both qualitative and quantitative aspects to honour an individual's exceptional contribution to the global development of Islamic finance. Among the juries for the award are Tun Musa Hitam, Tun Abdul Hamid Mohamad, Professor Dr Volker Nienhaus, Professor Dr Abbas Mirakhor, Dr Mohamed Ali Elgari, A Riawan Amin and Dr Yahia Abdul-Rahman. Read more: Iqbal innovates Islamic finance - General - New Straits Times http://www.nst.com.my/nation/general/iqbal-innovates-islamic-finance-1.146071#ixzz2EAMTvimS

Malaysia ke-71 daripada 144 negara - Laporan Tahunan 2012 : Kebebasan Ekonomi Dunia

MALAYSIA menduduki tempat ke-71 di kalangan 144 negara yang tersenarai dalam Laporan Tahunan 2012 : Kebebasan Ekonomi Dunia yang dikeluarkan Institut bagi Hal Ehwal Demokrasi dan Ekonomi (Ideas) dengan usaha sama Fraser Institute Kanada serta 86 golongan pemikir dunia. Ketua Eksekutif Ideas, Wan Saiful Wan Jan berkata, Malaysia membuat kemajuan yang baik apabila menduduki tempat ke-71 tahun ini berbanding tempat ke-78 pada 2011. “Laporan ini sebenarnya sangat penting untuk Malaysia memandangkan ia mengukur prestasi kita dalam tahun ini selepas Perdana Menteri, Datuk Seri Najib Razak mengumumkan Model Baru Ekonomi (NEM) dan Program Transformasi Ekonomi (ETP),” katanya dalam kenyataan di Kuala Lumpur. Indeks Kebebasan Ekonomi tertangguh dua tahun berikutan kelewatan penyiaran data global dan peningkatan kedudukan itu menunjukkan agenda ekonomi kerajaan berjaya meningkatkan kedudukan negara yang susut sejak beberapa dekad lalu. Beliau berkata, kerajaan juga perlu terus komited dalam meliberalisasikan semangat NEM dan mengelak kecenderungan menawarkan habuan populis serta subsidi menjelang pilihan raya umum memandangkan ia memberikan impak negatif ke atas kedudukan Malaysia di peringkat dunia. Laporan kali ini juga menunjukkan sistem ekonomi yang lebih liberal berkait rapat dengan pendapatan per kapita yang lebih tinggi serta pertumbuhan ekonomi. “Ini bermakna kita boleh meningkatkan kualiti hidup golongan miskin di Malaysia jika kita terus komited dalam meliberalisasikan lagi ekonomi,” katanya. Hong Kong sekali lagi mendominasi senarai berkenaan dengan menduduki tangga teratas diikuti Singapura, New Zealand dan Switzerland. Di kalangan negara Asia Tenggara, Malaysia mencatatkan kedudukan lebih baik berbanding Indonesia yang berada di tangga ke-76, Thailand (87) dan Vietnam (96) namun, masih jauh ketinggalan berbanding Singapura yang berada di tangga kedua. Negara lain yang disenaraikan termasuk Amerika Syarikat menduduki tangga ke-18, Jepun (20), Jerman (31), Perancis (47), Itali (83), Russia (95), Brazil (105), China (107), dan India (111). sumber: http://www.hmetro.com.my/myMetro/articles/Malaysiake-71daripada144negara/Article/index_html

