Marjan Muhammad

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Publication

  Title Category / Type
1

Value-Based Intermediation (VBI): Its Scopes & Implementation In Malaysia

Abstract In 2017, the Central Bank of Malaysia (Bank Negara Malaysia (BNM)) introduced the concept of value-based intermediation (VBI) in a strategy paper titled Value-based Intermediation: Strengthening the Roles and Impact of Islamic Finance. The central idea behind VBI is…

Event Papers
2

Shariah Analysis of Cryptocurrency: Bitcoin

Event Papers
3

Instruments for Meeting Capital Adequacy Requirements under Basel III: 183 A Shari’ah Perspective

The Basel III regulatory framework has set out new capital and liquidity standards for banking institutions. In particular, Basel III has increased the minimum capital levels to be maintained by banks and redefined the criteria for qualifying regulatory capital instruments…

Journal (English)
4

Islamic Banking Structures: Issues, Challenges and Future Directions - A Case Study of Malaysia

Islamic finance is one of the fastest growing segments of the finance industry, and the growth of Islamic banking outpaced that of conventional banking over the past decade (Prasad, 2015). The entire Islamic finance industry has achieved an upward curve…

Research Paper
5

THIRD-PARTY GUARANTEE IN EQUITY-BASED SUKUK (ISRA-TR REPORT 2017)

Protecting the capital of investors through the provision of a third-party guarantee has been practiced in sukuk structuring, including equity-based sukuk (EBS), i.e. musharakah and mudarabah sukuk. The guarantee has been used since the late 1970s, when the modern sukuk…

Articles
6

PRINCIPLES OF PREDOMINANCE (GHALABAH) AND SUBORDINACY (TAB’IYYAH): A HIGHLIGHT OF SHARIAH ISSUES IN THE TRADING OF “BLENDED” SUKUK (ISRA-TR Report 2016)

With the advent of various Shariah- compliant capital market instruments including sukuk, shares and unit trusts — collectively known as financial papers — to match the demand for funds of deficit units with the need for investment opportunities of surplus…

Articles
7

External Shari’ah Audit Report

External Shariah Audit
8

Additional Tier 1 Capital Instruments under Basel III: A Shariʿah Viewpoint

This research aims to compare the regulatory capital instruments for Islamic banking institutions (IBIs)—in particular the qualifying Additional Tier 1 (AT1) capital instruments—as defined by Basel III, Bank Negara Malaysia (BNM) and IFSB-15 (issued by the Islamic Financial Services Board).…

Articles
9

Issues and Challenges in Islamic Banking Structures: The Malaysian Experience

Islamic finance operates under varied legal and regulatory frameworks in various jurisdictions that reflect differing regulatory approaches to the introduction and supervision of Islamic banks. This seems logical if viewed from the perspective that the countries where Islamic banks operate…

Journal (English)
10

The Parameters of Hiyal in Islamic Finance

Ḥiyal (legal stratagems) play a significant role in Islamic finance as they may provide remedies and alleviate financial predicaments in many products. Nevertheless, excessive use of ḥiyal may amount to circumvention of Sharīʿah rulings and contravention of the objectives of…

Research Paper
11

Criteria for Determining The Shari'ah Compliance of Shares: A Fiqhi Analysis

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Journal (English)
12

Structuring Innovative Tier 2 (T2) Capital Instruments Under Basel Iii: A Sharriah Perspective

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Journal (English)
13

Risk Taking in Islamic Commercial Transactions: A Fiqhi Perspective

Islamic finance has distinctive characteristics built upon the Shari'ah principles that govern and regulate contractual relationships in financial transactions. Islamic finance is distinguished, not only by its strong connection to Islamic law, but also by Islamic ethics that provide the…

Research Paper
14

Application of Incentive Fee in Islamic Finance: An Analysis of the Fiqhi Characterization

The concept of incentive fee (also called performance fee) is used in conventional finance to encourage fund managers to improve their performance level and provide the best return for their clients. It is a common feature of most alternative investment…

Research Paper
15

A Snapshot of Musharakah Sukuk - June 2014 - Fatwa in Islamic Finance

ISRA Bloomberg Bulletin Fatwa in Islamic Finance
16

Who can Exercise Ijtihad in Islamic Financial Matters? January 2014 - Fatwa in Islamic Finance

ISRA Bloomberg Bulletin Fatwa in Islamic Finance
17

ISRA Bloomberg Bulletin Q3 2013 - Sukuk Review

ISRA Bloomberg Bulletin Quarterly Sukuk Review
18

Instruments for Meeting Capital Adequacy Requirements under Basel III: A Shari'ah Perspective

The Basel III regulatory framework has set out new regulatory capital requirements for banking institutions in order to further strengthen the banking sector’s ability to absorb shocks arising from economic and financial stress. Basel III has increased the minimum capital…

Research Paper
19

Sukuk: An Introductory Remark - July 2013 - Fatwa in Islamic Finance

ISRA Bloomberg Bulletin Fatwa in Islamic Finance
20

ISRA Bloomberg Bulletin Q2 2013 - Sukuk Review

ISRA Bloomberg Bulletin Quarterly Sukuk Review
21

Instruments for Meeting Capital Adequacy Requirements under Basel III: A Shari’ah Perspective

This study examines the regulatory capital requirements under Basel III and discusses the Shari'ah issues, especially related to subordination, arising in both equity-based and exchange-based contracts when used for structuring Additional Tier-1 and Tier-2 capital instruments.

