THE SMART WAY TO CREATE MORE TIME

 

This book is for those who have more things to do than the time to do them. This book is also ideal for those who always experience time deficits on a daily basis. Asked many times on how the author managed his time, he simply answered,

“I don’t really manage my time; I simply created more time.”

If you believe that time is technically expandable to provide the extra space for more goals to be accomplished, then this book is the book that you have long been looking for. You can make time expandable to your advantage. Many accomplished personalities do more and achieve greater triumphs not because they have more time than others, but they simply created more time.

The tips and secrets highlighted in this book are inspired by the true stories of the life-and-work style of one of the global Shariah advisors and entrepreneurs covering many cross border projects, responsibilities and initiatives. The tips presented in this book are easy to understand and to emulate (as well as to permute), as they have been daily (and hourly) tested in the author’s own life and leadership roles. The readers would just need to adjust these tips to suit their own personalities, professions, peculiarities, environments and surroundings.

Above all, this book is written by a practitioner and a realist, and neither by a motivational expert nor a theorist.

“I think I have created 25 hours in some of my days. I hope you can do the same too. There should be some ways to break this code of creating more time.”

 

25H BI

I Have 25 Hours a Day: The Smart Way to Create More Time

SAYA ADA 25 JAM SEHARI

Buku ini cukup sesuai bagi mereka yang perlu melaksanakan banyak perkara, namun tidak cukup masa bagi melaksanakannya. Buku ini juga memang ideal bagi mereka yang mengalami defisit masa saban hari. Pengarang buku ini berulang kali ditanya bagaimana beliau menguruskan masanya, dan beliau menjawab mudah,

“Saya tak begitu mengurus masa saya; saya sebaliknya menjana lebih banyak masa.”

Jika anda yakin masa secara teknikal mampu dikembangkan bagi menyediakan ruang tambahan bagi pencapaian lebih banyak matlamat, maka inilah buku yang anda nanti-nantikan selama ini. Anda mampu mengembangkan masa bagi manfaat anda. Ramai personaliti cemerlang dapat melakukan lebih banyak dan meraih kejayaan lebih hebat kerana mereka menjana masa tambahan, dan bukannya kerana mereka mempunyai lebih banyak masa berbanding orang lain. Tip dan rahsia yang diketengahkan dalam buku ini diilhamkan kisah benar gaya hidup-dan-kerja salah seorang penasihat dan usahawan Syariah global yang menabur bakti dalam pelbagai projek rentas sempadan, selain pelbagai tanggungjawab dan inisiatif. Tip-tip yang diterangkan dalam buku ini mudah difahami dan diamalkan (juga mudah dikembangkan). Ini kerana ia sudah pun diuji setiap hari (dan setiap jam) dalam kehidupan dan kepimpinan pengarang. Para pembaca hanya perlu menyesuaikan tip-tip ini dengan personaliti, kerjaya, persekitaran dan tabiat masing-masing. Pendek kata, buku ini dikarang seorang pengamal yang juga realis, dan bukan oleh pakar motivasi mahupun ahli teori.

25H BM

Saya Ada 25 Jam Sehari - Cara Bijak Menjana Lebih Masa

SHARIAH MINDS IN ISLAMIC FINANCE

MPH BOOKSTORES SDN BHD-VIVACITY MEGAMALL KUCHING SARAWAK

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MPHONLINE.COM

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"The Unspoken Truth of A Shariah Scholar's Life and Mind"

Finding The Next Steve Jobs

SULTAN PERAK - PRODUK KEWANGAN ISLAM, PERKENAL INOVASI BARU [23 MAC 2016]

Sultan Nazrin gesa bangunkan produk kewangan Islam

SYARIAH ADVISERS UNDER-APPRECIATED, SAYS PERAK SULTAN

Perak Ruler Sultan Nazrin Muizzuddin Shah is of the opinion that many may not fully appreciate the “enormous” responsibility of syariah advisers in giving their endorsements.

BANGUNKAN PRODUK KEWANGAN ISLAM: SULTAN NAZRIN

KUALA LUMPUR: Golongan cendekiawan Islam seharusnya tegas dan mengambil pendekatan berani untuk menjadikan produk kewangan Islam lebih canggih dan relevan yang menyumbang nilai lebih berkesan kepada masyarakat.