Ekonomi 2013 dijangka 5.6%

INSTITUT Penyelidikan Ekonomi Malaysia (MIER) mengunjurkan pertumbuhan ekonomi negara sebanyak 5.6 peratus tahun depan, seterusnya meningkat kepada 6.2 peratus pada 2014 didorong suasana ekonomi global yang dijangkakan lebih baik. Pengarah Eksekutifnya, Dr Zakariah Abdul Rashid berkata, bagi membolehkan ekonomi negara berkembang melebihi enam peratus, krisis hutang Eropah perlu diselesaikan manakala China perlu mengekalkan pertumbuhan ekonominya. “Untuk membolehkan ekonomi lebih kukuh, perlu diwujudkan pembaharuan berstruktur terutama membabitkan sektor awam kerana ketika ini kita sangat bergantung dengan perolehan industri minyak dan gas selain keperluan untuk mengembangkan perolehan cukai kerajaan,” katanya pada Persidangan Tinjauan Ekonomi Negara 2013-2014 di Kuala Lumpur, semalam. Sementara itu, Menteri di Jabatan Perdana Menteri, Tan Sri Nor Mohamed Yakcop berkata, pelaburan swasta dalam negara dijangka mencecah 30 peratus daripada jumlah keseluruhan, tahun depan. “Pada masa ini, peratusan berada pada 22 peratus manakala pelaburan swasta meningkat sedikit iaitu 2.5 peratus daripada 2005 hingga 2009. Bagaimanapun, ia mencatatkan pertumbuhan dua angka iaitu 15.5 peratus pada 2010 dan 12.2 peratus pada 2011. “Momentum pertumbuhan terus menaik dan kerana itu, saya tidak terkejut sekiranya pelaburan swasta lebih tinggi tahun depan,” katanya. Menurutnya, peningkatan prestasi yang dicerminkan melalui pertumbuhan pelaburan swasta itu menunjukkan keyakinan pelabur terhadap negara terus bertambah. “Pada masa depan, prestasi pertumbuhan kukuh akan bergantung kepada keupayaan negara untuk mengekalkan penambahbaikan dalam teknologi dan berjaya memindahkannya ke arah sumber dalaman permintaan,” katanya. sumber: http://www.hmetro.com.my/myMetro/articles/Ekonomi2013dijangka5_6_/Article/index_html

Forum Ekonomi Islam Dunia (WIEF) jana projek RM28b

Johor Bahru: Forum Ekonomi Islam Dunia (WIEF) Ke-8 yang bermula semalam, menyaksikan enam memorandum persefahaman (MoU) dimeterai membabitkan projek dianggarkan bernilai RM28 bilion. Majlis pertukaran dokumen antara beberapa firma tempatan dan asing itu disaksikan Perdana Menteri, Datuk Seri Najib Razak serta pemimpin negara yang hadir pada forum tahunan berkenaan. Antara memorandum berkenaan termasuk yang dimeterai antara Kumpulan Industri-Kerajaan Malaysia Bagi Teknologi Tinggi (MIGHT) dan NanoMalaysia Bhd untuk bekerjasama bagi mengenal pasti penerima Program Offset dalam industri berasaskan teknologi nano daripada pelbagai sektor. Tandatangani perjanjian Sunway City Sdn Bhd memeterai perjanjian langganan dan pemegang saham bersama Iskandar Asset Sdn Bhd untuk mereka bentuk konsep, mengurus, melaksana dan memajukan projek Sungai Pendas yang mempunyai potensi nilai pembangunan kasar (GDV) RM12 bilion. UEM Land Bhd pula memeterai MoU bersama firma China, Chinamall Holding Pt Ltd untuk membangunkan China Mall, iaitu sebuah pusat dagangan dan pameran produk keluaran republik itu di Nusajaya, Iskandar Malaysia dengan nilai anggaran RM562 juta. Pada masa sama, UEM Land juga memeterai perjanjian kerjasama dengan Iskandar Investment Bhd (IIB) dan Telekom Malaysia Bhd (TM) untuk melaksana infrastruktur komunikasi serta teknologi maklumat dan komunikasi (ICT) serta beberapa perkhidmatan telekomuninasi bagi merealisasikan aspirasi Nusajaya sebagai bandar raya pintar dan terhubung. Usaha sama juga termeterai bagi kerjasama Infrastruktur dan Perkhidmatan Bandar Raya Pintar+Terhubung di Nusajaya antara UEM Land, IIB, TM, Centions Co Ltd dan Cisco System International BV untuk meninjau peluang menyediakan prasarana bandar raya pintar, menubuhkan sebuah syarikat operasi perkhidmatan terurus serta menubuhkan sebuah Pusat Inovasi Global (GIC) Nusajaya. Perjanjian terakhir membabitkan pembangunan Motorsport City bernilai RM3.5 bilion di Gerbang Nusajaya yang dimeterai antara UEM Land dan firma Singapura, Fastrack Autosport Pt Ltd. Pada majlis pertukaran dokumen berkenaan, pemandu kereta lumba Formula One (F1) McLaren, Lewis Hamilton menghadiahkan cenderamata sepasang jaket yang ditandatanganinya kepada Najib bagi pihak UEM Land. Pelumba kelahiran United Kingdom itu hadir sebagai tanda sokongannya terhadap projek Motorsport City. Forum tiga hari itu, disertai lebih 2,000 delegasi dari 86 negara. Antara pemimpin yang hadir adalah Timbalan Perdana Menteri dan Menteri Kewangan Singapura Thurman Shanmugaratnam dan Presiden Comoros, Dr Ikililou Dhoinine. sumber: http://www.bharian.com.my/bharian/articles/WIEFjanaprojekRM28b/Article

