Programme Book KLIFF2021

16 KUALA LUMPUR
TH
ISLAMIC FINANCE
FORUM 2021
"Setting The Road Ahead Towards Economic Recovery"
PROGRAMME BOOK
PLATINUM PARTNER
GOLD PARTNERS
BRONZE PARTNERS
ORGANISED BY IN ASSOCIATION WITH A COMMUNITY MEMBER OF SUPPORTED BY MEDIA PARTNERS

The
The Government
Government is
is here
here to
to support
support you,
you, particularly
particularly in
in
these
these trying
trying times.
times. Since
Since March
March 2020,
2020, the
the Government
Government
has disbursed RM14.4 billion to help more than
320,000
320,000 employers
employers and
and save
save 2.7
2.7 million
million jobs.
jobs.
No matter
matter how
how big
big or
or small
small your
your business
business is,
is, there
there are
are
various
various measures
measures in
in Budget
Budget 2021
2021 to
to support
support and
and help
help
your
your business
business survive,
survive, recover
recover and
and rebound.
rebound.
To find out how Budget 2021 can benefit your business, please visit:
http: //belanjawan2021.treasury.gov.my/manfaat/
#TeguhKitaMenangBersama
TEGUH KITA MENANG BERSAMA

TABLE OF CONTENTS
OVERVIEW
Message from Chairman...............................................................................................5
Message from Director...................................................................................................9
About The Event..............................................................................................................11
KUALA LUMPUR ISLAMIC FINANCE FORUM

Program Agenda - Day One.........................................................................................17
Program Agenda - Day Two.........................................................................................19
Panelists’ Profile.............................................................................................................21
MUZAKARAH PENASIHAT KEWANGAN ISLAM

Program Agenda.............................................................................................................41
Profil Panelis...................................................................................................................43
PARTNERS
Platinum..........................................................................................................................59
Gold..................................................................................................................................60
Bronze.............................................................................................................................64
Organisers.......................................................................................................................71
Media...............................................................................................................................79
READING ARTICLES
...........................................................................................................................................83
Islamic Finance in Malaysia
Islamic finance: An integral component of Malaysian financial system and economy

Steady growth in banking and Key driver in
takaful global sukuk & Islamic funds
Malaysia Malaysia
20%
40.7% Islamic banking 26.9%
45.1%
Market share of Islamic
15.2% banking sector by total Global Global
financing* Sukuk Islamic Assets
Market share 2008 2020 Outstanding under
(2020) Management
of total global Takaful (2020)
18.4%
Islamic financial Market share of takaful
assets as at 2019 sector by total net
10.2% contributions Others Others
54.9% 73.3%
2008 2020
*Includes Development Financial Institutions (DFIs)
Sources: Islamic Finance Development Indicator, Bank Negara Malaysia, MIFC
Diverse set of players offering a wide range of products and services

Banking Professional ancillary services & talent entities
• 16 Islamic banks
• 12 Islamic windows • More than 100 firms offering Islamic financial & related
• 6 development financial institutions services*
Takaful (Islamic insurance) Shariah advisory Legal Rating agencies

• 15 takaful operators
• 3 retakaful operators
Human capital development Accounting & Audit
Fund Management
• 23 Islamic fund management companies Technology solutions Commodity Trading Platforms
• 34 fund management companies with
Islamic windows
*For more information on professional ancillary services and talent entities, visit www.mifc.com.
Key milestones encapsulating the industry’s vision to be more impact-driven
Value-based Intermediation (VBI) Optimising Social Finance Supporting Halal Industry
• Aims to deliver the intended outcomes of Shariah through Infusion of social finance in Islamic • Widen offerings beyond Shariah
practices, conduct, offerings that generate positive and financial services to mobilise capital financing to support growth of
sustainable impact to the economy, community and towards building social resilience e.g. halal industry by providing end-
environment. iTekad: A blended finance programme to-end facilitation such as
• The Islamic banking industry intermediated approximately that leverages social finance as an o Business advisory including
RM155.6 billion* in VBI-related or aligned initiatives. instrument to upskill and empower B40 halal certification consultation
Examples of impact created include: entrepreneurs to generate sustainable o Business matching
income. leveraging on financial
Nearly 35,000 More than More than 4500 institutions’ regional or global
families now own 100,000 SMEs & renewable energy myWakaf: An online fundraising networks
affordable houses micro-SMEs & green projects platform by six Malaysian Islamic
supported with financed via more
• Continued engagements with
through more than banks which allows for cash waqf
RM20 billion over RM40 billion than RM8.8 billion halal companies to increase
contribution via built-in payment
financing financing financing take up of Islamic finance
gateway.
products
*Source: VBI Preview Report 2017 – 2020
For more information on VBI, visit www.aibim.com/value-based-intermediation.
www.mifc.com
@MalaysiaIF
Malaysia World’s Islamic Finance Marketplace
MESSAGE FROM CHAIRMAN
Dear Esteemed Delegates,
On behalf of the Centre for Research and

Training (CERT) as the organiser of Kuala
Lumpur Islamic Finance Forum (KLIFF
2021), and in association with Messrs
Hisham Sobri and Kadir, the Association
of Islamic Banking Institutions of Malaysia
(AIBIM), Amanie Advisors, and Association
of Shariah Advisors in Islamic Finance
(ASAS), I warmly welcome you, the
distinguished guests, conference panelists
and delegates, to the KLIFF 2021.
Facing the Covid-19 pandemic which

"This virtual conference will
also be the perfect platform for
strikes the world today, this is an incredibly us to share our thoughts and
challenging year for KLIFF as we are exchange ideas....."
organising the conference for the 16th time.
KLIFF 2021 aims at gathering scholars,
practitioners, industry players and everyone
who has interest in Islamic Banking and
Finance at a common platform where issues This year’s KLIFF theme ‘Setting The Road
can be raised, discussed and scrutinized, Ahead Towards Economic Recovery’, has
as well as ideas and proposals can be put been carefully chosen to usher in the new
forward to bring the industry forward. At challenges and milestones of the industry
this virtual conference let us also celebrate given the prevailing Covid 19 pandemic.
what we, as policy makers and practitioners
of Islamic Finance, have achieved. It is hoped that KLIFF 2021 would be able
to address some of the issues related to
We have lined up many exciting topic technology and sustainability within the
sessions at this virtual conference that sphere of Islamic Finance. I am sure that
I believe will allow both speakers and the distinguished and renowned speakers
delegates to reflect upon, redefine and and the delegates would be able to share
rebuild the concept and practice, renew and initiate new ideas, stimulate fruitful
friendships and extend our networks, and discussions and recommend workable
jointly explore current and future directions. solutions to the challenges faced by the
KLIFF 2021 PROGRAMME BOOK | PAGE 5

Islamic banking and finance locally, collaborators, sponsors and strategic partners
regionally and globally today. This virtual for their unrelenting and generous support in
conference will also be the perfect platform ensuring the successful organisation of KLIFF
for us to share our thoughts and exchange 2021.
ideas on how to chart our journey forward
to reach new heights. Therefore, I hope To the delegates, we hope that you will
the conference will stimulate the couresity have a new whole type of experience
mind and the solution mind to prepare while following all the presentations and
ourselves well ahead of the anticipated deliberations via this virtual conference. We
challenges in the near and far future. Let us hope you will learn new things and insights
not forget that one of the important values while reflecting the old stocks of knowledge.
of Islamic finance is to bring sustainability
and prosperity to everyone in this world Lastly, I would like to thank all of the
regardless of the home address. conference delegates and conference
speakers and panelists for their kind
As in previous years, in conjunction with participation which makes this conference a
KLIFF 2021, the 14th Muzakarah Penasihat success.
Syariah Kewangan Islam 2021 (Islamic
Finance Shariah Scholars Discourse) will Welcome to KLIFF 2021!
also be held following the conclusion of
KLIFF 2021. The one-day muzakarah will
take place on 11th March 2021.
To put a virtual conference of this

magnitude together is not a small task.
To that end, on behalf of the organising Datuk Dr. Mohd Daud Bakar
committee, I would like to take this Chairman
opportunity to express our deepest Kuala Lumpur Islamic Finance Forum 2021
appreciation and thanks to all our

Amanie Advisors
Leading Catalyst in Islamic Finance & Shariah Advisory
One of the first global boutique Shariah advisory houses for Islamic
Finance, Amanie was founded in 2005 by internationally renowned
Shariah scholar Datuk Dr Mohd Daud Bakar.
Amanie specialises in providing Shariah advisory services to a wide

range of clientele including financial institutions, corporations, and
governments.
Our Global Presence

Amanie is perfectly positioned to offer international perspective
and global best practices to its clients.
Suite of Services
Product Structuring
Shariah Conversion
Shariah Review & Endorsement
Market Assesment & Organisation Modelling
IT & Web Solutions Advisory
Training & Development
Transaction Advisory
International Awards
Decade of Excellence Best Syariah Advisory Global Islamic Finance Award,

Shariah Advisory & Service, 2017 & 2018 Best Shariah Advisory Firm,
Consulting Malaysia 2016 & 2017
2020
Global Islamic Economy Award of Excellence for Best Shariah Advisory

Summit, Islamic Economy Outstanding Contribution Firm, 2014
Knowledge Infrastructure to the Development of
Award, 2015 Shariah Advisory Services,
2015
AMANIE ADVISORS SDN BHD Level 13A-2 Menara Tokio Marine Life 189, Jalan Tun Razak 50400 Kuala Lumpur, Malaysia
Tel: +603 2161 0260 Fax: +603 2161 0262 Website: www.amanieadvisors.com
HISHAM, SOBRI & KADIR
Advocates & Solicitors • Trade Mark Agent • Syariah Councel
KLIFF CO-ORGANISER SINCE 2004
WISMA HSK
48G, Jalan PJU 5/22,Encorp Strand, Kota Damansara
47810 Petaling Jaya, Selangor Darul Ehsan.
Tel : +603 7623 9000
Fax : +603 7623 0161
MESSAGE FROM DIRECTOR
Dear Distinguished Delegates,
Assalamualaikum and good day, on behalf of

the Centre for Research and Training (CERT)
as the organizer of 16th Kuala Lumpur
Islamic Finance Forum 2021 (KLIFF 2021)
in collaboration with Amanie Advisors,
Messrs. Hisham, Sobri and Kadir (HSK), the
Association of Islamic Banking Institutions
Malaysia (AIBIM) and Association of Shariah
Advisors in Islamic Finance (ASAS) are
indeed honoured and pleased to welcome
all our distinguished guests, conference
"With the years, Islamic finance
panelists and delegates to KLIFF 2021.
has grown very significantly in
We would like to take this opportunity terms of asset size..."
to express our deepest appreciation and
thanks to our partners and sponsors for their
unrelenting and generous support towards
the successful organization of KLIFF 2021.
This year’s KLIFF will be held on March 9th

& 10th, 2021 and will be participated by a wide range of delegates and speakers
more than 1,500 delegates virtually. It is from diverse backgrounds and institutions
also important to note that in conjunction including industry stakeholders and experts
with KLIFF 2021, the 14th KLIFF Shariah from regulatory authorities, Shariah
Forum also known as KLIFF Muzakarah scholars, bankers, legal practitioners, Takaful
will take place on March 11th, 2021. Due operators, consultants and academicians,
to the current Covid-19 environment, we sharing their views and opinions in moving
have decided to bring this event in a virtual the Islamic Banking and Finance industry
webinar format, extending our reach to forward. KLIFF 2021 will continue as a
delegates globally. platform for debates, discourse and solutions
based on knowledge and experience. KLIFF
Hence, after a decade as a prestigious 2021 also provides a platform for enhanced
annual gathering of industry experts and branding appeal, reaching out to Islamic
key players, KLIFF 2021 is a premier and finance leaders in the Asia-Pacific Region
leading Islamic Banking and Finance event, via its extensive media coverage and wide
recognised regionally and globally, with promotion.

It has been approximately 50 years since the ideas; stimulate fruitful discussions; and
initial experimentation with Islamic banking recommend workable solutions to some of
and finance in the 1970’s. With the years, the problems and challenges faced by Islamic
Islamic finance has grown very significantly banking and finance, locally, regionally
in terms of asset size, market penetration, and globally. We wish you a fruitful and
product range, customer base, as well memorable conference. Thank you very
as popularity. Within the five decades of much.
operation, Islamic banking and finance has
gained the confidence of many in terms of its
commercial viability and competitiveness.
It is hoped that KLIFF 2021 would be able

to address some of current and future
issues and challenges. We believe that the Abdul Aziz Abd Jalal
distinguished and experienced speakers and Director
delegates would be able to initiate good Kuala Lumpur Islamic Finance Forum 2021

ABOUT THE EVENT
KUALA LUMPUR ISLAMIC FINANCE FORUM

9th & 10th March 2021
Kuala Lumpur Islamic Finance Forum (KLIFF) has been held annually since year 2004. KLIFF offers
an integrated basis for promoting Islamic Financial system dialogue among speakers and delegates to
foster the orderly development of an efficient, competitive, sound and innovative Islamic finance in a
rapidly changing global environment.
KLIFF were professionally organized. Participants were able to enrich their knowledge in the latest
developments in Islamic finance. The topics that were chosen also gave participants a balanced
exposure to learning more about the latest developments in structuring, market dynamics, and Shariah
compliance, as well as how the regulators, financial services industries and legal professionals around
the world are collaborating together to contribute to the development in this segment of the market.
It was proven by increasing in number of participants in each year.

Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) is a
dynamic, visible, responsive and effective organization representing the
voice of Islamic Finance industry underpinning the value based intermediation
thrust in serving the community. Established in 1995, AIBIM currently has 26
member banks comprising of local and international (incorporated)
financial institutions. AIBIM promotes sound and progressive Islamic banking
system and practice in Malaysia.
OUR MEMBER BANKS
Bank Islam Berlesen
CONTACT US
Association of Islamic Banking and Financial Institutions Malaysia
4th Floor, Menara Bumiputra, 21 Jalan Melaka, 50100
Kuala Lumpur, Malaysia.
+603-20268002 / 8003
+603-20268012
staff@aibim.com www.aibim.com
FIND US ON SOCIAL MEDIA

Search : AIBIM
KLIFF SHARIAH FORUM (MUZAKARAH)
11th March 2021
Also known as ‘Muzakarah Penasihat Syariah Kewangan Islam’. This Shariah forum is organised in a
discussion approach which will highlight the Shariah issues in Islamic banking and finance. Prominent
Shariah scholars and experts in Islamic banking and finance are invited as the speakers/discussants
to share the views and insights in this prestigious event. The panelists will deliver their expert views
followed by an intellectual discourse with the delegates in the matters concerned. The muzakarah is
mainly open for all Shariah advisors, Shariah supervisory council, committee members, scholars as
well as bankers and Islamic financial practitioners. The Shariah Forum featured presentations from
leading Shariah experts within the industries and provides the opportunity for participants to benefit
from open discussions of specific and practical techniques and/or their applications in the Islamic
finance.

16TH KUALA LUMPUR
ISLAMIC FINANCE
FORUM 2021
9 & 10 March 2021
www.kliff.com.my
KLIFF 2021 - DAY ONE
9th March 2021, Tuesday
“All time indicated are referring to Malaysian Time GMT+8”
TIME AGENDA
13:45 – 14:00 Registration and Arrival of Guests and Participants
14:00 – 14:05 Welcoming Remarks by Chairperson

14:05 – 14:10 Quran Recitation
14:15 – 14:30 WELCOMING ADDRESS
Datuk Dr. Mohd Daud Bakar

Chairman of the Organising Committee for KLIFF 2021
14:30 – 15:00 OPENING SPEECH

SETTING THE ROAD AHEAD TOWARDS ECONOMIC RECOVERY
His Royal Highness Sultan Nazrin Muizzuddin Shah

Ibni Almarhum Sultan Azlan Muhibbuddin Shah Al-Maghfurlah
The Sultan of Perak Darul Ridzuan
and the Royal Patron for Malaysia's Islamic Finance Initiative
SPECIAL ADDRESS
STRENGTHENING ISLAMIC FINANCE TOWARDS SHARED PROSPERITY
15:00 – 15:15 YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz
Minister of Ministry of Finance Malaysia
15:15 – 15:30 Tan Sri Abdul Wahid Omar
Chairman, Bursa Malaysia
* ALL PRESENTATION MATERIALS ARE DOWNLOADABLE AT KLIFF WEBSITE

h ttp : //www. klif f.com. my/downloa d

TIME AGENDA
15:30 – 16:45 SESSION ONE
GLOBAL ISLAMIC FINANCE – THE ROAD AHEAD
Islamic Finance amid Covid-19 pandemic

Digital Banking and Islamic Fintech
Islamic Social Finance
Alternative Investment
Human Capital
Governance, Standardisation and Regulation
Moderator : Datuk Dr. Mohd Daud Bakar Group Chairman, Amanie Advisors
Adnan Zaylani Mohamad Zahid Assistant Governor, Bank Negara Malaysia

Sharifatul Hanizah Said Ali Executive Director, Islamic Capital Market
Development , Securities Commission Malaysia
Dr. Firas Raad Country Manager, World Bank
Farmida Bi CBE Chair, Europe, Middle East and Asia, Norton Rose Fulbright LLP
Mohamed Rafe Mohamed Haneef Group Chief Sustainability Officer / CEO, CIMB
Foundation / CEO, Group Transaction Banking
Dr. Bello Lawal Danbatta Secretary-General of Islamic Financial Services Board
IFSB
16:45 – 17:45 SESSION TWO

GLOBAL ISLAMIC CAPITAL MARKET OUTLOOK
Global Sukuk Outlook

Asset Management Updates
Private Equity and Venture Capital
Investment banking
Global Liquidity Management
Moderator : Dato' Mohd Redza Shah Abdul Wahid Chairman, Malaysian Islamic
Economic Development Foundation (YAPEIM)
Ahmad Shahriman Mohd Shariff CEO, CIMB Islamic Bank Berhad

Dr. Mohamed Damak Global Head of Islamic Finance, S&P Global Ratings
Shahril Anas Hasan Aziz CEO, Malaysia Venture Capital Management Berhad
(MAVCAP)
Shahariah Shaharudin President, Saturna Sdn. Bhd.
Dr. Umar Oseni CEO, International Islamic Liquidity Management Corporation
(IILMC)
17:45 END OF DAY ONE


KLIFF 2021 - DAY TWO
10th March 2021, Wednesday
TIME AGENDA
13:45 – 14:00 Registration
14:00 – 14:05 Welcoming Remarks

14:05 – 14:15 SPECIAL PRESENTATION ONE
STRATEGIES TO SURVIVE COVID19 EFFECTS: SME PERSPECTIVE
M Nazri
Adj Practice Prof (AI) , Founder / Group CEO, MyFinB & CE.A.I
14:15 – 14:30 SPECIAL PRESENTATION TWO

ISLAMIC FINANCE CHALLENGES AND OPPORTUNITIES AMID COVID-19 PANDEMIC
Ayman Sejiny
CEO, Islamic Corporation for the Development of the Private Sector (ICD-IDB), Saudi Arabia
14:30 – 15:45 SESSION THREE

GLOBAL UPDATE ON ISLAMIC DIGITAL BANKING AND ISLAMIC FINTECH
Global Updates on Islamic Digital Banking

Islamic Finance in the Global Digital Economy
Global Islamic Fintech Ecosystem
Islamic Social Fintech and Halal Economy
Moderator : Khairul Kamarudin CEO, Bank Muamalat Malaysia Berhad
Prof. Dato' Dr. Mohd Azmi Omar President, INCEIF

Robin Lee CEO and Co-Founder, Hellogold
Mohd Muazzam Mohamed CEO, Bank Islam Malaysia Berhad
Roslan Ahmad Chief Representative, DDGI Limited
15:45 – 16:00 Break


TIME AGENDA
16:00 – 16:15 SESSION FOUR
ISLAMIC SOCIAL FINANCE INSTRUMENTS & STRATEGIES TOWARDS ACHIEVING
SUSTAINABLE DEVELOPMENT GOALS
Moderator : Razi Pahlavi Abdul Aziz Managing Director, Amanie Holdings & Honorary
Secretary of Mercy Malaysia
Houssam Chahine Chief of Private Sector Partnerships Mena, United Nations High
Commissioner For Refugees (UNHCR)
Prof. Dr. Engku Rabiah Adawiah Member, Shariah Advisory Council of Bank
Negara Malaysia and Securities Commission Malaysia
16:15 – 17:30 SESSION FIVE

GLOBAL TAKAFUL AND ISLAMIC WEALTH MANAGEMENT OUTLOOK
Global Updates on Takaful and Retakaful

Islamic Wealth Management Outlook
Digitalization of Takaful Business
Moderator : Mohd Tarmidzi Ahmad Nordin Chairman, AmMetLife Takaful
Nik Shahrizal Sulaiman Risk Assurance Partner, PwC Malaysia

Chakib Abouzaid Secretary General, General Arab Insurance Federation
Marcel Omar Papp Principal Officer, Swiss Re Malaysia
Othman Abdullah CEO, Islamic Banking, Silverlake Group
Bashar Al Natoor Global Head of Islamic Finance, Fitch Ratings
17:30 – 17:40 CLOSING REMARKS

END OF KLIFF


PANELISTS’ PROFILE
YB TENGKU DATUK SERI UTAMA ZAFRUL TENGKU ABDUL AZIZ

Minister of Ministry of Finance Malaysia
Tengku Dato’ Sri Zafrul Tengku Abdul Aziz is the Minister of Finance, Malaysia. Appointed to the Malaysian
Cabinet on 9 March 2020, he is also a Senator of Dewan Negara, the upper house of the Malaysian Parliament.
Zafrul, with over 22 years of experience in banking and finance, is a respected figure in the financial services
sector, particularly in change management and investment banking. Prior to his appointment as Minister of
Finance, he was the Group CEO/Executive Director of CIMB Group Holdings Berhad, ASEAN’s fifth largest
universal bank and a world leader in Islamic finance. Zafrul was also the President Commissioner of PT Bank
CIMB Niaga Tbk, Indonesia’s second largest private bank. Zafrul had also served as CEO of Maybank Investment
Bank Berhad and Maybank Kim Eng Holdings, as well as in senior positions in Citigroup Malaysia, Kenanga
Holdings Berhad and Avenue Securities. His foray into entrepreneurship was with Tune Money Sdn Bhd, Asia’s
first “no-frills” online financial service provider. Zafrul graduated from the University of Bristol, United Kingdom
with a Bachelor of Science (Hons) in Economics and Accounting. He later obtained a Master of Arts (MA) in
Finance and Management from the University of Exeter, United Kingdom. He received his Fellow Chartered
Banker certification from the Asian Institute of Chartered Bankers in 2015. As an advocate of Malaysia’s
socioeconomic development, Zafrul often engages with the youth on topics he is passionate about, such as
leadership, sustainability and techpreneurship. In 2015, he combined his interest in running and charity by
raising RM200,000 for Make-A-Wish Malaysia through his first marathon, the Tokyo Marathon. Zafrul is also an
Honorary Commander of the Navy Volunteer Reserve under the Royal Malaysian Navy.

