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Islamic Banking and Nance Globally

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Islamic Banking and Nance Globally VOLUME 6 - ISSUE 3 | JUNE 2016 - £20 INSIDE THIS ISSUE An Exclusive Interview with ALHAJI (DR.) UMARU ABDUL MUTALLAB Chairman, Jaiz Bank Nigeria An Interview with TREVOR NORMAN Director Volaw Group FIZA FARHAN UN High Level Panel Member on Women Economic Empowerment ISFIRE Report 3G AWARDS CELEBRATE EXCELLENCE IN GOVERNANCE AND SOCIAL WELFARE ISFIRE Events GLOBAL ISLAMIC FINANCE REPORT 2016 LAUNCHED AT GIFF 5.0 GIFF 5.0 Think Big, Grow Beyond C M Y Every award we win makes you, our customers, shareholders and the nation a winner. CM So while we take pride in our winning tally for 2015, we look forward to an even better year ahead. MY CY CMY K Best Retail Bank – Africa – Islamic Business & Finance Awards 2015 Best SME Bank - Africa - Islamic Business & Finance Awards 2015 Best Islamic Bank - East Africa- Islamic Business & Finance Awards 2015 Best Islamic Bank - Africa- Islamic Business & Finance Awards 2015 2015 Best Microfinance Bank – East Africa – Banker Africa Best Customer Service – East Africa – Banker Africa Best Islamic Retail Bank – East Africa – Banker Africa Best Islamic Retail Bank Sudan - Global Banking & Finance 2015 Best Islamic Microfinance Bank Sudan - Global Banking & Finance 2015 Best Islamic Retail Bank – Africa – International Finance Magazine 2015 Critics’ Choice Best Islamic Retail Bank 2015 Sudan – Islamic Retail Banking Awards 2015 by Cambridge Analytica IF. Call Mubasher: +249 15 6661000 / 1913 www.bankofkhartoum.com www.gifr.net Order NOW! Place your Order Today! +44 (0) 20 3617 1089 or [email protected] Usual Cover Price for Hard Copy £250 £100 GIFR 2016, like its predecessors, provides the most comprehensive analyses of activities, trends, nancial policies, new developments and progress of Islamic banking and nance globally. This seventh edition of GIFR is produced around a central theme of Islamic nancial policy and provides an overview of Islamic nancial policies in key Islamic nancial markets asserting that besides regulations; there is a need to formulate consistent, coherent and comprehensive policy frameworks for the smooth functioning of the Islamic nancial industry. GIFR 2016 also highlights examples of good legislation on Islamic banking and nance in key nancial markets, oering insights on how to bring similar legislative changes in other countries. The Report contains insightful analyses contributed by some of the leading players in the global Islamic nancial services industry and other thought leaders who have helped move Islamic banking and nance to a new paradigm. What does GIFR 2016 bring to the industry? ♦ Overview of the global Islamic nancial services industry ♦ Rating of leading Islamic countries through the most accredited ratings called, IFCI ♦ Overview of Islamic nancial system and policies in leading Muslim economies ♦ Role of multilateral institutions in the formation of Islamic nancial policies around the globe ♦ A global survey of 43 countries on the awareness and importance of Islamic nancial policy ♦ Industry trends, analyses and development JANUARY 1 Launched on ST , 2016 A Must Read for Islamic Bankers & Wealth Management Professionals The report is aimed at narrowing the demand and supply gap in Islamic wealth management products and solutions. Further, the report explores the growth in Islamic wealth, highlighting its concentration in different regions, providing crucial business intelligence to supply-side leaders and potential clients of the Islamic wealth management industry. "The Islamic wealth management sector remains one of the few untapped areas left in the industry. By bringing this report to market, we hope to initiate a robust discussion surrounding the utilisation of Shari'a compliant wealth structures and, specifically private wealth management structures." Datuk Ahmad Hizzad Baharuddin, Director General of Labuan Financial Services Authority "With the increasing number of Muslim individuals and families appearing in the global wealth list and growth in Islamic financial assets, it is not unrealistic to assume that there is an increase in Islamic wealth globally. It is, therefore, high time that a Report analyzing the developments, products and solutions in Islamic wealth management is produced, which should assist the players to narrow the demand supply gap." Professor Humayon Dar, Executive Chairman of HD-Edbiz Group of Companies Place your order today! Call: +44 203 617 1089 or Email at: [email protected] www.edbizconsulting.com www.labuanibfc.com ISSN 2049 - 1905 CONTENTS ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET VOLUME 6 - ISSUE 3 | JUNE 2016 COVER STORY ISFIRE REPORT 08 Alhaji (Dr.) Umaru Abdul Mutallab 38 3G Awards Celebrate Excellence in