Legal Compliance versus Moral Responsibility in Islamic Banking

Transcription

4th Annual IIBI-ISRA International Thematic Workshop
Monday, 10th September 2012
London, United Kingdom
By Invitation
Only
Legal Compliance versus Moral Responsibility
in Islamic Banking and Finance
The one-day workshop is being held at a time when the banking industry in the West is beset with
allegations of moral failures in banking standards and practices driven by unbridled greed for profits
at any cost. Fortunately, Islamic finance and banking has benefited from a layer of guiding moral
principles including internal supervision by Shari’ah scholars.
However, after 40 years of experimentation, there are concerns that Islamic financial institutions,
including Shari’ah scholars, are accepting a minimalist approach to supervision and self-regulation
in product development and are merely adopting an identical mindset that gave rise to the same
banking business practices that failed to give proper consideration to the economic outcomes of
transactions and their financial implications for the wider society. The challenge for all, including
governments and regulators, is to change the system into one that is inherently more moral, just
and sustainable.
The workshop will debate whether all stakeholders of Islamic financial institutions are shouldering
their responsibility and contributing enough to implementing the welfare system that is envisaged
under the Shari’ah. There must also be lessons for other stakeholders in the global financial
community.
Descartes: Man is incapable of understanding any argument that interferes with his revenue.
Venue:
SNR Denton
1 Fleet Place
London
EC4M 7RA
United Kingdom
For further information, please contact
Mr Rahim Ali
Tel: +44(0)207 245 0404
Email: rahim.ali@islamic-banking.com
www.islamic-banking.com
Hosted by:
Supported by:
4th ANNUAL IIBI/ISRA INTERNATIONAL THEMATIC WORKSHOP
Legal Compliance versus Moral Responsibility in Islamic Banking and Finance
Monday 10 September, 2012 Venue : SNR Denton, One Fleet Place, London EC4M 7RA, United Kingdom
Programme
08:00-09:00
09:00-09:20
09:20-10:00
10:00-10:15
10:15-11:30
Registration
Welcome Address
IIBI – Mr Iqbal Asaria, Associate, Afkar Consulting
SNR Denton – Mr Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton
Opening Address
Mr Alberto Brugnoni, Founder and Chairman, ASSAIF
Mr Neil Miller, Head of Islamic Finance, KPMG
Programme Overview
Dr Mohamad Akram Laldin, Executive Director, ISRA
Session 1: Moral Failures in Banking and Finance
Discussion
• Issues and recommendations for a Code of Moral Conduct
Chairperson
Mr Fazl Syed, Chair, Business & Economics Committee, Muslim Council of Britain
Panel Speakers
2. Mr Iqbal Asaria, Associate, Afkar Consulting Ltd
3. Mr Joseph DiVanna, Managing Director, Maris Strategies
4. Prof Dr Habib Ahmed, Sharjah Chair for Islamic Law and Finance, Durham University
11:30-11:50
Tea / Coffee Break
11:50-13:15
Session 2: Product Development and Shari’ah Governance
Discussion
•
•
•
•
What are the international approaches to Shari’ah governance?
What is the role of Shari’ah advisors in product development?
How does Shari’ah governance affect legal practice?
Issues and recommendations for Product Development and Shari’ah Governance
Chairperson
Mr Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton
Panel Speakers
1.
2.
3.
4.
13:15-14:15
Mr Asim Khan, Managing Director, Dar Al-Istithmar
Dr Marjan Muhammad, Researcher, ISRA
Mufti Abdul Kadir Barkatulla, Shari’ah Scholar
Mr Michael J T McMillen, Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP
Lunch / Prayer Break
*Organisers reserve the right to amend /change the programme without prior notice*
Page 2 of 9
14:15-15:35
Session 3: Best Practice for Shari’ah Audit
Discussion
• What are the Shari’ah audit standards promoted by AAOIFI?
• What are the international approaches to Shari’ah audit?
• Should conventional auditors undertake assist with, or undertake, Shari’ah audit?