Perak Sultan tells Islamic financial scholars, ulama to keep up with times

He said they can act as “institutional game-changers” in helping Islamic finance grow, but must leave their “ivory towers” and become more involved in the industry.

JADIKAN PRODUK KEWANGAN ISLAM RELEVAN, TERKINI - Sultan Nazrin

Cendekiawan dalam bidang syariah perlu tegas dan mengambil pendekatan kukuh di dalam menjadikan produk kewangan Islam relevan, terkini dan memberi sumbangan yang lebih berkesan kepada seluruh masyarakat.

Jadikan produk kewangan Islam lebih sofistikated – Sultan Nazrin

Sultan Nazrin bertitah, pengli­batan golongan cendekiawan dalam produk-produk syariah amat mustahak bagi memperlihatkan perkembangan berterusan, inovasi dan pembangunan dalam kewangan Islam.

Cendekiawan perlu main peranan dalam kewangan Islam - Sultan Nazrin

Penglibatan cendekiawan Islam akan membuka lebih kemungkinan kepada penawaran produk yang lebih meluas dan lebih menarik bagi membolehkan penyediaan keperluan kewangan yang pelbagai dalam dunia yang berevolusi.

Engagement Among Scholars Crucial To Further Advance Syariah-based Products

Engagement with and among scholars is imperative to see further progress, innovationand development in Islamic finance, whether it is Syariah-based or Syariah-compliant.

"SHARIAH MINDS in ISLAMIC FINANCE " Book by Mohd Daud Bakar Launched

Attended the maiden book launch of "Shariah Minds in Islamic Finance" written by an old friend since the mid-90s i.e. Dato' Dr. Mohd Daud Bakar. The book is a must read for all those in the Islamic Banking and Finance industry.

Sistem kewangan Islam tidak wajar “dibebaskan” dari sistem konvensional: Penasihat Syariah

Sistem kewangan Islam tidak wajar “dibebaskan” daripada sistem konvensional, sebaliknya kedua-dua sistem itu perlu digabungkan menerusi satu proses Islamisasi, kata Penasihat Syariah Bank Negara Malaysia dan Suruhanjaya Sekuriti Malaysia, Datuk Dr Mohd Daud Bakar.

Malaysia: Perak Sultan tells Islamic financial scholars, ulama to keep up with times

Perak’s Sultan Nazrin Muizzuddin Shah today told Islamic financial scholars and ulama to “think futuristically” in order to be current with contemporary developments.

KEYNOTE ADDRESS

BY

HIS ROYAL HIGHNESS

SULTAN NAZRIN MUIZZUDDIN SHAH

 

23 MARCH 2016

 

Bismillahi Rahmani Rahim.

Assalamualaikum warahmatullahi wabarakatuh.

Good morning, ladies and gentlemen.

I am pleased to be here at the launch of the book, Shariah Minds in Islamic Finance, and its Malay translation, Minda Shariah Kewangan Islam, written by Datuk Dr Mohd Daud Bakar.  A product of deep industry insight, analysis as well as critical contemplation, this book is a welcome addition to the existing body of knowledge on Islamic Finance.  It reveals the intricacies and issues surrounding Shariah compliance in the products and practices of Islamic Finance, from the perspective of a leading Shariah scholar who is also an insider in the development of the industry.

Dr Mohd Daud is an insider on two fronts.  First, as a former academic, he embarked on pioneering research on Islamic banking, takaful and Islamic capital markets.  At the International Islamic University of Malaysia, he developed courses that were among the first few in the world aimed at preparing the requisite human capital for a rapidly growing industry.

Secondly, as a Shariah advisor, such as chairing the Shariah Advisory Councils of Bank Negara Malaysia and the Securities Commission Malaysia, including a decade-long stint at the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in Bahrain; Dr Mohd Daud has long been part of the development, scrutiny and endorsement of Islamic financial products, practices and offerings that today form the very nucleus of the industry.

He brings to this book a combination of Shariah legal theory, practical industry application and his experience of engaging with industry stakeholders.  This is no mean feat, but Dr Mohd Daud has weaved together a personal account—part narrative, part critique, part recommendation—that offers the reader a glimpse into what would otherwise be an opaque world.

