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ISLAMIC FINANCE & ISLAMIC LAW OF MUAMALAT IN 21ST CENTURY - Coggle…
ISLAMIC FINANCE & ISLAMIC LAW OF MUAMALAT IN 21ST CENTURY
THE IMPACT TO THE SHARIAH
IS GOING GLOBAL
:green_apple: Non-Muslims in nonMuslim countries seek the advice of Muslim scholars who are experts in Islamic
finance to launch an Islamic finance product.
:green_apple: Islamic economics and Islamic finance become a popular subject in universities throughout the world.
:green_apple: Being studied and applied in billion-dollar
international financial transactions in all the big cities in the world.
CHANGED THE METHODOLOGY OF GIVING FATWAS AND CREATED A NEW BREED OF ULAMA'S
:white_medium_small_square: individual ulama’s are no longer suitable to make the decision anymore
:white_medium_small_square: Decisions are made as decisions of the committee, instead of the individual
MOVING INTO THE LEGAL MAIN STREAM
:red_circle: Common law lawyers are learning or getting advice on how to draft Shariah-compliant contracts
:red_circle: Shariah issues will continue to be litigated, argued and deliberated whether or not
the courts rule on them eventually
There was contact and mutual respect
:star: Beginning, people did not know and aware each other's law.
:star: Now, There was contact and mutual respect
:star: Example, daughters had become common law but their love for Islamic law remained.
COME INTO DIRECT CONTACT WITH LAW
:black_small_square: No longer look to its traditional source alone
:black_small_square: Will have to adopt laws and procedures from common law jurisdictions and conventional counterparts.
:black_small_square: Example, laws, and rules now being used in Islamic finance
:black_small_square: There are no readymade equivalent of the Companies’ Act, the Contracts Act, the National Land Code etc.
UNITING PEOPLE FROM DIFFERENT BACKGROUND
:smiley: A large number of participants including speakers, either whites or non-Muslims
:smiley: Experts in the subjects
BEGINNING OF DISINTEGRATION OF MAZHAB
:smiley: Geography lead to the differences opinion between mazhabs
:smiley: Example, earlier ruling of Imam Abu Hanifah, 'qamar' only refers to alcoholic drink. But in modern terminology, Imam Syafie' revised the fatwas.
History
1960: Islamic law was not even offered as a subject.
Banks refer as sinful place, meant for rich non-Muslims (because of riba)
So, there is no Muslim customer and employees in the bank back then.
Then, Muslim start to avoid committing sin, developed into a multi-billion dollar business.
Conventional banks (non-Muslim) opened "Islamic windows"/Islamic subsidiaries
Islamic finance become an important component of international financial system.
As 2012,
:!: >600 Islamic finance institutions over 75 countries.
:!: Global Islamic finance assets were estimated to reach USD 1.6 trillion projected to exceed USD 6.5 trillion in 2020.
:!: 12 jurisdictions.
:!: 25 other countries in which Islamic finance has a niche presence.
as largest Islamic financial hub in the Asia-Pacific
Malaysia being a role model to other countries
ACHIEVEMENT
proudly hosted 21 Islamic
banks (including 5 international Islamic banks), 17 takaful operators (including 1
international takaful operator and 4 retakaful operators), and 16 Islamic fund
management companies licensed under the Capital Market and Services Act 2007