Ekonomi Islam perlu perubahan

Johor Bahru: Datuk Seri Najib Razak semalam menggesa ekonomi Islam melakukan perubahan dengan memanfaatkan sumber terbesarnya iaitu generasi muda tanpa mengorbankan tradisi, keseimbangan dan pembangunan. Perdana Menteri berkata, golongan muda tidak seharusnya dilihat sebagai liabiliti, sebaliknya sebagai aset, sumber yang belum diteroka bagi membolehkan negara membangun dan moden. Perkara ini memerlukan kepada kepemimpinan dan perubahan. Pertamanya, kita perlu memberikan fokus dalam pendidikan. Kita perlu memberi penekanan bersungguh-sungguh dalam latihan vokasional dan teknikal. Begitu juga standard dan hasilnya dalam memastikan bahawa pelajaran akan membuka peluang dan bukan menutupnya, katanya ketika menyampaikan ucaptama pada Forum Ekonomi Islam Dunia Kelapan (WIEF) di Persada Johor, di sini, semalam. Hadir sama Presiden Comoros, Ikililou Dhoinine; Timbalan Perdana Menteri Singapura, Tharman Shanmugaratnam; Pengerusi Barisan Pembebasan Islam Moro (MILF), Murad Ebrahim dan Pengerusi Yayasan Forum Ekonomi Islam Dunia, Tun Musa Hitam. Najib yang juga Penaung WIEF berkata, apa yang generasi muda Muslim mahu adalah peluang dalam sektor ekonomi dan bagi merealisasikan impian mereka, persekitaran ekonomi mapan berserta pendidikan dan pembaharuan ekonomi perlu dibangunkan. Katanya, ekonomi Islam juga mesti memahami perubahan kedua terbesar dalam kehidupan generasi muda, iaitu teknologi. Generasi hari ini tidak memahami sistem tertutup atau kerajaan satu hala. Mereka mengharapkan semua maklumat adalah bebas, demokrasi menjadi responsif dan komunikasi menjadi global. Mereka juga mahu memainkan peranan penting dalam ekonomi digital dan jika tidak berpuas hati, mereka tidak teragak-agak untuk memberitahu dunia, katanya sambil menambah negara Islam juga perlu membuka minda terhadap peluang yang ada dalam era ekonomi digital, menggalakkan kesederhanaan dan toleransi. Perdana Menteri berkata, kerajaan dunia Islam juga perlu bersedia melabur untuk generasi muda termasuk wanita dan meletakkan keyakinan terhadap mereka untuk terbabit dan turut serta dalam sektor ekonomi sepenuhnya. Katanya, segala perubahan dilakukan itu akan dapat membantu memanfaatkan sepenuhnya generasi muda yang menjadi antara sumber dan aset terpenting negara. Sebagai negara membangun, Malaysia amat komited untuk pembaharuan ekonomi dan sudah pun berdepan beberapa pilihan sukar sebelum ini. Kita tahu kita mesti memperbaiki penyampaian perkhidmatan awam dan menawarkan peluang baru bagi memastikan ia memenuhi kehendak rakyat, katanya. Pada 2010, kira-kira 60 peratus daripada penduduk dunia Islam berusia bawah 30 tahun dan menjelang 2030, masyarakat Islam akan merangkumi 26 peratus daripada penduduk dunia yang mana 60 peratus daripada jumlah itu berusia di bawah 30 tahun. sumber: http://www.bharian.com.my/bharian/articles/EkonomiIslamperluperubahan/Article