The added value of the book is that it addresses not only Shariah scholars, but also equally importantly, other stakeholders in the global Islamic finance industry. These include policy makers, legislators, regulatory authorities, shareholders, management, customers and the general public.

Confidence in the Industry

Ladies and Gentlemen:

Islamic finance has emerged as a viable alternative financial brand that is based on a set of principles that are in accordance with the objectives of Islamic law, the Maqasid al-Shariah.  Being a faith-based system of financial intermediation, the role of the Shariah advisor cannot be overstated.  When the industry emerged in the 1970s, the involvement of the Ulama and Shariah scholars was crucial in giving legitimacy to newly established Islamic financial institutions.  These Shariah experts, respected as the authority on what is and what is not permissible in Islamic finance, now makes up a vital component of its governance and regulatory architecture.

Yet, the Shariah advisory function has long been perceived as inaccessible, shrouded in a lack of transparency and engagement with other stakeholders in the industry, ranging from economists to consumers.  I believe that removing the veil over the work of Shariah advisors, as this book does, is extremely important in increasing the confidence of the public and the media in our Islamic financial institutions, especially in jurisdictions less familiar with this industry.

Many may not fully appreciate the enormous responsibility of Shariah advisors in giving their endorsements.  The unique feature of Islamic finance is the sacred trust placed on institutions to comply with the principles of Islam.  Therefore, every endorsement by Shariah advisors is an assurance to the public that the institution in question is acting in accordance with religious tenets.  These pronouncements are based on the advisors’ deep knowledge and expertise in the Islamic legal tradition, thus enabling them to assign the appropriate Shariah response to any given situation.

In the book, readers are rightfully reminded that adhering to the principles of Islam is not limited to products and services alone, but includes instilling a culture of internal Shariah compliance in the day-to-day operations of Islamic financial institutions.  Here, Shariah advisors have a responsibility to engage with the senior management of a bank, for example, to influence the creation of a built-in organisational Shariah compliance regime—a code of ethics if you will—as well as to provide effective and independent oversight on compliance.

Any deviation from Islamic principles by any one institution, even if evident in its organisational culture or business processes, has the potential to taint the image of the entire industry.  Hence the immense responsibility placed upon Shariah advisors.  Apart from providing security and confidence to consumers, Shariah advisors also provide a kind of a reputational risk management mechanism for the industry as a whole.

It is no surprise, therefore, that the Shariah governance function has been elevated to a very high standard under the provisions of the Islamic Financial Services Act (IFSA), which was enacted in June 2013 by the Malaysian Government.

The Act provides for an end-to-end Shariah compliant regulatory framework for the practice of Islamic finance in Malaysia.  It also outlines the operational requirements for the effective application of ethical principles in the conduct of Islamic financial institutions, whereby it is the duty of such institutions to ensure that their objectives, operations and processes all comply with the Islamic tradition.

Shariah-based vs. Shariah-compliant products

Ladies and Gentlemen:

This brings me to the topic of Shariah-based products versus Shariah-compliant products.  When Islamic finance was at its infancy in the 1970s, contracts based on mudarabah, musharakah and ijarah were introduced mainly to facilitate trade.  As the Islamic financial market evolved, it needed more sophisticated financial products to handle the increasing value of funds under management.

The impulse to duplicate conventional financial products seemed natural, therefore.  The trend of structuring transactions in a manner that closely mimics conventional finance through a kind of Islamic financial engineering, or in other words, by being Shariah-compliant, came to dominate the industry.

In the last decade or so, there has been a lot of discussion among scholars and practitioners on the need to reorient Islamic finance, from one of mimicking or duplicating, to a model of emphasizing instead the original principles of Shariah.  Some scholars have even proposed completely abandoning the paradigm of ‘Islamization’ of conventional financial practices, and to focus instead on attaining the social and economic ends of financial transactions—rather than focusing merely on the contract mechanics through which financial ends are achieved.

This new line of thinking places emphasis on Shariah-based structures, such as those that can promote social inclusion and social welfare; reduce the gap between the rich and the poor; and channel investments to socially- and environmentally-responsible causes.

