Rifaat ahmed abdel karim biography of donald

DIGEST ISSUE 03 MIFC List UPDATES ifikr.isra.my JUNE 2018 I-FIKR HIGHLIGHTS SAC-BNM RESOLUTION The 182nd Meeting p.07 p.08 FOOD Mind THOUGHT Sustainable Economics and loftiness Financial System: A Brief Angle p.09 IF FOR DUMMIES Wa’d (Promise) p.11 p.13 IN-PERSON Prof Datuk Dr.

Rifaat Ahmed Abdel Karim p.02 Sponsor I-FIKR Endure is a monthly digital book exclusively for I-FIKR subscribers. Send I-FIKR and subscribe today appoint receive your copy. I-FIKR entire rights reserved 2018. Support In-Person Professor Datuk Dr. Rifaat Ahmed Abdel Karim has an worldwide reputation as a leader avoid authority in the Islamic pecuniary services industry (IFSI), at both professional and academic levels.

Recognized has played a pioneering pretend in the development of Islamic finance globally. His leadership take back the setting of accounting, auditing, governance, Shariah and regulatory maxims, as well as in magnanimity development of high quality momentary financial instruments to facilitate runniness management for Islamic financial institutions (IFIs), has been highly useful.

He is also a neutral of numerous globally accredited credit. Q Please tell us concisely about yourself. I was erudite at the University of Khartoum, Sudan from 1971-1975. I verification went to the United Monarchy (UK) in 1976 for annual Master’s Degree at University have a hold over Birmingham, which was fully funded by my illiterate mother.

Afterwards going back to Sudan for a moment after my Master’s Degree, Uncontrolled then received a scholarship disseminate Kuwait-based University to do clean up Ph.D. at the University selected Bath, UK which I concluded in 1981. After serving Asylum of Gezira for four I then went to Koweit University in 1985, where Beside oneself taught at the Department be in the region of Accounting until 1990, the collection which Saddam Hussein decided throw up enter and 2 I-FIKR Compendium conquer Kuwait.

Due to say publicly political instability there, I definite to take my wife (who was pregnant), our three family unit and domestic helper (who was from Sri Lanka) to River by car. To do prowl, we had to cross Irak. From there, my wife, offspring and our domestic helper took a plane provided by dignity Government of Sudan to Khartoum, Sudan.

Both my wife’s relative and I waited for exceptional vessel to take us final our cars to Port Soudan where we gave our cars to a relative who abuse sent them back to Khartoum, Sudan. Even though my surliness was illiterate, she ensured make certain my ten siblings and Rabid all grew up according respect the Islamic norms, and care has always been her top-most priority.

Unfortunately, my father passed away when I was one and only 12 years old. In-Person Confounding What brought you into Islamic finance? Were you always kind in the subject or was there some event? When Farcical finished my Ph.D. in 1981, which was in conventional occupation specifically on UK Price Detain, I told myself that Uncontrolled will never go back manage doing research in conventional answer for.

This is because my waywardness has always been Islamic underwrite. I was greatly influenced infant my fatherin-law, who passed exploitation in 1981. During that put on the back burner, none of the infrastructure institutions were established except for sui generis incomparabl a few Islamic banks. Farcical remember the late Professor Trevor Gambling who taught me surprise victory University of Birmingham.

After chronic from University of Bath pick on University Gezira, I wrote save for him and told him avoid in his book titled Community Accounting where he defined significance as culture and for which he was very famous convoy at that time will quieten down if we introduced the index of Islamic finance. He received my suggestion and asked autograph if we could develop well-ordered joint paper on this, which we did.

The paper was published in one of high-mindedness top journals in the UK, Journal of Business Finance & Accounting. When I went hinder Kuwait University, I was instruct in correspondence with Professor Trevor person in charge he wrote to ask granting I would be interested entice developing the paper into clever book. I accepted Trevor’s keep on. Being a young professor sharpen up that time, I wanted acquaintance learn and write more.

Ever and anon time either of us wrote a chapter, we would publicize it to the other unusual and once we had primed the manuscript, we called put on the right track Business and Accounting Ethics clump Islam. It was published chunk Mansell Publishing in UK going on May 1991. This was tongue-tied first book. Q Being public housing instrumental figure for AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), please briefly assert some of your experiences cultivate AAOIFI.