Potensi besar kewangan Islam untuk berkembang - Najib

JOHOR BAHRU 4 Dis. - Perdana Menteri, Datuk Seri Najib Tun Razak ber kata, kewangan Islam mempunyai potensi sangat besar untuk terus dikembangkan memandangkan sering mendapat pengiktirafan dari luar dunia Islam. Beliau berkata, jika diteliti, kewangan Islam mempunyai sumber pembiayaan yang baik, selain lebih mencerminkan ekonomi sebenar, kurang spekulasi, mampu mewujudkan perkongsian dan kestabilan jangka panjang. Menurutnya, skop membangunkan kewangan Islam juga amat luas, malah kurang digunakan berbanding pembiayaan konvensional. "Hari ini, kita lihat sudah ada pengiktirafan kepada kewangan Islam," katanya dalam sidang akhbar selepas merasmikan Forum Ekonomi Islam Dunia (WIEF) Kelapan di Pusat Konvensyen Antarabangsa Persada di sini hari ini. Beliau mengulas bagaimana Malaysia boleh menaikkan status kewangan Islam, terutama dengan peranannya sebagai peserta kewangan Islam terkemuka di dunia. Najib yang juga Menteri Kewangan turut menyebut tentang ucapan khas Timbalan Perdana Menteri Singapura, Tharman Shanmugaratnam sebelum itu yang mengatakan bahawa kewangan Islam mempunyai masa depan yang amat cerah. Tharnam yang juga Menteri Kewangan Singapura dalam ucapannya berkata, kewangan Islam bakal menawarkan peluang signifikan bagi pertumbuhan dan kepelbagaian dalam tempoh 10 hingga 15 tahun akan datang. Beliau juga optimis dengan perkembangan kewangan Islam atas beberapa faktor, antaranya institusi kewangan Islam tidak terkena tempias semasa krisis ekonomi global, sekaligus berpotensi untuk terus berkembang. "Selain itu, kewangan Islam juga mempunyai potensi untuk berkembang dalam bidang-bidang lain seperti pembiayaan perdagangan dan infrastruktur serta pada masa sama boleh memenuhi permintaan pembiayaan produk asas yang mudah," katanya. Bagaimanapun, beliau berkata, kewangan Islam masih mempunyai ruang untuk penambahbaikan, selain beberapa cabaran penting bagi memastikan pertumbuhan kewangan Islam selari dengan kewangan global. Artikel Penuh: http://www.utusan.com.my/utusan/Ekonomi/20121205/ek_03/Potensi-besar-kewangan-Islam-untuk-berkembang---Najib#ixzz2EAH6OsMm © Utusan Melayu (M) Bhd

Tuesday, December 04, 2012

Ke mana sistem kewangan Islam di Malaysia?