As such, there has been greater engagement with the rich heritage of the Islamic tradition itself, learning from the historical precedents that can be found in Islamic theology and adapting them to contemporary cases.  And as Dr Mohd Daud points out, when Shariah scholars are engaged on this issue, they ‘would welcome and praise the move towards developing totally new structures of Islamic financial products and services.’

I find this spirit of openness evident in the increasing number of Shariah advisories that are now talking about taking responsibility and ownership of their role beyond merely approving products.  It is also evident in the growing prominence of Islamic Social Finance, including such structures and activities as community banking, microfinance, socially responsible investment, humanitarian financing and the like.

Having said that, Dr Mohd Daud also maintains that efforts to convert conventional products into Shariah-compliant forms must still go on.  The provision of Islamic finance, he warns, cannot depart too much from the financial needs of consumers.  He reminds us that even the Prophet Muhammad (sallallahu ‘alayhi was-salam) himself endorsed some of the prevailing customs of the Jahiliyyah or pre-Islamic society—so long as they were compatible, or were adjusted to be compatible, with the teachings of Islam.

It is in this context that scholars must be assertive and take a bold approach to make Islamic financial products relevant, sophisticated, as well as encapsulated by what Dr Mohd Daud calls a ‘white ocean strategy’.  ‘A white ocean strategy’, he says, ‘is about offering something which has not yet been attempted but could contribute a more impactful value for the whole society’.

Whether this results in Shariah-based or Shariah-compliant products, engagement with and among scholars is imperative to see further progress, innovation and development in Islamic finance.  Engagement will open up possibilities for better and more wide-ranging offerings to enable the emergence of new solutions in the industry to cater to our various financial needs in this evolving world.

The role of Shariah scholars moving forward

Ladies and Gentlemen:

Islamic finance currently represents less than 1% of global financial assets and is still very much concentrated in a limited number of markets.  However, its growth trajectory has been remarkable and, indeed, continues to outpace that of its conventional counterpart.  Islamic finance is now estimated to have 2.5 trillion US dollars of assets under management with the potential to rise to 5 trillion US dollars by the end of the decade, according to Standard & Poor’s.

In addition, according to the IMF and the Islamic Financial Services Industry Stability Report of 2015, Islamic finance has reached the category of ‘systemic importance’ in twelve jurisdictions of the world, where the industry commands more than 15% share of the total banking market.  The number of such jurisdictions is set to double over the next few years.

In this regard, Christine Lagarde, Managing Director of the International Monetary Fund, in a recent speech in Kuwait aptly reminded, that ‘as the industry expands and becomes systemically important in more countries, it is vital to nurture this development in a safe and sound manner in terms of enabling legislation, regulatory framework and the global financial reform agenda.’

Unfortunately, this vision for Islamic finance for the next ten to twenty years and beyond is something that is probably missing at the moment.  This, says Dr Mohd Daud, is about the sociology of change and transformation.

In the 14th century, Ibn Khaldun (d. 1406), the celebrated Muslim scholar, argued that societies were like living organisms.  They have cycles of birth, growth, maturity and decline, and even eventually, death.  His observation was probably the first noteworthy social science conclusion that has led to dozens of theories surrounding the science of cultural and social evolution.  Indeed, social evolution can be observed everywhere, and no industry or sector is immune, including Islamic finance.

I am certain that as the industry evolves in the years to come, the role of Shariah scholars can become ever more significant. Scholars are bastions for the proliferation of knowledge.  They are in the words of our beloved Prophet (sallallahu ‘alayhi was-salam):

عُلَمَاءُ وَرَثَةُ الأَنْبِيَاء

[Scholars are the inheritors of the Prophets].

They, the ulama and the scholars, are in the best position to act as institutional game-changers through their research and inquiry into new conceptual models of the present state of affairs and the proposed set of responses or reforms that are necessary for our society.  

For this to happen, however, their work must be accessible, understandable and actively disseminated to industry practitioners, students of Shariah, regulatory authorities, policy-makers and the public at large.  Certainly, this calls for a certain level of audacity on the part of Shariah scholars to abandon their ivory towers and pursue a more direct involvement in the development of the industry.

