“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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