TAN SRI ABDUL WAHID OMAR
Chairman, Bursa Malaysia
Tan Sri Abdul Wahid Omar, 57, is currently the Chairman of Bursa Malaysia Berhad and Universiti Kebangsaan
Malaysia (UKM). He is regarded as one of the most versatile corporate leaders in Malaysia having successfully led
four major organisations in infrastructure development, telecommunications, financial services and investment
management. He served as Group Chairman of Permodalan Nasional Berhad (PNB), Malaysia's largest fund
management company, from August 2016 to June 2018 following completion of his term as a Senator and
Minister in the Prime Minister’s Department in charge of Economic Planning from June 2013 to June 2016.
Prior to his cabinet appointment, Tan Sri Abdul Wahid was formerly the President and CEO of Maybank,
Malaysia’s largest public listed company and one of the leading banking groups in Southeast Asia, from May
2008. He was credited with transforming Maybank into a regional banking group and a global leader in Islamic
finance. Prior to joining Maybank, he was the Group CEO of Telekom Malaysia Berhad (TM) from July 2004
until its demerger with Axiata Group Berhad in April 2008. He was also formerly the MD/CEO of UEM Group
Berhad, his first role as CEO at the age of 37. He successfully led the turnaround of UEM Group, Malaysia’s
largest infrastructure development conglomerate (which owned PLUS Expressways), following its takeover
by sovereign wealth fund Khazanah Nasional in 2001. Tan Sri Abdul Wahid is a member of the Association
of Chartered Certified Accountants (ACCA, UK), the Institute of Chartered Accountants in England & Wales
(ICAEW) and the Malaysian Institute of Accountants (MIA). He has received numerous awards throughout
his career. This includes Malaysia's CEO of the Year 2006 award from Business Times/American Express, The
Asian Banker's 2013 Leadership Achievement Award for Malaysia and The Edge Value Creator award 2013. He
was also awarded the Honorary Doctorate in Economy from Multimedia University, Malaysia (MMU) in 2014
and Honorary Doctorate in Economy & Muamalat Administration by the Islamic Science University of Malaysia
(USIM) in 2018. Tan Sri Abdul Wahid currently serves as a Trustee of WWF Malaysia, Professor of Practice at
INCEIF (the Global University for Islamic Finance) and as a Visiting Fellow at the Oxford Centre for Islamic
Studies, UK.

DATUK DR. MOHD DAUD BAKAR
Group Chairman for Amanie Advisors, Chairman, Shariah Advisory Council of Bank Negara Malaysia &
Chairman, Securities Commission Malaysia
Datuk Dr. Mohd Daud Bakar is the Founder and Executive Chairman of Amanie Group. One of its flagship
companies namely Amanie Advisors, is operating in few cities globally. He currently serves as the Chairman of
the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, the Labuan
Financial Services Authority, the First Abu Dhabi Bank, and Permodalan Nasional Berhad. He is also a Shariah
board member of various global financial institutions, including the National Bank of Oman (Oman), Amundi
Asset Management (France), Bank of London and Middle East (London), BNP Paribas Najma (Bahrain), Natixis
Bank (Dubai), Oasis Asset Management (South Africa), Noor Islamic Bank (Dubai), Morgan Stanley (Dubai),
Sedco Capital (Saudi and Luxembourg), and Dow Jones Islamic Market Index (New York) amongst many
others. In the corporate world, Datuk sits as a Board Director at Sime Darby Property Berhad and a member
of the PNB Investment Committee. He was recently appointed as a Chairman to Malaysia Islamic Economic
Development Foundation (YaPEIM). He is also the third Chair Professor in Islamic Banking and Finance of
Yayasan Tun Ismail Mohamed Ali Berdaftar (YTI) PNB at Faculty of Economics and Muamalat, Universiti Sains
Islam Malaysia (USIM). In addition, he is the co-founder of Experts Analytics Centre Sdn Bhd and MyFinb, as
well as the Editor-in-Chief of Malaysian Business. In 2016, he received the “Award of Excellence for Outstanding
Contribution for Shariah Leadership & Advisory” at London Sukuk Summit Awards and “Shariah Adviser Award”
at The Asset Triple A Islamic Finance Award. In 2014, he received the “Most Outstanding Individual” award
by His Majesty, the King of Malaysia, in conjunction with the national-level Prophet Muhammad’s birthday.
Under his leadership, Amanie Advisors received the “Islamic Economy Knowledge Infrastructure Award” at the
Global Islamic Economy Summit, Dubai 2015, by His Highness Sheikh Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of the UAE and Ruler of Dubai, Oct 2015. Prior to this, Datuk was the Deputy
Vice-Chancellor at the International Islamic University Malaysia. He received his first degree in Shariah from
University of Kuwait in 1988 and obtained his PhD from University of St. Andrews, United Kingdom in 1993.
In 2002, he completed his external Bachelor of Jurisprudence at University of Malaya. His first book entitled
“Shariah Minds in Islamic Finance: An Inside Story of A Shariah Scholar” has won the “Islamic Finance Book
of the Year 2016” by the Global Islamic Finance Award (GIFA) 2016. Then, his book on sukuk entitled “An
Insightful Journey to Emirates Airline Sukuk: Pushing The Boundaries of Islamic Finance” has also won the
“Best Islamic Finance Case 2017” by the GIFA 2017 in Kazakhstan. His other books include I Have 25 Hours
A Day : The Smart Way to Create More Time (2016), Mainstreaming Islamic Finance: Unveiling The Critical
Success and Failure Factors An Insider And Global Perspective (2018), Be The Eagle Amongst The Birds (2018),
Shariah is Life (2018), PULUN : Lima Huruf Yang Bakal Mengubah Hidup Anda (2018), Anak Desa ke Persada
Antarabangsa (2018), Harapan Buat Pakatan Harapan (2018), and Membumikan Syariah : Menjelajahi Dimensi
Syariah Secara 360 Darjah (2018).

ADNAN ZAYLANI MOHAMAD ZAHID
Assistant Governor, Bank Negara Malaysia
Adnan Zaylani is the Assistant Governor responsible for development of the financial and insurance sectors,
development finance, Islamic finance and oversees the Legal department. He is a member of the Bank’s
Management Committee, Financial Stability Committee and sits on various other policy and development
committees within the Bank. Adnan represents the Bank on the Board of Directors of Kumpulan Wang Persaraan
(KWAP), Credit Guarantee Corporation (CGC) and International Centre for Education in Islamic Finance
(INCEIF). He is also an Authority Member of Labuan FSA and is a member of the Board Executive Committee
(BEC) of International Islamic Liquidity Management Corporation (IILM). Adnan joined the Bank in 1994 as a
foreign exchange trader and portfolio manager. He has further played key roles in managing the international
reserves, the National Trust Fund and several other public sector funds. He has also been involved in advising
the Government on their debt management strategy and participated in their international sukuk roadshows
in 2015 and 2016. He became the Assistant Governor for the financial markets, investment, foreign exchange
administration and currency management in 2016 before pursuing further studies in 2017. Adnan holds a
Masters in Public Policy from the Blavatnik School of Government, University of Oxford, MSc in Global Market
Economics, London School of Economics and BSc in Economics, London School of Economics.
SHARIFATUL HANIZAH SAID ALI

Executive Director, Islamic Capital Market Development, Securities Commission Malaysia
Sharifatul Hanizah is the Executive Director of Islamic Capital Market Development (ICMD) of the Securities
Commission Malaysia (SC). At ICMD, she manages a team that facilitates developmental initiatives for
internationalisation of Malaysia’s Islamic Capital Market, reviews industry proposals and conducts compliance
screening on public listed companies from the Shariah perspective. This encompasses initiatives through the
deepening and broadening of ICM products and services, to further facilitate globalisation of Malaysia as an
ICM hub. Sharifatul Hanizah has an extensive and diverse experience of over 30 years in the fields of investment
analysis, portfolio management, equity trading and unit trust while serving in various organisations such as
Permodalan Nasional Berhad (PNB), RHB Investment Management Sdn Bhd and Muamalat Invest. During her
tenure in PNB and RHB, Sharifatul Hanizah’s board experience was vast, spanning consumer goods, technology
and manufacturing companies. She served on the boards of exchange-listed and private companies as a Nominee
Director for both organisations. Prior to joining the SC in August 2019, Sharifatul Hanizah was the Chief
Executive Officer of SIDC, the learning and development arm of the SC. She is a Fellow of the Financial Services
Institute of Australasia (F Fin), a Certified Financial Planner (CFP), an Islamic Financial Planner (IFP) and a
Fellow of the Institute of Corporate Directors Malaysia (ICDM).

AHMAD SHAHRIMAN MOHD SHARIFF
CEO, CIMB Islamic Bank Berhad
Ahmad Shahriman is a CEO of CIMB Islamic Bank Berhad with over two decades of experience in the corporate
sector, of which 16 years were in Islamic Banking and Finance-related roles and has been a key contributor
in the development of the Islamic banking and finance industry, with primary focus on capital markets and
treasury solutions. Headed Wholesale Banking at HSBC Amanah Malaysia Berhad as Director, and prior to
that he served as Head of Islamic Banking at Citibank Berhad. In these roles, he was tasked with building the
Islamic Wholesale Banking and Treasury businesses globally, in which he gained strong leadership, technical,
legal and risk management expertise from his stint in these cross-border institutions. Played an active role in
the development of Malaysia’s Islamic banking industry, with a longstanding role in the Treasury committee of
the Association of Islamic Banks in Malaysia (AIBIM). In this capacity he was involved in key industry initiatives
such as developing, amongst others, a commodity exchange for Islamic finance purposes, Islamic structured
products, documentation standards for Islamic derivatives as well as Islamic credit support mechanism. Prior to
joining the banking industry via Citibank’s Management Associate programme, he was in the oil & gas industry
for four years while serving his scholarship bond with a Malaysian conglomerate.
KHAIRUL KAMARUDIN
CEO, Bank Muamalat Malaysia Berhad
Khairul Kamarudin is the Chief Executive Officer of Bank Muamalat Malaysia Berhad (Bank Muamalat). He
was appointed on 1 November 2019. Khairul has over 25 years of experience in leadership roles in the finance
and banking sector. Prior to joining Bank Muamalat, he was the Chief Executive Officer (CEO) of Bank Islam
Malaysia Berhad (BIMB) and CEO of BIMB Holdings Berhad. Khairul joined BIMB in 2005 and held various
senior management roles including Deputy CEO, Director of Business Development, Head of Consumer Banking
and Head, Special Recovery. Khairul began his career at PricewaterhouseCoopers Malaysia in the Assurance
& Business Advisory Services, Banking and Financial Services Group. He then served Pengurusan Danaharta
Nasional Berhad before joining BIMB. Khairul’s current external appointments within the Islamic banking and
finance sector include Director of IAP Integrated Sdn Bhd and Raeed Holdings Sdn Bhd. Besides that, he is
also the Chairman of Muamalat Invest Sdn Bhd. Previously, he was Director of BIMB Investment Berhad, Board
Member of Islamic Banking and Finance Institute Malaysia (IBFIM) and Board Member of Majlis Agama Islam
Wilayah Persekutuan (MAIWP). Khairul is a practising member of the Chartered Institute of Islamic Finance
(CIIF). He holds a Law Degree from Anglia Ruskin University, United Kingdom.

AYMAN SEJINY
CEO, Islamic Corporation for the Development of the Private Sector (ICD-IDB), Saudi Arabia
Mr. Ayman Amin Sejiny is the CEO of the Islamic Corporation for the Development of the private sector (ICD),
the private sector arm of Islamic Development bank Group. Mr Ayman is highly accomplished financial industry
leader. He served as Chief Executive Officer of Ibdar Bank BSC, Bank Alkhair, Barclays Capital Saudi Arabia
and as the Chairman of Open-Silicon, Inc and Bahrain Financing Company Group as well as a Board member
of Unicorn Bahrain. Mr. Sejiny has in-depth knowledge and more than 24 years’ experience in investment
and corporate banking in the local, regional and international markets. He held a senior role in a number of
regional and international financial institutions, including Citi Bank and ABN AMRO affiliate in Saudi Arabia
(Saudi American Bank “SAMBA” and Saudi Hollandi Bank). Mr. Sejiny is Board and C-Level performer with
vast experience in innovating financial processes and products. Mr Ayman holds a BA in Finance from Eastern
Michigan University, United States.
FARMIDA BI CBE
Chair, Europe, Middle East and Asia, Norton Rose Fulbright LLP
Farmida Bi CBE is a partner in the London office of Norton Rose Fulbright, and has specialised in Islamic
finance and capital markets transactions for over 25 years. She is Chair of Norton Rose Fulbright LLP, as well as
European Head of Islamic Finance. Farmida has advised on many high-profile and award-winning transactions,
and is named in the ‘Hall of Fame’ for Islamic finance and as a 'leading individual' for debt capital markets
in the Legal 500 UK 2021; listed in the 100 Most Influential Women in European Finance 2020 and 2019 in
the Financial News; and was listed in The Lawyer's Hot 100 for 2019. She is a graduate of Downing College,
Cambridge and qualified as a solicitor in 1992 and as a New York attorney in 1999.

DR. FIRAS RAAD
Country Manager, World Bank
Firas Raad is a World Bank Country Manager and an international development professional
with extensive experience in human development, health systems reform and health equity
analysis. He is currently the World Bank Country Manager for Malaysia and manages the World
Bank Group’s Global Knowledge and Research Hub in Kuala Lumpur. The World Bank Group’s Global Hub in
Malaysia consist of 52 international and national staff members and focuses on sharing Malaysia’s development
experience with other countries, conducting innovative economic research with global impact, and supporting
the development priorities of the Malaysian Government. Prior to his post in Malaysia, he served as the World
Bank Country Manager in Kuwait overseeing a large Reimbursable Advisory Services (RAS) Country Program
focused on supporting Kuwaiti policy reform and development priorities. These priorities included general
education reform, land management modernization, competition policy, investment promotion, subsidy reform
and public-private partnerships. As Country Manager, Raad also led a World Bank Country Office consisting
of 25 international and local staff members and managed all high-level relationships with Government
counterparts. His work in Kuwait also supported World Bank regional priorities including economic cooperation
and reconstruction activities in conflict-affected countries. In February 2018, the World Bank Kuwait Country
Office under Raad’s direction supported the organization of the Iraq Reconstruction Conference – a high-level
event co-sponsored by the Kuwait, Iraq, the United Nations, the World Bank and the European Union. Raad
has a Bachelor’s Degree in Economics from the Johns Hopkins University, a Masters and Doctoral Degree in
International Health Policy and Economics from the Harvard School of Public Health and a Masters’ Degree in
international relations from Johns Hopkins School of Advanced International Studies (SAIS).
PROF. DR. ENGKU RABIAH ADAWIAH ENGKU ALI

International Islamic University Malaysia & Member, Shariah Advisory Council of Bank Negara Malaysia
& Securities Commission Malaysia
Dr. Engku Rabiah Adawiah is a Professor at IIUM Institute of Islamic Banking and Finance (IIiBF), International
Islamic University Malaysia (IIUM). Apart from teaching, she is also active in advisory works, which gave her
extensive exposure to the practice of Islamic finance. She sits in various Syariah advisory bodies, such as, at
the Central Bank of Malaysia, Securities Commission Malaysia, Labuan Offshore Financial Services Authority
(LOFSA) and Employees Provident Fund, to name a few. Of late she has developed a keen interest in waqf
activism where she sits in the boards of AWQAF Holdings and Khadijah International Waqf Foundation. In
the past few years, she had served as a member of the disciplinary committee for the Malaysian Bar Council.
In recognizance of her contributions to Islamic Finance, she has been awarded with the Most Outstanding
Individual Contribution to Islamic Finance in 2004 and again in 2014. Being the pioneer lady Shariah scholar,
she has been listed numerous times in the list of influential women, including: Top 10 Women in Islamic Finance
(2014 and 2017) and 3rd Most Influential Women in Islamic Finance 2018 and 2019 during the WOMANi Gala
Dinner held in Kuala Lumpur and Dubai respectively. Recently, she is ranked 2nd Most Influential Women in
Islamic Finance 2020. She obtained her LLB (first class honors), LLB (Shari’ah) (first class honors) and Masters
of Comparative Laws (MCL) from the IIUM. In 1998, she was conferred with PhD in law from the University of
Aberdeen, United Kingdom. She is married and blessed with four sons, three daughters and three grandchildren.

MOHD MUAZZAM MOHAMED
CEO, Bank Islam Malaysia Berhad
Mohd Muazzam Mohamed is the Chief Executive Officer of both Bank Islam Malaysia Berhad and its parent
company, BIMB Holdings Berhad. He is responsible in chartering the course of both entities as well as
spearheading its overall business and operational direction. He joined Bank Islam on 11 May 2015 as Chief
Financial Officer before being appointed to his current position on 5 December 2018. Formerly a Partner with
KPMG Malaysia and an Executive Director with KPMG Management Consulting, Encik Muazzam has over
22 years of experience in the field of finance, audit and consulting. He is a Chartered Accountant with the
Malaysian Institute of Accountants (MIA) and a Certified Information Systems Auditor (ISACA) in addition to
being a member of the Malaysian Institute of Certified Public Accountant (MICPA) and the Chartered Institute
of Public Finance and Accountancy. Encik Muazzam holds a Bachelor of Accounting from International Islamic
University of Malaysia (IIUM).
DR. MOHAMED DAMAK

Senior Director & Global Head of Islamic Finance Financial Services Research, S&P Global Ratings
Mohamed Damak is a Senior Director within the Financial Services at S&P Global Ratings. He covers financial
institutions in the Middle East and Africa region. Mohamed is also the Global Head of Islamic Finance within
S&P Global Ratings, leading a global team of Islamic Finance analysts. Before re-joining S&P Global Ratings,
Mohamed worked as a Principal Credit Risk Officer for the African Development Bank in Tunis. From 2006 to
2010, Mohamed worked for S&P Global Ratings covering conventional and Islamic financial institutions in the
Middle East and North Africa region. Mohamed holds a PhD in Finance and Master in “Money, Banking and
Finance” from University of Paris 2, Pantheon Assas and a Master degree in Financial Institutions Management
from Ecole Supérieure de Commerce de Tunis.
MARCEL OMAR PAPP

Principal Officer, Swiss Re Malaysia
Marcel Omar Papp is the principal officer of Swiss Re Kuala Lumpur branch since August 2018, overseeing both
the conventional and Retakaful operations of Swiss Re in Malaysia. He came to Swiss Re Kuala Lumpur branch
in February 2009 with the responsibility to set up and head the Retakaful operations, which has since become
the global centre for Swiss Re's Family and General Retakaful business leading the development of the firm's
Islamic Reinsurance business, products and processes worldwide. Under his leadership, Swiss Re Retakaful has
become a market leader in South East Asia and has won several 'Best Retakaful operation' awards. Marcel Omar
is a member of the Management Committee of the Malaysian Takaful Association (MTA) since 2017. Prior to
moving to Malaysia, Marcel Omar was based in Hong Kong and Singapore for ten years in various underwriting
roles, including head of the Casualty Treaty Desk and Product Manager Casualty for Asia. He started his career
in insurance more than 27 years ago as a claims broker in the London market working for Willis. He then moved
to Union Re (Zurich) working in Client Market and Underwriting functions before joining Swiss Re in 1998.
Marcel Omar holds a Masters of Arts (Business Administration) from the University of Zurich (Switzerland) and
is an Associate of the Chartered Insurance Institute (A.C.I.I.) of London.

PROF. DATO’ DR. AZMI OMAR
President & CEO, INCEIF
Prof. Dato’ Dr. Azmi Omar serves as the President & Chief Executive Officer of INCEIF - The Global University
of Islamic Finance since October 2017. Prior to this he was the Director General of Islamic Research and
Training Institute (IRTI), Islamic Development Bank (IDB) Group, Jeddah, Kingdom of Saudi Arabia where
he held the position for six years and a senior professor and university administrator at the International
Islamic University Malaysia for almost 30 years. At IRTI, Azmi pioneered and introduced many innovative
policy researches which culminated into flagship reports such as IRTI Islamic Social Finance Report and IDB-
World Bank Global Report on Islamic Finance. Azmi has also advised and provide technical assistance to a
number of IDB member countries in their implementation of Islamic finance. He was a member of the External
Advisory Group for the International Monetary Fund (IMF) Interdepartmental Working Committee on Islamic
Finance and Board of Trustees of Responsible Finance Institute (RFI) Foundation. He is also a member of the
Securities Commission of Malaysia’s Shariah Advisory Council (SAC SC) and as the Islamic finance Expert to the
Autoriti Monetari Brunei Darussalam. In addition, he also serves as a member of Shariah Committee to Bank
Rakyat Malaysia, Etiqa Takaful Malaysia and MUFG Bank (Malaysia) Berhad. Azmi was awarded “The Most
Outstanding Individual Contribution to Islamic Finance” in the KLIFF Islamic Finance Awards 2015. He may
be contacted at azmiomar@inceif.org / president@inceif.org
DATO’ HAJI MOHD REDZA SHAH ABDUL WAHID

Chairman, Malaysian Islamic Economic Development Foundation (YAPEIM)
Dato' Mohd Redza is a Malaysian and he is 58 years old. Previously, he was an Associate Chartered Accountant
(ACA). He was also a member of Institute of Chartered Accountant in England and Wales (ICAEW), Institute
of Chartered Accountant in England and Wales (ICAEW) Qualification obtained whilst attached to Touche
Ross & Co., Chartered Accountants (now known as Deloitte & Touche). Chartered Bankers Asian Institute Of
Chartered Bankers. He has a qualification on Sustainability Leadership in Business Sustainability Management,
University Of Cambridge, UK (online course). He graduated from Master of Science of Economics (International
Banking and Finance), University of Wales, Cardiff , UK and graduated from Bachelor of Science in Economic
(Industry and Trade), London School of Economic, University of London, England. He is a Director at E.A
Technique (M) Berhad and a Chairman Nomination and Remuneration Committee. Apart from that, he is a
Director at Damansara REIT Managers Sdn Berhad (Manager of Al-Àqar Healthcare REIT & Al-Salam Real
Estate Investment Trust. He is a Chairman of Investment Committee, Member of Development & Procurement
Committee and Member of Audit Committee at KPJ Healthcare Berhad. Not to forget, He is also a Chairman at
Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM). During his past Directorships and appointments, he
was a Chief Executive Officer (2008-2019) at Bank Muamalat Malaysia Berhad. He was a Chief Financial Officer
(2000-2002) at Silterra Malaysia Berhad. At Tradewinds Corporation Berhad, he was appointed as Acting Chief
Executive Officer (2004-2005) & Group Chief Executive Officer (2002-2005). In 2005-2008, he was a Chief
Operating Officer (2005-2008) at DRB-HICOM Berhad.

