Book Launch

Gallery

Welcoming Remarks By The Author

Keynote Address By HRH Sultan Nazrin Shah

KEYNOTE ADDRESS BY HIS ROYAL HIGHNESS SULTAN NAZRIN MUIZZUDDIN SHAH

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.

WELCOMING REMARKS BY DATUK DR MOHD DAUD BAKAR

Bismillahirrahmanirrahim.
Assalamualaikum warahmatullahi wabarakaatuh.
Ampun Tuanku.

Yang Teramat Mulia Kerabat-Kerabat DiRaja
Yang Berhormat Senator Dato’ Dr Asyraf Wajdi, Deputy Minister at Prime Minister Office;Your Excellencies the Ambassadors; Tan Sri-Tan Sri; Datuk Seri-Datuk Seri; Puan Seri-Puan Seri; Datuk-Datuk; Datin-Datin; intellectual and intelligentsia; senior regulators and practitioners; my family members, members of media and distinguished audience.

It is my absolute pleasure to welcome such a distinguished audience to this special launching of my first book, “Shariah Minds in Islamic Finance” and the Malay version of it, “Minda Shariah Kewangan Islam”.

Today, we are blessed and honoured to have His Royal Highness, Sultan Nazrin Muizzuddin Shah Ibni al-Marhum Sultan Azlan Muhhibuddin Shah al-Maghfur Lah, the Sultan of Perak Darul Ridzuan, who will graciously launch the book, which is the first of many more books to come InsyaAllah. I am very grateful to His Royal Highness for agreeing to grace this humble event and launch the book.

I must thank all of you for taking some time off your busy schedule to be in this important moment for me: the new writer on the block. I am humbled by your warm support and encouragement.

In this distinguished crowd, I can see many of my stakeholders and great minds from many segments from both Malaysia and overseas. They are the financial regulators and practitioners, members of higher learning institutions, members of the Islamic religious and Shariah scholars’ fraternity, my alumni at various levels of learning, members of the media, colleagues from Amanie and my family members. Thank you again for joining me in this great moment for this auspicious book launching.

Ten months ago, I never intended to write a particular book; what more to write a book of this genre, which is, I hope, both narrative and engaging. So, what really triggered me to put a few thoughts and lines together in this book, sometime in June 2015 during my short flight from Muscat to Dubai?

Not many are aware that I was actually embracing the indirect challenge by His Royal Highness Sultan Nazrin; when he was sharing his observations after reading so many books on Islamic finance, in which he could not find any good and impressive books on Islamic finance by the Shariah scholars themselves. I am inspired by His Royal Highness Sultan Nazrin’s observations, as much as I am also inspired by His Royal Highness’s extraordinary interest, and outstanding support and contributions towards the advancement and propagation of knowledge. I am very honoured today that I may have fulfilled part of this challenge by His Royal Highness Sultan Nazrin by producing this book.

On the other side of the coin, for the last 40 years, Shariah advisors in Islamic finance preferred to avoid an open engagement with other stakeholders, although they have been painted with black paint on many occasions, platforms and publications. There are many negative perceptions, if not insinuations, that swim around in peoples’ minds on these Shariah advisors; who they are and what they do. I am one of these Shariah advisors.

Challenged and motivated to offer a new but honest perspective on the lives and minds of the Shariah advisors for the first time in history, I thus embarked on this journey to reflect and narrate whatever I could recollect from my two decades of industry experience.

In my book, I put much effort in being honest, transparent, balanced and most glaringly, perfect frank in my exposition on any issue and theme that hits the Shariah advisors in one way or another, regardless of whether it is for or against the Shariah advisors. I confronted relevant issues with full disclosure and sometimes, with honest admission of our shortcomings. The time for Shariah advisors to hide behind the veil and shield of Shariah knowledge and behind the fatwa seal and stamp is almost over by now.

As a person, I strongly believe in an open and constructive engagement, particularly in our new modern civil society. However, the engagement must be free of negative emotions and left-brained thinking processes, and of course ego and self-centred perspectives. Instead, the thinking algorithm must now be based on the right brain and guided by smart data. You will find this feature shining through in many sections of my book. It is my honest desire to make this book enlightening, insightful and engaging, and to some extent, inspiring and motivating.