I have to agree with the appeal in this book to increase the pool of Shariah advisors who are able to think as futurists, strategists and good innovators of bid’ah hasanah in Islamic finance—apart from having solid knowledge on every aspect of the Islamic tradition. Thinking strategically and futuristically is, after all, expected in other disciplines, from information technology to business to public policy to science and engineering.  And so it should be no different in Shariah scholarship as well, if we are serious about transforming the Islamic finance landscape to become better and more impactful for the whole of society.

 

Concluding Remarks

Ladies and Gentlemen:

In his book Shariah Minds in Islamic Finance, Dr Mohd Daud sees scholars as instrumental in advancing the Islamic finance industry from its current state, which he calls Version 1.0, to the next level, Version 2.0.  He believes, ‘things could be done differently … to effectively integrate the Shariah minds in all the policies and product offerings.  We need an exponential change in all respects and I hope this book will inspire young scholars and senior scholars alike to think differently and to position themselves differently to lead the industry moving forward.  The scholars cannot continue to be passengers all the way.  They need to take a leadership role from now on.’

In many respects, this book is a 21st century manifestation of the well trodden path of ijtihad.  It will answer many existing questions, and no doubt raise new ones.  It is my hope that it will spur a whole new genre of scholarship in Islamic finance especially on Shariah governance.

It is also my hope that this will be the first of many books by this author who I am certain will continue to have a successful career in Shariah advisory for many more years to come. Insha Allah.

It is now my great pleasure to launch Shariah Minds in Islamic Finance and Minda Shariah Kewangan Islam by Datuk Dr Mohd Daud Bakar.

Bismillahi Allahu Akbar!

Gallery

 

“This is a pioneer work by a pioneer contemporary scholar, Dr. Mohd Daud Bakar, in the field of Islamic banking and finance.”  - Sheikh Dr Nizam Yacooby, Shariah Scholar, Bahrain ...more

“Certainly, this is not a text book on Islamic finance. It is, as the title aptly describes, a book on the minds of a Shariah scholar deeply involved in the creation of Islamic finance products since the beginning of their introduction in the modern form. Indeed, the author grew up together with and at the same time as Islamic finance.” - Tun Abdul Hamid Mohamad, Former Chief Justice of Malaysia ...more

INSIGHTS

“This is a pioneer work by a pioneer contemporary scholar, Dr. Mohd Daud Bakar, in the field of Islamic banking and finance. Dr. Mohd Daud Bakar not only participated in the growth and innovation process of Shariah fatwas and rulings, but was nearly there all the way back to the beginning. At last, we have a work which demystifies the function and process of issuing fatwas. It also refutes some ungrounded myths about Shariah scholars and the scope of their work and participation. This ground breaking research will be a reference guide for all stakeholders for many years to come, Insha Allah! Barak Allah feekum!” Sheikh Dr Nizam Yacooby, Shariah Scholar, Bahrain

INSIGHTS

“This book is different from any other book on Islamic finance (I am using the term ‘Islamic finance’ to cover Islamic banking, Islamic finance and takaful) that I have read. Certainly, it is not a text book on Islamic finance. It is, as the title aptly describes, a book on the minds of a Shariah scholar deeply involved in the creation of Islamic finance products since the beginning of their introduction in the modern form. Indeed, the author grew up together with and at the same time as, Islamic finance. It takes someone with no less knowledge of and experience in the subject as Dr. Mohd Daud Bakar to be able to write it. It is a mustread for aspiring and young Shariah scholars, so that they are aware what is to be expected of them. It is highly recommended for officers of Islamic finance institutions, so that they are familiar with the thinking of the scholars they have to work with, as it is essential that they work in harmony.” Tun Abdul Hamid Mohamad, Former Chief Justice of Malaysia

“At last, a frank and absorbing narrative about the inside workings of a prominent Shariah advisor in the growing Islamic finance industry.” Mushtak Parker, Research Economist & Financial Journalist, London, United Kingdom ...more

“Honest, insightful and engaging.” Professor Dr. Engku Rabiah Adawiah bt Engku Ali, Professor, IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM) ...more

“As I read this brilliant book, I can identify in my own experience, as a Shariah scholar, with much of what Dr. Mohd Daud Bakar has comprehensively chronicled.” Sheikh Dr. Mohamed Ali Elgari, Shariah Scholar, Saudi Arabia ...more