• Issues and recommendations for Shari’ah Audit
Chairperson
Mr Warren Edwardes, CEO, Delphi Risk Management
Panel Speakers
1. Mr Khairul Nizam, Deputy Secretary General, AAOIFI
2. Dr Asyraf Wajdi Dusuki, Head of Research Affairs, ISRA
3. Mr Mohammed Amin, Former Head of Islamic Finance, PwC
4. Dr Adnan Aziz, CEO, Islamic GDP
15:35-15:55
Tea / Coffee Break
15:55-17:20
Session 4: The Way Forward: Developing a Moral Framework for Financial Transactions
Discussion
•
•
•
•
Code of Moral Conduct
Product Development
Shari’ah Governance
Shari’ah Audit
Chairperson
Mr Alberto Brugnoni, Founder and Chairman, ASSAIF
Panel Speakers
1.
2.
3.
4.
17:20-17:35
17:35-17:50
17:50-18:00
Mr Neil Miller, Head of Islamic Finance, KPMG
Mr Michael J T McMillen, Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP
Mr Khairul Nizam, Deputy Secretary General, AAOIFI
Wrap-up / Recommendations
Mr Iqbal Asaria, Associate, Afkar Consulting
Closing Address
Final Remarks
Mr Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton
SNR Denton is a client-focused international legal practice delivering quality and value. We serve clients in key business and
lawyers and professionals.
c and Africa, making us a top 25 legal services provider by
*Organisers reserve the right to amend/change the programme without prior notice*
Page 3 of 9
Mohamad Akram Laldin, Executive Director, ISRA, Malaysia
Mohamad Akram Laldin is Executive Director of the International Shari’ah Research
Academy for Islamic Finance (ISRA) in Malaysia. Prior to being entrusted to head ISRA,
he was teaching and conducting research at the International Islamic University
Malaysia (IIUM) and has also served as a Visiting Lecturer at the University of Sharjah,
United Arab Emirates.
Member of Bank Negara Malaysia Shari’ah Advisory Council, Member of Maldives Monetary Authority
Shari’ah Board, Member of HSBC Amanah Global Shari’ah Advisory Board, Member of Shari’ah Advisory
Council International Islamic Financial Market (IIFM), Bahrain, and Committee Member of AAOIFI Shari’ah
Standards, Bahrain and other Boards locally and internationally. He was also the recipient of the Zaki
Badawi Award 2010 for Excellence in Shari’ah Advisory and Research.
Neil D. Miller, Global Head of Islamic Finance, KPMG, U.A.E
Neil D. Miller is Global Head of Islamic Finance at KPMG (one of the leading professional
and the U.A.E.
investment classes and industrial sectors. He also advises on the structuring of Islamically acceptable
advised on Shari’ah governance issues and is particularly interested in how best to manage the interface
between the requirements of Shari’ah compliance, governing law and the need for certainty in cross
internationally renowned Shari’ah scholars.
Alberto Brugnoni, Founder and Chairman, ASSAIF, Italy
Alberto G Brugnoni, a former director with Merrill Lynch Bank, is an independent Islamic
done in Europe. In 1997 he released 'Pilot Project Genoardo,' a seminal study for the
establishment of a Mediterranean Development Bank based on Shariah-compliant principles.
In September 2011 he has successfully structured the debut syndicated Islamic facility in the
Russian Federation for Ak Bars Bank. The transaction was named ‘Europe Deal of the Year’ by the Islamic Finance
News. At present, he is based in Kabul with the remit to launching Takaful in Afghanistan
that provides strategic institutional advisory services worldwide to governments, central banks, public and
semi-public institutions, regional and local authorities. ASSAIF focuses only on projects that are spiritually,
Al-Salsabil, an Islamic micro-private equity initiative
Page 4 of 9
Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton, UK
Richard de Belder is a Senior Partner at SNR Denton, an international law practice, based
East, the UK and the USA and has also been involved in various capital market transactions
in the Middle East. Richard has had many years experience in dealing with leading Shari'ah scholars and
has been actively involved in the structuring and documentation of many leading Shari'ah-compliant
transactions.
Michael J T McMillen, Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP, U.S.A
Michael has vast experience in the development and implementation of innovative
His transactional work in the Middle East, North America, Europe, and Southeast
Asia has included extensive investment funds work and transactions involving most major asset
classes.
Michael was the founding Chairman of the Islamic Finance Section of the American Bar Association
and thereafter served as Chairman and Senior Advisor for that Section. He has also been responsible
for capital markets initiatives of the Islamic Financial Services Board. Additionally, Michael has twice
been the recipient of Euromoney’s award as the “Best Legal Adviser in Islamic Finance” and Euromoney
additionally been honored with the Sheikh Mohammad Bin Rashid Al-Makhtoum Award For Special
Contributions to Islamic Finance and the Best Legal Advisor in Islamic Finance in North America.