In my 20 years as a professional Shariah advisor, I have been privileged to be coached by the great scholars of the world, directly and indirectly, without whom my journey would have been a lot less interesting and made a lot less sense and impact. Sometimes, it really feels great to be the Shariah advisor for Islamic financial institutions during this era. But not always, unfortunately. There were also ‘down-times’ and times of frustration. Nevertheless, all in all, there are times when you can’t be but immensely grateful for being entrusted to guide the Islamic finance industry.

I am also cognisant that much focus has always been placed on the success of a Shariah scholar, rather than on what makes a Shariah scholar successful. In this book, I have taken the liberty to strike a balance between both facets. Remember that being a great scholar does not mean that his journey was smooth sailing all the time. They are able to become great scholars because they value the meaning of dedication, perseverance and self-esteem. Before I conclude my welcoming remarks, I must put on record that this book would never have come to fruition without the extraordinary; and amazing encouragement and support from my family members, as well as my colleagues of Amanie in Kuala Lumpur, Dubai and England respectively. I owe them a lot. I am also grateful to a few leading scholars and leading personalities who had kindly reviewed the book and provided their insights on the book. Your reviews and insights are certainly impactful and far-reaching. I am equally grateful to Yang Berhormat Dato’ Dr Asyraf Wajdi for kindly accepting my request to be the orator on my book in this auspicious book launching. When you write and publish a book, any book for that matter, you would allow others to come deep into your thinking process and algorithm and your internal emotions, and perhaps your own personality and resume. This is granted. In this book, I have candidly shared many of my dreams and vision for the industry. You might say that I am a dreamer. You are not wrong. Yes, I am a dreamer, but I am not the only one. Above all, this book is my story. Also, I have another feather in my cap. I am now a writer and an author.

Again, I would like to express my deepest appreciation and utmost gratitude to His Royal Highness, Sultan Nazrin Muizzuddin Shah for honouring us with his presence for the launching of “Shariah Minds in Islamic Finance” and Minda Syariah Kewangan Islam. Ampun Tuanku

PRESS RELEASE of Book Launch Shariah Minds Revealed

Renowned Shariah Scholar, Shariah entrepreneur and the Executive Chairman of Amanie Group, Datuk Dr Mohd Daud Bakar, launches his first book, “Shariah Minds in Islamic Finance” and its translation into Malay language “ Minda Syariah Kewangan Islam” at the Royale Chulan hotel, Kuala Lumpur. The book launch ceremony was honourably officiated by His Royal Highness, Sultan Nazrin Muizzuddin Shah Ibni al-Marhum Sultan Azlan Muhibbuddin Shah Al-Maghrfur-Lah, the Sultan of Perak Darul Ridzuan and is attended by the key people of the Islamic finance fraternity and beyond.

The book is an intimate narration about the lives and minds of Shariah scholars, as told by a Shariah scholar himself. Datuk Dr Mohd Daud Bakar shared in his speech that for the last 40 years, Shariah advisors have preferred to avoid any open engagements with other stakeholders, resulting in an enigmatic perception of them, in some occasions, even raised negative insinuations. His book aims to clear the dust on this aspect and sets out to offer a new but honest perspective on the lives and minds of Shariah advisors, for the first time.

Dr Mohd Daud Bakar gave his accolade to the mentoring he got from the great scholars of the day who made a lasting impact on him and his career in their capacity as the “master architects of modern Shariah scholarship and practice in Islamic finance.” He passionately believes that the value proposition of Islamic finance has more to offer than conventional finance, moving away from the over-used loan contracts to the various Shariah contracts and its permutation, to offer a new scheme of financial products and services.

But the provision of Islamic finance, he warns, cannot depart too much from the financial needs of the consumers. It is in this context that the scholars must exert themselves to think differently and to take a bold approach to make Islamic financial product offerings relevant, sophisticated, as well as encapsulated by a white ocean strategy. A white ocean strategy is about offering something, which has not yet been attempted but could contribute a more impactful value for the whole society.