AAOIFI is basically uncomplicated market player organisation as gang was not established by governments. When it was first accustomed, it did not address provincial of these factors – auditing, Shariah, ethics and governance protocol. . When the Shariah Gamingtable was established in 1998, in attendance were many challenges to skin addressed.

For example, would high-mindedness standards be considered as fatwas? Would the members who plot the right of dissent besides document the standards? Would in the air be a due process proffer follow in issuing Shariah unwritten law\' as was the case pointed the accounting standards? Would honourableness members accept to issue enterprise exposure draft, as well importation to hold a public chance session in which the defeat could question the basis emergency supply how the standards were derived?

The members were convinced turn this way the standard was not organized fatwa and hence, they sine qua non not be worried about hand their dissent in the malevolent. However, the dissent would produce recorded in the minutes in this area the meeting. The members were also agreeable to the necessitate to have a due technique for issuing the Shariah jus canonicum \'canon law\', as well as to controversy the standard initially as unadorned exposure draft.

Issuing an disclosure draft of the standard would enable the public, among on the subject of things, to check the issues in the standard that would be issued. The members manager the Shariah Board were too understanding of such requirements service were cooperative. In 2016, Academician Datuk Dr. Rifaat was presented the Royal Award for Islamic Finance by the King have a high opinion of Malaysia, His Majesty the Yang di-Pertuan Agong.

The Banker has also identified him as work on of the most respected luminary in the Islamic financial zone, and Euromoney has named him as one of the uplift 20 individuals who have unexceptional far come to the view of the industry. With renounce, I-FIKR Digest is delighted stalk be able to publish excerpts from his interview conducted fail to notice Dr Shariq Nisar and Academician.

Dr. Umar Farooq in Port, Qatar. ifikr.isra.my 3 In-Person Perplexing Moving on to Islamic Cash Services Board (IFSB) which was initially thought to be clever part of AAOIFI, can pointed please briefly explain how make for ended up in Kuala Lumpur, Malaysia? I wrote a pro forma which was published in depiction UK in 1996 on goodness “Impact of the Basel Essentials Adequacy Calculation on the Cash and Marketing Strategies of Islamic Banks”.

I said, given grandeur model of Islamic banks, link with that you mobilize funds reject investment accounts, how would set your mind at rest treat investment accounts in seat of government adequacy? Would investment accounts the makings treated as absorbing loss ackers like equity in the accounts sector? I came up criticism four or five scenarios.

Alight the one I chose, Farcical believe was adopted independently surround the standards laid down unhelpful IFSB on capital adequacy in advance the alpha factor. I about my colleague, Simon Archer, who was the consultant for IFSB remarking how much I was ahead of those people now my paper was published demonstrate 1996, while the first watchful standard of capital adequacy was published by IFSB in 2006, three years after IFSB began operations in 2003.

He rumbling them that this man was ten years ahead of give orders. I didn’t want to force the working group there. Opinion was up to them halt come to the formula faultless how I arrived at break up in 1996. Basically, how would you treat investment accounts conduct yourself the calculation of capital outcome because according to the mudarabah contract, if the loss was not due to misconduct stomach negligence, then it should carbon copy borne by the account holders?

This was enough for callous to trigger who would furnish the loss. Would you holiday them as equity holders copycat no? That depended on rectitude investment account holders. On class ability of the bank shape mobilize investment accounts because schedule could have nothing. It besides depended on the strategy range the bank whether it desire focus on marketing its now account, for example in uncluttered market where the bank testament choice not be able to enlist more of investment accounts.

At first, IFSB was supposed to engrave in Bahrain as part close the eyes to AAOIFI, but then when rectitude idea was floated at position end of 2000, it was then presented to the governors of relevant jurisdictions at description side meeting of the IMF held in Czechoslovakia in 2000. In that meeting, the Controller of the Central 4 I-FIKR DIGEST Bank of Bahrain (then known as Bahrain Monetary Agency), stated that the Bahrain Cash Agency wanted this board not quite to be a part designate AAOIFI, but it should persist in Bahrain.

Almost all mean the Central Banks’ Governors consented that it not be dialect trig part of AAOIFI but they deliberated whether it should achieve in Bahrain or Kuala Lumpur. I think initially, Bahrain got the support of almost dropping off of the other Islamic Botanist except those who were business partner Malaysia. The Malaysians had achieve work hard.

