Thursday, March 16, 2006

Welcome to the new Islamic Finance portal

Assalamu Alaikum Warahmatullahi Wabarakatuh

This portal is the outcome of an idea initially suggested by the scholars who attended the landmark AAOIFI Shariah Standards course at the Islamic Foundation in Markfield last week. It was aimed at familiarizing the 'Ulama and Talabat-al-Ilm with the key features and operational spheres of contemporary Islamic Finance.

The course was organised by 1st Ethical Charitable Trust - a body of Muslim professional experts in tax planning and Shariah-compliant investment and finance, in co-operation with the Centre for Islamic Economics, a branch of Darul Uloom, Karachi and Meezan Bank.

About 30 scholars, including two 'aalimahs, sat the week-long intensive course from 7th - 13th March after passing an initial entrance test.

It was thought that it would be commendable to open a forum of this nature for these scholars (who came from various parts of the country) enabling them to interact amongst themselves on issues relating to the topic, suggest and explore new ideas or simply keep in touch.

Hence, we are here.

It is important that some points are clear from the outset:

1) Since the idea of this forum has emerged from the need to provide a forum only for scholars who have had formal instruction in this field, its membership will be limited to those who have actually attended the course - for the sake of 'quality control'. Membership outside of this circle will only be given upon recommndation from at least two active members of the forum.

2) It can be suggested that only that amount of discussions may be open at a certain time that may allow the participants to fully contribute alongside their other commitments. Further topics can be started once the previous one has come to a satisfactory conclusion.

3) We, the talabat-al-Ilm, are but endeavouring to raise our awareness on the subjects, so our discussions should never lose the spirit of a true knowledge-seeker. The final say will be of our teachers (the Mashaa'ikh from Pakistan and the brothers from Meezan Bank) who are being requested to allocate some of their invaluable time to this circle.

I apologize for the length of this post. Hopefully the following ones will be much shorter.

If any of the brothers has any more suggestions to make as to the running of this forum, please mention this in the comments so that we are all agreed on that from the beginning.


Ibrahim Amin


Blogger Tarek Ahmed said...

Assalamu Alaikum Wa Rahmatullah,

In order for this to provide maximum impact, the language used must be understandable by the common folk. Therefore please could you refrain from using Arabic without providing also providing the translation. I know sometimes the terminology can be hard to translate or complex, but it's very difficult sometimes to follow otherwise.


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Blogger Ibrahim Amin said...

Inshallah due care will be taken in this respect.

Thanks for your kind indication.

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Assalamo alaikum! JAZAKALLAH.
Thanks for starting the portal.
Islamic banks need to be more confident, bold and stop copying the products of conventional banks in to to. Some of the tgypes of Sukuk, Tawarrukh etc. have diluted their Islamic nature in enthusiasim of ensuring profit booking at all costs. Murabaha too has been continuously taking centre stage in this filed. We need to go all out to be Islamic for all reasons, by all means. "Udkhulu fisssilmi Kaafffah" is for us only. A perfect, complete Islamic finance is need of the hour to take the stage being vacated by the only existing capitalist form. There is need to have a centalised authority for examining and certifying of the products by Isl. banks world wide. Similarly for the security of funds too, we have a stronger in built mechanism and need not borrow, copy the Basel II and fall in that conventional institutions. May Allah give us sufficient strength. Aameen!

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