As Dr Mohd Daud Bakar pleads in Shariah Minds in Islamic Finance, Shariah scholars 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.” “During this time,” he explains, “things could be done differently, and more refined and impactful to effectively integrate the Shariah minds in all of 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.”

Fellow Shariah scholars have also applauded the book. While Sheikh Nizam Yaquby from Bahrain remarks that, “This is a pioneer work by a pioneer contemporary scholar in the field of Islamic banking and finance”, Dr. Mohammed Ali Elgari from Kingdom of Saudi Arabia observes that, “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 the first ever book which provides a rare glimpse into the many facets of a Shariah advisor’s career. The book courageously examines issues surrounding the industry perception of Shariah advisors. Above all, the book offers a constructive appraisal for the betterment of the Shariah advisory services and the industry as a whole. This book also sets out to inspire a new generation of Shariah scholars by providing invaluable tips and trade secrets from the author’s two decades of industry experience.

Salutations to His Royal Highness Sultan Nazrin Muizzuddin Shah in Bahasa

Bismillahirrahmanirrahim.
Assalamualaikum warahmatullahi wabarakaatuh.

Menghadap

Duli Yang Maha Mulia Paduka Seri Sultan Perak Darul Ridzuan, Sultan Nazrin Muizzuddin Shah Ibni Almarhum Sultan Azlan Muhibbuddin Shah Al-Maghfur-Lah.

Ampun Tuanku beribu ampun sembah patik mohon diampun,

Patik secara peribadi dengan penuh takzimnya merafak sembah menjunjung setinggi-tinggi kasih di atas limpah perkenan Duli Yang Maha Mulia Tuanku sudi mencemar Duli berangkat ke majlis Pelancaran Buku “Shariah Minds In Islamic Finance & Minda Shariah Kewangan Islam” pada pagi yang berbahagia ini. Sesungguhnya keberangkatan Duli Tuanku menzahirkan keprihatinan Tuanku terhadap pembangunan industri kewangan Islam, bahkan sejujurnya patik merasakan bahawa kerancakan sistem kewangan Islam di Malaysia dan di persada antarabangsa selama inipun mendapat dokongan dan sokongan padu Duli Tuanku.

Ampun Tuanku,

Patik memohon perkenan Duli Yang Maha Mulia Tuanku untuk patik turut mengalu-alukan hadirin sekalian dan meneruskan ucapan dalam bahasa Inggeris.

Ampun Tuanku.

Yang Teramat Mulia Kerabat-Kerabat DiRaja, Your Excellencies the Ambassadors; Tan Sri-Tan Sri; Datuk Seri-Datuk Seri; Puan Seri-Puan Seri; Datuk-Datuk; Datin-Datin; intellectual and intelligentsia; senior regulators and practitioners; my family members, members of media and distinguished audience.

1. When Datuk Dr Mohd Daud Bakar (hereafter I will refer him as Dr Daud) personally requested me to speak today, I feel very honored and excited. Highly honored, because he is a forever Islamic finance ‘Guru’ for us; and extremely excited for having been given the opportunity to read his latest book, “Shariah Minds in Islamic Finance”.

2. Dr Daud has been acquainted to us for nearly 20 years; in fact, he is very instrumental to my dear wife Dr Irwani who spent her undergraduate studies when Dr Daud served as the Deputy Dean of Students’ Affairs at Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia. Her final engagement in Dr Daud’s lecture as a Master student was Islamic Jurisprudence where for the first time, she was exposed to practical issues related to Islamic private debt securities, liquidity management, and other Islamic banking and capital market products.

3. I heard lots of earlier fascinating stories about Dr Daud’s journey in Islamic finance which has inspired us to also embark in the same research area for our PhD. We have consulted Dr Daud in many occasions not only as our Deputy Vice Chancellor (I served as IIUM Teaching staff in 2000-2008), but most impact fully as the main walking reference in Islamic finance. I remember whenever Dr Daud was on a working trip to London, he would spent the whole day in SOAS Library, searching and reading related literatures and made a copy each for his references. We would travel south from Loughborough in the Midland trying to ‘catch’ him just to get his valuable inputs and motivation. He did share a tip to become a good researcher ~ to always keep a pocket notebook and jot down any beautiful sentences to enhance our writing skills or new words to enrich our vocabulary. And I am still accustomed to the habit till now!

