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