DR. BELLO LAWAL DANBATTA
Secretary-General of Islamic Financial Services Board IFSB
Dr. Bello Lawal Danbatta was appointed the Secretary-General of the IFSB effective 29 January 2018. Dr.
Danbatta, previously the Director of the Centre of Consultancy and Executive Programmes at INCEIF, has
over 28 years combined experience in the private, academia, as well as in the financial services regulation
and supervision sectors across Africa, Europe, Asia and the Middle East. He is a Member of the Accounting
and Auditing Board of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI),
the Basel Consultative Group (BCG), the International Ethics Standards Board for Accountants (IESBA), the
International Auditing and Assurance Standards Board (IAASB) and has chaired various working groups for the
issuance of financial accounting standards for Islamic financial institutions. He has also been involved in the
development and drafting of standards, guidelines and frameworks for capital adequacy, accounting, as well
as supervision and regulation of Islamic finance for various countries. Dr. Danbatta holds a Ph.D. in Islamic
Banking and Finance from the International Islamic University Malaysia (IIUM), and an MBA in Corporate
Finance. He is a Chartered Accountant (Fellow) with the Association of Certified Chartered Accountant (ACCA-
UK), a Licensed International Financial Analyst (LIFA-UK), and a member of the Chartered Institute of Islamic
Finance Professionals (CIIFP), Member of Nigerian Institute of Management (NIM), Institute of Chartered
Accountants of Nigeria (ICAN), and International Council for Islamic Finance Educators (ICIFE). Dr. Danbatta
is a known Islamic banking and finance consultant, and has been active in providing Islamic finance training
and consultancy to central banks, securities commissions, deposit insurance corporations and Islamic banks.
He also has a number of publications on Islamic banking, corporate governance and earnings management.
In addition to these corporate engagements, he also held the positions of Assistant Professor at Sultan Qaboos
University Oman, a Research Fellow at the Accounting Research Institute (ARI) of University Technology MARA
(UiTM), Malaysia and Academic Fellow at Insaniah University Malaysia. He has worked with the Highland Bank
of Nigeria Plc, Peugeot Automobiles and Securities and Exchange Commission of Nigeria.

MOHAMED RAFE MOHAMED HANEEF
Group Chief Sustainability Officer / Chief Executive Officer, CIMB Foundation/ Chief Executive Officer,
Group Transaction Banking
Mr. Rafe Haneef is the Chief Executive Officer, Group Transaction Banking / Group Chief Sustainability Officer,
CIMB Bank and Chief Executive Officer, CIMB Foundation. His qualified in Master of Laws (LL.M), Harvard
Law School, Bachelor of Laws (LL.B), International Islamic University Malaysia and he qualified for the New
York State Bar in 1997. Then, he also admitted to the Malaysian Bar in 1995. As a CEO of Group Transaction
Banking, he is overseeing transaction banking business which consist of four main product pillars namely
Trade Finance, Cash Management, Securities Services and Financial Institution serving the Group’s Non Retail
customers across CIMB franchise in ASEAN. Transaction Banking drives annuity business and relationship
stickiness; thus, pivotal to the growth of CIMB Group. Mr. Rafe Haneef also acts as a Group Chief Sustainability
Officer, lead responsibility for driving sustainable financing and social responsibility initiatives across the CIMB
Group. He also a CEO, CIMB Foundation, to spearhead CSR in community development, sports and education
initiatives with diversity and inclusion as the guiding principles. Previously, CEO of CIMB Islamic Bank Berhad
in charge of the Group’s Islamic banking and finance franchise. CIMB Islamic operates as a parallel franchise to
the Group’s conventional operations and covers Islamic wholesale banking, Islamic consumer banking, Islamic
commercial banking and Islamic asset management and investments. Instrumental in the inclusion of CIMB
Islamic in the Value-based Intermediation (VBI) Community of Practitioners, working to develop VBI together
with the central bank to contextualise and drive sustainability with Islamic finance institutions in Malaysia.
Instrumental in CIMB Group being a member of RFI as well as a founding member to the UNEP FI Principles for
Responsible Banking. 20 years of experience covering a range of businesses and functional roles gained from
three global banks, an international asset management company and a legal firm, at various financial centres
including London, Dubai and Kuala Lumpur. Mr. Rafe Haneef also a CEO, Malaysia, and Managing Director of
Global Markets, ASP, HSBC Amanah in 2010. He is a Regional Head for Islamic banking, Asia Pacific, Citigroup
Asia in 2006. Global Head of Islamic Finance business at ABN AMRO Dubai in 2004 covering both consumer
and corporate businesses. He joined HSBC Investment Bank plc, London in 1999 and thereafter HSBC Financial
Services Middle East, Dubai where he set up the global sukuk business in 2001.
SHAHARIAH SHAHARUDIN
President, Saturna Sdn. Bhd.
Shahariah Binti Shaharudin, President, Saturna Sdn Berhad (SSB) joined Saturna in October 2018. She received
her BA degree in Business Studies from Knox College, Illinois and Master of Arts in Economics from University
of Illinois, Springfield. Shahariah has more than 30 years of experience in the areas of fund management,
stockbroking, and commercial banking. Prior to joining SSB, she was the Chief Executive Officer of Kenanga
Islamic Investors Berhad. Shahariah started her career in a commercial bank and later joined a stockbroking
company overseeing both the stockbroking and futures broking business. She also worked for a fund management
house under Strategic Business and Market Development Division where her core responsibility was sourcing
business and servicing both retail and wholesale clients ranging from unit trusts, corporate and government
agencies to insurance companies. She is currently a holder of the Capital Market Services Representatives
License for fund management.

ROSLAN AHMAD
Chief Representative (Kuala Lumpur), DDGI Limited
Roslan Ahmad is a Chief Representative of DDGI Limited Authorised Representative Office in Kuala Lumpur, a
company within the DDCAP Group headquartered in London since end of the year 2018. Roslan has a wealth of
financial market experience and spent 6 years with Amanie Group, where he was Managing Director of Amanie
International Consulting. Between 2004 and 2012, Roslan worked for Cagamas Berhad where he served as
Manager of Treasury, Capital Markets and Securitisation before being appointed Head of Islamic Business.
Prior to that, Roslan was with Maybank Group for 13 years where he held senior positions within market risk
management.
NIK SHAHRIZAL SULAIMAN

Risk Assurance Partner, PwC Malaysia
Nik Shahrizal is a partner in PwC Malaysia and currently leads the Islamic finance practice in the firm. More
than ten years of specific experience in the Islamic finance industry, covering a wide range of engagements
from strategy, operations, governance, and risk management. Has worked with major clients both locally
and internationally, and a frequent speaker on the topic of Islamic finance in the country. He qualified in
MBA, University of Cambridge, BA (Hons) Accounting and Finance, Lancaster University, Associate Chartered
Accountant, ICAEW, Chartered Financial Analyst, CFA, Financial Risk Manager, Global Association of Risk
Professionals (“GARP”) amd Pasaran Kewangan Malaysia Certificate (“PKMC”).
SHAHRIL ANAS HASAN AZIZ

CEO, Malaysia Venture Capital Management Berhad (MAVCAP)
Shahril Anas Hasan Aziz joined MAVCAP in January 2015 bringing with him over 20 years of extensive
Investment and Fund Raising experience, having previously worked with the Employees Provident Fund (EPF),
Malaysia Technology Development Corporation (MTDC) and Unit Peneraju Bumiputera (TERAJU) to name
but a few. Shahril’s focus in MAVCAP includes working on establishing more Corporate Funds on Funds and
partnerships. This aims to generate more funds available in the ecosystem for investment purposes, specifically
targeted for technology companies. Shahril also works on various initiatives and projects from the CEOs office.
Shahril is a graduate of the International Islamic University, Kuala Lumpur.[

HOUSSAM CHAHINE
Chief of Private Sector Partnerships MENA, United Nations High Commissioner for Refugees (UNHCR)
Houssam has more than 20 years of experience in Fundraising, partnership building, stakeholder management,
public engagement and advocacy campaigns in both the not-for-profit and governmental sectors. Specialized
in launching new Fundraising Campaigns, Houssam launched and established new Philanthropic programs,
in international and regional institutions such as Greenpeace, and UNHCR. Since 2011, Houssam has been
leading private sector partnerships for UNHCR in the MENA region. This includes launching and developing
the UNHCR’s Islamic Philanthropy strategy, largely realized through UNHCR’s global Zakat Fund Initiative, and
partnerships with Islamic financial institutions, in addition to family foundations in the region. Houssam is also
leading the public outreach initiative in the MENA. Twitter, LinkedIn
RAZI PAHLAVI ABDUL AZIZ

Managing Director, Amanie Holdings & Honorary Secretary of Mercy Malaysia
Razi Pahlavi is the Managing Director of Amanie Holdings Limited. Amanie group is a leading international
Islamic finance advisory and consulting team based in Kuala Lumpur and Dubai. Razi graduated from the
International Islamic University Malaysia with a Master of Law (LLM) Banking Law and a bachelor’s degree in
accounting with Honors. Razi has earned professional certifications such as the Certified Chartered Accountant
from the Malaysian Institute of Accountant (MIA) and Islamic Financial Planner (IFP) from the Financial
Planning Association Malaysia. He is also the Executive Committee Board member of the International Council
of Islamic Finance Educator (ICIFE), the global strategic leader in Islamic Finance Education. The main objective
of ICIFE is to increase and maintain the professionalism of the educators in Islamic Finance field at the national
and international level. Razi is the Chairman of Education and Professional Development Committee of the
Philippines Islamic Accountant Association (PAIA). Razi holds the position of Honorary Secretary of Executive
Council for the Malaysian Medical Relief Society or MERCY Malaysia. MERCY Malaysia is an international
non-profit organization focusing on providing medical relief, sustainable health related development and risk
reduction activities for vulnerable communities, in both crisis and non-crisis situations. In MERCY Malaysia,
Razi spearheads the development of Islamic Social Finance initiative.
CHAKIB ABOUZAID
Secretary General, General Arab Insurance Federation
Mr Chakib Abouzaid is the Secretary General of the General Arab Insurance Federation (GAIF) since 2019. Mr
Abouzaid has served in various positions over the span of his career in the insurance industry. He was The Group
Marketing Officer for GMRB (DIFC) from 2013 to 2018, CEO for Takaful Re (Arig Group) from 2005 to 2013,
GM for Best Re Middle East & Gulf from 2000 to 2005. He was also the Vice Chairman of Global Takaful Group
(GTG). He is also an ambassador for the International Insurance Society (IIS); and frequent Speaker at various
Conferences and Seminars. Mr Abouzaid holds a Bachelor’s degree in Economics from Grenoble University
(France) and a Master’s degree from the same university in Emerging Economies and Development models. He
also holds a Master’s degree in Finance & Insurance from IFID Tunis.

DR. UMAR OSENI
CEO, International Islamic Liquidity Management Corporation (IILMC)
Dr. Umar A. Oseni is currently the Chief Executive Officer (CEO) and General Counsel of the International
Islamic Liquidity Management Corporation (IILM), a multilateral institution headquartered in Malaysia. The
IILM is an international organisation established in 2010 by central banks, monetary authorities and multilateral
organisations to create and issue Shari‘ah-compliant financial instruments to facilitate effective cross-border
Islamic liquidity management.Prior to his recent appointed as the CEO of the IILM, Dr. Umar A. Oseni was
Acting CEO and the Executive Director in charge of Legal and Compliance and has served as a member of IILM’s
senior executive and management team. Dr Umar A. Oseni was a visiting post-doctoral fellow at the Islamic
Legal Studies Program of the Harvard Law School, where he worked on Islamic finance law and regulation.
Apart from being a Harvard-certified negotiator and dispute resolution expert, he has significant and diverse
experience in Sukuk structuring, Islamic finance law, and compliance matters. He has consulted for numerous
bodies, law firms, and banks in the areas of law and regulation in the Islamic finance world, including on
legal aspects of Sukuk structuring for the Islamic Development Bank Group. Dr. Umar A. Oseni was also a key
member of a consultancy team advising on risk management in Islamic financial instruments for the Standing
Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC).
In addition, he previously served as an Associate Professor of law and regulation of Islamic Finance at the
International Islamic University Malaysia.
MOHD TARMIDZI AHMAD NORDIN

Chairman / Independent Non Executive Director, AmMetLife Takaful Bhd
Tarmidzi obtained his MBA in Islamic Finance from the International Islamic University Malaysia in 2002. He is an
associate of the Chartered Insurance Institute UK (ACII) as well as a Fellow of the Malaysian Insurance Institute
(FMII) and also a Registered Financial Planner (RFP) with the Malaysian Financial Planning Council (MFPC).
He started his career insurance 1977 before switching to takaful in 1985 where he was a pioneer management
team member of the first takaful company in Malaysia. Thereafter he had a stint with an international firm of
Loss Adjuster and served as a Lecturer at the MII before being appointed as CEO of Mayban Takaful that later
merged with Takaful Nasional to become Etiqa Takaful until he retired in October 2009. During that period, he
also served as Chairman of the Malaysian Takaful Association (MTA) as well as Chairman of the Global Takaful
Group (GTG). Post retirement, he lectured at various institutes including numerous takaful conferences locally
and abroad. He was appointed as Adjunct Professor at University Technoloy MARA (2009 to 2011), advisor
to ACR Re Takaful SEA (2010 to 2012), Chairman of the Joint Insurance & Takaful Council (2009 to 2012)
as well as Chairman of Pak Kuwait Takaful Co. Ltd. (2014 to 2015). He was a Director of Syarikat Takaful
Malaysia Keluarga Bhd. (April 2016 to March 2019) He also authored a textbook for MII on the subject of Motor
Insurance and recently started a community website <www.takafulpedia.com> for people to seek and share
knowledge on takaful. He is the Chairman of AmMetLife Takaful Bhd.and a Director of BIMB Holdings Bhd. the
major shareholder of Syarikat Takaful Malaysia Keluarga Bhd.

ROBIN LEE
CEO and Co-Founder, Hellogold
Robin Lee is the Co-Founder and CEO of HelloGold, a Shariah-compliant fintech focused on creating financial
products for the underserved and the unbanked in emerging markets. HelloGold launched its platform in
Malaysia in April 2017 with gold as its first financial product with a minimum transaction size of 25 cents.
As at 1 January 2020, it has acquired more than 370,000 customers in Malaysia and Thailand and has made
RM100 million of gold transactions. In 2021, HelloGold intends to expand into other markets in the region
and into other financial products Prior to HelloGold, Robin was the Chief Financial Officer of the World Gold
Council where he was also the Principal Accounting Officer for SPDR Gold Trust, world’s largest gold ETF, with
US$75+b AUM. He has also been a strategy consultant at the Boston Consulting Group, and a regulator with
the Securities Commission Malaysia. He qualified as a chartered accountant with KPMG and is a graduate from
Oxford University.
OTHMAN ABDULLAH
CEO, Islamic Banking, Silverlake Group
Othman Abdullah is the Chief Executive Officer, Islamic Banking at Silverlake Group, a global financial technology
and digital economy solutions provider. Othman is also a consultant for Silverlake Integrated Banking Solution
and Silverlake Straight Through Banking Platform. Qualified in both IT and Islamic finance and equipped with
more than 2 decades of hands-on experiences servicing financial services industry, Othman has positioned himself
as a financial technology thought leader in the space of Islamic financial services. Othman writes regularly in his
ShariahTECH column in The Malaysian Reserve newspaper and contributes his articles and thoughts for other
publications and television programs. Othman also speaks regularly on the subject at conferences and seminars.
Othman received “Upcoming Personality Award” at the Global Islamic Finance Award (GIFA) 2017, has been
appointed as a Malaysia Finance Accreditation Agency (FAA) Accreditation Panel Member and is recognized as
one of the 500 who make Islamic Economy globally by ISLAMICA 500 2019 edition.

BASHAR AL NATOOR
Global Head of Islamic Finance, Fitch Ratings
Bashar Al Natoor is Fitch Rating’s Global Head Islamic Finance. Mr Al Natoor is responsible
for coordinating all Islamic Finance activities across Fitch’s Sovereign, Financial Institutions,
Corporate, Structured Finance, Infrastructure and Insurance teams, bringing together dedicated
analytical and industry expertise into a centralised and focused Islamic finance group. Mr Al Natoor has more
than 16 years' experience in the Islamic Finance market. Since joining Fitch in 2007, he has overseen Fitch's
Sukuk criteria and Islamic Finance practices, undertaken research and written numerous published articles
on Islamic Finance. Mr Al Natoor Joined Fitch as a director in the EMEA Corporates group based in Dubai. He
was responsible for analysing EMEA issuers, with focus on Middle East and Turkish issuers in the construction,
property and Telecommunication sectors. Prior to joining Fitch, Mr. Al Natoor spent seven years at the Islamic
Development Bank (IDB) in key roles including Investment Officer in the Treasury Department, a Senior Credit
Analyst in Risk Management and Senior Technical Assistant to the Vice President of Finance & Administration.
Before working with IDB, Mr Al Natoor was a senior auditor for four years in Arthur Andersen. Mr Al Natoor
graduated with an MSc in banking and financial studies from the Arab Academy for Finance and Banking
Science and a BS in finance and banking from Amman University. Bashar is also a Certified Bank Auditor (CBA),
a Certified Risk Professional (CRP), a Chartered Market Analyst (FAD-CMA), and a Certified Risk Analyst (CRA).
M NAZRI
Adjunct Professor (AI Practice), Founder / Group CEO, MyFinB Group
Nazri has more than two decades of experience as a practitioner specializing in AI and cognitive analytics roles.
An early pioneer in deploying AI-based analytics in Asia-Pacific, Nazri leads digital transformation programmes
for public, private and non-profit organisations globally. He was featured in various media platforms and spoke
on A.I-related topics in various parts of Europe, Asia, Africa and Middle East. Nazri was part of the investment
and research team of international asset management groups (Citigroup and Prudential), managing a portfolio
of more than USD5 billion in Asia-Pacific (ex-Japan) - before joining an international ratings agency (Fitch
Ratings) where he covered regional financial institutions in Asia. In 2018, Nazri was named as one of the world's
top 500 prominent and influential personalities in the Islamic world and economy (A.I./Fintech category) and
awarded Asia Pacific's Top Young Business Leader 2010 by the Ministry of International Trade and Industry.
Nazri was appointed and conferred with the title of Adjunct Professor (AI Practice) by Sunway University
effective June 2020. Nazri attained an MBA from the University of Western Australia and a Bachelor’s degree in
Accountancy and Economics from the University of Queensland.

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MUZAKARAH PENASIHAT
SYARIAH KEWANGAN
ISLAM 2021 KALI KE-14
11 March 2021
www.kliff.com.my
MOHON DI SINI
KLIFF MUZAKARAH 2021
11th Mac 2021, Khamis
TIME AGENDA
09:00 – 09:30 Sesi Penyertaan Dibuka
09:15 – 10:30 MAJLIS PERASMIAN
Ucapan Aluan
Datuk Dr. Mohd Daud Bakar
Pengerusi, Jawatankuasa Penganjur KLIFF 2021
Ucapan Perasmian
YB Senator Datuk Dr. Zulkifli Mohamad Al-Bakri
Menteri di Jabatan Perdana Menteri (Hal Ehwal Agama)
10:30 – 11:45 SESI 1
ISU-ISU SYARIAH DALAM PRODUK KEWANGAN SOSIAL ISLAM
Moderator: Dr. Mohd Faisal Mustaffa Ketua Pegawai Operasi Lembaga Pengurusan
Sekolah Zakat Kedah
Panelis
Prof. Dr. Engku Rabiah Adawiah UIAM & Ahli Majlis Penasihat Syariah Bank
Negara & Suruhanjaya Sekuriti Malaysia
Ust. Mohd Nazri Chik Pengurus Besar, Perhubungan Strategik, Bank Islam Malaysia
Berhad
Prof. Madya Dr. Amir Shaharuddin Ketua Pegawai Eksekutif, Yayasan Waqaf
Malaysia
11:45 – 13:00 SESI 2
ISU-ISU SEMASA TAKAFUL DAN RETAKAFUL
Moderator: Mohd Asri Omar Ketua Pegawai Eksekutif, Hong Leong MSIG Takaful
Panelis
Ust. Burhanuddin Lukman Penyelidik Kanan, ISRA & Ahli Majlis Penasihat Syariah
Bank Negara Malaysia
Dr. Ahmad Sufian Che Abdullah Akademi Pengajian Islam Universiti Malaya & Ahli
Jawatankuasa Syariah, CIMB Islamic
Dr. Mohamed Hadi Abd Hamid Ketua Jabatan Syariah, Etiqa Family & General
Takaful
Dr. H. Oni Sahroni Anggota Dewan Pengawas Syariah Bank Syariah Indonesia
13:00 – 14:30 Rehat
* SEMUA BAHAN PEMBENTANGAN BOLEH DIMUAT TURUN DI LAMAN WEB KLIFF