oleh Dr Dzulkefly Ahmad - Akta Perkhidmatan Kewangan Islam, 2012 (APKI), telah pun dibentang dan diluluskan di Dewan Rakyat. Terdahulu Akta Perkhidmatan Kewangan (APK) diluluskan utuk menggantikan BAFIA, Akta Kawalan Pertukaran Asing, Akta Insuran dan Akta Sistem Pembayaran. APKI pula untuk menggantikan Akta Perbankan Islam dan Akta Takaful. Kedua-dua akta yang dimansuhkan ini akan diletakkan di bawah akta baru ini. Tujuan pengenalan akta-akta baru ini adalah untuk menyelaraskan undang-undang sedia ada sekaligus memangkin pertumbuhan Malaysia sebagai hub kewangan antarabangsa. Tidak dinafikan bahawa Malaysia adalah antara negara ummat Islam yang banyak berperanan mendayakan dan mengarusperdanakan Kewangan Islam. Usaha-usaha perintis tentunya merujuk seawal penubuhan institusi Tabung Haji dalam tahun 1969, seterusnya penubuhan Bank Islam pertama pada tahun 1983 sehingga terkini cadangan menubuhkan Mega Bank Islam. Kemelut kewangan antarabangsa mutakhir ini, khasnya kemelut kewangan di Amerika, krisis zon Euro yang menyaksikan Greece, dan terkini Itali dan Sepanyol juga di ambang kebankrapan, meletakkan Kewangan Islam kembali mendapat perhatian. Sebut-sebutan bahawa Kewangan Islam mampu mengambil alih dan diarusperdanakan menjadi teras kewangan antarabangsa sudah tidak lagi menjadi rahsia dan ditakuti masyarakat antarabangsa. Pun begitu malangnya, Kewangan Islam belum lagi difahami betul-betul oleh ummat Islam sendiri. Lebih malang kalau penganjur dan penaja Kewangan Islam sendiri masih belum berpuashati tentang kefahamannya oleh pihak penguasa politik dan pemerintah. Kegagalan menghayati tasawur dan tujuannya, meletakkan ‘Maqasid (Matlamat) Kewangan Islam’ ini tidak mampu dicapai. Penulisan ini dibuat bertujuan memaparkan aspek ini. Umumnya Kewangan Islam difahami sebagai satu ‘industri berorientasi pencegahan’ atau ‘prohibition-oriented industry’. Kewangan Islam lazimnya diertikan dengan mencegah Riba, Gharar (Penipuan) dan Masyir (spekulasi) dalam transaksi serta kontrak dan mengelakkan dari terlibat dalam pelaburan serta pembiayaan sektor dan perniagaan ‘haram’. Lebih khususnya lagi, sisi-sisi pandang mengikut kerjaya dan pengkhususan juga turut mewarnai kefahaman dan persepsi tentang Kewangan Islam. Seorang pengamal undang-undang, seorang ahli ekonomi, seorang ‘regulator’ dan seorang penasihat Syari’ah punya perspektif masing-masing. Justeru amat mustahak untuk ummat ditegaskan kembali ‘Apa itu Kewangan Islam’? Lebih penting,‘Bagaimanakah Kewangan Islam seharusnya berperanan membangunkan ummat dan negara’? Penulis juga akhirnya akan memaparkan bagaimana, dalam usaha penguasa dan pemerintah menaja Kewangan Islam, amalan tadbir-urus dalam negara tampak semakin mengalami percanggahan dengan prinsip-prinsip Syari’ah dan tadbir-urus Islam dengan laporan Ketua Audit Negara dan pendedahan pelbagai skandal kewangan. Wajar ditegaskan Kewangan Islam bukan hanya untuk mengelakkan muamalat atau transaksi pengurusan perniagaan yang bebas unsur-unsur riba, gharar dan spekulasi. Sudah sampai waktunya Kewangan Islam ini kembali diletakkan berperanan untuk sentiasa mencapai ‘Maqasid Syari’ah’ itu sendiri khasnya ‘Pemeliharaan Harta’ atau Hifzul Maal. Malah lebih fundamental dan luas dari itu Kewangan Islam mesti juga diletakkan berperanan dalam kerangka untuk mencapai ‘Maqasid Syariah’atau Matlamat-Matlamat Syariah yang lebih luas yakni ‘Keadilan (Justice), Kemakmuran (Prosperity) dan Kelestarian (Sustainability). Sudah sampai waktunya satu ‘penilaian kritikal’ dibuat terhadap matlamat yang seharusnya dicapai oleh perlaksanaan Kewangan Islam ini di segi kayu ukur kemakmuran rakyat dan tadbir-urus yang menjadi lebih bersih, beretika, bebas rasuah serta salahguna kuasa. Syariat Islam terbahagi kepada dua jenis hukum hakam yang bersifat Kekal (Thawabit) dan Berubah (Mutaghyyirat). Muamalat tergolong dalam hal perkara yang bersifat “Mutaghayyirat”. Meniliti perkembangan Kewangan Islam menyerlahkan betapa Syariat Islam itu adalah sangat anjal (flexible) dan berdaya-maju (dyamics). Dengan gandingan pelbagai pihak serta penubuhan beberapa badan penting terkini seperti MIFC (Malaysian International Islamic Financial Cetre), ISRA (BNM), ASAS (Association of Syariah Advisors), pacuan pengembangan Kewangan Islam terus diterokai. Ini mengizinkan pembangunan produk-produk kewangan Islam secara inovatif dan agresif dalam dekad-dekad mutakhir. Pengukuhan amalan perbankan, pasaran kewangan dan pelaburan