The All New Shariah Advisory Council BNM Website

THE ONE-STOP SHARIAH ADVISORY PAGE OF BANK NEGARA MALAYSIA       

Finally it is here, the website dedicated to the works and reference regarding the Shariah Advisory Council (SAC) of Bank Negara Malaysia. There is a wealth of information on the decisions and fatwa of the SAC, and this will provide valuable reference point on how a particular decision is made. Good insights especially to leaners interested in knowing the methodologies and depth of deliberation that the SAC employs for a decision.

The Centre of Shariah Reference in Islamic Finance

The website itself looks clean and uncluttered and holds various sections of interest. They include:

  • Shariah Standards & Operational Requirements. Currently it covers the 12 Islamic contracts standards that has been issued up to today (21 April 2018). You can view the various standards individually as you scroll down the page. Click on the banner below to go to:

  • Shariah Resolutions 1997 – 2010. This is the English-language compilation of the various resolutions when the industry was in the infancy stages. Lots of very fundamental discussion happenning during this period in the industry. Click on the banner below to go to:

  • Shariah Resolutions 2011 – 2017. This is the continuing compilation cover a more advance level of discussions, as the products in the market become more sophisticated, More importantly, the introduction of Islamic Financial Services Act 2013 (IFSA 2013) provided a more robust consideration of operationalisation of the Islamic contracts. Personally, I learned quite a number of concepts during this segment of time. Unfortunately at the moment, the compilation is in Bahasa Malaysia (Malaysian language). Click on the banner below to go to:

  • Educators’ Manual. This section interestingly mentions the existence of manuals for learning organisations that teaches Islamic Banking and Finance courses. I am sure these are useful documents if it is coming from the SAC. But you need to sign up and agree to adopt the standards for your institution to access these. Therefore I can’t really comment on the contents. Click on the banner below to go to:

  • Latest Shariah Rulings (Individual SAC Meeting Resolutions). This section allows the reader to have access to the decisions made on certain specific issues. It aims to provide the reader the understanding of how a decision is derived, based on relevant Fiqh evidences. Interesting read and quite comprehensive. Click on the banner below to go to:

  • Infographics. I believe this is part of the efforts to educate the public on the understanding on the workings of Shariah contracts as well as the process flows (and Shariah requirements) of a particular Islamic structure. As at current date, there are only 3 Infographics available ie Tawarruq, Istisna’a and Murabahah, but I am sure over time, the number of contracts infographics will grow. Click on the banner below to go to:

  • List of Shariah Committee Members in Islamic Financial Institutions. This is an interesting section because of the willingness to disclose to public the Shariah scholars responsible for the resolutions or opinions at the institutional level. It provides transparency and also reference of the Shariah Committee strength compared between Islamic Financial Institutions. Click on the banner below to go to:

There are many other sections in this website and I personally believe that this site will be one of the most complete point of reference for all the Shariah-related banking decisions. It   may provide a better understanding of how the SAC makes a resolution that impacts the overall industry. I personally encountered a few glitches but I hope the content accumulates further to finally become one of the prominent sites when it comes to Islamic Banking.

Also, hoping someday the website will publish a hardcopy of the resolutions because some of us do read actual books. But if there is a plan for an e-book, do let me park it here on my website. For free.

Overall, I think the SAC website looks awesome and would definitely be one of my reference website for Islamic Banking products, processes and issues.

P/S Somehow I am not able to register as a subscriber yet (April 2018). Maybe still developing this area of the website? Hope it is sorted out soon.

Malaysian Business : Revival

We Are Back!

That was the rebirth issue of the Malaysian Business in April 2017.

Malaysian BusinessThis magazine was one of my main reading requirements when I was still a relationship manager for Business Banking and Commercial Banking way back in the early 2000’s. It gave me some insights for my daily conversation with customers. Nowadays I hardly read an actual magazine; all been replaced by this thing called Mobile Phone. So it was a surprise to see this magazine making a comeback.
Acquired by the Amanie group owned by Datuk Dr Daud Bakar, I was expecting the contents to be Islamic Banking-heavy. But I think in keeping with the original spirit of its readership, it is Malaysian Business as usual (no pun intended!). There are some contents on Islamic Banking and Services, and I guess the editors are taking it one subject at a time.

Ahmad FaizalSo I spoke to my trusted counterpart, Ahmad Faizal (pic), to ask his opinion on the magazine and his thoughts on the comeback. The common magazines come to mind; Personal Money and TheEdge. Simply because of the established contents and great stories that grab attention. Malaysian Business needs to benchmark itself to these magazines. Especially during times that there is insufficient readerships of physical magazines. Faizal also observed that there is no emphasis on Islamic Banking, which may well be a differentiation factor. Faizal also have fond memories for Islamic Banker magazine edited by Mushtak Parker. Many new information covered in the magazine for example the latest structure of deals etc. and hoping that Malaysian Business adopt certain areas based on this magazine.

Early days yet. I love the rebirth, and hope to have more. Heard the May issue is out.  Gotta get it. Click on the picture below to go to www.malaysian-business.com & happy reading!

pg4-2

[Excerpt from Datuk Dr Daud Bakar FB page]

Revival of Malaysian Business Magazine – Amanie Media – New Editor in Chief

DDDBI am happy to share with you that we have launched Malaysia’s Premier Business Magazine in April 2017.

First published in 1972, the magazine, now to be published by new owner Amanie Media Sdn Bhd with founder and renowned Global Entrepreneur and Shariah scholar Datuk Dr Mohd Daud Bakar as the Editor in Chief, is set to hit the news-stands in April 2017.

With the theme of Hope for The Malaysian Nation, Malaysian Business is on a mission to be at the forefront of motivational and inspiring business establishments’ stories. From financial advice for start-up companies to success stories from millionaire business founders, Malaysian Business aims to help readers at enlivening their passion and business goals in life.

The magazine spans on a range of business topics, technology insights, business culture, personal financing tips as well as stories of successful entrepreneurs who share secrets of their success from the ground up.

Sections in the magazine will include:

  • Trending Facts and News – Highlights of International and Local News
  • Corporate and Market Capital Roundup – review on latest market updates
  • MB Preneur – Stories from the Unsung Heroes of SME’s
  • Walking down Memory Lane – Stories on how we can recreate success histories
  • Reader’s Page – Pour your thoughts out, we want to hear from you!
  • After Biz – an insight into the latest gadgets, automotive and trends

Come and join our network of trade leaders and key players by subscribing to Malaysian Business!