TIME AGENDA
14:30 – 15:45 SESI 3
ISU-ISU SYARIAH DALAM PELAKSANAAN PIAWAIAN PERAKAUNAN ANTARABANGSA
UNTUK INSTITUSI KEWANGAN ISLAM
Moderator: Prof. Dr. Maliah Sulaiman Pengarah, Pusat Kecemerlangan Perakaunan dan
Pengauditan Islam SALIHIN Shariah Advisory Sdn. Bhd.
Panelis
Prof. Dr. Abd Rahim Abd Rahman Timbalan Naib Canselor, Universiti Sains Islam
Malaysia
Prof. Madya Dr. Noraini Mohd Ariffin Kulliyyah Ekonomi & Sains Pengurusan,
UIAM
Dr. Marjan Muhammad ISRA & Ahli Majlis Penasihat Syariah Bank Negara Malaysia
Ust. Munawwaruzzaman Mahmud Ketua Jabatan Syariah, Maybank Islamic
Berhad
"Translation from Malay to English and Arabic to English will be provided”
15:45 – 16:45 SESI 4 (Bahasa Arab)
‫تحديثات الفتوى في المالية اإلسالمية العالمية‬
Moderator: Prof. Dr. Mohd Akram Laldin Pengarah Eksekutif, ISRA & Ahli Majlis
Penasihat Syariah Bank Negara Malaysia
Panelis
Sheikh Esam Mohammed Ishaq Penasihat Syariah, Bahrain
Sheikh Yousef Abdullah Al Shubaily Penasihat Syariah, Saudi Arabia & CIMB
Islamic
Prof. Dr. Younes Soualhi Penyelidik Kanan, ISRA & Pengerusi JK Syariah, Munich Re
Retakaful
Prof. Madya Dr. Aznan Hasan UIAM & Ahli Majlis Penasihat Syariah Suruhanjaya
Sekuriti Malaysia
Dr. Mohammed Burhan Arbouna Ketua Jabatan Syariah, Al Salam Bank Bahrain
16:45 – 17:45 SESI 5 (Bahasa Arab)
‫ الطريق إلى األمام‬: ‫المالية اإلسالمية‬
Moderator: Datuk Dr. Mohd Daud Bakar Pengerusi, Majlis Penasihat Syariah Bank
Negara Malaysia & Suruhanjaya Sekuriti Malaysia
Panelis
Sheikh Nizam Yaquby Penasihat Syariah, Bahrain
Sheikh Dr. Mohamed Elgari Penasihat Syariah, Saudi Arabia
Sheikh Dr. Abd Aziz al Qassar Penasihat Syariah, Kuwait
Sheikh Dr. Mohammed Abdul Rahim Sultan Al-Olama Penasihat Syariah, UAE
Sheikh Dr. Bashir Aliyu Umar Penasihat Syariah, Nigeria
17:45 – 18:00 Muzakarah Tamat
* SEMUA BAHAN PEMBENTANGAN BOLEH DIMUAT TURUN DI LAMAN WEB KLIFF


PROFIL PANELIS
YB DATUK DR. ZULKIFLI MOHAMAD AL-BAKRI

Menteri di Jabatan Perdana Menteri (Hal Ehwal Agama)
Senator Datuk Dr. Haji Zulkifli Mohamad Al-Bakri dilahirkan pada 16 Januari 1969. Beliau merupakan seorang
agamawan dan ahli Dewan Negara di Malaysia. Dalam Kabinet Malaysia 2020, beliau menyandang jawatan
sebagai Menteri di Jabatan Perdana Menteri (Hal Ehwal Agama). Beliau merupakan Mufti Wilayah Persekutuan
ke-7. Beliau juga adalah pengasas kepada Pondok Moden al-'Abaqirah, Majlis Agama Islam Wilayah Persekutuan
dan sebuah institusi hadith baru iaitu Ma'alim al-Sunan li Dirasati al-Sunnah al-Nabawiyyah, Majlis Agama
Islam Wilayah Persekutuan. Datuk Dr. Zulkifli menyambung pengajiannya di peringkat Sarjana Muda Syariah di
Universiti Islam Madinah (1989-1993). Tidak hanya berhenti setakat itu, beliau menyambung pula pengajiannya
di peringkat Sarjana Syariah di Universiti al-Ulum al-Islamiah wa al-Arabiah di Damsyik, Syria (1994-1997)
di bawah seliaan Syeikh Prof. Dr. Mustafa al-Khin. Pengajian peringkat Doktor Falsafah (Ph.D) pula diambil di
Pusat Pengajian Ilmu Kemanusiaan (School of Humanities), Universiti Sains Malaysia (2002-2004) di bawah
seliaan Prof. Dr. Radzi Othman. Tajuk kajiannya adalah Institusi Mufti Dan Fatwa: Satu Analisa Terhadap
Enakmen Dan Beberapa Fatwa Pilihan Negeri Sembilan.

DATUK DR. MOHD DAUD BAKAR
Pengerusi Kumpulan, Amanie Advisors & Pengerusi, Majlis Penasihat Syariah Bank Negara Malaysia
dan Suruhanjaya Sekuriti Malaysia.
Datuk Dr. Mohd Daud Bakar adalah Pengasas dan Pengerusi Eksekutif Kumpulan Amanie. Salah satu syarikat
utama Amanie Advisors, beroperasi di beberapa bandar utama dunia. Beliau kini berkhidmat sebagai Pengerusi
Majlis Penasihat Syariah di Bank Negara Malaysia, Suruhanjaya Sekuriti Malaysia, Lembaga Perkhidmatan
Kewangan Labuan, Bank Abu Dhabi Pertama dan Permodalan Nasional Berhad. Beliau juga merupakan ahli
lembaga Syariah dalam pelbagai institusi kewangan global, termasuk Bank Negara Oman (Oman), Amundi
Asset Management (Perancis), Bank of London dan Timur Tengah (London), BNP Paribas Najma (Bahrain),
Natixis Bank (Dubai), Oasis Asset Management (Afrika Selatan), Noor Islamic Bank (Dubai), Morgan Stanley
(Dubai), Sedco Capital (Saudi dan Luxembourg), dan Indeks Pasaran Islam Dow Jones (New York). Di dunia
korporat, Datuk sebagai Pengarah Lembaga di Sime Darby Property Berhad dan ahli Jawatankuasa Pelaburan
PNB. Baru-baru ini beliau dilantik sebagai Pengerusi Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM).
Beliau juga merupakan Profesor Pengerusi ketiga dalam Perbankan dan Kewangan Islam Yayasan Tun Ismail
Mohamed Ali Berdaftar (YTI) PNB di Fakulti Ekonomi dan Muamalat, Universiti Sains Islam Malaysia (USIM).
Di samping itu, beliau adalah pengasas bersama Pakar Analytics Center Sdn Bhd dan MyFinb dan juga
Ketua Pengarang Malaysian Business. Pada tahun 2016, beliau menerima "Anugerah Kecemerlangan untuk
Sumbangan Cemerlang untuk Kepimpinan & Penasihat Syariah" di Anugerah Sidang Kemuncak London Sukuk
dan "Anugerah Penasihat Syariah" di Anugerah Kewangan Asset Triple A Islamic. Pada tahun 2014, beliau
menerima anugerah "Paling Cemerlang Individu" oleh Kebawah Duli Yang Maha Mulia Paduka Seri Baginda
Sultan dan Yang Di-Pertuan Negara Brunei Darussalam, bersempena hari lahir Nabi Muhammad SAW. Di bawah
kepimpinannya, Amanie Advisors menerima "Anugerah Infrastruktur Pengetahuan Ekonomi Islam" di Sidang
Kemuncak Ekonomi Islam Global, Dubai 2015, oleh Ya Sheikh Mohammed bin Rashid Al Maktoum, Naib Presiden
dan Perdana Menteri UAE dan Ketua Pemerintah Dubai, Okt 2015 . Sebelum ini, Datuk adalah Timbalan Naib
Canselor di Universiti Islam Antarabangsa Malaysia. Beliau memperolehi Ijazah Sarjana Muda Syariah dari
Universiti Kuwait pada tahun 1988 dan memperolehi Ijazah Falsafah Kedoktoran dari University of St Andrews,
United Kingdom pada tahun 1993. Pada tahun 2002. Beliau juga telah berjaya memperolehi pengajian Ijazah
Sarjana Muda Jurisprudence dari Universiti Malaya. Buku pertamanya yang bertajuk "Minda Syariah dalam
Kewangan Islam" telah memenangi "Buku Kewangan Islam Tahun 2016" oleh Global Islamic Finance Award
(GIFA) 2016. Kemudian, buku mengenai sukuk bertajuk " Perjalanan Sukuk Syarikat Penerbangan Emirates:
Menolak Sempadan Kewangan Islam" juga telah memenangi Kes Kewangan Islam Terbaik 2017" oleh GIFA 2017
di Kazakhstan.
SHEIKH NIZAM YAQUBY

Penasihat Syariah, Bahrain
Sheikh Nizam memiliki Ph.D di dalam bidang Undang-undang Islam dari University of Whales dan BA dalam
bidang Ekonomi dan Agama Perbandingan dari Universiti McGill di Kanada. Beliau ditugaskan sebagai Ahli
Lembaga Penyelia Shamil Bank of Bahrain B.s.c. dan ditugaskanlebih daripada 40 Ahli Lembaga Syariah
termasuk Abu Dhabi Islamic Bank, Barclays, BNP Paribas, Credit Agricole CIB, Dow Jones Islamic Index,
HSBC Amanah, Lloyds TSB, dan Citi Islamic. Beliau juga tersenarai di dalam pelbagai ahli Lembaga Syariah
termasuk Abu Dhabi Islamic Bank, Barclays, BNP Paribas, Credit Agricole CIB, Dow Jones Islamic Index, HSBC
Amanah, Lloyds TSB, dan Citi Islamic. Sheikh Nizam sering dipanggil untuk melakukan perundingan antara
pihak pemerintah yang berkuasa dan peraturan mengenai masalah yang melibatkan perkaitan kewangan
Islam. Malah, beliau merupakan jemputan ceramah tetap di seminar dan persidangan di seluruh dunia. Sheikh
Nizam terus menjadi tunjang penyelidikan yang utama dalam sistem kewangan Islam moden dan merupakan
pengarang beberapa artikel dan penerbitan.

SHEIKH PROF. DR. MOHAMED ELGARI
Penasihat Syariah, Saudi Arabia
Dr Mohamed Ali Elgari ialah seorang profesor ekonomi Islam dan bekas pengarah pusat penyelidikan dalam
ekonomi Islam di Universiti Raja Abdul Aziz di Arab Saudi. Dr Ali Elgari adalah penasihat kepada beberapa
institusi kewangan Islam di seluruh dunia dan lembaga shariah Dow Jones Indeks Islam. Beliau juga merupakan
ahli akademi fiqh Islam dan pertubuhan Perakaunan & Pengauditan Islam untuk institusi kewangan Islam
(AAIOFI). Dr Elgari telah menulis beberapa buku mengenai perbankan Islam. Beliau merupakan graduan
kelulusan PhD dari universiti California dalam bidang ekonomi.
SHEIKH DR. ABD AZIZ AL QASSAR

Penasihat Syariah, Kuwait
Dr Abdul Aziz Khalifa Al Qassar merupakan Profesor di dalam Bidang Fiksyen Perbandingan di Fakulti Syariah dan
Pengajian Islam di Universiti Kuwait, beliau mendapat gelaran Doktor dalam bidang Perundingan Perbandingan
dari Fakulti Syariah dan Undang-Undang, Universiti Al-Azhar, Kaherah, Republik Arab Mesir pada tahun 1997.
Beliau merupakan Ahli Fakulti di Fakulti Pengajian Syariah dan Islam di Universiti Kuwait dari tahun 1997. Pada
tahun 2001 hingga 2005 beliau berkhidmat sebagai Dekan Bersekutu bagi Hal Ehwal Akademik dan Pengajian
Siswazah dan Penyelidikan di Fakulti Syariah dan Pengajian Islam di Universiti Kuwait. Beliau juga merupakan
ahli Fatwa dan Syariah di pelbagai Institusi Perbankan dan Perbankan Islam di Kuwait serta luar negara.
Beliau juga berkhidmat sebagai seorang pensyarah dalam bidang kewangan Islam, mempunyai pelbagai kajian
melibatkan kajian berunsurkan keagamaan dalam perundangan Islam dan transaksi kewangan kontemporari.
PROF. DR. MOHAMAD AKRAM LALDIN

Pengarah Eksekutif, ISRA & Ahli, Majlis Penasihat Syariah, Bank Negara Malaysia
Dr Mohamad Akram kini merupakan Pengarah Eksekutif Antarabangsa Akademi Penyelidikan Syariah bagi
Kewangan Islam (ISRA). Sebelum menyertai ISRA beliau merupakan Penolong Profesor di Kulliyah Ilmu Wahyu
dan Sains Kemanusiaan, Universiti Islam Antarabangsa Malaysia (UIAM). Dalam tempoh 2002-2004, beliau
adalah Penolong Profesor Pelawat di Universiti Sharjah, Sharjah, Emiriah Arab Bersatu. Pada masa ini, beliau
adalah Ahli Penasihat Syariah Bank Negara Malaysia, Majlis, Ahli HSBC Amanah Global Lembaga Penasihat
Syariah, Ahli Yassar Limited (Dubai) Shari’ah Lembaga Penasihat, Ahli EAB (London) Lembaga Penasihat
Syariah, Pengerusi Lembaga Penasihat Islam HSBC Insurance Singapore, Penasihat Syariah ZI Penasihat Syariah
Malaysia, ahli Majlis Penasihat Syariah Pasaran Islam Antarabangsa Kewangan (IIFM), Bahrain dan Lembaga
lain tempatan dan antarabangsa. Di samping itu, beliau juga merupakan Ahli Lembaga Pengarah Kajian Institut
Perbankan dan Kewangan Islam Antarabangsa Universiti Islam Malaysia. Dr. Akram memegang B.A. Ijazah
Kepujian dalam Fekah dan Perundangan Islam dari University of Jordan, Amman, Jordan dan Ph.D. dalam
Prinsip Perundangan Islam (Usul al-Fiqh) dari University of Edinburgh, Scotland, United Kingdom. Beliau telah
membentangkan banyak kertas berkaitan dengan Perbankan dan Kewangan Islam dan lain-lain topik Fiqh
pada kebangsaan dan peringkat antarabangsa dan telah menjalankan sesi latihan banyak particullarly pada
Perbankan dan Kewangan Islam untuk sektorsektor yang berbeza sejak 1999. Beliau adalah Penasihat Syariah
berdaftar bagi Sekuriti Islam dengan Suruhanjaya Sekuriti Suruhanjaya Syarikat Malaysia dan telah bertindak
sebagai penasihat Syariah dalam terbitan beberapa sukuk.

SHEIKH ESAM MOHAMMED ISHAQ
Penasihat Syariah, Bahrain
Sheikh Esam Mohammed Ishaq adalah lulusan daripada McGill University, Kanada, dan kini mengajar Fiqh,
Tafsir, dan (Aqeeda) Teologi, kursus di Pusat Islam diselia oleh Kementerian Keadilan dan Islam di Bahrain dan
juga merupakan anggota Majlis Tinggi Hal Ehwal Islam, Kerajaan Bahrain, Kingdom Bahrain. Beliau diiktiraf
sebagai ketua dan rujukan dalam disiplin Kewangan Islam. Sheikh Esam juga adalah Pengerusi Lembaga
Pengawas Syariah untuk pelbagai bank-bank Islam termasuk Seera Investment Bank - Bahrain, Investment Dar
Bank - Bahrain, EcoIslamic Bank - Kyrgyztan dan Family Bank secara Mikro Kewangan - Bahrain. Beliau juga
berkhidmat sebagai Panel Syariah IIFM dan Naib Pengerusi Tadbir Urus dan Lembaga Etika AAOIFI. Selain
itu, Sheikh Esam juga berkhidmat dalam Lembaga Penasihat Syariah daripada beberapa institusi kewangan
termasuk Al Baraka Islamic Bank - Bahrain, AlHilal Bank - UAE, ArCapita - Bahrain, Abu Dhabi Islamic Bank -
UAE, Meezan Islamic Bank - Pakistan, dan beberapa institusi perbankan Islam dan takaful. Jawatan lain pada
masa ini termasuk Pengerusi Persatuan Pendidikan Islam - Bahrain, Naib Pengerusi dan Penasihat Discover
Islam Centre - Bahrain.
SHEIKH DR. MOHAMMED ABDUL RAHIM SULTAN AL-OLAMA

Penasihat Syariah, UAE
Dr Mohammad Abdul Rahim Sultan Al Olama adalah merupakan profesor perundangan Islam di Universiti
UAE, Al Ain, di mana beliau juga mempengerusikan Jabatan Pengajian Islam Asas dan menjadi Timbalan Dekan
di dalam pengurusan penyelidikan. Di dalam 17 tahun ini, Profesor Al Olama telah mengajar sebanyak 20
kursus pengajian Islam yang berbeza, termasuk pengambilan bahagian di dalam aktiviti-aktiviti penyelidikan,
dan menerbitkan beberapa buku. Beliau adalah merupakan ahli beberapa lembaga syariah institusi kewangan
Islam, Majlis Tertinggi Sarjana Syariah Dubai, dan juga ahli jawatankuasa penganjur di Dubai Holy Quran Award
serta ketua unit penyelidikan dan kajiannya. Profesor Al Olama memiliki Ijazah Sarjana Muda di dalam bidang
Syariah dari Universiti Islam di Madinah, Arab Saudi, dan Ijazah Sarjana dan PHD dalam bidang perundangan
Islam dari Universiti Umm Al Qura di Makkah, Arab Saudi.

PROF. DR. ENGKU RABIAH ADAWIAH ENGKU ALI
IIiBF, Universiti Islam Antarabangsa Malaysia & Ahli, Majlis Penasihat Syariah Bank Negara Malaysia &
Suruhanjaya Sekuriti Malaysia
Prof. Dr. Engku Rabiah Adawiah adalah Profesor di Institut Perbankan dan Kewangan Islam IIUM (IIiBF),
Universiti Islam Antarabangsa Malaysia (UIAM). Selain mengajar, beliau aktif dalam bidang perundingan
kewangan Islam, yang memberi pendedahan yang luas secara langsung berhubung perbankan dan kewangan
Islam. Beliau menduduki pelbagai badan penasihat Syariah, antaranya seperti di Bank Negara Malaysia,
Suruhanjaya Sekuriti Malaysia, Lembaga Perkhidmatan Kewangan Luar Pesisir Labuan (LOFSA) dan Kumpulan
Wang Simpanan Pekerja (EPF). Beliau turut mengembangkan minat terhadap institusi wakaf di mana beliau
merupakan ahli lembaga pengarah AWQAF Holdings dan Khadijah International Waqf Foundation. Beliau turut
dilantik sebagai ahli jawatankuasa tatatertib Majlis Peguam Malaysia. Sebagai penghargaan atas sumbangannya
kepada kewangan Islam global, beliau telah dianugerahkan sebagai Penyumbang Individu Terunggul Dalam
Kewangan Islam 2004 dan 2014. Sebagai wanita perintis Syariah, beliau beberapa kali disenaraikan dalam
kategori Wanita Berpengaruh, termasuk 10 Wanita Terbaik dalam Kewangan Islam dan Wanita Ke-3 Paling
Berpengaruh dalam Kewangan Islam 2018 dan Ke-2 tahun 2020. Beliau memperoleh ijazah LLB (kepujian kelas
pertama), LLB (Syari'ah) (kepujian kelas pertama) dan Sarjana Undang-Undang Perbandingan (MCL) dari
UIAM. Pada tahun 1998, beliau memperolehi PhD dalam bidang undang-undang dari University of Aberdeen,
United Kingdom. Beliau dikurniakan dengan empat putera, tiga puteri dan tiga cucu.
PROF. MADYA DR. AMIR SHAHARUDIN

Ketua Pegawai Eksekutif, Yayasan Waqaf Malaysia
Prof. Madya Dr. Amir Shaharuddin kini merupakan Ketua Pegawai Eksekutif di Yayasan Waqaf Malaysia. Beliau
juga merupakan Dekan Pusat Pengajian Siswazah dan Dekan Fakulti Ekonomi dan Muamalat, Universiti Sains
Islam Malaysia (USIM). Associate Prof. Dr. Amir memperoleh PhD (Pengajian Arab & Islam) dari University of
Exeter, United Kingdom dan Sarjana Pentadbiran Perniagaan (Kepujian) dari Universiti Islam Antarabangsa
Malaysia. Beliau mendapat kelulusan dengan B.A. (Kepujian) Syariah dari Universiti Al-Azhar, Kaherah, Mesir.
Kini, beliau berkhidmat sebagai Pengerusi Jawatankuasa Syariah (SC) di Hong Leong MSIG Takaful dan
ahli SC Hong Leong Islamic Bank. Beliau juga pernah berkhidmat sebagai ahli Jawatankuasa Syariah RHB
Islamic Bank Berhad. Associate Prof. Dr. Amir telah mengarang banyak penerbitan artikel, jurnal dan juga
telah membentangkan majalah akademik di persidangan antarabangsa. Selain itu, beliau adalah Felo Pelawat
pertama di bawah Scholar in Residence, merupakan inisiatif bersama antara Suruhanjaya Sekuriti Malaysia
(SC) dan Pusat Pengajian Islam Oxford (OCIS). Beliau juga dilantik sebagai Visiting Scholar di Urgench State
University, Uzbekistan pada Januari 2020.