Governance and Chairman, Jaiz Bank Nigeria Social Welfare BRIEF NOTE ISFIRE EVENTS 50 GIFF 5.0 22 Islamic Banking and the Microscope of Maqasid Al- Shari’a Think Big, Grow Beyond Mufti Syed Abu Bakar 60 Global Islamic Finance Report 2016 Launched at GIFF 5.0 TALKING POINTS INTERVIEWS 26 Fintech, a Force to be Reckoned with 14 Trevor Norman Akash Anand Director Volaw Group 30 Succession Planning and the Use of Trusts and 66 Fiza Farhan Foundations for Family Businesses in the Arabian Gulf UN High Level Panel Member on Women Economic Empowerment Paul C. Homsy 34 Islamic Banking in Indonesia PAUSE FOR THOUGHT Farouk Abdullah Alwyni 64 Shari’a Scholars Versus Islamic Economists 44 Waqf Regulatory Framework BOOK REVIEW Zurina Shafii, Zamir Iqbal, Mustafa Tasdemir 70 Shariah Minds in Islamic Finance Editor-in-Chief Professor Kabir Hassan Shaarif Sameer Professor Humayon Dar University of New Orleans Umar Rauf PhD, Cambridge University Datuk Noripah Kamso Advertisements, Commercial and Islamic Finance Expert Editor Subscription Enquiries Dr. Sofiza Azmi Moinuddin Malim Khuram Shehzad Alternative International Management Services CEO, Edbiz Consulting E: [email protected] Dr. Asmadi Mohamed Naim T: +44 (0) 203 617 1089 International Editorial Board Universiti Utara Malaysia Shaarif Sameer Dr. Nafis Alam Professor Muhamad Rahimi Osman E: [email protected] University of Nottingham Malaysia Campus Universiti Teknologi MARA T: +44 (0) 203 617 1089 Dr. Mehmet Asutay M. Saleem Ahmed Ranjha Durham University Wan Miana Rural Development Programme Published by Professor Dr. Mehmet Bulut Dr. Usamah Ahmed Uthman Edbiz Corporation Limited Istanbul Sabahattin Zaim University, Turkey King Fahd University of Petroleum & Minerals 305 Crown House, North Circular Road, Park Dato’ Dr. Asyraf Wajdi Dusuki Royal, London, NW10 7PN, United Kingdom Designed By Deputy Minister, Prime Minister’s Department T: +44 (0) 203 617 1089 Malaysia Zahra Naqvi [email protected] E: [email protected] Professor Joseph Falzon W: www.edbizconsulting.com University of Malta Executive Staff Dr. Mian Farooq Haq Zia Ullah Zia State Bank of Pakistan Khuram Shehzad Copyright © 2016 Edbiz Consulting EDITORIAL Note from the EDITOR-IN-CHIEF The third issue of the year features another leading personality in Islamic banking and finance (IBF) from Africa on the cover page. Alhaji Dr. Umaru Mutallab, chairman of Jaiz Bank Nigeria shares with our readers his vision of Islamic banking, with a special reference to Jaiz Bank. There are three other interviews – Trevor Norman of Volaw Group, Fiza Farhan, a member of the UN High Level Penal on Women Economic Empowerment, and Mohamed Izam Mohamed Yusof, CEO of Investment Account Platform. The latter features as Personality of the Issue. Africa is a rising star in IBF. This continent offers a new wave of exciting growth prospects with a resurgence of traditional investors, including increasing numbers from the Middle East and broader OIC markets, who are now refocusing their attention on opportunities across the African continent. Nigeria, Kenya, South Africa and the countries in North Africa are witnessing fast developments in this space. Institutions such as Jaiz Bank has an important role in regionalisation of IBF in the African context. Similarly, Bank of Khartoum, which featured in our cover story in the recent April 2016 issue, is another prominent player in IBF in Africa. My Pause for Thought is influenced by the book review included in this issue. After the launched of the much talked about practical book in Islamic finance, Shariah Minds in Islamic Finance, we decided to include a detailed review of the book for the benefits of our readers. Written by Dr Mohd Daud Bakar who is a renowned Shari’a scholar, the book provides a detailed analysis of how Shari’a scholars make decisions as part of their Shari’a advisory roles. It also dwells upon the tension between Shari’a scholars and Islamic economists. Pause for Thought further elaborates this important issue in IBF. As Knowledge Partner of the 5th edition of Global Islamic Finance Forum (GIFF), Edbiz Consulting played an instrumental role in the success of the event. An ISFIRE Report on GIFF is also included in the issue to give a historical account of this iconic event in the IBF calendar. A brief summary is presented on the launch of the 7th edition of Global Islamic Finance Report, which was launched by the new governor of Bank Negara Malaysia at GIFF. This issue also includes a pictorial on Global Good Governance Awards (3G Awards) ceremony that was held on May 27, 2016, at Istanbul, Turkey. The 3G Awards is a premier awards programme that highlight excellence in good governance and commitment to social welfare in 3 major streams: Government & Politics, Corporate Sector and Social Sector & Philanthropy. The 3G Awards
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