INSIGHTS

“At last, a frank and absorbing narrative about the inside workings of a prominent Shariah advisory in the growing Islamic finance industry. For the last four decades, the Shariah advisory function has been shrouded in a perceived lack of transparency, sitting on the fence, hiding behind intellectual property rights, conflict of interest, and a lack of wider discourse between the scholars and the spectrum of stakeholders in the global Islamic finance industry, ranging from shareholders to the lay consumers. Shariah scholars were initially put on a pedestal, from which some are still struggling to come down to earth. But as Dr. Mohd Daud Bakar pleads in “Shariah Minds in Islamic Finance”, they need to show more leadership – operational and intellectual - if they wish to play a game-changing role in the development of contemporary Islamic finance over the next forty years, and to make Islamic finance more relevant to the real economy and therefore the lives of millions of ordinary customers. But what would take the Shariah function to the next level? He proposes a provocative yet necessary evolution and elevation of “qualified Shariah scholars and Shariah professionals to fill the post of CEOs and COOs of Islamic financial institutions and senior positions at regulatory agencies.” In other words, Shariah advisors could also learn to become entrepreneurs, bankers, asset managers and even regulators. At the same time, he would also like the next generation of Shariah advisors to be armed with a CFA qualification and be offered articles with a Shariah Partnership Firm. That would really set the cat amongst the pigeons. Whether that would change the Islamic finance landscape as he suggests, only time will tell. After all, Shariah scholars too are mere human beings and therefore subject to the same fallibilities and frailties as everyone else. But like the late Governor of Bank Negara Malaysia, Tan Sri Jaafar Hussein, Dr. Mohd Daud Bakar also has a vision for Islamic finance, in particular for the Shariah advisory function. This vision is for Shariah advisories to have that overriding dream of the future system and value propositions of Islamic finance going forward. The technology and product innovation, though difficult, he argues with some confidence will materialise. But that dream, that vision for the future is very often more challenging to conjure. This is what is missing at the moment. This is a must-read book, which will no doubt answer existing questions, and raise new ones. It is high time that Shariah advisors take greater responsibility and ownership of their role beyond merely approving products and services.” Mushtak Parker, Research Economist & Financial Journalist, London, UK

INSIGHTS

“Honest, insightful and engaging. This book provides an insider’s account into the life and mind of a Shariah scholar in Islamic finance. The narrative format is both engaging and thought provoking. A mustread to understand and demystify Shariah scholarship in Islamic finance and its nuances.” Professor Dr. Engku Rabiah Adawiah bt Engku Ali, Professor, IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM)

INSIGHTS

“While much has been written about Islamic banking, to my knowledge, none has focused on the esoteric Shariah advisory.“Shariah Minds in Islamic Finance” provides the key to understanding how Shariah scholars dispense of their duties and how fatwa is arrived at in Shariah boards. As I read this brilliant book, I can identify in my own experience, as a Shariah scholar, with much of what Dr. Mohd Daud Bakar has comprehensively chronicled. “Shariah Minds in Islamic Finance” is a must-read for anyone who wants to understand this most important component of Islamic banking.” Sheikh Dr. Mohamed Ali Elgari, Shariah Scholar, Saudi Arabia

“The perspective of this book is not backward looking. Dr. Mohd Daud Bakar is an “Empiricist” and this is a template for the future (Islamic Finance 2.0 he calls it), based on the practical observations in the field of his own experience.” Richard G. Thomas, Senior Advisor to the Board and Chief Representative, Malaysia, Gatehouse Bank ...more

“This book is the key that solves the many mysteries surrounding the minds of contemporary Shariah scholars and their methodology. As one of the prominent scholars in Islamic finance, Dr. Mohd Daud Bakar has candidly shared his own journey into the complex world of Shariah advisory.” Mohamed Rafe bin Mohamed Haneef, Chief Executive Officer,CIMB Islamic ...more