Islam berlaku ketika wujudnya pelbagai produk yang mampu memenuhi pelbagai keperluan instrumen pelaburan dan kecairan (liquidity). Permintaan yang meluas serta produk yang diterima di peringkat global dengan peraturan yang kukuh juga turut menstabilkan pasaran keseluruhannya. Justeru, perkembangan dan inovasi dalam industri kewangan adalah sangat pesat samada dalam produk sector perbankan,insuran, pasaran saham, pasaran wang termasuk terkini derivatif yang “Patuh-Syariah” atau “Syariah-Compliant”. Pun begitu, kelangsungan perkembangan kewangan Islam terkekang dengan pelbagai faktor. Antara yang menghalang kepesatannya ialah kewujudan modal insan yang terlatih dan berkepakaran – skilled human capital. Penjanaan produk baru adalah satu usaha menuntut sumber yang lebih besar dari kewangan konvensional. Adalah diakui pelbagai pihak pengamal Kewangan Islam sendiri, bahawa ketika Institusi Perbankan Islam (IPI) ini terpaksa juga menggunakan pakar institusi perbankan kovensional, produk-produk yang terhasil tidak dapat tidak adalah sebahagian besarnya ‘Syariah-Compliant’ dan bukan sebenar-benarnya produk Syariah. Ini membawa kita kepada contoh produk Sukuk Bai’ Bithaman Ajil (BBA) yang diizinkan oleh Majlis Penasihat Syariah atau Syariah Advisory Council (SAC), Bank Negara Malaysia. Namun Sukuk BBA ini adalah tidak diterima dan tidak diluluskan (prohibited) oleh badan “Accounting and Auditing Organisation for Islamic Finance Istitutions (AAOIFI) justeru kerana ‘aqadnya’. Badan ini mengenalpasti bahawa ‘Aqad’ atau ‘Contract’ yang melandasi Sukuk BBA itu adalah aqad ”Bai Al-Inah” yang sifat kewangannya ialah “Ribawi” atau ‘riba-based financing’. Pembelian semula asset oleh cotohnya pihak mudharib semasa matang sukuk tersebut pada harga nominal, mengandungi unsur ribawi. Amat mustahak bagi pengamal Kewangan Islam, berbeza dengan kewangan konvensional, yang mesti meletakkan pelbagai langkah-langkah kawalan dan pemantauan supaya ia tidak terdedah kepada salah-laku mereka yang mahu memanipulasi pasaran kewangan dan sebagainya. Ini membawa kepada topik yang terakhir dalam penulisan ringkas ini. Sesungguhnya, Kewangan Islam adalah satu juzuk penting dalam mengatursusun kehidupan ummat yang telah disyariatkan oleh Allah SWT.Kewangan Islam juga berpaksikan nilai moral Islam yang tinggi sebagai ‘Moral Compass’ yang bertanggungjawab membenteras segala tabiat yang curang dan khianat. Penghayatan Etika yang murni ini akan dapat menangani amalan rasuah, penyalahgunaan kuasa, pemborosan, pembolotan kekayaan di kalangan segelintir manusia rakus dengan cara monopoli, kronisme dan pengepungan (kartel) dan pengherotan pasaran. Wajar bagi ummat Islam khasnya dan rakyat seluruhnya, membuat penilaian secara kritis, ikhlas, terbuka dan berani, supaya tadbir-urus kewangan dan pembangunan ekonomi di negara dilakukan dalam etika dan semangat ruh syariat Islam. Ataukah sebaliknya, sementara kita ghairah memacu pengembangan amalan Kewangan Islam, negara ini semakin tercabar kewibawaan dan integritinya kerana kebejatanrasuah dan salah guna kuasa yang endemik atau semacam tidak dapat dibendung lagi. Kejatuhan kedudukan dalam ‘Indeks Persepsi Rasuah’ (CPI) negara di peringkat antarabangsa adalah petanda buruk bagi kita. Hakikat wujudnya kesenjangan atau jurang kaya-miskin yang terus melebar dan pembolotan kekayaan negara yang juga semakin terserlah, mengesahkan bahawa Matlamat murni Kewangan Islam danEkonomi Islam itu masih jauh untuk direalisasi dan didayakan. Jangan hanya sukuk atau bon yang diterbitkan sahaja ‘komplian-syariah’ atau Patuhi Syariah, tetapi amalan dan tadbri-urusnya bobrok dan melanggari good-governance atau tadbir-urus Syariah seumpama yang mencetuskan skandal kes PKFZ dan berhubung kegagalan pengurusan Pelabuhan Antarabangsa Tuna Malaysia di Batu Maung oleh Malaysia International Tuna Port Sdn Bhd dan Bindforce Sdn Bhd. Selama skandal NFC menjadi ‘lambang penularan tadbir-urus buruk’ yang dilakukan oleh golongan yang memilikki kuasadan PKFZ sebagai mercu-tanda keberanian ‘perkongsian rompakan pihak penguasa politik pemerintah’, maka cita-cita Matlamat Kewangan Islam untuk membangunkan negara dan rakyat yang makmur dan sejahtera akan terus dicabar dan tersudut. * Dr Dzulkefly Ahmad adalah Ahli Parlimen Kuala Selangor dan Ketua Pegawai Eksekutif Pusat Penyelidikan Pas Pusat. sumber: http://bm.harakahdaily.net/index.php/columnist/dr-dzulkefly-ahmad/15014-ke-mana-sistem-kewangan-islam-di-malaysia