USTAZ BURHANUDDIN LUKMAN
Penyelidik Kanan ISRA & Ahli Majlis Penasihat Syariah Bank Negara Malaysia
Burhanuddin Lukman adalah seorang penyelidik dan ketua Unit Takaful di Akademi Penyelidikan Syariah
Antarabangsa untuk Kewangan Islam (ISRA). Beliau ialah ahli Majlis Penasihat Syariah Bank Negara Malaysia
(Bank Pusat Malaysia) sejak tahun 2013. Beliau juga adalah ahli Jawatankuasa Syariah AAOIFI untuk Malaysia.
Beliau adalah ahli Lembaga Shariah Al-Rajhi Bank (Malaysia), Jawatankuasa Shariah Prudential BSN Takaful,
Jawatankuasa Syariah beberapa dana pelaburan, syarikat koperasi dan hospital pakar. Sebelum menyertai ISRA,
beliau adalah pensyarah di Universiti Islam Antarabangsa Malaysia selama 20 tahun. Latar belakang pengajian
beliau adalah Syariah dan fiqh muamalat, beliau mendapat ijazah pertama dalam Syariah dari Universiti Islam
Madinah di Malaysia 1993, dan Master dalam fiqh (fikih Islam) dari Al al-Bayt Universiti Jordan pada tahun
2000. Kepakaran dan minatnya termasuk dalam bidang yang berkaitan dengan kewangan Islam, perbankan,
takaful (insurans Islam), modal Islam pasaran, zakat, waqf dan tadbir urus Syariah.
PROF. MADYA DR. AZNAN HASAN

UIAM & Ahli Majlis Penasihat Syariah Suruhanjaya Sekuriti Malaysia
Professor Madya Dr. Aznan Hasan dilantik sebagai Pengerusi Jawatankuasa Syariah pada 1 Mei 2014 dan
Pengarah Bukan Eksekutif Bukan Bebas pada 25 April 2019 di Maybank Islamic. Dr Aznan mendapat Ijazah
Pertama dalam bidang Syariah dari Universiti al-Azhar dan Ijazah Sarjana dalam bidang Syariah dari Universiti
Kaherah dengan kelulusan (Mumtaz). Beliau kemudian memperoleh PhD dari University of Wales, Lampeter,
United Kingdom. Kini, beliau adalah Timbalan Pengerusi Majlis Penasihat Syariah Suruhanjaya Sekuriti, anggota
Lembaga Pemegang Amanah di Yayasan Pembangunan Ekonomi Islam Malaysia (YAPEIM), ahli Lembaga
Pengarah YAPEIM Holdings Sdn Bhd, ahli Lembaga Penguasa Syariah Tinggi Bank Pusat UAE, dan ahli Lembaga
Syariah bagi Organisasi Perakaunan dan Pengauditan bagi Institusi Kewangan Islam (“AAOIFI”). Beliau pernah
berkhidmat sebagai ahli Majlis Penasihat Syariah Bank Negara Malaysia (2006 - 2008 dan 2010 - 2013).
Beliau berkhidmat sebagai ahli Lembaga Penasihat Syariah atau Jawatankuasa Syariah untuk Kumpulan Wang
Simpanan Pekerja. Beliau juga berkhidmat sebagai perunding Syariah atau penasihat Maybank Investment Bank,
Hong Leong Investment Bhd (Stockbroking), Public Investment Bank Bhd (Stockbroking), Malacca Securities
Sdn Bhd, CGS-CIMB Securities Berhad, UOB Kayhian Securities dan Inter-Pacific Bhd. Beliau adalah Penasihat
Syariah berdaftar untuk Skim Unit Amanah Islam dan Sekuriti Islam (Sukuk), Suruhanjaya Sekuriti Malaysia.
Selain itu, Dr Aznan berperanan sebagai Ketua Jawatankuasa Syariah di Etiqa General & Family Takaful Berhad,
Bank Pembangunan Malaysia Berhad, dan Amanah Hartanah Bumiputra. Dr Aznan juga berkhidmat sebagai
ahli Lembaga Penasihat Syariah Sedania As-Salam Capital Sdn Bhd, ABSA Islamic Bank (Afrika Selatan), FNB
Bank (Afrika Selatan), Yasaar Limited (London), HSBC Amanah (Dubai), Standard Chartered (Global) dan
Bank Nizwa (Oman).

DR. AHMAD SUFIAN CHE ABDULLAH
Akademi Pengajian Islam, Universiti Malaya
Beliau memperolehi Sarjana Muda Syariah & Pengurusan dan Sarjana dengan pengkhususan dalam Kewangan
Islam (Fiqh Kewangan), dari Universiti Malaya, masing-masing pada tahun 2003 dan 2008. Pada tahun
2015, beliau memperoleh ijazah Doktor Falsafah dalam bidang Ekonomi dan Perbankan Islam, dari Universiti
Yarmouk, Jordan. Kini beliau adalah pensyarah kanan di Jabatan Syariah dan Pengurusan, Akademi Pengajian
Islam, Universiti Malaya. Beliau juga dilantik sebagai ahli jawatankuasa UM Awqaf (Januari 2017- Disember
2018). Beliau merupakana ahli Jawatankuasa Syariah SME Bank Berhad, Syariah CIMB Islamic Berhad dan
Badan Penasihat Syariah Takaful Malaysia Keluarga Berhad. Merupakan Ahli Jawatankuasa Penasihat Syariah
Kenanga Investment Bank Berhad dan Syarikat Takaful Malaysia Keluarga Berhad. Merupakan Penasihat Syariah
berdaftar dengan Suruhanjaya Sekuriti. Pada 2016-2018 beliau dilantik sebagai ahli Panel Pakar Muamalat,
Jabatan Kemajuan Islam Malaysia (JAKIM). Pada tahun 2019 turut dilantik sebagai Ahli Jawatankuasa Fatwa
Negeri Perlis untuk sesi 2019. Beliau menghasilkan banyak penerbitan seperti buku dan kertas penyelidikan
dalam bidang usul fiqh, fiqh muamalat, perbankan dan kewangan Islam dan Takaful. Beliau merupakan
pengasas dan pentadbir kepada “muamalat.my”, sebuah platform media sosial yang berusaha menjadi medium
pendidikan dan meningkatkan kesedaran awam dalam muamalat Islam, Kewangan Islam dan Takaful sejak
tahun 2013.
MOHD ASRI OMAR

Ketua Pegawai Eksekutif, Hong Leong MSIG Takaful
Mohd Asri Omar, merupakan Ketua Pegawai Eksekutif Hong Leong MSIG Takaful Berhad (HLMT) dan
juga merupakan ahli Jawatankuasa Pengurusan Persatuan Takaful Malaysia (MTA) sejak 2018. Beliau
memperoleh Ijazah Sarjana Muda Undang-Undang (LLB) dan Sarjana Muda Syariah (LLB (S)) dari Universiti
Islam Antarabangsa Malaysia dan memiliki MBA dalam Insurans & Perkhidmatan Kewangan dari Pengajian
Pengurusan Siswazah Malaysia. Beliau juga mempunyai kelulusan dalam program Fellowship Institut Insurans
Malaysia (MII). Sebelum memegang jawatan sebagai Ketua Pegawai Eksekutif HLMT, beliau memiliki lebih
daripada 20 tahun pengalaman bekerja di industri Takaful yang memegang pelbagai posisi dalam strategi dan
pengembangan perniagaan, perundangan, kesetiausahaan, Syariah, operasi, pengurusan risiko dan kepatuhan.
Beliau juga merupakan sebahagian daripada pasukan yang melaksanakan penggabungan dan penyatuan
perniagaan entiti Takaful Malaysia beberapa tahun yang lalu.

SHEIKH DR. BASHIR ALIYU UMAR
Penasihat Syariah, Nigeria
Dr Bashir Aliyu Umar kini merupakan setiausaha dan anggota Majlis Penasihat Peraturan Kewangan Ahli Bank
Pusat Nigeria (FRACE-CBN) dan ahli jawatankuasa Syariah di International Islamic Liquidity Management
Corporation (IILM). Dr. Bashir adalah bekas penasihat khas Gabenor Bank Pusat Nigeria khusus di dalam
Perbankan Tanpa Faedah, anggota Jawatankuasa Teknikal, Lembaga Perkhidmatan Kewangan Islam (IFSB)
Malaysia, Pengerusi Kumpulan Kerja untuk pengembangan Standard IFSB bagi Pengurusan Risiko untuk
Pengambilalihan Takaful dan Prinsip Panduan untuk Pengambilan Takaful Semula. Beliau juga merupakan
Pengerusi Jawatankuasa Teknikal mengenai Kewangan Alternatif, inisiatif bersama Bank Pusat Nigeria,
Suruhanjaya Sekuriti dan Bursa, Suruhanjaya Pengawalseliaan Infrastruktur dan Pejabat Pengurusan Hutang.
Dr Bashir memegang B.A dalam bidang Hadis dan Pengajian Islam, M.A dalam Sains Hadis dan Ph.D. dalam
Sains Hadis dari Universiti Islam Madinah.
DR. MOHAMMED BURHAN ARBOUNA

Ketua Jabatan Syariah, Al Salam Bank Bahrain
Dr. Mohammed Burhan Arbouna adalah merupakan pakar perbankan dan kewangan Islam yang berpengalaman
lebih daripada 20 tahun. Sebelum bergabung dengan Al Salam Bank-Bahrain, Dr. Mohammed adalah Ketua
Syariah dan anggota Lembaga Syariah Seera Investment Bank BSC Bahrain, Ketua jabatan syariah di Kuwait
Finance House Bahrain, dan bekerja sebagai penyelidik Shariah dan perunding bagi Organisasi Perakaunan
dan Pengauditan bagi Institusi Kewangan Islam (AAOIFI) di Bahrain. Beliau adalah pensyarah yang dihormati
di perbankan dan kewangan Islam, dan menyediakan konsultasi mengenai program orientasi dan profesional
untuk beberapa institusi profesional dan pendidikan. Dr. Mohammed juga merupakan anggota jawatankuasa
pengarah Kerangka Pasaran Wang Islam (IMMF), sebuah jawatankuasa yang dimulakan oleh Bank Pusat
Bahrain untuk pengurusan kecairan di kalangan bank-bank Islam. Beliau mempunyai PhD Undang-Undang
Perbandingan Dengan Pengkhususan Dalam Perbankan dan kewangan Islam dan Sarjana Undang-Undang
Perbandingan dengan pengkhususan dalam Undang-Undang Bukti dari Universiti Islam Antarabangsa Malaysia,
dan Diploma Pendidikan Tinggi dari Islam Universiti, Madinah.

PROF. DR. YOUNES SOUALHI
Penyelidik Kanan, ISRA & Pengerusi JK Syariah, Munich Re Retakaful
Beliau kini merupakan Penyelidik Kanan di Akademi Penyelidikan Syariah Antarabangsa di unit Kewangan Islam
(ISRA) dan Ketua Unit Perbankan Islam. Beliau juga mengajar di Universiti Kewangan Islam Global, Malaysia
(INCEIF). Beliau adalah ketua lembaga Syari'ah Munich Re Retakaful, satu-satunya penasihat Syariah di Kuwait
Retakaful (Labuan, Malaysia), Pengerusi Ahli Shariah untuk Salam Takaful (Nigeria), anggota Jawatankuasa
Syari'ah HSBC Amanah Malaysia. Beliau juga merupakan ahli majlis penasihat Syariah Adengreen (Dubai) dan
Salihin Bhd Malaysia. Beliau adalah perancang kewangan berdaftar bagi (RFP, MFPC). Beliau juga merupakan
ahli jawatankuasa kecil AAOIFI Shariah. Beliau berkhidmat sebagai pakar dalam bidang Kajian Takaful Global
(CIBAFI). Beliau mempunyai pengalaman mengajar selama 23 tahun di dalam subjek kewangan Islam, termasuk
juga kursus Takaful dan Re-Takaful di peringkat Sarjana dan PHD. Beliau menerbitkan pelbagai artikel dan
Buku dalam Perbankan dan Kewangan Islam, termasuk Takaful dan Re-Takaful. Beliau memperoleh pangkat
B.A di dalam Syari'ah dari Emir Abdulqadir University for Islamic Sciences di Algeria, dan M.A & P.HD dari
UIAM dan Universiti Malaya. Beliau juga memiliki Diploma Sains Manusia.
PROF. DR. ABD RAHIM ABD RAHMAN

Timbalan Naib Canselor, Universiti Sains Islam Malaysia
Profesor Dr. Abdul Rahim adalah Timbalan Naib Canselor (Akademik & Antarabangsa) dan Profesor di Fakulti
Ekonomi dan Muamalat, Universiti Sains Islam Malaysia (USIM). Kini beliau adalah ahli Jawatankuasa Syariah
untuk Etiqa Family Takaful Berhad dan Etiqa General Takaful Berhad. Beliau juga merupakan ahli Jawatankuasa
Penasihat Syariah untuk Amanah Ikhtiar Malaysia. Sebelum ini, beliau pernah berkhidmat sebagai Ahli
Jawatankuasa Syariah MBSB Bank dan HSBC Amanah Malaysia. Profesor Abdul Rahim memperoleh Ijazah
Sarjana Muda dalam bidang Kewangan dan Perakaunan dari University of East London, United Kingdom.
Kemudian, beliau memperoleh ijazah Sarjana dalam Perakaunan dan Sains Pengurusan, dan PhD dalam
Perakaunan dari University of Southampton, United Kingdom. Beliau telah menerbitkan 3 buku, dan lebih
daripada 50 risalah akademik di akademik pengadil jurnal dan beberapa judul di dalam buku. Beliau juga telah
menyampaikan lebih daripada 100 risalah di kebangsaan dan persidangan serta seminar antarabangsa. Bidang
minat dan kepakarannya adalah Islam perakaunan, kewangan mikro Islam, pengauditan Syariah, dan tadbir
urus korporat. Profesor Abdul Rahim memulakan kerjaya akademiknya sebagai Pensyarah di International
Islamic Universiti Malaysia (UIAM), dan kemudian dilantik sebagai Profesor di Kulliyyah Ekonomi dan Sains
Pengurusan, UIAM. Beliau berkhidmat di UIAM selama 21 tahun dan telah menjawat sejumlah jawatan
pentadbiran termasuk Ketua Jabatan Perakaunan dan Dekan Institut Perbankan dan Kewangan Islam (II i BF).

USTAZ MOHD NAZRI CHIK
Pengurus Besar, Perhubungan Strategik, Bank Islam Malaysia Berhad
Ustaz Mohd Nazri Chik, merupakan Penasihat dan Juruaudit Syariah Bersertifikat ("CSAA-AAOIFI"), mempunyai
pengalaman lebih dari 15 tahun dalam pengurusan Syariah di sebuah bank yang berunsurkan Islam. Beliau
memasuki Bank Islam pada bulan Jun 2004 sebelum meninggalkan pada tahun 2009 untuk mencuburi bidang
pelaburan di Dubai. Beliau menyertai semula Bank Islam pada Januari 2011 dan bertanggungjawab untuk
memperkukuhkan pengurusan Syariah Bank dan memudahkan penawaran produk dan perkhidmatan yang
mematuhi prinsip Syariah. Beliau juga merupakan panel Pentauliahan Badan Akreditasi Kewangan, ahli
Jawatankuasa Eksekutif Persatuan Shariah Advisors Malaysia, Pelatih Perbankan dan Kewangan Islam yang
Cemerlang Institute Malaysia, pengarah Terengganu Incorporated Sdn Bhd, ahli Jawatankuasa Baitulmal dan
Pelaburan Majlis Agama Islam Negeri Selangor dan ahli Jawatankuasa Wakaf dan Rahn Agama Islam Negeri
Terengganu Majlis dan penasihat akademik beberapa universiti awam dan swasta, Ustaz Mohd Nazri juga
merupakan Ketua Pegawai Syariah Kumpulan BIMB Holdings Berhad dan Wakil Pengerusi Majlis Penyeliaan
Syariah Amana Bank Limited (Sri Lanka). Beliau juga menyelesaikan Sijil dalam Pengauditan Dalaman untuk
Institusi Kewangan ("CIAFIN") peperiksaan dengan perbezaan. Beliau pemegang Ijazah Sarjana dan Ijazah
Sarjana Muda dalam bidang Syariah (Perundangan Islam) dari Universiti Malaya di mana dia melanjutkan
pelajaran sebagai ahli akademik.
PROF. DR. MALIAH SULAIMAN

Pengarah, Pusat Kecemerlangan Perakaunan dan Pengauditan Islam SALIHIN Shariah Advisory Sdn.
Bhd
Prof. Dr. Maliah Sulaiman adalah Pengarah Pusat Kecemerlangan Perakaunan dan Pengauditan Islam, SALIHIN
Shariah Advisory. Beliau adalah ahli Jawatankuasa Penasihat Piawaian Perakaunan untuk Wakaf, Zakat dan
Baitulmal, dan ahli Jawatankuasa Kewangan Islam Institut Akauntan Malaysia (MIA), dan lain-lain. Beliau
merupakan mantan Dekan Kulliyyah Ekonomi dan Sains Pengurusan, UIAM. Beliau telah terlibat dalam
pendidikan perakaunan lebih daripada 35 tahun. Sebelum menyertai akademik, beliau bertugas di sebuah
firma akauntan awam. Beliau adalah penerima pelbagai anugerah antarabangsa yang berprestij; persekutuan
JSPS (Persatuan Masyarakat Jepun untuk mempromosikan Sains), persekutuan ACU (Persatuan Universiti
Komanwel), program Pertukaran Mevlana ke Turki dan terpilih sebagai 100 Wanita Paling Berpengaruh dalam
Perniagaan dan Kewangan Islam pada tahun 2019 dan 2020. Prof Maliah telah menerbitkan secara meluas
dalam bidang Perakaunan Islam, Perakaunan Alam Sekitar dan juga Perakaunan Pengurusan. Beliau dilantik
sebagai ahli panel pakar ISO 14051, ISO 14052 dan ISO 14053 standard pada Material Flow Cost Accounting
oleh International Standards Organisation yang berpusat di Geneva. Beliau juga merupakan ahli lembaga MASB
(Lembaga Piawaian Perakaunan Malaysia) (dari 2013 hingga 2019) dan juga ahli majlis eksekutif MIA. Beliau
juga seorang Akauntan Berkanun di MIA dan rakan Fellow Persatuan Akauntan Bertauliah (UK).

DR. MARJAN MUHAMMAD
ISRA & Ahli Majlis Penasihat Syariah Bank Negara Malaysia
Dr. Marjan Muhammad adalah Ketua Pejabat Kualiti Penyelidikan dan Penyelidik Kanan di International Shari’ah
Research Academy for Islamic Finance (ISRA). Dengan kualifikasinya sekarang, beliau memantau kualiti hasil
penyelidikan yang dilaksanakan oleh ISRA. Beliau juga menyelaraskan latihan pengauditan dalaman ISRA.
Beliau adalah Pengarah Penyelidikan di ISRA dari 2013-2017. Beliau kini merupakan ahli Majlis Penasihat
Syariah Bank Negara Malaysia (BNM) berkuat kuasa mulai 1 November 2019. Sebelumnya, beliau adalah ahli
Jawatankuasa Syariah Maybank Islamic Berhad, SME Bank Berhad, MBSB Berhad dan RHB Islamic Berhad. Dr.
Marjan telah menerbitkan pelbagai artikel dalam jurnal pengadil antarabangsa dan tempatan, menghasilkan
beberapa risalah penyelidikan mengenai kewangan Islam, menulis beberapa buku, menyumbangkan laporan
industri, dan membentangkan risalah dalam berbagai persidangan tempatan dan antarabangsa. Beliau adalah
Editor buku teks utama ISRA termasuk Sistem Kewangan Islam: Prinsip dan Operasi (edisi ke-2), Sukuk: Prinsip
& Amalan, dan Pasaran Modal Islam: Sukuk: Prinsip & Amalan. Dr Marjan adalah pengurus projek untuk kedua
laporan pasaran mengenai ‘Peranan Sukuk dalam Pasaran Modal Islam’ dan ‘Pengurusan Dana Islam’ yang
dibiayai oleh Jawatankuasa Tetap Kerjasama Ekonomi dan Komersial Organisasi Kerjasama Islam (COMCEC).
Beliau memperoleh ijazah Sarjana Muda dalam Pengetahuan dan Warisan Terungkap Islam (Fiqh dan Usul al-
Fiqh) dari UIAM dan lulus dari peringkat Sarjana dan PhD di universiti yang sama.
DR. MOHAMED HADI ABD HAMID

Ketua Jabatan Syariah, Etiqa Family & General Takaful
Dr Mohamed Hadi Abd Hamid merupakan Ketua Pengurusan Syariah di Etiqa Family & General Takaful Berhad.
Beliau berkelulusan Ijazah Sarjana Muda Undang--Undang (Kepujian), Ijazah Sarjana Mudah Undang-Undang
(Shari‘ah) (Kepujian), Ijazah Sarjana Undang-Undang Perbandingan dan Ijazah Doktor Falsafah Undang-
Undang (PhD), kesemuanya dari Universiti Islam Antarabangsa Malaysia (UIAM). Beliau memulakan kerjaya
sebagai pelatih dalam kamar dan diterima masuk sebagai Peguambela & Peguamcara, Mahkamah Tinggi Malaya
pada Mac 2010, seterusnya ditauliahkan sebagai Peguam Syarie Kelantan pada Januari 2012 dan Peguam
Syarie Wilayah Persekutuan pada Mei 2012. Sebelum berkhidmat di Etiqa pada Julai 2011, beliau merupakan
pensyarah undang-undang di Kulliyyah Undang-Undang Ahmad Ibrahim, UIAM dari Julai 2010 sehingga Julai
2011. Beliau merupakan Setiausaha, Jawatankuasa Syariah Etiqa Family & General Takaful Berhad sejak Mei
2015. Beliau juga merupakan Perancang Kewangan Islam (IFP) yang berdaftar dengan Persatuan Perancangan
Kewangan Islam Malaysia (FPAM). Dalam bidang kewangan Islam beliau terlibat aktif sebagai panelis dan
moderator untuk Kursus Muamalah Milenia, Simposium Muamalah Islam, Seminar Pemahaman Takaful dan
program-program kesedaran muamalat lain anjuran Persatuan Takaful Malaysia, Pusat Pungutan Zakat – Majlis
Agama Islam Wilayah Persekutuan, Yayasan Dakwah Islamiah Malaysia dan Jabatan Kemajuan Islam Malaysia.
Beliau juga aktif menghasilkan makalah-makalah berkaitan kewangan Islam yang diterbitkan di dalam Dewan
Ekonomi, Jurnal Kanun, Jurnal Muamalat JAKIM, Jurnal Pengurusan JAWHAR, Malayan Law Journal and
Shariah Law Journal.

