ISSUE:
Conventional financial system is much developed with consumers’ appreciation world wide as compared to what has been achieved in so far Islamic banking & financial (IBF) operation.What can be the special tips so that, IBF may grow faster than conventional one with special mechanisms?
DIRECTION:
Following thoughts may lead the way forward to achieve the reality:
1. Re-discovery of products considering the socio- economic and Global realities.
2. Creation of new investment avenues, which may enable the IBF to generate better income by giving better return to attract public hearts smartly.
3. Strengthening the regulatory frameworks, policies & planning by compliance with Shari’ah principles.
4. Re-discovery of possible investment and business-links with conventional financial institutions subject to Shari’ah limits.
5. Expanding justifiable distribution channels with possible dynamic marketing strategies.
6. Enriching on-line banking services with utmost satisfaction.
ISSUE:
It is undoubtedly observed that, Islamic financial system in Malaysia is more successful as compared to what has been achieved in the Middle East and other Muslim countries. What could be the grass root reason for such a phenomena?
DIRECTION:
1. As regard to the interpretation of Islamic principles, Malaysia adopts in many cases the doctrine of Masaleh al- Morsalah (public interest) considering the common benefit, in contrast the other countries, which are quit rigid with original principles as far as the interpretation is concerned. Therefore, the development of IBF in Malaysia is faster as compared to several other notable countries.
2. The back up from the government of Malaysia with required regulatory frameworks is always exist with seriousness, but this may not be exactly observed in some parts of the world.
3. Public appreciation in Malaysia as regard to the Islamic financial products are greater than what is available in other parts of the globe.
ISSUE:
What is the latest development in Takaful industry of the global market?
DIRECTION:
1. Harmonizing the diversified models into basically the Wakalah (agency) model.
2. Discovery of new products by considering the socio- economic reality with a healthy competition.
3. Successful achievement in the investment-link products.
4. On-line takaful services.
5. Efficient re-takaful services among the takaful operators globally with the divine spirit of friendly cooperation.
6. Appreciation of takaful products by Conventional companies
including ICMIF and well as Lloyds of London.
ISSUE:
What are the prospects of Islamic capital market considering the wake of globalization?
DIRECTION:
1. Development and appreciation of IPDS.
2. Islamic bond market (Sukuk) is a global issue with greater acceptance by the Ummah in the Middle East, Malaysia and other parts of the world.
3. Shari’ah guideline prepared by the SC of Malaysia to regulate the Islamic Capital market accordingly.
ISSUE:
What are possibilities and obstacles we can observe in implementation of Gold Dinar in the contemporary reality?
DIRECTION:
1. In recent years, the implementation of Gold Dinar is importantly taken in to schedule not only in banking and financial transactions, but also in trade and commerce including in international trade. It has also been well appreciated in term of its sustainability as compare to the Fiat money so to curb the inflation rate in monetary system.
2. Nevertheless, it may not be possible to achieve the above goal unless there is a minimum number of G to G cooperation with wisdom, tolerance and mutual respect.
3. Furthermore, there should also be an international centre for controlling and monitoring the Islamic Gold Dinar with smart mechanisms.
ISSUE:
What are the best mechanisms do you like to recommend here for the Islamic wealth management to protect the assets of the Muslim Ummah?
DIRECTION:
1. To establish a total Shari’ah based trust company to be supervised by a qualified Shari’ah supervisory board.
2. Must have a Shari’ah justified legislation on Islamic asset management and trustee.
3. To give a maximum cooperation for such a strategy both from public as a whole as well as government authorities.
4. A Shari’ah court as well the Shari’ah based arbitration shall be empowered to deal with the dispute arising out of Islamic wealth and asset management.
5. In any form of income in Islamic wealth and asset management, Zakat shall be imposed, but not income tax.
6. As regards to the creation of Hibah,Wasiat or Waqaf, no stamp duty shall be imposed on any party herein as, these are sort of giving away out of love and affection or a spiritual objective, which may be better known as gift of inter vivos.
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