INSIGHTS

“I am privileged to have known Dr. Mohd Daud Bakar since he emerged on the international Islamic finance scene in late 1990’s. His influences and inspirations, like mine, came from discovering that Islamic commerce and some of the Islamic finance instruments were real and in practice in the 17th and 18th century Mediterranean society, and not just an “academic exercise”. The perspective of this book is not backward looking. Dr. Mohd Daud Bakar is an “Empiricist” and this is a template for the future (Islamic Finance 2.0 he calls it), based on the practical observations in the field of his own experience. In it, for example, he deftly interpolates Ibn Khaldoun’s views on the evolution of society to the need to evolve the branding of Islamic finance today. After a distinguished academic career, he put his convictions to the test in starting his own commercial enterprise, “Amanie”, and as he mentions in his book, obtained a special perspective as a scholar from the inside of his own commercial reality, as well as from the outside, namely the academic scene. Since the 1990’s, Dr. Mohd Daud Bakar has had a significant impact on the development of cross border Islamic finance between the UK, GCC and Malaysia, which is something of the “golden triangle” of the 21th century re-emergence of the Islamic economic constructs. But I am much taken to read of his new endeavors in new geographies and in the new frontier markets, including Libya and Afghanistan. Despite his great modesty, today, Dr. Mohd Daud Bakar is known by us practitioners to be amongst the modern scholar “elite”. He is already very well known for “practical and feasible solutions, instead of putting ideas and perspectives which are not relevant to, and having no linkage with, the current market practices, as well as market constraints”. This book opens up his personal convictions most transparently, in an attempt to provide some juxtaposition to the sometimes cynical and world weary criticisms of Shariah scholars in finance, which has been “fashionable” in the last few years. This is not a whitewash either, as some of his points and views are hard hitting. Chapter 2 gets straight to it with “What does a Shariah Scholar do in the Islamic Finance Industry”. “If someone were to ask me now what is the most lacking aspect amongst the Shariah scholars, i.e. in discharging their expected duties, my vote goes to the duty of care more than anything else, such as duty of confidentiality and the Shariah governance of Shariah scholars. A clear prescription of the duty of care, diligence and skill will take care most, if not all the antagonistic perceptions towards Shariah scholars.”. I am charmed by the elegant exposition of observations that he has made about the actions and behaviours of the scholars, and the roles they continue to play during the development of the 20/21st century iteration of Islamic finance. But I am persuaded to look into his observations for the future too, such as “With regard to the minimum standards of due diligence and expectations, the financial institutions do not differentiate between Shariah scholars and third party consultants. The rationale behind this move is that in dealing with third parties, whoever they may be, the financial institutions need to manage any risk arising for the appointment of the third parties. In order to mitigate this risk, it is only fair for these organisations to prescribe what they thought appropriate to avoid any occurrence of the risk, as well to reduce the aftermath of the risk, if the risk event occurs. In this process, Shariah scholars need to disclose more information, as well as to make themselves bound by many undertakings and declarations, such that it fulfils the risk management requirements of these organisations.”. More humbling I think for all of us in the practical business side are the revelations in Chapter 13, “Diary of a Shariah Scholar”. Whilst I am unable to agree with his position on a certain football club, I can recommend this book to my peers without reservation.” Richard G. Thomas, Senior Advisor to the Board and Chief Representative, Malaysia, Gatehouse Bank

INSIGHTS

“This book is the key that solves the many mysteries surrounding the minds of contemporary Shariah scholars and their methodology. As one of the prominent scholars in Islamic finance, Dr. Mohd Daud Bakar has candidly shared his own journey into the complex world of Shariah advisory. The author makes a brilliant analysis on the need for Shariah advisory and the qualifications of Shariah scholars. His insights into the methodology of Shariah rulings, and linking the practices of the past scholars with the process adopted by modern scholars are truly enlightening. The book is filled with many useful examples and case studies. From the bee pollen case of Ibn Taymiyyah to the muwa’adah issue confronted by the SACs in Malaysia, the book is a treasure trove for students, practitioners, regulators and stakeholders of Islamic finance. The book also boldly tackles some of the controversial issues, like the differences between the standards adopted by the Malaysian and GCCbased Shariah scholars, the professional fees charged by scholars and the perceived conflicts of interest. This book is highly recommended for all practitioners, students, regulators, policy makers and other stakeholders of Islamic finance.” Mohamed Rafe bin Mohamed Haneef, Chief Executive Officer, CIMB Islamic

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