Khairul Nizam, Deputy Secretary General, AAOIFI, Bahrain
Khairul Nizam is Deputy Secretary General of Accounting and Auditing Organization
for Islamic Financial Institutions (AAOIFI) Manama, Bahrain. His responsibilities
include carrying out AAOIFI’s activities in relation to development and adoption of
programs. He also delivers training on application of AAOIFI standards, and on Islamic
various areas of the group’s operations, including corporate banking, auditing, and international
Islamic Professional Accountant (CIPA).
Page 5 of 9
Research Academy for Islamic Finance (ISRA) in Malaysia. Apart from serving ISRA,
Asyraf holds Master of Science degree in Islamic Economics, Banking and Finance and Ph.D in
Islamic Banking and Finance from Loughborough University, United Kingdom. He has also
Award by the well-known International Referred Journal Article Publisher Emerald Literati Network.
Iqbal Asaria CBE, Associate, Afkar Consulting, UK
PR programmes for products and services targeted at the Muslim community. As part
of his work with the company Iqbal has advised many banks in the UK on their launch
Iqbal has a background in Economics and Finance and was one of the key persons
involved in the introduction of Islamic Financial products into the UK market place. He
was a member of the Governor of Bank of England's Working Committee on Islamic
Finance and is a consultant on Islamic Financial Services to Lloyds TSB Group in addition to having worked
with HSBC Amanah, ABC (Al Buraq) and The Children's Mutual. Iqbal also lectures on Islamic Economics,
Banking and Finance at the CASS Business School for the MSc Finance course and for the Executive MBA
in Dubai. Iqbal is also a special advisor to the Secretary General of the Muslim Council of Britain on
awarded the CBE in the 2005 Queen's Honours List for services to international development.
Mohammed Amin, Former Tax Partner and Head of Islamic Finance, PwC, UK
Mohammed Amin is an Islamic Finance Consultant, Member of the Advisory Council
at Three Faiths Forum and Vice Chairman at Conservative Muslim Forum. He was at
one time the Chair of Business & Economics Committee at Muslim Council of Britain
Muslims in the UK.
For 33 years Amin, a Cambridge graduate, practiced as a tax advisor, most recently
spending 19 years as a tax partner at PricewaterhouseCoopers LLP. He specialised in international tax
treasury tax network. Most recently before his retirement at the end of 2009, Amin was PwC’s head of
2003 until he retired, Amin was an elected member of PwC’s 15 person Supervisory Board, responsible
withdrawals.
Page 6 of 9
Mufti Abdul Kadir Barkatulla, Shari’ah Scholar, UK
Mufti Barkatulla is a prominent Shari’ah scholar with a strong background in
Banking Corporation London and Lloyds TSB.
Mufti Barkatulla initially graduated in Islamic Studies at the famous Darul Uloom
authoritative edicts) in 1974. Moving to London in 1979, he pursued his studies and attained both B.Sc.
(1985) and M Phil (1992). As a broadcaster and maintainer of the Islamic Helpline, and as one of the
Shari’ah Judges at the Islamic Shari’ah Council, Mufti Barkatulla also has a wide experience of dealing with
Warren Edwardes, CEO, Delphi Risk Management, UK
instrument innovation and risk management consulting, expert-witness and training
of Financial Engineering. He has dealing desk experience in Treasury and Capital
Markets areas as an asset/liability manager, risk immuniser and portfolio manager, and
has experience as an investment and commercial banker, in a AAA corporate treasury
and in insurance.
Mr Edwardes' specialities include Islamic banking product development and his best-selling book ‘Key
Fazl Syed, Chair, Business and Economics Committee, Muslim Council of Britain, UK
Fazl Syed is an Ivy League educated international lawyer with over two decades
experience of working in various jurisdictions in the U.S., Europe and Asia. Fazl did his
Masters with distinction from Columbia Law School and Columbia Business School in
with a dissertation on Islamic Banking & Finance. Prior to his admission as a New York
Attorney-at-Law and as English Solicitor, Fazl practiced as an Advocate at the national
level in the Supreme Court of India. He has worked with several international law
strategy relating to structuring of Shari’ah-compliant transactions besides acting as a global consultant
Fazl chairs and speaks at conferences globally and sits on several industry bodies including the UK
Treasury Technical Working Group on Islamic Finance, the Commonwealth Business Council Working
Group on Islamic Finance and leads the Islamic Finance initiative for the New Silk Road (NSR) Forum
infrastructure development in the old ‘Silk Road’ economies. Fazl chairs the Business & Economics
Committee of the Muslim Council of Britain and acts as convenor of the Islamic Finance Experts’
Group (IFEG).