PROF. MADYA DR. NORAINI MOHD ARIFFIN
Kulliyyah Ekonomi & Sains Pengurusan, UIAM
Dr Noraini Mohd Ariffin kini merupakan Profesor Madya di Jabatan Perakaunan, Kulliyyah Ekonomi dan Sains
Pengurusan, Antarabangsa Universiti Islam Malaysia (UIAM). Beliau memiliki PhD Perakaunan untuk Bank
Islam dari University of Surrey, United Kingdom. Beliau juga pemegang Sarjana Perakaunan dengan kepujian
dari University Of Dubdee UK dan Ijazah Sains Perakaunan dari University Of University of Aberystwyth,
United Kingdom dari University of Dundee, United Kingdom dan BSc (Econs). Beliau mengajar beberapa mata
pelajaran seperti Perakaunan Syarikat, Perakaunan di Bank Islam, Perakaunan, Pengauditan dan Tadbir Urus
Institusi Kewangan Islam dan Pengurusan Risiko untuk Institusi Kewangan Islam untuk peringkat sarjana dan
pascasiswazah. Beliau juga merupakan penyelia untuk pelajar pascasiswazah terutama di bidang audit Syari'ah,
Shari'ah urus tadbir dan perakaunan institusi kewangan Islam. Beliau juga merupakan Ahli Bersekutu Institut
Akauntan Malaysia (MIA). Beliau telah menerbitkan beberapa risalah yang berkaitan dalam perakaunan dan
kewangan Islam, terutamanya mengenai pengurusan risiko bagi perbankan yang berunsurkan Islam dan tadbir
urus korporat Islam bank. Beliau telah dijemput sebagai penceramah di peringkat nasional dan persidangan
antarabangsa. Di samping itu, beliau telah mengadakan beberapa latihan awam dan dalaman Perakaunan di
Bank Islam, Audit Syariah dan Pengurusan Risiko di Institusi Kewangan Islam. Beliau juga terlibat dalam projek
perundingan untuk dikembangkan Peraturan perbankan Islam di beberapa negara yang sedang membangun.
Beliau sekarang adalah salah satu anggota Jawatankuasa Syari'ah Bank Pembangunan Malaysia Berhad (BPMB)
dan juga ahli Jawatankuasa Audit di IIUM Holdings Sdn Bhd, anak syarikat UIAM. Dr Noraini juga baru-baru ini
dilantik sebagai Bendahari Persatuan Penasihat Syariah dalam Kewangan Islam (ASAS).
DR. H. ONI SAHRONI

Ahli Dewan Pengawas Syariah, Bank Syariah Indonesia
Dr. H. Oni Sahroni memperoleh gelaran doktor dalam bidang Muqarin Fiqh dari Universiti al-Azhar, Kaherah,
dengan judul Summa Cum Laude. Fiqh, dalam bahasa Arab, adalah pemahaman yang mendalam dan al-
Muqaran (Muqarin) adalah perbandingan. Dr. H. Oni Sahroni terkenal sebagai salah satu tokoh syariah yang
sangat mementingkan bidang Fiqh Perniagaan dan Kewangan Islam. Pada tahun 2015 beliau dianugerahkan
sebagai pemimpin Syariah yang menyumbang kepada pengembangan kewangan Islam di negara Indonesia,
selain Prof. Dr. Bambang Brodjonegoro dan Prof. Dr. Komaruddin Hidayat oleh majalah Investor Magazine.
Beliau kini merupakan Pengarah Pusat Penyelidikan Perniagaan & Ekonomi Islam SEBI (SIBER-C), Ahli
Syariah ISRA (Akademi Penyelidikan Syariah Antarabangsa untuk Kewangan Islam) Bank Negara Malaysia,
ahli Lembaga Pengarah Piawaian Perakaunan Syariah (DSAS)) Institut Akuntan Indonesia, dan aktif sebagai
anggota Majlis Syariah Nasional Majlis Ulama Indonesia. Di samping itu, Dr. H. Oni Sahroni menjadi Pengerusi
Lembaga Pengawas Syariah Laznas Initiative Zakat Indonesia, anggota Lembaga Pengawas Syariah Bank Syariah
Indonesia, dan anggota Lembaga Pengawas Syariah Adira Finance dan BNP Paribas Investment Partners . Beliau
juga merupakan ahli jawatankuasa Sharia Supervisory Boarf Formulation Team (MDPS) oleh Institut Zakat
Amil Nasional, sebuah forum dianggotai oleh lembaga pengawas syariah LAZNAS di seluruh Indonesia. Beliau
juga merupakan pengasas Muamalah Daily.

MUNAWWARUZZAMAN MAHMUD
Ketua Jabatan Syariah, Maybank Islamic Berhad
Beliau kini merupakan Naib Presiden Eksekutif dan Ketua Jabatan Pengurusan Syariah, Maybank Islamic
Berhad, Malaysia. Dia telah berkecimpung dalam industri perbankan dan kewangan Islam sejak tahun 2003
dan telah memimpin beberapa unit / jabatan institusi kewangan Islam di Malaysia sejak tahun 2006 termasuk
bank Islam pertama di Singapura. Beliau merupakan jurubank Islam yang berpengalaman terutamanya dalam
bidang penasihat, mentadbir urus dan pengauditan Syariah. Beliau adalah ahli Penasihat dan Juruaudit Syariah
Bersertifikat (CSAA) Organisasi Perakaunan dan Pengauditan bagi Institusi Kewangan Islam (AAOIFI), Bahrain.
Beliau memegang Ijazah Sarjana dan Sarjana dalam bidang Pengajian Islam dan Syariah masing-masing dari
Universiti Mu’ah, Jordan dan Universiti Nasional Malaysia.
DR. MOHD FAISAL MUSTAFFA

KETUA PEGAWAI OPERASI LEMBAGA PENGURUSAN SEKOLAH ZAKAT KEDAH
Mohd Faisal Bin Mustaffa pemegang Ijazah Kedoktoran di Universiti Utara Malaysia dalam bidang Pengurusan
Media. Pada tahun 2014, beliau memegang Sarjana dalam bidang Kaunseling M.Sc di university yang sama.
Diikuti pada tahun 2009, beliau memegang Ijazah Sarjana Muda di Universiti Malaya dalam bidang Undang-
Undang dan Shariah. Beliau mempunyai kepakaran dalam beberapa bidang seperti “Malaysian Mass Media,
New Media (Including communication and broadcasting especially among the Muslim Youth in Malaysia) 2
Strategic Thinking & Management 3 Islamic Social Finance (Zakat, Waqf, Crowdfunding) 4 Poverty Alleviation,
The Poor Family Education”. Beliau bekerja di Pengurusan Sekolah Zakat Kedah sebagai Ketua Pegawai Operasi
dan juga Pengarah di Pusat Kajian Kemiskinan & Pembangunan Pelajar Asnaf. Pada tahun 2017-2020, beliau
adalah Timbalan Ketua Pegawai Eksekutif di Lembaga Zakat Kedah. Pada tahun 2012-2017, beliau bekerja di
Lembaga Zakat Negeri Kedah di Jabatan Sumber Manusia sebagai Pengurus Besar.

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CIMB Islamic offers an extensive suite of innovative Shariah-compliant products and services including
solutions in financing, sukuk, investment banking, transaction banking, banca-takaful and securities services
for individual, commercial, corporate and institutional customers across ASEAN. We monitor and ensure good
Shariah governance and compliance across CIMB while further aspiring to provide world-class Islamic banking
and finance solutions with progressive integration of ESG factors via a value-based approach, the hallmark of
Islamic finance. In 2020, CIMB Islamic was recognized as the “Best Ringgit Sukuk House of the Year” and “Best
Social Impact Islamic Finance House in Asia” by Alpha Southeast Asia 2020 and has been voted “Best Islamic
Bank in Malaysia” by the Islamic Finance News Award 2020.

GOLD PARTNERS
>>> VISIT WEBSITE
Bank Muamalat is a leading Islamic bank, established on 1 October 1999, and is governed by Islamic Financial
Services Act 2013 (IFSA). As a full-fledged Islamic financial institution, the bank offers its customers a broad
range of services, meeting the needs of both individuals and institutions.
In essence, Bank Muamalat provides individuals with services ranging from deposit accounts, asset management,
financing needs for automobiles, homes and personal use as well as wealth management products such as
family and general takaful, investments, Islamic estate planning to non-financial products such as Islamic
funeral management, Quranic learning and halal tours. The Bank offers corporate and institutional customers
the full product range of a leading corporate and investment bank, from cash management, payment solutions
including trade and export finance to international foreign exchange, financing and capital market transactions.
Bank Muamalat has presence nationwide via a network of 67 branches. In addition, Bank Muamalat also has
its electronic channels encompassing i-Muamalat (the Bank’s internet banking solution) and our Self Service
Terminals (SST) which are available at almost 141 locations through its network of ATMs, CDMs and CICOs. We
also provide corporate internet banking at your convenience.
Bank Muamalat is a member of the DRB-HICOM Berhad Group which owns 70% of the Bank’s shares with the
remaining stake held by Khazanah Nasional Berhad.
Bank Muamalat was officially accepted as a member of Global Alliance for Banking on Values (GABV) on 15
November 2017. Signaling a growing appetite for the values-based banking movement, Bank Muamalat is the
first Islamic bank in the world and the first in Southeast Asean region to be accepted as a member of GABV.

>>> VISIT WEBSITE
"I pray to Allah that all of you will always be in the sweetness of faith and devotion to Allah S.W.T
There may be a few in the community who do not know that the management of zakat in the State of Kedah
has existed for 3 centuries.
Based on historical records, Kedah is the oldest state in Malaysia that has a legal zakat management system.
With the advent of the industrial revolution 4.0,
it has now made a direct impact on asnaf and zakat payers.
Thus, the LZNK has embarked on a drastic approach to remain relevant in the current situation by providing a
variety of zakat collection channels to zakat payers and high impact assistance schemes to the asnaf.
The LZNK serves the community by our machinery of young staff and experienced officials working together
to empower zakat distribution activities more transparently and precisely to the target groups in the state of
Kedah Darul Aman.
I am very glad that LZNK is able to move forward thanks to the strong support of scholars and preachers,
academics and intellectuals and all others. Not to mention the zakat payers who continue to pay your zakat at
LZNK. Your kind indulgence and commitment to stay with us are very musch appreciated.
It is our hope together that one day, LZNK will become one of the world class good governance institution in
the near future."
Syeikh Zakaria Othman

Chief Executive Officer
Lembaga Zakat Negeri Kedah

>>> VISIT WEBSITE
Permodalan Nasional Berhad (PNB) was established on 17 March 1978 as one of the instruments of the New
Economic Policy (NEP) to re-engineer the economic imbalance in Malaysia and enhance Bumiputera economic
participation via equity investments. Through its 15 unit trust funds, PNB has enabled the sharing of corporate
wealth with all Malaysians by delivering consistent, competitive returns over the years to its 14.5 million account
holders. Over the last four decades, PNB has grown to become one of Malaysia’s largest fund management
companies with assets under management exceeding RM300 billion and an investment portfolio which covers
strategic investments in leading Malaysian corporates, global equity, private investments and real estate.
>>> VISIT WEBSITE
Bank Islam Malaysia Berhad (“Bank Islam”) was established in 1983 to operate in full accordance with Shariah
rules and principles, becoming the first full-fledged Islamic banking institution in Malaysia and Southeast Asia.
Primarily a retail bank, Bank Islam offers a diversified range of solutions that meet its customers’ financial
needs. The Bank’s structured operations and highly-capable workforce from its consumer, deposit, corporate,
commercial, SME and treasury businesses are dedicated to delivering exceptional banking experience to more
than four million customers. It currently has the widest dedicated Islamic banking network in Malaysia with 144
branches and almost 1,000 self-service terminals nationwide.
>>> VISIT WEBSITE
We expose the pulse of diversified opportunities for those seeking to expand or invest with impact. Bursa
Malaysia is an exchange holding company incorporated in 1976 and listed in 2005. One of the largest bourses
in ASEAN, Bursa Malaysia helps over 900 companies raise capital across 68 economic activities – whether
through the Main Market for established large-cap companies, ACE for emerging companies of all sizes, or
the LEAP Market for up-and-coming SME companies. As an inclusive marketplace, we provide easy access to
many investment products and services, connecting domestic and foreign market participants to all types of
opportunities to help them to expand or invest with impact. As a key pulse point for the ASEAN region, Bursa
Malaysia wields the influence, global linkages and capabilities to drive the market forward in this fast-growing
part of the world, making us well positioned to uncover the right opportunities to help our stakeholders –
investors, traders, issuers and shareholders – achieve the value and growth they seek.

>>> VISIT WEBSITE
AmBank Islamic Berhad’s primary role as a credit intermediary is complemented by an investment intermediary
role, both of which are anchored by our value-based intermediation (VBI) aspiration. This is an integral strategy
to catalyse our journey towards becoming a purpose-based organisation, whilst being mindful of financial returns
to our shareholder. AmBank Islamic's comprehensive range of Shariah-compliant retail and non-retail banking
products and services (including investment, treasury and trade solutions), and delivery channels; continuously
evolve in line with market changes. This dynamic approach supports the agenda to help individuals, businesses
and institutions in Malaysia grow and win together.

BRONZE PARTNERS
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The Bond and Sukuk Information Exchange (BIX Malaysia) is a non-profit information platform providing a
public access to information on bonds and sukuk issued in Malaysia. The BIX provides comprehensive and up-
to-date information on the Malaysian bond and Sukuk to increase transparency in the primary and secondary
markets. The website provides an advance search engine which allow investors to filter the current RM1.5
trillion bond and sukuk in Malaysia according to their expected yield, duration, and rating. BIX also has a bond
calculator to help investor calculate the expected return based on its maturity and coupon/profit payment.
>>> VISIT WEBSITE
Kuala Lumpur-based OCBC Al-Amin Bank Berhad (OCBC Al-Amin), a wholly-owned subsidiary of OCBC Bank
(Malaysia) Berhad, was established in 2008 to strengthen the Bank’s efforts in Islamic banking, more than a
decade after the Bank first started offering Shariah-compliant banking products and services in 1995. OCBC Al-
Amin offers a broad array of competitive and innovative financial products and services, ranging from consumer
to corporate, treasury, investment and transaction banking, for both Muslims and non-Muslims while adhering
strictly to the tenets of Islam. OCBC Al-Amin is a member of the OCBC Group whose global headquarters
is in Singapore. The Group’s key markets are Singapore, Malaysia, Indonesia and Greater China. Together
with OCBC Bank’s extensive network and leading Asset Management, Private Banking and Takaful business
offerings, OCBC Al-Amin seeks to deliver world class Islamic financial services to its clients.
>>> VISIT WEBSITE
Affin Islamic Bank Berhad (AFFIN ISLAMIC) is a wholly-owned subsidiary of Affin Bank Berhad (AFFINBANK)
which was incorporated on 1 April 2006. As a full-fledged Islamic bank, AFFIN ISLAMIC offers a complete
range of Islamic banking products and services to Small Medium Enterprises (SMEs), Institutional, Retail and
Corporate customers. AFFIN ISLAMIC has been at the forefront of introducing innovative and Shariah compliant
products which adopt a full range of Shariah concepts.To date, AFFIN ISLAMIC has 5 full-fledged branches and
its products and services are also offered at 110 shared branches including 1 innovation branch, and 131 off-site
self service machines. Log on to www.affinislamic.com.my for more information.

>>> VISIT WEBSITE
SALIHIN Shariah Advisory, a registered firm with the Securities Commission Malaysia (SC), provides consultancy
on all Shariah-based products and services, fintech solutions, training and education, research and publication.
We are GIFA Awards winners as the Best Emerging Shariah Advisory Firm in 2018, Best Islamic Finance Training
Provider in 2019 and Best Islamic Finance Publishing House 2020. SALIHIN Shariah Advisory is an independent
member firm of SALIHIN, the brand name under which independent member firms of SALIHIN International
LLP operate and provide professional services in the areas of audit and assurance, taxation, Shariah, business
advisory, corporate finance, accounting and digital consultancy. More info at www.salihin.com.my
>>> VISIT WEBSITE
Hong Leong MSIG Takaful (HLM Takaful) is part of Hong Leong Group, one of the largest conglomerates in
South East Asia. HLM Takaful’s journey as a licenced takaful provider started in 2006. Today, we offer a range
of innovative and comprehensive family takaful solutions and services for retail and corporate sectors driven by
strong Shariah principles. As the Preferred Takaful Provider, HLM Takaful is committed to protect Malaysians
financially with valuable Takaful plans for a more promising future.
>>> VISIT WEBSITE
Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM) adalah sebuah yayasan yang ditubuhkan oleh
Kerajaan Persekutuan pada 13 Oktober 1976 dan diperbadankan di bawah Trustees (Incorporation) Act 1952.
Bagi menggerakkan potensi dan meluaskan peranannya, YaPEIM telah disusun dan dilancarkan semula pada
20 Julai 1984 oleh Y.A.B. Perdana Menteri Malaysia pada masa itu. YaPEIM ditadbir oleh Lembaga Pemegang
Amanah melalui Surat Ikatan Amanah YaPEIM.
>>> VISIT WEBSITE
BerryPay is a Fintech company focusing on serving the needs of the unbanked and underserved populations. This
is achieved by bridging them through a unique e-banking system of Islamic virtual accounts to other banked and
non-banked recipients and vice versa. As an advocate of Islamic ecosystem, BerryPay believes that all should be
able to enjoy the benefits of having a bank account without the hassle of conventional requirement. In addition,
we have payment gateway solutions for Islamic e-commerce marketplace in Malaysia, zakat collections, P2P
capabilities and bill payments in Indonesia, an SVF and Nets master acquirer in Singapore, as part and parcel
of our Islamic products.

>>> VISIT WEBSITE
MyFinB is an award-winning tech company that specializes in artificial intelligence. The company developed
its own language generation (NLG) platform with predictive and prescriptive capabilities - a niche area that
differentiates itself from any others. MyFinB helps people understand and communicate what is most important
in their data. By transforming data into insightful, human-like language, the company’s natural language
generation (NLG) technology enables people to be data-driven and make better decisions, focus talent on
higher-value opportunities, and create differentiated products.
>>> VISIT WEBSITE
Tulus Digital is an Islamic social fintech start-up that provides ethical payment facilitation for all Islamic
organisations in Malaysia empowering the growth and well being of ummah by embracing the digital lifestyle.
Our Ethical Payment Facilitator (E-PF) platform provides a convenient and secure online payment solution
through the Tulus Payment Exchange. All payments via the Tulus Payment Exchange must be for the purposes
which are free from prohibited elements; maysir (gambling), gharar (uncertainty) and riba (interest). We
recently also launched the Tulus mobile app for all Islamic based Shariah compliant services and payment
facilitation like Zakat, Waqf, Infaq & Donation. The Tulus app is now available on Google Play Store and Apple
App Store. For more information, please visit. https://linktr.ee/tulusdigital

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Islamic Finance Tra
“Your Partner in
TRAINING OPTIONS
Quality Knowledge
Quality Training
Quality Personnel
By Email: info@cert.com.my By Telephone: +603 4108 1439
By Fax: +603 4106 1549 By Website: www.cert.com.my
ORGANISER
>>> VISIT WEBSITE
CERT is a research, training and consulting provider that concentrates on various research and training
services. CERT offers three main services of Islamic financial and management training, corporate and business
consulting. The programmes and services are offered by expert advisors and consultants skilled in both their
chosen field and in coaching and providing constructive feedback. The programmes and services are designed to
empower both the employers to perform to their best, exploring business best practice, innovative management
thinking and product development.
Our Mission
To be the leading provider and model in research, training and consulting with emphasis on
excellence and competence in the development of people, organization, society and nation.
Our Vision
To offer quality, comprehensive, effective and productive research, training and consulting services
To be an agent of change emphasizing and propagating knowledge, skills, competency, integrity, innovation,
commitment and productivity
To be the centre of knowledge, excellence and inspiration for community, as well as the private and public
For any enquiry and more information, please contact:
CERT Events Sdn. Bhd.

277-B Jalan Bandar 11, Metro Melawati
53100 Kuala Lumpur, Malaysia.
E-Mail : info@cert.com.my
Telephone : +603 4108 1439
Fax : +603 4106 1549
Website : www.cert.com.my

IN ASSOCIATION WITH
>>> VISIT WEBSITE
Amanie Advisors, a Leading Catalyst in Islamic Finance & Shariah Advisory with over 15 years of experience
covering wide range of services including Shariah consultancy, research & development for institutional and
corporate clientele focusing on Islamic financial services. Guided by its international Shariah Supervisory Board,
Amanie provides end-to-end Shariah solutions to the client through its global offices. Our best-fit solutions
are measured against high-level fiduciary standards. The key focus for Amanie Advisors entails Fintech,
Islamic capital markets, retail/wholesale banking, project finance and asset management. As an advisory firm
we continually break new grounds in advising clients on strategic transactions, and in pioneering the global
expansion of Islamic finance.
>>> VISIT WEBSITE
PROFESSIONALISM & INTEGRITY : Whilst we go that extra mile to help clients achieve their objectives, our
clients know and value the fact that we don’t simply give them unrealistic assurances. At Hisham, Sobri & Kadir,
long lasting relationships are built on the trust placed by our clients on us to come up with objective solutions to
the issues before them. Additionally, clients are also comforted of our commitment to quality and professional
standards in the conduct of matters entrusted to us. ADDING VALUE : We do not practise law in a vacuum. We
adopt instead a pragmatic and objective approach in assisting our clients. Our lawyers are trained to help clients
anticipate commercial trends and opportunities as well as assess potential risks, as a way of adding value to
our services. So whether it is sealing a commercial deal or resolving a legal controversy, we don’t merely stop
with a deal for our client but try our best to secure the best deal for them. THE BEST PERSON FOR THE JOB :
We have our in-house transaction management policy where we draw on the diversity of our lawyers’ expertise
and talents to ensure those with the most appropriate experience and expertise to be on board for a designated
transaction.

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Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) is a dynamic, visible, responsive
and effective organisation representing the voice of the Islamic Finance industry. Established in 1995, AIBIM
currently has 26 member banks comprising of local and international (incorporated) financial institutions. AIBIM
promotes sound Islamic banking systems and practices in Malaysia; represents interests of members locally and
abroad; provides advice and assistance to members pertinent to the development of Islamic banking and finance
at local, regional and global levels; coordinates human capital development initiatives; and promotes public
awareness.
>>> VISIT WEBSITE
Premised on the main objective of having a global entity to ensure professionalism among Shariah advisors
and experts in Islamic finance, the Association of Shariah Advisors in Islamic Finance (ASAS) was established
and officially registered on 12 April 2011. The importance of ASAS was recognised as part of the national
agenda in the Malaysian Financial Sector Blueprint 2011-2020 under Agenda 3.2: “Internationalisation of
Islamic finance.” Recommendation 3.2.10 proposes to:- “Develop Malaysia as a reference centre for Islamic
financial transactions.” To execute the recommendation, Malaysia needs to build on the development of human
capital in Islamic finance while establishing the Shariah, legal, regulatory and supervisory frameworks. This
includes: “….. iv. Gaining international recognition for the Association of Shariah Advisors (ASAS) as the body
responsible for enhancing qualification and professionalism of Shariah advisors, locally and internationally.”
Given the importance of talent to the Islamic finance ecosystem as well as the above expectation, ASAS, with
the support of Bank Negara Malaysia, has developed a Professional Development Program (PDP) that aims at
enhancing the knowledge and competency of its members in Islamic finance specifically in providing impactful
Shariah advisory services to its counterparty as well as ensuring that innovative and creative talents are being
nurtured. The PDP comprises ASAS flagship certification programmes for Shariah Advisors namely Certified
Shariah Advisor and Certified Shariah Practitioner as well as the continuous learning and experience-based
program namely the Continuing Professional Development.

