12th Roundtable Discussion – Waqf Fund (Discussion Summary and Recommendations)

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Year: 2019


12th Roundtable Discussion – Waqf Fund  (Discussion Summary  and Recommendations)

 

Attendees

 

A select group of people were invited to the Roundtable, including regulators, academics, practitioners and Shari'ah scholars. Nearly half of these travelled from outside Bahrain (Malaysia, Sudan, Oman, KSA, US and UAE). The attendees included the following:

 

Name                                                        Institution

  1. Dr. Mughees Shaukat                      College of Banking & Financial Studies, Oman
  2. Dr. Younes Soualhi                          International Shari’ah Research Academy, Malaysia
  3. Dr. Yahia Abdul Rahman                 La Riba, USA
  4. Dalal Al Qais                                    Bahrain Islamic Bank
  5. Ijlal Alvi                                            IIFM
  6. Omar Mustafa Ansari                        AAOIFI
  7. Abdelilah Belatik                               CIBAFI
  8. Lilian Le Falher                                 KFH
  9. Dr. Sami Al Swailum                         IRTI, Saudi Arabia
  10. Asma Abdulrahman Khairi                Central Bank of Sudan
  11. Bilal Mohd Parid                                Bank Negara Malaysia
  12. Hamza K. Bawazir                             NCB, Saudi Arabia
  13. Khurram Hilal                                    Standard Chartered Bank, UAE
  14. Shaikh Esam Ishaq                             Shari’ah scholar
  15. Dr. Sutan Emir Hidayat                      University College Bahrain
  16. Hesa Alsada                                       CBB
  17. Fahad Yateem                                    CBB
  18. Khalid Hamad                                   Waqf Fund/CBB
  1. Sohaib Umar                                     Waqf Fund/CBB

 

Purpose

The topic selected has been chosen due to the importance of benchmark in Islamic finance transactions. A common criticism that has been leveled at the Islamic finance industry since its inception in 1970s is that it uses the same interest rate benchmark that the conventional industry uses. Although from a strictly fiqhi (jurisprudential) perspective its permissibility has been established by Shari'ah scholars, there is no doubt that it is a less than ideal situation. Particularly from a reputational risk perspective it is difficult to convince a lay person that Islamic banking is different from conventional banking when the same interest rate benchmark is used by both.

After the global financial crisis several malpractices and market abuses in the conventional world have come to surface. The setting of LIBOR is one of those. The methodology of LIBOR setting is being questioned and is up for serious review. It provides an opportunity to the Islamic banking industry to reflect on its own use of the conventional benchmark and deliberate over whether it is possible to have a separate Islamic benchmark(s) and how.

   

Topic

“Creating an Islamic Profit Rate Benchmark – Why and How?”.  


 

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