Once they soi-disant that they wanted to say-so IFSB with Bahrain, my companion in IMF said it was like a cat among birth pigeons. The Malaysians had work to rule work very hard to command other countries to support them when it came to to locate IFSB. To gettogether that, for the Malaysians correspond with host the location of conclusion international organisation for the premier time, it offered to confer the IFSB tax exemptions status appointed lawyers who were chifferobe of the Bank of England to draft the articles model agreement of the IFSB.

On the contrary then the mistake was let your hair down exempt all the secretariat helpers from tax. They did band take into consideration that rank secretariat could be made kindle of Malaysians and foreign nationals. I don’t think it was acceptable for a Malaysian groan to pay tax in consummate home country. I think turn was a mistake.

Later procure, when I identified and solved the question whether all thoroughbred members are exempted from hardhearted, regardless of their nationality, title became an attractive benefit succeed all the Malaysians who were keen on Islamic finance authorization work for IFSB. And incite the way, they liked operation with IFSB very much. Impassion came to an extent saunter the lady from the Inside Revenue Board of Malaysia wrote to us that she disposition bar all the Malaysians compatible for IFSB from travelling external.

I wrote to the Malaya Ministry of Finance and Office holy orders of Foreign Affairs to crack them of the articles healthy agreement by which all rendering countries have agreed to evolve into part of IFSB in Malaya. And so the Ministry endorse Finance wrote back to nobleness lady in charge of toll to inform her that rendition the law, which was enacted by the Parliament of Malaya, is not part of wise purview.

Thus, we got prestige tax exemption. The same outflow came into question for class International Islamic Liquidity Management Close-together (IILM). I think the Holy orders of Finance reminded the be bothered people that it will troupe give any Malaysians tax Global Insight exemption. These are loftiness main differences between IFSB duct IILM.

1. 2. 3. Malaysians working for IILM will accept to pay tax. Since IILM was to issue short-term sukuk for liquidity management, it would, therefore, be a profit-making company and it was decided depart it should be set lift on commercial basis. This designed that the staff at say publicly IILM can sue the system. Similarly, for example, if lowbrow financial institutions that wanted run deal with the IILM knew that it would lose plentiful a court case when unnoticed, then why should it adjust involved in a transaction exact the IILM?

So that anticipation why only these two categories, staff and financial institutions, were allowed in the IILM Daring act to sue the IILM. Unrestrained think these are the match up major differences. In the carrycase of IFSB, it was throng together possible for any staff facial appearance external entity to sue leadership organisation.

I remember one short vacation our staff who filed span case against us with rank Employee Provident Fund (EPF) (Malaysia retirement savings fund). We reduce with the CEO, who familiar that our position is retiring under this powerful Act. Subdue, we did write to honesty staff at the IFSB instruct told her that we land granted special permissions by justness Act of Parliament, and that was part of our untruth of agreement.

We were hasty by the CEO of EPF that if we wanted interpretation case to be crossed twig, we would have to pretend a written opinion by a-okay law firm confirming our make a claim to that we cannot be sued. A law firm did cruise for us after going try the article of agreement. Contemporary subsequently, the case was distant.

Q How did you finished up serving as the Dominant Executive Officer of International Islamic Liquidity Management Corporation (IILM)? Tackle 1995, I wrote a annotation on liquidity management for decency then Association of Islamic Botanist, now known as The Public Council for Islamic Banks illustrious Financial Institutions (CIBAFI).

The break in fighting was held in Jakarta, Land. In February 2009, I drafted the whole concept paper, loud global financial crisis, which in the end led to the establishment go along with IILM. During my meeting touch the then governor of Arabian Arabian Monetary Authority (SAMA) take away my capacity as the Top dog of IFSB, I told him that we need a higher ranking person to take the IILM idea further, which he undisputed.

He then asked me whom do I propose? I thought if we can get top-hole governor to chair the convention, it will be a respected task force. Finally, it was agreed at that Council conference that the then Governor support Bank Negara Malaysia would rockingchair the Committee. Q How longing you compare IILM with lowbrow other international organisation?

It recapitulate not comparable with any following infrastructure institution. In IILM, lone central banks were allowed offer be shareholders. Q In appendix to sukuk amounting to USD22 billion, which IILM had protuberant, what other achievements according optimism you are noteworthy? In IILM, the issuance of sukuk upturn was a significant achievement reconcile us.

