3Dpdfreport IFHUB-Sky Is the Limit
Total Page:16
File Type:pdf, Size:1020Kb
Organised by CALL 2019 FOR PAPER INCEIF-ISRA Inaugural Annual Theme: Conference on Islamic Economics “ISLAMIC FINANCE AND ISLAMIC ECONOMY and Finance ECOSYSTEM IN THE ERA OF DIGITALISATION” InterContinental Kuala Lumpur NOVEMBER 165, Jalan Ampang, Kuala Lumpur, 25 & 26, 2019 50450 Kuala Lumpur. SEPTEMBER 30, OCTOBER 15, NOVEMBER 25 & 26, 2019 2019 2019 KEYNOTE SPEAKER FULL PAPER PAPER CONFERENCE Dr. Sami Al-Suwailem SUBMISSION CONFIRMATION DATES Director General, Islamic Research and Training Institute (IRTI) REGISTER AT WWW.INCEIF.ORG/I-ARIEF/REGISTER 3 BEST PAPER AWARDS REGISTRATION FEES International Participants — USD 350 : Early Bird Rate (Before November 1, 2019) discount for students PUBLICATION — USD 450 : Normal Rate (November 1, 2019 and after) 20 OPPORTUNITIES Indonesian/Malaysian Participants Special issues on Islamic Economy — RM 1,000 : Early Bird Rate (Before November 1, 2019) — : Normal Rate (November 1, 2019 and after) 10 discount for group and Finance of the following RM 1,200 registration (3 and above) SCOPUS-indexed journals: Note: Price exclude 6% Service Tax. ISRA International Journal of PAYMENT DUE: NOVEMBER 8, 2019 Islamic Finance Studies in Economic and Finance COVERAGE CONFERENCE The coverage of the conference includes, but not limited to: Islamic finance and financial inclusion Islamic social finance (Zakat, Awqaf etc.) CONTACT Islamic finance and attainments of SDGs Islamic financial innovations Sarafuddin Syahid Sowel: Inclusive finance and inclusive growth Governance and regulatory framework for [email protected] Halal economy Islamic finance Islamic economy, Islamic finance and Takaful and wealth management Asmawi Asari: digitalisation Fintech [email protected] Islamic banking Crowdfunding Islamic capital markets The paper can be theoretical, empirical or case studies. WWW.INCEIF.ORG/I-ARIEF The paper and presentation can be made in English or Arabic. Organised by INSIDE IFHUB PP18986/07/2018(034546) ISSN 0127-9998 Editor’s ISSUE 2 JUNE 2019 ii Note CALL by Assoc Prof Dr. Baharom Abd Hamid. Editor-in-Chief 2019 Assoc Prof Dr Baharom In Person Abdul Hamid FOR PAPER Director, Evolution of Waqf INCEIF-ISRA 1 Research Management Centre [email protected] Practices: Sky is The Inaugural Annual Theme: Editor Limit for Innovations Conference on Asst Prof Dr Adam Ng by Assoc. Prof. Dr. Deputy Director, Magda Ismail Abdel Mohsin, Islamic Economics “ISLAMIC FINANCE AND ISLAMIC ECONOMY Research Management Centre [email protected] INCEIF. and Finance ECOSYSTEM IN THE ERA OF DIGITALISATION” InterContinental Kuala Lumpur Coordinating Producer Ms Wiaam Hassan Research Highlights NOVEMBER 165, Jalan Ampang, Kuala Lumpur, Senior Research Executive 25 & 26, 2019 50450 Kuala Lumpur. [email protected] 8 Rice ATMs: IF Hub Liaison Officer Technology Based Ms Rita Norzizana Mohd Noor Programme Executive Innovations for [email protected] Enhancement of Zakat SEPTEMBER 30, OCTOBER 15, NOVEMBER 25 & 26, Published by by Assoc Prof Dr. Aishath Muneeza, 2019 2019 2019 International Centre for INCEIF. Education in Islamic Finance Lorong Universiti A, 59100 Kuala Lumpur, Malaysia. Tel +603 7651 4000 KEYNOTE SPEAKER Fax +603 7651 4094 Social Finance FULL PAPER PAPER CONFERENCE Dr. Sami Al-Suwailem Designed by Social Finance SUBMISSION CONFIRMATION DATES CIME ADV Sdn. Bhd. 16 Director General, [email protected] Islamic Research and Training Institute (IRTI) Innovation Art Director/ Graphic Designer: by Asmah Nabila REGISTER AT Mohd Nazri Murtaaza Project Executive, WWW.INCEIF.ORG/I-ARIEF/REGISTER Printed by INCEIF. Percetakan Surya Sdn. Bhd. 3 BEST Plot 29, Jalan IKS BK2, Taman IKS Bukit Katil, PAPER Bukit Katil, Melaka 75450, INCEIF “Think Tank” AWARDS REGISTRATION FEES Malaysia. 22 Institutionalizing International Participants © 2019 INCEIF. All Rights Reserved. — USD 350 : Early Bird Rate (Before November 1, 2019) Khairat Funds via discount for students — USD 450 : Normal Rate (November 1, 2019 and after) 20 The contents of this (newsletter/ PUBLICATION article/journal) are of a general Takaful (Part 1) OPPORTUNITIES nature. You are advised to seek by Mr Ezamshah Ismail, Indonesian/Malaysian Participants specific professional advice on any Senior Teaching Fellow (INCEIF), Special issues on Islamic Economy — RM 1,000 : Early Bird Rate (Before November 1, 2019) transaction or matter that may be discount for group ABL Group Members: and Finance of the following — RM 1,200 : Normal Rate (November 1, 2019 and after) 10 affected by this (newsletter/article registration (3 and above) Lim Sze Khai (MScIF), SCOPUS-indexed journals: /journal). If you require further Note: Price exclude 6% Service Tax. analysis or explanation of the subject Siti Aishah Masli (MIFP), matter, please do contact us at rmc@ Nik Nasrul Faiz Bin Nik Hziman (MScIF), ISRA International Journal of PAYMENT DUE: NOVEMBER 8, 2019 inceif.org, a subject matter expert on Nur Izzani Binti Hafiz (MScIF). Islamic Finance the topic or the person to whom you normally consult for such matters. Studies in Economic and Finance COVERAGE CONFERENCE Aspiration: The coverage of the conference includes, but not limited to: 30 Why Aspire Islamic finance and financial inclusion Islamic social finance (Zakat, Awqaf etc.) CONTACT Islamic finance and attainments of SDGs Islamic financial innovations for a PhD? Sarafuddin Syahid Sowel: Inclusive finance and inclusive growth Governance and regulatory framework for by Kulsanofer Thajudeen [email protected] Halal economy Islamic finance PhD in Islamic Finance. Islamic economy, Islamic finance and Takaful and wealth management Asmawi Asari: digitalisation Fintech [email protected] Islamic banking Crowdfunding Islamic capital markets The paper can be theoretical, empirical or case studies. WWW.INCEIF.ORG/I-ARIEF The paper and presentation can be made in English or Arabic. EDITOR’S NOTE Assalamualaikum wbt, INCEIF has always aspired to be the reference point and knowledge leader in Islamic finance regionally and globally. With continuous improvement of the quality of our academic programmes, coupled with active and aggressive applied research efforts, InsyaAllah, we would be there. The theme of our second issue of IF HUB for the year 2019 is “INNOVATION IN ISLAMIC FINANCE”. We are honoured to have Assoc. Prof. Dr Magda Ismail Abdel Mohsin on Evolution of Waqf in ‘in Person’ column. Under ‘Research Highlights’ we have Assoc Prof Dr Aishath Muneeza, sharing her view on the integration of technology in Zakat distribution, through her article titled “Rice ATMs”: Technology Based Innovations for Enhancement of Zakat Where are We Now in Integrating Zakat with Technology?”. Under our ‘Social Finance’ column, we have Sister Asmah Nabila writing on Social Finance Innovation. INCEIF has always been at forefront in bridging the academia and industry players in Islamic finance industry. Action based learning programme is one of the efforts to ensuring the students are connected to the real world of Islamic finance. Under 'INCEIF’s Think Tank' column, a group of students from ABL programme, supervised by Mr Ezamshah Ismail, our Senior Teaching Fellow, shared their findings based on their ABL project, titled “Institutional Khairat Funds Via Takaful: Part 1”. This article is certainly a must read as it describes an innovative approach for takaful players and mosques to collaborate in serving the community. Students experience and aspiration is something we are proud of and in ‘Aspiration’ column, we are pleased to have Ms Kulsanofer Thajudden to share on her big WHY in pursuing her PhD in Islamic Finance. Last but not least my gratitude for all the players who have played a key role in making this special issue of IF HUB a reality, both directly and indirectly. We would also like to thank the readers for the feedback provided. Assoc. Prof. Dr Baharom Abdul Hamid [email protected] Evolution of Waqf Practices IN PERSON SKY IS THE LIMIT FOR INNOVATIONS by Assoc Prof Dr Magda Ismail Abdel Mohsin (INCEIF) EVOLUTION OF WAQF PRACTICES Waqf (plural awqaf) is a continuous charitable endowment given away for the goodwill. Once created, it must stay permanently to finance different needs for the next generation. Waqf can be defined as “the confinement of a property (movable or immovable) by a founder(s) and the dedication of its usufruct in perpetuity for the wellbeing of societies for generations to come”. The inherent perpetuity of waqf gives its flexibility to accommodate the arising needs of Muslim societies throughout centuries. As such, it is seen as an institution with an immense potential for economic and social reform (MIFC, 2015). RECENT INNOVATIVE PRACTICES OF MOVABLE WAQF/CASH WAQF The last few decades have witnessed the revival of the institution of waqf and the creation of movable waqf i.e. cash waqf. According to a report by MIFC (2015), corporate and cash waqf are becoming popular particularly due to the flexibility they offer. IFHUB _JUNE 2019 1 Cash waqf, which is a type of moveable waqf established by using cash, emerges as an innovative approach in providing various financial models to meet the expectations of societies’ needs in Muslim countries. Innovative practices of cash waqf in creating financial models It has been realised that different cash waqf models are created to fulfil the various arising needs in the different Muslims societies. Among the types of cash waqf, is waqf shares model that is available in Sudan, United Kingdom, Malaysia and Kuwait. Through waqf shares, an individual can do waqf through