Journal (English)
22

Risk Sharing: A Fiqhi Perspective

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Event Papers
23

Development of Islamic Capital Markets In Offshore Jurisdictions: A Cross-Country Analysis

Offshore Financial Centres (OFCs) are typically small nation states which seek to attract foreign financial capital through numerous incentives. In these jurisdictions, offshore financial services represent the dominant source of economic activity. As the Islamic finance industry is growing and…

Research Paper
24

The Bindingness And Enforceability Of A Unilateral Promise (Wa'd): An Analysis From Islamic Law And Legal Perspectives

The study aims to provide a comprehensive analysis of the bindingness and enforceability of a unilateral promise (wa'd) from both the Islamic law and legal perspectives. At the outset, the research also addresses the Shari'ah rulings of some related principles,…

Research Paper
25

International Convention For Islamic Finance: Towards Standardisation

Global Islamic finance is faced with many unresolved issues that demand urgent attention from all parties involved. One of the pressing issues is the lack of standardisation to face globalisation within the industry. An attempt is made herein to examine…

Research Paper
26

Parameter Hiyal Dalam Kewangan Islam

Hiyal mempunyai peranan yang penting dalam kewangan Islam hari ini. Melalui aplikasi Hiyal, kebanyakan kekangan kewangan dalam produk-produk dapat di atasi. Walau bagaimanapun, penggunaan Hiyal yang keterlaluan tanpa batasan dan garis panduan yang tepat boleh membawa kepada pembatalan hukum (ibtal…

Research Paper
27

Operasi Perdagangan Pertukaran Matawang Asing Oleh Individu Secara Lani (Individual Spot Forex) Melalui Platfom Elektronik: Satu Sorotan Dari Sudut Syariah

Penglibatan pelabur-pelabur runcit dalam pasaran forex, terutamanya daripada kalangan individu persendirian, telah meningkat secara drastik dalam beberapa tahun kebelakangan ini. Golongan ini mengambil pendekatan melakukan perdagangan harian (day trading) matawang asing secara lani (spot forex) melalui platform elektronik yang disediakan…

Research Paper
28

Implementasi Ibra' dalam Produk berasaskan Harga Tangguh dalam Sistem Perbankan Islam : Analisis dari Segi Perspektif Operasi Perbankan dan Maqasid Syari'ah

This research paper discusses the implementation of ibra’ in the contemporary Islamic banking operation. It attempts to examine the compatibility of the current implementation of ibra’ with Syariah framework. This is due to the fact that its implementation which originally…

Research Paper
29

Principles of Wa'd and Muwa'adah: Their Application in Islamic Financial Contracts

The application of unilateral promise (wa'd) in certain Islamic financial products, although recent, has witnessed spectacular development. It has been widely applied in products such as murabahah for a purchase orderer (murabahah lil amir bi al-shira’), leasing ending with ownership (ijarah muntahiyah…

Journal (English)
30

The Implementation of Ibra’ In Islamic Banking And Finance: An Analysis in Terms of Banking Operations and Maqasid Al-Shari'ah

The status of ibra’ as a unilateral contact granted on an purely discretionary basis (tabarru') by the Islamic banks is seen to be unjust compared to the practice of conventional banks, which provide loans to customers based on the “time…

Journal (English)

Video

  Title Author
1

Islamic Funds Management In South Africa - Dr. Marjan Muhammad (Head of Quality Assurance, ISRA)

Marjan Muhammad
2

IFD2019 2nd Keynote - Economy Talk: Islamic Digital Economy & 2nd Dialogue Session (Part 1)

2nd Keynote - Economy Talk: Islamic Digital Economy Mr. Norhizam Abdul Kadir (VP, Growth Ecosystem Development Division, MDEC) & 2nd Dialogue Session: Islamic Finance Institutions - Engaging the Machine 1.    Ms. Azleena Idris (General Counsel & Head of Legal, Kuwait…

Azleena Idris, Marjan Muhammad
3

IFD2019 2nd Dialogue Session: Islamic Finance Institutions - Engaging the Machine (part 2)

2nd Dialogue Session: Islamic Finance Institutions - Engaging the Machine 1.    Ms. Azleena Idris (General Counsel & Head of Legal, Kuwait Finance House Malaysia) 2.    Mr. Hassan Scott Odierno (Partner: Actuarial Partners Consulting) 3.    Mr. Masumi Hamahira (Advisor, Islamic Banking…

Azleena Idris, Marjan Muhammad
4

IFD2019 2nd Dialogue Session: Islamic Finance Institutions - Engaging the Machine (part 3)

2nd Dialogue Session: Islamic Finance Institutions - Engaging the Machine 1.    Ms. Azleena Idris (General Counsel & Head of Legal, Kuwait Finance House Malaysia) 2.    Mr. Hassan Scott Odierno (Partner: Actuarial Partners Consulting) 3.    Mr. Masumi Hamahira (Advisor, Islamic Banking…

Azleena Idris, Marjan Muhammad
5

Session 2 (Part 1) - Value-Based Intermediation: Scope and Means to actualize it in Islamic Finance – ISSF2018

Marjan Muhammad, Zaharuddin Abdul Rahman, Noor Suhaida Kasri
6

Session 2 (Part 2) - Value-Based Intermediation: Scope and Means to actualize it in Islamic Finance – ISSF2018

Marjan Muhammad, Zaharuddin Abdul Rahman, Noor Suhaida binti Kasri
7

Session 2 (Part 3) - Value-Based Intermediation: Scope and Means to actualize it in Islamic Finance – ISSF2018

Marjan Muhammad, Zaharuddin Abdul Rahman, Noor Suhaida binti Kasri