A COMMUNITY MEMBER OF
>>> VISIT WEBSITE
About Malaysia’s Islamic Finance Marketplace
Since its introduction more than 30 years ago, Islamic finance in Malaysia has developed into a comprehensive
and sophisticated Islamic finance marketplace. The marketplace is characterised by a robust regulatory,
supervisory, Shariah and legal framework, a deep primary market and active secondary sukuk market, diverse
players and talent base with global capabilities and connectivity for business deals anywhere in the world,
product innovation, breadth and depth and an efficient system for multi-currency clearing and settlement.
Malaysia’s Islamic finance marketplace is open to global industry players and market participants to collaborate
with and mutually benefit from a highly conducive business environment of innovation, expertise and deal flow.
Our marketplace is a comprehensive Islamic finance ecosystem and business environment of infrastructure,
innovation, expertise and deal flow, served by the Malaysia International Islamic Financial Centre (MIFC)
Community, comprising the financial institutions, professional firms, regulators and government agencies. For
more information on Malaysia’s Islamic finance marketplace, please visit www.mifc.com, follow us on Twitter
(@MalaysiaIF) and LinkedIn (@Malaysia World's Islamic Finance Marketplace).

SUPPORTED BY
>>> VISIT WEBSITE
VISION
The leading strategic authority enabling financial and economic outcomes to ensure sustainable growth and
prosperity for the people and the nation
OBJECTIVE
1. Ensure sustained and continuous economic growth.
2. Strengthen national competitiveness and economic resilience.
3. Ensure effective and prudent financial management.
4. Pursue a more equitable sharing of national wealth.
5. Improve quality of life and well being of society.
FUNCTION
1. To formulate and implement fiscal and monetary policies in order to ensure effective and efficient distribution
and management of financial resources.
2. To formulate financial management and accounting processes, procedures and standards to be implemented
by all Government.
3. To manage the acquisition and disbursement of federal Government loans from domestic and external
sources.
4. To monitor that Minister of Finance Incorporated companies are managed effectively.
5. To Monitor the financial management of Ministries, Government Departments and statutory Bodies.
6. To formulate and administer policies related to be the management of Government procurement.
7. To formulate policies and administer Government housing loans for public sector employees.

MEDIA PARTNERS
www.kliff.com.my
‘
www.malaysian-business.com
MEDIA PARTNERS
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Malaysian Business, the country’s oldest business magazine, is now published as an online news portal via
www.malaysian-business.com. Led by Editor in Chief Datuk Dr Mohd Daud Bakar, the online magazine features
analytical articles pinpointing the shifting paradigm of today’s business landscape. In addition, it also offers
readers news on the latest happenings in the local business landscape. The publisher, Amanie Media, was
founded by global Shariah entrepreneur, Datuk Dr Mohd Daud Bakar. Amanie Media Sdn Bhd is a media and
publication company, which specialises in printed business titles, including intellectually stimulating finance
books, inspiring motivational books and insightful magazines. Today, Amanie Media engages decision makers
and corporate executives with limitless business information, intelligent analysis and motivation ideas by
creating dynamic media products.
>>> VISIT WEBSITE
Amanie Media Sdn Bhd was established in the year 2015 with a mission to inform, involve and influence.
With the growing fast-paced media and business landscape of today, it demands more than ever vigorous and
effective communications that make a difference. At Amanie Media, we strive constantly to make that difference.
Founded by global entrepreneur, Datuk Dr Mohd Daud Bakar, Amanie Media engages decision makers and
corporate executives with limitless business information, intelligent analysis, and motivation ideas by creating
dynamic media products. We disseminate information the easy way. Among the expertise of Amanie Media, we
put together given ideas and inspiration into printed and digital publication. Be it books, corporate publication,
info-documents, or digital media. Amanie Media provides premier tools and services that cater exclusively for
client’s content. Reach out to us at www.amaniemedia.com or info@amaniemedia.com.

READING ARTICLES
www.kliff.com.my
READING ARTICLES
RETHINKING ISLAMIC BANKING AND

FINANCE: THE NEED FOR A SOCIAL
PERFORMANCE INDEX
By: Syed Alwi bin Mohamed Sultan
1. Islamic Banking and Finance: Foundations and Principles
Islamic banking and finance is a financial system that has its foundations firmly rooted in the Quran and the
teachings of Prophet Muhammad (pbuh).It is a branch of the Islamic legal system that governs aspects of
financial transactions and commercial dealings between individuals and society as a whole. Islamic banking is
much more than just a set of Shariah compliant financial products and services. According to Siddiqui (2001),
it is a system which aims at contributing to the fulfilment of the socio-economic objectives and the creation of
a just society.
The Islamic banking and finance system is a financial system that advocates financial practices based on
values and principles of fairness and justice. Vogel and Hayes (1998) state in their book “Islamic Law and
Finance: Religion, Risk and Return”, Islamic banking and finance is a financial system that is based on the
modern implementation of the Islamic legal system. The co-authors clearly encapsulate the concept that Islamic
banking and finance is built upon the central tenets of Islamic law regarding commercial transactions including
prohibition of interest-taking (riba’), prohibition of undue speculative practices and prohibition of exploitative
practices through lack of transparency (gharar) in commercial dealings.
Additionally, Islamic banking and finance is effectively a financial system which contains a set of products and
solutions based on contracts that are structured upon the central tenets of Islamic law and is designed to achieve
the Maqasid as-Shariah, which effectively promotes the wellbeing of society, upholds the sanctity of the religion
and preserves the environment as a trust for future generations.
Based on the research and views of many scholars who have written extensively on this subject, such as Chapra
(1985), Hawary, Grais, Iqbal (2004), Siddiqi (2002), Vogel and Hayes (1998), Archer and Karim (2002), Islamic
banking and finance can be viewed as grounded on six basic principles as follows;
i. Social Justice – Islamic finance aims to achieve social justice and economic prosperity for the whole
community through altruism, humanism and social responsibility.
ii. Productive Activities – Islamic finance promotes the capital allocation to be channeled towards real
productive economic activities rather than synthetic financial transactions.

iii. Risk Sharing - the terms of transactions in Islamic finance contracts need to reflect a symmetrical risk return
distribution that each participant to the transaction may face.
iv. Avoidance of Usury – all financial dealings must strictly adhere to the avoidance of usury or Riba’ which is
one the most fundamental prohibitions in any financial dealings in Islamic jurisprudence.
v. Avoidance of Sinful Activities – Islamic finance prohibits financing or investments into sinful activities such
as production of alcoholic beverages or activities that create greater harm to mankind such as warfare
business.
vi. Avoidance of Exploitative Practices – Islamic finance is grounded on principles of transparency, accountability
and good governance thus financial transactions should not lead to the exploitation of any counterparty to
a transaction.
The success of Islamic finance represents an ample demonstration of the hypothesis that business can be
conducted effectively in the modern marketplace without elements of interest. Performance of an Islamic bank
should be measured not only by its profitability or bottom line, but also by the commitment and responsibility,
the stewardship of the trust given by the All-Mighty, and about caring for the needs and concerns of others,
which can be succinctly coined as “social performance”.
2. Modern Practices of Islamic Banking and Finance
While the principles of Islamic banking and finance are ingrained within the religion of Islam which originates
from the time of the Prophet Muhammad (pbuh) more than 1400 years ago, the integration of Islamic finance
within modern banking systems can be traced back to the 1960s. While it is difficult to identify precisely the
date of the first formal Islamic financial institution in recent history, many researchers often make references to
the Mit Ghamr Egypt Savings Association in 1963.
The early experiments of Islamic finance through the setting up of the Mit Ghamr Egypt Savings Association
between1963 to 1967 in Egypt that replicated the model of the German Savings and Loans banks on the basis
of Islamic tenets was motivated by social and community banking needs. Further developments took place with
the establishment of the Nasser Social Bank in 1971, which is a social lending institution assisting the poor and
needy citizens and financing students and small-scale entrepreneurs.
However, the real expansion and integration of the Islamic banking into the modern financial system happened
in the 1970s. According to Wilson (2002), three critical factors contributed to the emergence of modern Islamic
banking in the early 1970s namely; the role of the Islamic Development Bank (IDB) in promoting the development
of Islamic finance amongst governments of its member states, the oil price rise in 1973-74 in Muslim countries
in the Gulf that vastly increased the financial resources available and the significant contribution of Islamic
scholars to financial innovation that enabled product development in Islamic finance.
Consequently, studies regarding the profitability and viability of Islamic banking were researched earnestly with
many studies proving that Islamic banking is a viable business venture within the financial system. Ramlan and
Adnan (2016) studied the profitability in Islamic and conventional banks in Malaysia using annual data from
2006 to 2011. They found Islamic banks were more profitable than conventional banks, whereas total financing
to total asset for Islamic banks were higher than conventional banks in Malaysia. Imam and Kpodar (2016)
investigated whether the development of Islamic banking was conducive to economic growth on a sample
of 52 countries with data covering the period 1990-2010. Their findings revealed that despite the small size
of the Islamic financial system relative to the economy and financial system as a whole, Islamic banking was
positively associated with growth even after controlling various determinants of growth. Bashir (2011), Samad
and Hassan (2006) and Gheeraert and Weill (2015) also prove that Islamic banking is viable and in certain
instances outperform the financial performance of conventional banking players.

As at 2018, total Islamic finance assets stand at US$2.6 trillion, with more than 505 Islamic banks including
Islamic window of conventional banks in operation (GIFR, 2019). The cumulative average growth rate of
Islamic finance between 2009-2018 is 12.5%.
3. Recalibrating the Mandate Through a Social Performance Index
Following the phenomenal success and rapid expansion of the Islamic banking and finance industry, there were
hopeful expectations that the Islamic banking and finance system will be the creative destruction force that
revolutionizes the global financial system from within and gradually create a more values-based sustainable and
equitable financial system that promotes humanism through greater financial inclusion and social development
alongside the pursuit of commercial success.
However unfortunately, many critical analyses point out that the Islamic banking and finance model has
gradually gyrated closer to the conventional banking system rather than offer a fresh alternative. Islamic banking
players and regulators are accused of adopting the business model of conventional banking, pursuing profit
maximization goals by improving processes and rolling out products to compete head on with conventional
banks and prove itself to be equally competitive with conventional banks.
In pursuit of this path, Islamic banking players relegated social development goals to the periphery casting
doubts on the ability of the Islamic banking and finance industry to perform its divinely-inspired mandate to
uphold fairness and justice to financial dealings and improve the wellbeing of society. Meanwhile, studies into
social banking claim social banks are able to achieve the triple-bottom-line principle in its operations which
consists of the ability to achieve social performance by serving the banks’ communities as a social mission,
ensuring environmental sustainable practices and being financially viable.
Hence, there is a serious need to recalibrate the role of the Islamic banking and finance system to be more
attuned to societal needs and sustainable development while balancing against the pursuit of economic growth
and financial success. This can be achieved through a social performance index that consists of components
and indicators that measure the social performance of Islamic banks such as fair-dealings to employee, fairness
in economic distribution of financing activities and contributions towards financial inclusion. This social
performance index will be a yardstick to examine the effectiveness of the Islamic banking industry in the
transmission of their funds towards achieving greater social impact. Having such an index combined with the
commitment of senior management and Boards of Islamic banks will ensure that the Islamic banking industry
becomes a viable option to offer financial solutions for the fulfilment of socio-economic objectives and the
creation of a just society in a sustainable world.
---------------------------------------
Syed Alwi is an experienced Islamic banker with more than 23 years of experience in the Islamic financial services
industry. He is the former President/CEO of Agrobank. At present, he is the Managing Director, ABC Strategy Sdn.
Bhd., a management consultancy and business advisory firm based in Kuala Lumpur.

HLM Takaful i-Heritage Protector
Build A Legacy that Lives On
For more information, please call 03-7650 1800

BestBrands in Takaful Solutions
Log on to www.hlmtakaful.com.my
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READING ARTICLES
ANALYSING MALAYSIAN BUDGET 2021:

ISLAMIC FINANCE PERSPECTIVE
By: Megat Hizaini Hassan

Partner, Islamic Finance, Lee Hishammuddin Allen & Gledhill
In tabling the Malaysian Budget 2021 at the end of last year, the Finance Minister announced several measures
that may impact Islamic finance. Some of these measures are considered below, together with our comments.
(1) Further Measures to Assist Bank Customers/Borrowers Affected by COVID-19
The measures announced in Budget 2021 in this regard (described as “Targeted Loan Repayment Assistance” or
TRA) builds on previous government announcements earlier this year (see below) on moratorium and payment/
repayment assistance for bank customers/borrowers affected by the COVID-19 pandemic.
Under Budget 2021, the earlier initiatives relating to moratorium and payment flexibility are further enhanced
by the TRA measures as follows:
B40 and micro-enterprise customers/ borrowers – additional moratorium, reduced monthly instalment
payments
Further assistance is granted under Budget 2021 to individual customers/borrowers in the B40 income
group who are Bantuan Sara Hidup recipients, as well as to micro enterprise customers/ borrowers with
bank financing/loans of up to RM150,000.
For such customers/borrowers, they may request their banks to:

(a) defer monthly instalment payments for a period of 3 months; or
(b) reduce their monthly instalment payments by 50% for a period of 6 months.
Bank Negara Malaysia (BNM) has clarified that the above measures will be available to eligible customers/
borrowers between 23 November 2020 and 30 June 2021, and available for monthly instalments due in
December 2020 onwards, and will take effect at the next instalment following a customer/borrower’s
request and confirmation.
M40 customers/ borrowers – self declaration for reduced monthly instalment payments
This measure is announced in Budget 2021 and is further clarified by BNM.

For customers/borrowers in the M40 income group who are registered in the Bantuan Prihatin Nasional
database and whose household incomes have been reduced due to the COVID-19 pandemic, BNM has
stated that banks will accept requests from such customers/borrowers to reduce their monthly instalment
payments.
The request of such customers/borrowers will be considered by such banks, based on such customers’/
borrowers’ self-declaration of reduced income and/or their household, to further expedite immediate
relief. BNM further clarified that such banks will continue to engage with such customers/borrowers
subsequently to review the financial circumstances of such customers/borrowers.
Comment on the TRA measures

TRA complements previous moratorium and payment flexibility initiatives – the measures in Budget 2021
may be seen as a continuation of earlier moratorium and payment flexibility initiatives implemented by
BNM this year, as follows:
a. initial blanket automatic 6-month moratorium - covering all bank financing/loans to individuals for
the period between 1 April 2020 to 30 September 2020;
b. further targeted moratorium - for a further period of 3 months, (i.e. 1 October 2020 to 31 December
2020) covering bank financing/loans to customers/borrowers who lost their jobs due to the COVID-19
pandemic;
c. reduced monthly instalment payment/repayment - for a period of at least 6 months (i.e. from 1
October 2020 onwards) covering bank financing/loans to customers/borrowers who had their
salaries/income reduced due to the COVID-19 pandemic; and
d. payment flexibility measures - for other individual and SME customers/borrowers affected by the
COVID-19 pandemic depending on the circumstances: for example, banks may allow payment of
only the profit/ interest portion over a period of time, or banks may lengthen the overall period of
the financing/loan to reduce the monthly instalment payments.
When TRA takes effect – the 3-month targeted moratorium and the 6-month reduced instalment payment
measures apply to monthly instalments due in December 2020 onwards. This will result in eligible bank
customers/borrowers who are adversely affected by the COVID-19 pandemic to get a further period of
relief either in the form of a moratorium or reduced instalment payment.
TRA may affect fixed rate Islamic financing – as noted by BNM, the targeted moratorium and reduced
instalment payment measures may impact the aqad (contract) for existing fixed rate Islamic financing
facilities, if banks impose additional profit for the period of the targeted moratorium/reduced instalment
payment. A new aqad is required if banks charge additional profit on existing fixed rate Islamic financing
facilities using Shariah concepts such as Tawarruq (multi-party sale transactions), Murabahah (cost plus
sale), Bai’ Bithaman Ajil (sale with deferred payment). However, if banks decide not to impose additional
profit pursuant to the TRA, then no new aqad would be required.
TRA may affect Islamic hire purchase facilities - any additional profit imposed by banks will not necessarily
impact the aqad for existing Islamic hire purchase transactions from the Shariah perspective, because
the Shariah concept of Ijarah (lease) used in Islamic hire purchase structures is sufficiently flexible to
deal with this issue. However (as noted by BNM) a supplemental agreement is required to cover such
additional profit due to the requirements of the Hire Purchase Act 1967. It may also be noted that unlike
the case for the previous 6-month blanket moratorium, the Finance Minister has not made any similar
announcement that additional charges will not be imposed on Islamic hire purchase facilities that are
subject to the targeted 3-month moratorium.

(2) Proposed Consumer Credit Act - regulating consumer credit providers, impact on Islamic
finance
The Finance Minister in Budget 2021 also announced the proposed enactment of a Consumer Credit Act, to
encourage standardised “credit lending” activities and increase consumer protection. It was stated that the
proposed Act will provide a regulatory framework for activities related to the issuance of consumer credit and
strengthens supervision of non-bank and non-supervised credit providers. It was also announced that BNM and
the Securities Commission (SC) will lead the effort to formulate regulation for such consumer credit providers.
Comment on the Proposed Consumer Credit Act

Proposed Act has been announced in the past - the proposed Consumer Credit Act in Budget 2021 builds on
earlier announcements made by the government previously (in particular, by the BNM Governor and the
previous Prime Minister), and therefore it is much welcomed that the government has decided to follow
through on this initiative.
Proposed Act may affect existing law - Questions remain though on the scope and extent of the proposed
Act: for example, what will happen to existing laws that also deal with consumer credit, such as the
Moneylenders Act 1951, the Hire Purchase Act 1967, the credit sale provisions in the Consumer Protection
Act 1999 – will all these laws be repealed and subsumed under the new law? It will be good to see how
these questions will be addressed in the proposed Act.
Proposed Act may affect Islamic finance – will the proposed Act cover Islamic financing as well as
conventional loans? In Budget 2021, the term “credit lending” was used by the Finance Minister in
relation to the proposed Act, which seems to exclude Islamic financing. However, taking the cue from
other consumer legislation, the position may be less clear. For example, the courts in the past have
held that Islamic financing does not fall under the Moneylenders Act 1951, while Islamic hire purchase
transactions have been held by the courts to be subject to the Hire Purchase Act 1967. It remains to be
seen whether the proposed Act will apply to consumer credit using Islamic financing structures.
SC (together with BNM) may jointly regulate consumer credit – in Budget 2021, the SC was specifically
mentioned (together with BNM) to jointly lead the effort to regulate consumer credit pursuant to the
Proposed Act. One would have thought that such regulatory role would be left to BNM, in view of BNM’s
position as regulator for banks and other non-bank institutions involved with Islamic financing. However,
the inclusion of SC may be appropriate particularly if such consumer credit products were to be offered
electronically via digital platforms (which in the recent past has been regulated by both the SC and BNM).
(3) Sustainable and Responsible Investment (SRI) Sukuk – extending tax exemption on Sukuk
grants
Budget 2021 also deals with income tax exemption on grants received by SRI sukuk issuers from the SC, to
finance the external review expenses incurred by an SRI sukuk issuer up to a maximum amount of RM300,000.
Previously, as earlier provided under Budget 2018, the income tax exemption applies only to grants given by
the SC to Green Sustainable and Responsible Investments sukuk (Green SRI Sukuk) issuers, and only for grant
applications received by the SC from 1 January 2018 until the end of this year, i.e. 31 December 2020.

Under Budget 2021, the existing income tax exemption on Green SRI Sukuk grants is further enhanced as
follows:
a. the tax exemption is expanded to all grants for SRI sukuk and bonds which meets the ASEAN Green,
Social and Sustainability Bond Standards, approved by the SC; and
a. the tax exemption on SRI sukuk and bond grants is extended for an additional period of 5 years,
i.e. to cover SRI sukuk and bond grant applications received by the SC from 1 January 2021 to 31
December 2025.
Comment on the Tax Incentive for SRI Sukuk Grants

Present tax exemption is part of SRI tax incentives package - the tax exemption on SRI sukuk grants
announced in Budget 2021 is actually part of a series of tax incentives for SRI structures that have been
announced in the past by the government. In Budget 2016, the SRI tax incentive focused on tax deduction
on SRI sukuk issuance costs; while in Budget 2018, the SRI tax incentives include income tax exemption
on management fee income received by SRI fund managers (in addition to income tax exemption on
Green SRI Sukuk grants as described above).
Other SRI tax incentives have already been extended- It may be noted that last year, the other tax incentives
(relating to tax deduction on sukuk issuance costs and tax exemption on management fee income) have
been extended until year of assessment 2023, following measures announced in Budget 2020. In contrast,
under Budget 2021, the tax exemption on SRI sukuk grant has been extended until end of 2025. As such,
it may be better if the various SRI tax incentives were streamlined to cover the same period.
Concluding Remarks
It is appreciated that Budget 2021 is aimed at getting the Malaysian economy back on track in view of the
COVID-19 pandemic. As such, specific incentives for Islamic finance may not be a priority at this time. In any
event, it is hoped that the measures announced in Budget 2021 will help promote the development of the
Malaysian economy generally (and the Islamic finance industry consequently) in the coming years.

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READING ARTICLES
REFORMING OR TRANSFORMING
ISLAMIC FINANCE: IS THERE NEED TO?
By: Prof Dr Rusni Hassan

IIUM Institute of Islamic banking and Finance, International Islamic University
Preamble
Islamic Finance has been with us for almost half a century. The world has witnessed the phenomenal changes that
Islamic Finance has impacted to the global financial system, the governments, institutions as well life on individuals.
The world is now facing a unique crisis emanating from Covid-19 and Islamic Finance is without exception. This
could be a changing event that shakes Islamic Finance to the core. This changes and challenges must be seen as
what they truly are - opportunities to remake Islamic financial system and our society; to evolve our economy and
generate whole new epochs of growth and prosperity. Islamic Finance is now presented with yet another one of
these monumental moments; handled well, it will reshape virtually every aspect of the system – how it affects lives
of people and how it reshapes the global economy, cities and regions. It is time to call into long-held beliefs about
the nature of the Islamic financial system, reinvent our economy and reform our society. Managed well, the present
challenge can be among the most fertile, in terms of innovation, invention and energetic risk-taking in the Islamic
Finance history. Indeed, this presents transformative opportunity to Islamic Finance. Quite like the metamorphosis
process where a pupa breaks through its once protective cocoon and turns into a beautiful butterfly, they are painful
yet fulfilling.
Introduction
Islamic Finance is a system of financial principles, rules, ethics, contracts and institutions that finds its basis in
the Qur’an, revealed by Allah the Almighty, and in which is intended to form a comprehensive code of conduct
for people.
Islamic Finance finds its roots in the scripture of the Qur’an and the traditions of Prophet Muhammad
(s.a.w). Islam is a wholly comprehensive and complete way of life that safeguards every aspect of life and
daily interactions between human beings, the Creator and the creatures. Mu’amalat (transactions) was a term
devised to describe the specific aspect of jurisprudence that adhered to the Qur’anic and Prophetic teachings. It
is an aspect of jurisprudence (fiqh) in Islam that discusses the principles and contracts which form the basis of
human contractual dealings, including, but not limited to, economic and financial dealings.