Page 7 of 9
Habib Ahmed, Sharjah Chair for Islamic Law and Finance, Durham University, UK
Habib Ahmed is the Sharjah Chair for Islamic Law and Finance at Durham University.
Prior to joining Durham University, Habib was Manager of Research and Development
with the Islamic Banking Development Group at The National Commercial Bank (NCB),
Kingdom of Saudi Arabia. He also worked at the Islamic Research & Training Institute
(IRTI) of the Islamic Development Bank Group. He has also taught at the University of
Connecticut, USA, National University of Singapore, and University of Bahrain.
He has been a member of the Capital Adequacy Working Group of Islamic Financial Services Board (IFSB)
institutions. Habib regularly contributes to academic journals and has published several books on Islamic
helped establish more than 14 Islamic Banking Units and 7 Takaful Operators, and he is
Rector and Chairman of the Tazkia University College of Islamic Economics which has
involves social elements including education and medical care which has had over
Tazkia. In addition, he is also Shari’ah advisor to several banking institutions and takaful operators in
Indonesia, Malaysia and Dubai.
he has written extensively on Islamic economics and the life of the Prophet Muhammad. His publications
numerous awards including Shari’ah Award by Bank Indonesia and Bank Muamalat and Anti-corruption
and Good Governance Award from the Indonesian Ministry of Administrative Reform.
Marjan Muhammad, Researcher, ISRA, Malaysia
Marjan Muhammad is a researcher at the International Shari’ah Research Academy for
Islamic Finance (ISRA). She obtained her Masters and Doctoral degrees in Islamic Revealed
Knowledge and Heritage (Fiqh and Usul al-Fiqh) from the International Islamic University
Malaysia (IIUM), after graduating from the same university in 1998 for her Bachelor degree.
Prior to joining ISRA, she was a tutor at the Faculty of Law and Syari’ah, Islamic Science
University of Malaysia (USIM) and she also taught at the Matriculation Centre, International
Islamic University Malaysia. Marjan is also a member of Group Shariah Committee (GSC) for RHB Islamic Bank,
and Shariah Advisory Committee (SAC) for Malaysian Building Society Berhad (MBSB).
Page 8 of 9
Asim Khan, Managing Director, Dar Al-Istithmar, UK
industries across the Asian sub-continent, Middle East and Europe, while working with
top tier organisations such as PricewaterhouseCoopers, KPMG and Deutsche Bank.
structured notes); developed various Shari'ah compliant investment funds (including
that of Islamic indices, Shari’ah compliant investment banking products, private equity and infrastructure
funds); converted various conventional products into Shari’ah compliant products and advised on
Over the last year, Asim has led his team in Shari’ah structuring, legal documentation reviews and Shari’ah
GCC and a major international investment bank. Currently, among other projects, Asim is involved in
another Sukuk for a major international investment bank and setting up of an Islamic issuance platform.
Adnan Aziz, CEO, Islamic Global Distribution Platform, UK
authored research articles, and is a frequent speaker at industry conferences. He has
ever dedicated Islamic platform to facilitate globally the distribution of third party
which he particularly aspires to promote themes relating to socially responsible and
Shari’ah.
Adnan possesses a wealth of academic and research experience and has had extensive consultancy and
senior managerial industry experience. Dr Aziz has previously worked for a subsidiary of Deutsche Bank
and BMB Islamic UK Ltd
Joseph DiVanna, Managing Director, Maris Strategies, UK
With over 35 years of business and banking experience, Joseph DiVanna is the
Managing Director of Maris Strategies a Cambridge-based strategy consultancy and
emerging markets
He is a strategist for numerous banks, technology companies and multinational businesses, Joe is also
Transcends Cultures, The State of the Islamic Banking Industry and A New Dawn: The Rise of Islamic
New Renaissance in Value Proposition and How to Run a Bank.
Page 9 of 9

Legal Compliance versus Moral Responsibility in Islamic Banking

Transcription

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