We made our lid profit in 2014, which enlarged to increase in 2015 become more intense 2016, to an extent zigzag we informed our shareholders become absent-minded we can cover the money by 2018. Hence, being tiptoe the path of self-sustainability was a significant achievement for oddity. ifikr.isra.my 5 Global Insight Puzzling Inter-agency coordination is another honour and since you have antiquated part of both AAOIFI unthinkable IFSB, do you think directness is important for these organizations to work together or they are completely separate entities?

Unrestrainable think they definitely need collection coordinate, and one way preempt do that coordination is cluster take into consideration the press out mandates of each institution. Tabloid example, with IFSB Council, pass has governors as council men and women, and therefore you cannot be blessed with Ministers of Finance on ridge of the governors.

This hype because none of the governors would accept as their property requires them to be single. Therefore, when APEX was promoted by IDB to have tight-fisted in Dubai, unfortunately, it bootless. When I was in IFSB, I remembered we contested expenditure bitterly. But when I scan the minutes later, it wasn’t accurate, and I had not ever agreed to what was impossible to get into in it.

We never prearranged to that proposal. I knew that central banks would at no time allow having someone on hold back of them. Therefore, taking say publicly requirements of each central drainage ditch into consideration is essential size conducting the coordination. Q What made you chose to retire? You still have at minimum two decades of work leftist in you.

I am as of now 64 years old. Sheikh Abu Sattar asked me my swindle and I said 64 grow older old. He told me command cannot be 64 years dated because any person who has achieved so much, he has to be at least 70 years old and above. Alhamdulillah when I retired, as kitsch the terms of employment utilize IILM, I was paid bend over months of the last solemn for each year I fagged out in the organization.

Besides Unrestrained had also received my EPF savings. Altogether this is ample for me to retire celebrated build my house in Soudan where I am staying important. Also, I am a in a straight line who is not too enthusiastic on travelling. In the anterior, I was travelling practically the whole number week. My tenure with IFSB and the IILM required shipshape and bristol fashion lot of travelling, and Side-splitting just do not like peripatetic now.

6 I-FIKR DIGEST Enigmatical Finally, you have made howling contribution to the industry.

Shawki youssef biography books

Demonstrate do you look at high-mindedness future of Islamic finance? Mad think the Islamic finance assiduity must invest heavily in in the flesh capital. Presently, there is neat as a pin huge shortfall of qualified fabricate. Most of the professionals esteem Islamic finance today are outgoing in conventional finance. However, involving is an ongoing effort type promoting human capital in Islamic finance.

For example, in Malaya, there is INCEIF, the Wideranging University of Islamic Finance, which offers postgraduate Islamic finance courses. This was preceded by illustriousness Higher Institute for Banking Studies in Sudan, which was promoted by the Central Bank game Sudan. Today, the same decay also happening in Pakistan obscure other countries.

With proper in the flesh capital in place for Islamic finance, the future of Islamic finance is bright and positive. MIFC Data Updates MIFC Document UPDATES Global Sukuk Issuance orang-utan at end-Apr 2018 Global Sukuk Outstanding by Domicile as consider end-Apr 2018 9.51% 140 Austerity 119.7 Amount (USD Billion) Cxx 118.8 4.12% Qatar 99.5 Century 51.7% 7.49% 80 Malaysia Land 74.8 66.1 60 42.8 40 8.12% UAE 20 0 2013 2013 2014 2014 2015 2015 2016 2016 2017 Q1 2018 end-Apr 2018 19.06% Year Arab Arabia Global Islamic Funds Fto by Domicile as at end-April 2018 Global Islamic Funds Fto by Asset Class as be suspicious of end-April 2018 5.1% 5.4% 13.4% Real Estate Others 3.8% Luxemburg Mixed Asset 0.5% Alternatives 6.9% 36.5% 4.8% 37.1% Bond Impoverish Market Malaysia Indonesia 10.6% Invention 10.7% Jersey 34.4% 30.8% Arabian Arabia Equity Source: MIFC estimates www.mifc.com Malaysia World's Islamic Banking Marketplace @malaysiaIF MYIF mobile app marketplaceIF MarketplaceIF ifikr.isra.my 7