The establishment of contemporary development institutions whose origins can be dated back to 1960 through
the first Islamic finance institution (Mit Ghamr) was established. In 1963, Malaysia’s first Tabung Haji instituted
primarily to manage Islamic savings and investment platform. The establishment of Islamic Finance continues
to thrive with exponential growth as more Islamic Financial Institutions is established. Islamic Finance is
further enhanced with proliferating number of Commercial Islamic Banks worldwide – Dubai Islamic Bank,
Kuwait Finance House, Faisal Islam Bank and Bank Islam Malaysia are amongst of the institutions established
in catering to the commercial demands of the consumers and other stakeholders.
Generally, the products of Islamic Finance are investment and banking, securities (sukuk, Islamic Capital Market)
and takaful (Islamic Insurance). These three segments are intertwined whereby the establishment of Takaful
and Islamic capital market has allowed for the capitalization needs of Islamic banks as well as other money
managers. The interplay between these three different markets has allowed for a robust and resilient system
thus capable of shielding against any financial shocks. The stability and proliferating effects of Islamic financial
system has been put to test during the United States’ subprime crisis. Islamic financial system has resurfaced
from the crisis outstandingly as compared to the conventional system. Islamic financial institutions were only
affected after the effects of subprime crisis made it to the real economy. Moreover, the spill over effects that have
led Islamic financial institutions to be impacted is merely due to the economies of scale and lack of diversity in
investment avenues as compared to the conventional system of banking and finance.
The contemporary applications of Islamic Finance remain rooted in the key principles of jurisprudence in Islam.
The ban on riba, gharar and immoral products are amongst of the exclusionary lists in ensuring the compliance
with the Shariah principles. Moreover, the application of profit-and-loss sharing (PLS) and the materiality of
transactions must be linked with tangible underlying assets. These basic principles have a bearing on each
of Islamic banking, Islamic capital markets and takaful. Similarly, the foundational concepts are observed to
have stemmed in the modes of financing and contractual relations such as bay’, ijarah(lease), qard (loan),
wakalah(agency) and musharakah (partnership) forming the basis of all other more complex Islamic Financial
products and instruments. Despite the complexity of the instruments and varying products, these principles and
contracts are believed to have the ultimate end of achieving economic well-being, justice and development and
social welfare is its higher outcome intended by maqasid Shariah.
The Missing Blindspot: Bridging the Gap Between Theory and Practice
The divergence of Islamic Finance theory and practice is one of the biggest issues in the discourse of reforming
Islamic Finance as both academic and industrial practice should not be working in silo. Therefore, bridging the
gap between the theory and industrial practice is the first challenge that needs to be overcome. In bridging the
gap, identifying core problems underlying the issues is crucial. Admitting that the industry is deeply rooted in
commercialisation and profit-orientation will allow for re-orientation of Islamic Finance that aligns with the
intended outcome of Shariah.
More importantly, the dichotomy between the practices and theoretical aspects of Islamic Finance have brought
its own sets of issues to deal with. Within the practical aspects of Islamic Finance, the issues include, among
others, legal and regulatory consolidation, standardisation and development of the Islamic Finance and the
discrepancies with the Shariah principles itself. Malaysia is a good example of standardisation and centralisation
of fatwa (Shariah resolutions) and regulation due to the existence of Shariah Advisory Council in its central
bank. When proper legal and regulatory standards is achieved, a cross-country transaction of Islamic Finance
products and instruments could easily be bought and sold, with little to no red tape allowing for efficiency
and greater consumption of Islamic Finance products. With more countries realising the positive impact of this
centralised Shariah governance practices, the reach towards harmonised practices of Islamic finance seems to
be more realistic.
Another issue is the discussion of corporate governance in Islamic financial institutions that remains a concern.
The practice of IFIs lack proper corporate governance and the interests of key stakeholders are not looked after
despite Islam’s utmost call for proper governance and transparency in business dealings. Corporate governance

is of utmost or even greater importance to Islamic financial system because of the additional risk to which
the depositors/investors would get exposed to the intricacies of Shariah basis of Islamic financial operations.
Consequently, the Islamic financial institutions are expected to fit in and align their business operations to both
corporate governance requirements but Shariah governance too. The inherent challenge for Islamic financial
institutions is to sharpen the tools of corporate governance - internal controls, risk management, transparency
and disclosure, audit, and prudential regulation and supervision – but also to align these with Shariah
governance principles. The immediate key challenge that needs to be addressed is the processes effectiveness
and talent competencies. The issues on performance of key responsible persons such as the Board of Directors
and Senior Management is also pre-eminently challenging to be resolved. Despite the above, total reliance on
corporate governance, however, may not be sufficient. Moral commitment on the part of market operators is
indispensable. Without such commitment, market operators may find different ways of violating the law or
regulations without getting detected and punished. Truthfully, this is not aligned with the fundamentals of
Islamic Finance.
The final issue is that the IFIs have marginalized the aspects of social finance and the third sector. IFIs is
criticised for its safe and lucrative financial investments to inject their funds into, something which the Islamic
social finance and the third sector does not offer and may never be able to offer. The Islamic finance focus on
profit and economic efficiency motives rather than a concern for socio-economic equity and welfare, raising up
an issue of mismatch of theories and practical aspects of Islamic Finance. The defence of Islamic Finance is that
its system in theory and practice is premised on ideas imported from the conventional system. Is this a justifiable
defence? To answer the question would require an honest review of the Islamic worldview for a moral reference
in Islamic finance practices. Implementable actions to bridge the missing gap is highly sought.
Transformative Islamic Finance
The growth in Islamic Finance, albeit commendable, is not the end itself but a means to the well-being of
society. The ideals of Shariah and values that was built on the Islamic legal system should uphold the ideas of
justice, humanitarian nature, and thus uplifts marginalized segments of the society. By holding to the ideals and
values, Islamic Finance supposedly offers values-based products capable of attracting both Muslims and non-
Muslim consumers. Thus, maintaining values-based outcome as part of translating Shariah values in Islamic
Finance practices and objectives is a quality that must be sought after.
Other issues such as idealization of risk-sharing and discouragement of debt in Islamic finance is debatable,
but the emphasis on social objectives of Islamic Finance should be one of the non-negotiable discussions in
maintaining the quality of Islamic Finance and attainment of Shariah objectives. More importantly, orientating
Islamic Finance beyond profit-making and focusing on the interest of different stakeholders, segments of the
society and environmental sustainability is a two-pronged qualitative success capable of appealing to the greater
demands of the society consequently attains the intended outcome of shariah already.
There are a number of issues within the Islamic Finance that requires urgent attendance and careful
considerations. One, the innovation of the products must be balanced with the authenticity of the original
products, thus aligns with Shariah and its value system. Second, the issue of regulation in the checks and balance
to facilitate conformity to the law, or to the Shari’ah in the case where Islamic Finance law does not exist in the
respective jurisdiction. In addition to that, it is imperative to reassess whether the Shariah values embodied in
its objectives (maqasid) are upheld in Islamic Finance practice as Islamic Finance is a unique system that derives
its values and principles from Qur’an and Sunnah, naturally differ from other finance philosophies in its system
of divinely ordained values. To bastardize wholly Islamic Finance as non-compliant with the Shariah may not
be right as the general Shariah principles are compliant but flawed in delivering outcome through practices.
Admittedly, a closer look to the criticisms have pointed out to the problematic attempts of Islamic financial
institutions to recreate conventional products but structure them in a manner which fulfils the requirements
of muamalat principles, the proliferation of debt-based sukuk in Islamic capital market and issues in takaful
practice such as redistribution and tabarru’, the status of participants and the Takaful funds, the imposition of

the qard hasan to cover deficits of the tabarru’ fund (risk fund) are amongst of the issues and criticisms put
forward. Interestingly, the newly emerged issue of orphan surplus is something that need attention and further
research.
The issues present the large obstacles Islamic Finance is facing in presenting the authentic values through
its products and instruments in the current system. Fundamentally, the challenge for the Islamic financial
institutions is to observed Shariah compliance requirements with the guidance of Shariah advisors. Within this
context of reference, Shariah scholars and advisors are expected to play their role in not only just looking at
the compliance aspects of products and operations, but also maintains supervision at the central supervisory
body and individual Islamic financial institutions. Shariah scholars and advisors should use their influence for
concerted action to lead ameliorating Islamic Finance practice to resolve the issues where possible, or to find
common ground. Institutions such as Association of Shariah Advisors and International Fiqh Councils would be
beneficial in advocating and pushing for such reforms.
Overall, the major reasons for weakness in the governance of Islamic financial institutions is the lack of
transparency and corporate social responsibility. Other reasons identified are the conflicts of interest between
key stakeholders, to name a few. Better transparency and greater consideration for corporate social responsibility,
such conflicts stand a better chance of being resolved. There is further weakness in Shariah governance
regulation, attributed to the lack of variety of Shariah scholar backgrounds. Thus, equipping the nation with
qualified scholars are imperative in advancing IF education and training programs, so as to ensure the standards
are maintained.
Conclusion
Overcoming the numerous issues discussed will require a two-pronged approach which includes enhancing
the current state of the IF industry and further expanding into other sectors and activities. The first prong is to
abide by a better transparency and greater consideration for corporate social responsibility for the IF to grow
sustainably. In supporting the first prong approach, policy action, awareness and dialogue are all important
factors for taking on these issues. The second prong entails the serious consideration for expanding Islamic
financial institutions activities and products for a more comprehensive approach to financing. The focus on
shareholders must be relaxed with greater focus to other stakeholders such as undeserved segments of the
society through solidarity duties of Islamic financial institutions such as qard, waqf and zakat.
An inclusive Islamic Finance will have to start with commissioning taskforce with minimal level of intervention
from authoritative or supervisory bodies. Internationally recognised institutions such as Islamic Development
Bank is a good existing institution capable of advising on the matter, given their extensive experience in
inclusive financing. The similar taskforce could be used in pushing greater reform for financial inclusion for the
third sector and undeserved segments of the society. Further, in executing the plans moving forward, effective
education for IF students and practitioners are imperative to create an effective talent pool technically equipped
and morally conscious in upholding the Shariah values and inclusivity of Islamic Finance.
A careful systematic process of reform is required for Islamic Finance. Neglect of any single important element
of a systematic process could either hinder or completely ruin any reform progress that is made. The Islamic
financial system is not exempted from the complexity and multi- faceted nature of a financial system. The
inception and growth of this system for 50 years is a good example of the transition of reform from theoretical
propositions to practice. A limited number of institutions were initially developed with limited capital,
talent, products, customers, legislation, regulation, etc. As awareness spread, so too did market interest, the
sophistication of education and qualification, product diversity and intricacy; legislative, regulatory and policy
action all had to follow. These are all the ingredients in transitioning for a new comprehensive and inclusive
Islamic financial system.

READING ARTICLES
CONSTRUCTING A SOCIAL
PERFORMANCE INDEX FOR ISLAMIC
BANKING INDUSTRY: SOME THOUGHTS
FOR CONSIDERATION
By: Syed Alwi bin Mohamed Sultan
1. Multidimensionality of a Social Performance Index
Following the phenomenal success and rapid expansion of the Islamic banking and finance industry, there
were hopeful expectations that the Islamic banking and finance system will be the creative destruction force
that revolutionizes the global financial system from within. After all, the founding principles of Islamic finance
is to use finance as a means to create a more values-based, sustainable and equitable financial system that
promotes humanism through greater financial inclusion and social development without lessening the pursuit
of commercial success.
However unfortunately, many critical analyses point out that the Islamic banking and finance model has
gradually gyrated closer to the conventional banking system rather than offer a fresh alternative. Consequently,
alternative concepts called Islamic social finance is now being promoted as a means to tackle sustainable
development issues such as hunger, poverty etc. These include alternative non-bank financial institutions such
as microfinancing institutions that use a combination of waqf, qard hasan and zakat to push through the social
finance agenda.
Unfortunately, this further reflects the increasingly rueful role of Islamic banking institutions in tackling social
development goals. Islamic banking players have relegated social development goals to the periphery and
subordinate its divinely-inspired mandate to uphold fairness and justice to financial dealings and improve the
wellbeing of society.
To that effect, what the Islamic banking industry needs right now is a clearly defined methodology that measures
the social performance index of the Islamic banking industry. This will enable a scientific judgment on the
role of the Islamic banking and finance system as to whether it is attuned to societal needs and sustainable
development goals while balancing against the pursuit of economic growth and financial success.
The fact is, there have been numerous theoretical and empirical studies conducted on corporate social
performance (CSP) to determine a link to financial performance (see, for example, Preston and O’Bannon
(1997), Margolis and Walsh (2003), Griffin and Mahon (1997) and Simpson and Kohers (2002)). These studies

used various proxies to measure social performance. The problem faced by these researchers in building a
common social performance index is that different industries exhibit special uniqueness such that the forces
inherent in different industries form a natural bias towards a specific set of social interests. But even within
the banking or Islamic banking industry, there is no definitive consensus with regards to the determinants in
constructing a social performance index or what some researchers termed as “Maqasid Shariah Index”. The
reason for this is because of the lack of homogeneous information and the lack of relevant data to construct a
comprehensive and ideal CSP index.
Past measurements attempting to measure CSP for the banking and Islamic banking industry have been based
on various information sources such as surveys, content analysis and ethical ratings. Surveys involve analysis
of responses to questionnaires sent to top company managers. The analysis would rank the level of social
performance achieved by the firms. Content analysis, on the other hand, involves the evaluation of social
responsibility through documents published by companies, which may include a simple count of words, lines
or sentences, to the calculation of the amount of “social” information provided in these company documents.
The use of this method presupposes the acceptance of the hypothesis that social disclosure is a good proxy of
corporate social performance, which frankly is debatable.
Meanwhile the use of ethical ratings or reputational measures concerns a multi-dimensional index elaborated by
specialized agencies such as Thomson Reuters with its ASSET4, Fortune journal with its Corporate Reputational
Index (CRI) or MSCI ESG STATS (formerly known as Kinder, Lydenberg, and Domini Research & Analytics).
However, these agencies rely on data which are publicly available especially of public listed companies and
use different models to quantify the social results of companies based on a weighted average score of various
indicators. In most instances the weights assigned for various social indicators are not standardized and
subjective.
2. Regulatory Involvement Needed to Standardize Social Performance Assessment
The multidimensionality of social performance and the methodological inconsistencies in measuring CSP is a
problem for researchers to derive consistent findings. At the same time it is also evidence of the heterogeneity of
the areas in which an organization may be measured for social performance. Such heterogeneity in measuring
CSP would be mitigated if CSP is part of a regulatory requirement. Supervisory authorities such as central banks
or monetary authorities can apply a standard sized procedure to obtain homogeneous data that enables them
to assess compliance to CSP indicators for the organizations under their purview.
The Community Reinvestment Act of 1977 (CRA), a federal law in the United States is one such example.
The CRA requires federal regulators to assess how well each bank fulfills its obligations to their communities.
This score is used to evaluate applications for future approval of bank mergers, charters, acquisitions, branch
openings, and deposit facilities.
CRA was passed to ensure that commercial banks meet the credit needs of the markets where they hold public
charters to do business, especially the needs of low-income customers. As such, to ensure that banks provide
private funding for local housing needs and economic development, regulatory authorities would examine
these banks according to a twelve-factor assessment and summarize their ranking according to the degree of
compliance into four categories: (1) outstanding, (2) satisfactory, (3) needs to improve, and (4) substantial
non-compliance. Among the twelve assessment factors of the CRA are the level of communication of the
banks with members of the community to ascertain credit needs, the extent of involvement by the board of
directors in CRA activities, the extent of loans originated in the community, the geographic distribution of
credit applications, approvals, and denials and the bank’s impact to the community through participation in
community development projects or programs.

Another example of regulatory involvement to measure social performance of banks can be seen in Malaysia
where the BNM in collaboration with the World Bank in 2018 developed an enhanced performance measurement
framework specifically for development financial institutions (DFIs) in the Malaysian banking industry. The new
framework was designed to capture the broader contributions of DFIs by moving beyond the narrow focus of
financing growth indicators, and integrating developmental key performance indicators (KPIs) to measure the
socio-economic impact of DFIs’ operations including the contributions to financial inclusion, generation of new
employment and ability to crowd-in private investments.
Another initiative undertaken by BNM is the Value-based Intermediation (VBI) aimed at strengthening the roles
and impact of Islamic banking institutions (IBIs) in Malaysia. This initiative is clearly a trailblazing initiative to
recalibrate the Islamic banking industry in Malaysia and its social mandate by setting out underpinning thrusts
of value-based intermediation (VBI) and implementation strategies.
3. Conclusion
Perhaps what is now needed is the development of a comprehensive methodology by central banks in collaboration
with Islamic Financial Services Board (IFSB), Islamic Development Bank (IDB) and Accounting and Auditing
Organization for Islamic Financial Institutions (AAOIFI), to measure Islamic financial institutions’ contributions
towards social development through a Social Performance Index. This Social Performance Index should take into
consideration among others, four categories of social performance that address social development; sustainable
economic development; stakeholder welfare; and corporate social responsibility.
The Social Performance Index will be a key benchmark to gauge how Islamic banks deal with the communities
that they serve through participation in community development projects or programs, how much of their
funds are allocated for project financing and long term economic development purposes, the Islamic financial
institution’s ability to grow the wellbeing of the communities they serve by meeting the credit needs of the
community and improving the rate of financial inclusion, the contribution of the Islamic financial institution
to tackle the sustainable development goals such as tackling hunger, poverty, gender inequality, quality of
education etc.
The effort to tackle social development goals, especially in Muslim countries must be a collective effort which
should include government agencies, multilateral development institutions, social development institutions
and also mainstream Islamic financial institutions. Leaving this initiative to alternative institutions under a
separate banner called Islamic social finance would fragment the Islamic financial industry and weaken the
effort towards achieving socio-economic objectives and the creation of a just society in a sustainable world.
---------------------------------------
Syed Alwi is an experienced Islamic banker with more than 23 years of experience in the Islamic financial
services industry. He is the former President/CEO of Agrobank. At present, he is the Managing Director, ABC
Strategy Sdn. Bhd., a management consultancy and business advisory firm based in Kuala Lumpur.

NOTES
Enterprises are hit hard financially due to Covid-

19. Their existing business models need an
overhaul to deal with the new world order.
Access to quality experts may be costly and
difficult. As the crisis puts a curb on sales
activities, organisations must drive cost
optimisation, production capacity and cash
conservation to maintain financial health.
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Kuala Lumpur Islamic Finance Forum 2021

Programme Book KLIFF2021

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Programme Book KLIFF2021

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16 KUALA LUMPUR

ORGANISED BY IN ASSOCIATION WITH A COMMUNITY MEMBER OF SUPPORTED BY MEDIA PARTNERS

TEGUH KITA MENANG BERSAMA

KUALA LUMPUR ISLAMIC FINANCE FORUM

MUZAKARAH PENASIHAT KEWANGAN ISLAM

Islamic finance: An integral component of Malaysian financial system and economy

Diverse set of players offering a wide range of products and services

Takaful (Islamic insurance) Shariah advisory Legal Rating agencies

Key milestones encapsulating the industry’s vision to be more impact-driven

Value-based Intermediation (VBI) Optimising Social Finance Supporting Halal Industry

Dear Esteemed Delegates,

On behalf of the Centre for Research and

Facing the Covid-19 pandemic which

KLIFF 2021 PROGRAMME BOOK | PAGE 5

To put a virtual conference of this

KLIFF 2021 PROGRAMME BOOK | PAGE 6

Amanie specialises in providing Shariah advisory services to a wide

Our Global Presence

Decade of Excellence Best Syariah Advisory Global Islamic Finance Award,

Global Islamic Economy Award of Excellence for Best Shariah Advisory

KLIFF CO-ORGANISER SINCE 2004

Dear Distinguished Delegates,

Assalamualaikum and good day, on behalf of

This year’s KLIFF will be held on March 9th

KLIFF 2021 PROGRAMME BOOK | PAGE 9

It is hoped that KLIFF 2021 would be able

KLIFF 2021 PROGRAMME BOOK | PAGE 10

KUALA LUMPUR ISLAMIC FINANCE FORUM

KLIFF 2021 PROGRAMME BOOK | PAGE 11

OUR MEMBER BANKS

Bank Islam Berlesen

FIND US ON SOCIAL MEDIA

KLIFF 2021 PROGRAMME BOOK | PAGE 13

“All time indicated are referring to Malaysian Time GMT+8”

14:00 – 14:05 Welcoming Remarks by Chairperson

Datuk Dr. Mohd Daud Bakar

14:30 – 15:00 OPENING SPEECH

His Royal Highness Sultan Nazrin Muizzuddin Shah

* ALL PRESENTATION MATERIALS ARE DOWNLOADABLE AT KLIFF WEBSITE

KLIFF 2021 PROGRAMME BOOK | PAGE 17

 Islamic Finance amid Covid-19 pandemic

Adnan Zaylani Mohamad Zahid Assistant Governor, Bank Negara Malaysia

16:45 – 17:45 SESSION TWO

 Global Sukuk Outlook

Ahmad Shahriman Mohd Shariff CEO, CIMB Islamic Bank Berhad

17:45 END OF DAY ONE

* ALL PRESENTATION MATERIALS ARE DOWNLOADABLE AT KLIFF WEBSITE

KLIFF 2021 PROGRAMME BOOK | PAGE 18

“All time indicated are referring to Malaysian Time GMT+8”

14:00 – 14:05 Welcoming Remarks

14:15 – 14:30 SPECIAL PRESENTATION TWO

14:30 – 15:45 SESSION THREE

 Global Updates on Islamic Digital Banking

Moderator : Khairul Kamarudin CEO, Bank Muamalat Malaysia Berhad

Prof. Dato' Dr. Mohd Azmi Omar President, INCEIF

15:45 – 16:00 Break

* ALL PRESENTATION MATERIALS ARE DOWNLOADABLE AT KLIFF WEBSITE

KLIFF 2021 PROGRAMME BOOK | PAGE 19

16:15 – 17:30 SESSION FIVE

 Global Updates on Takaful and Retakaful

Moderator : Mohd Tarmidzi Ahmad Nordin Chairman, AmMetLife Takaful

Nik Shahrizal Sulaiman Risk Assurance Partner, PwC Malaysia

17:30 – 17:40 CLOSING REMARKS

Islamic Finance amid Covid-19 pandemic

Global Sukuk Outlook

Global Updates on Islamic Digital Banking

Global Updates on Takaful and Retakaful