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
.
principles along with internal supervision by Shari’ah scholars.
Shari’ah scholars, are accepting a minimalist approach to supervision and self-regulation in
product development and are merely adopting an identical mindset as witnessed under
conventional banking business practices that failed to give proper consideration to the economic
all, including governments and regulators, is to change the system into one that is inherently more
moral, just and sustainable.
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
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
Registration
09:00 – 09:20
Welcome Address:
IIBI - Mr Iqbal Asaria CBE, Associate, Afkar Consulting, UK
SNR - Mr Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton, UK
09:20 – 10:00
Opening Address:
10:00 – 10:15
Programme Overview:
Mr Alberto Brugnoni, Founder and Chairman, ASSAIF, Italy
Mr Neil D Miller, Head of Islamic Finance, KPMG, U.A.E
Assoc. Prof. Dr Mohamad Akram Laldin, Executive Director, ISRA, Malaysia
10:15 – 11:30
Session 1: Moral Failures in Banking and Finance
king and Finance.
ts motivated by unbridled greed to
fate?
•
• Lessons that governments and regulators can learn from Islam
• Recommendations for code of ethics and Q & A
Panel Speakers
1. Mr Iqbal Asaria CBE, Associate, Afkar Consulting, UK
2. Mr Richard Thomas OBE, CEO, Gatehouse Bank, UK
3. Mr Joseph DiVanna, Managing Director, Maris Strategies, UK
4. Prof Dr Habib Ahmed, Sharjah Chair for Islamic Law and Finance, Durham University, UK
Chairperson: Mr Fazl Syed, Chair of Business & Economics Committee, Muslim Council of Britain, UK
11:30 – 11:50
11:50 – 13:15
Session 2: Product Development and Shari’ah Governance – Have Shari’ah Scholars and
Senior Managers adhered to the moral goals and welfare objectives of Shari’ah?
in the product development process of
• What are the different approaches to Shari’ah governance?
• Is enough being done to prevent legal tricks and the combining of contracts to meet impermissible
ends?
• What should be the mandate of Shari’ah advisors and supervisory boards?
al institutions?
• Recommendations for Shari’ah governance and Q & A
Panel Speakers
1. Mr Asim Khan, Managing Director, Dar Al-Istithmar, UK
2. Dr Marjan Muhammad, Researcher, ISRA, Malaysia
3. Mufti Abdul Kadir Barkatulla, Shari’ah Scholar, UK
4. Dr Murat Unal, CEO, Funds@Work, Germany
Chairperson: Mr Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton, UK
13:15 – 14:15
Lunch / Prayer Break
*Organisers reserve the right to amend /change the programme without prior notice*
Page 2 of 10
14:15 – 15:35
Session 3: Best Practice for Shari’ah Audit
• What are the different approaches to shari’ah audit and review?
• Legal documentation versus real transactions - how should Shari’ah Compliance audit be conducted
for moral substance and economic outcomes?
• What are the possible approaches in audit to ensure the implementation of the Shari’ah welfare
objectives in product innovation and development?
• Appraisal of Standards promoted by Accounting and Auditing Organisation for Islamic Financial
Institutions (AAOIFI)
• Is the training and education for shari’ah internal and external audit staff adequate for the purpose of
realising Maqasid Al Shari’ah?
• Recommendations and Q & A
Panel Speakers:
1. Assoc. Prof. Dr Asyraf Wajdi Dusuki, Head of Research Affairs, ISRA, Malaysia
2. Mr Mohammed Amin, FormerTax Partner & Head of Islamic Finance PwC, UK
3. Mr Khairul Nizam, Deputy Secretary General, AAOIFI, Bahrain
4. Dr Adnan Aziz, CEO, Islamic GDP, UK
Chairperson: Mr Warren Edwardes, CEO, Delphi Risk Management, UK
15:35 – 15:55
Tea / Coffee Break
15:55 – 17:20
Session 4: Way Forward: Developing a Moral Framework for Financial Transactions
oral conduct?
• Do AAOIFI standards go far enough?
• Is a central professional body for Shari’ah Scholars desirable?
• Discussion on recommendations for standard setting bodies:
i) Code of Ethics ii) Shari’ah Governance iii) Shari’ah Audit
Panel Speakers:
1. Assoc. Prof. Dr Mohamad Akram Laldin, Executive Director, ISRA, Malaysia
2. Mr Neil D. Miller, Head of Islamic Finance, KPMG, U.A.E
3. Mr Michael J T McMillen, Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP, U.S.A
azkia Group, Indonesia
y
5. Mr Khairul Nizam, Deputy Secretary General, AAOIFI, Bahrain
Chairperson: Mr Alberto Brugnoni, Founder and Chairman, ASSAIF, Italy
17:20 – 17:35
Wrap-up / Recommendations:
Mr Iqbal Asaria CBE, Associate, Afkar Consulting, UK
17:35 – 17:50
Closing Address:
17.50 – 18:00
Final Remarks:
Assoc. Prof. Dr Mohamad Akram Laldin, Executive Director, ISRA, Malaysia
Mr Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton, UK
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 10
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.
many papers related to Islamic Banking and finance at domestic and international level and has conducted
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 10
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
its international Islamic finance standards, and offering of its professional development
programs. He also delivers training on application of AAOIFI standards, and on Islamic
banking and finance.
Prior to joining AAOIFI in 2005, Khairul was with Malaysia’s largest financial services group for over
10 years, and was Head of Islamic Banking in the group’s offshore banking arm. He also served in
various areas of the group’s operations, including corporate banking, auditing, and international
banking. Khairul graduated from the University of Nottingham, United Kingdom, and is a Certified
Islamic Professional Accountant (CIPA).
Page 5 of 10
Richard Thomas OBE, CEO, Gatehouse Bank, UK
years’ experience in the sector. He is CEO of Gatehouse Bank, a pioneering FSA
London, UK. In 2011, Her Majesty Queen Elizabeth II bestowed Richard with the honour
Richard is also the UK Trade & Investment’s Special Representative for Kuwait, assisting
in the Government’s policy on the promotion of bilateral business and trade development between these
countries and a Fellow of the Chartered Institute for Securities & Investment. He previously held the
position of Head of Islamic Financial Services at the Arab Banking Corporation (ABCIB) in London, as well as
CEO of ABCIB Islamic Asset Management Limited and Alburaq UK. He also held senior positions related to
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 10
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 10
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.
Murat Unal, CEO, Funds@Work, Germany
Murat has published and contributed to more than 1000 articles in local and
international dailies, practitioner magazines, industry books but also academic
journals. His latest network analytic research “The Small World of Islamic Finance”
was cited over 50,000 times alone in over 50 countries in the last year and became a
over 200 projects across Europe and the Gulf Region for local and international clients. In this context,
together with his team, Funds@Work has developed new solutions and organisations and been involved
in numerous market entry as well as expansion projects, and also assisted in take over activities within
the asset management industry.
Page 8 of 10
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 10
Research Academy for Islamic Finance (ISRA) in Malaysia. Apart from serving ISRA, he
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 published a number of
Initiatives” has been awarded as the 2009 Outstanding Paper Award by the well-known International
Referred Journal Article Publisher Emerald Literati Network.
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 10 of 10

Legal Compliance versus Moral Responsibility in Islamic Banking

Transcription

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