4. When I look back to my journey in Islamic finance, I realized that Dr Daud has directly and indirectly played a significant role in shaping my Islamic finance worldview. Following his footsteps, my passions in Islamic finance grew intensely in the later years which were translated into numbers of articles, books, conference presentations, trainings and consultancies. My first engagement to Shariah advisory was at Affin Islamic Bank, the same institution that Dr Daud served for the first time almost 10 years before.

5. Reading this book of his, “Shariah Minds in Islamic Finance” is not only like watching a real Shariah advisor’s life documentary; but I could personally feel the journey ~ what it takes to be an effective Shariah advisor in respect to knowledge, experience, attitude, professionalism and skills. Often before, I heard a joke describing the Shariah advisor’s role, “اذا عندك فلوس كل شيء لولوس” (if you have money, anything shall be approved)! Whether it is true or not, depending on the Shariah scholar’s actual intention and sense of responsibility towards the advisory duty.

6. In this very book, Dr Daud concisely describes one as “possessing acute intelligence, sensitive antennae and nimbleness of footing”. A Shariah advisor is not just an ordinary shariah scholar who only masters Islamic jurisprudence and Shariah, but equally expected to understand the corporate culture and operation. Apart from advising the Shariah compliance aspects, an all-rounded Shariah advisor must portray their competency in understanding the overall aspects of the subject matter before devising any Shariah resolution as guided by the legal maxim, “الحكم على شيء فرع عن تصوره” (Any judgement on a subject matter must be based on full knowledge and understanding of its overall feature)

7. Indeed, this book has evidently expressed what has been in the minds of many Shariah scholars ~ their preparedness and lessons learnt, confidence and confusion, fear and hope. The expectations from the Regulators as well as financial institutions and their perceptions towards Shariah scholars’ role are, to certain extent far-reaching – putting the highest possible responsibility and accountability onto their shoulders. It is a very challenging task I would say and personally feel for my Shariah advisory colleagues.

8. To survive in this challenging world, the Shariah scholar needs to be capable and seen as being capable to pass a practical fatwa and convey the understanding to related stakeholders. Despite that, I always enjoy to be part of the industry which I found utmost satisfaction at work, self-rewarding and experienced highest learning curve ever. That was among the most peaceful stage in my life journey indeed. Should I stay longer, I may fulfill Dr Daud’s dream to see a Shariah advisor becoming the CEO! Who knows?

9. Looking forward, my aspiration is to see that Shariah as the backbone of Islamic finance. This calls for Shariah scholars to be sufficiently equipped to assume leading function at every level of the Islamic finance industry. It is timely for Shariah scholar to be given more strategic and impactful role who will drive the industry towards achieving the objectives of Shariah and social goals, at the same time serving the interest of the stakeholders.

10. I hope there will be many “Dr Daud” among Shariah scholars in the industry ~ a highly knowledgeable and practical scholar who is also a successful global corporate figure, yet always keeps his feet to the ground. I always respect him as my teacher, murabbi and role model in Islamic finance. He is the same pleasant and humble person that everybody knew him long before.

11. This book is a must-have reference to all Islamic finance industry players. I call for all Shariah scholars to reflect and align their Shariah minds strategically. The book is equally insightful for other key organs to appreciate the strengths of the Shariah advisors and empathize their constraints or limitations, but their commitment to be the best dai’e and murabbi to Islamic finance is endless.

Ampun Tuanku

Sekian sahaja sembah ucapan patik. Patik sekali lagi dengan penuh hormat dan takzimnya merafak sembah menjunjung setinggi-tinggi kasih di atas limpah perkenan Duli Yang Maha Mulia Tuanku sudi mencemar duli berangkat ke majlis ini. Ampun Tuanku.