Workshop On Syariah Issues In Islamic Capital Mart Soon
By Izam Said Ya'akub

Brunei-Muara - Universiti Brunei Darussalam’s Centre for Islamic Banking, Finance and Management will be holding a contemporary workshop on Islamic Banking and Finance, to address syariah issues in Islamic capital market.

The workshop, which will be held on the November 11 to 13 2007, is aimed at providing a better understanding of Islamic banking from a syariah perspective. The workshop will address issues such as the definition of 'Syariah compliance' in Islamic financial law and hat constitutes a syariah compliant product. It will also be focus on contemporary applications of Islamic finance such as buyback sale and sale of debt on the first day of the workshop, with the discussions on the second and third day revolving around the capital market product, sukuk from the issuance to maturity and the critical issues in financial and foreign exchange markets.

Over the last few years the issuance of 'sukuk' or Islamic Securities has risen to US$27 billion, the high growth has meant Islamic financial institutions are constantly on the look out for investments which are syariah compliant.

The question of what falls under syariah compliant and non compliant has always been a topic of debate, with the main syariah compliant products being one related to asset transfers, ijarah wa iqtina (finance lease), and asset purchase financing such as basic murabaha (basic price plus cost). Contracts that are prohibited by Syariah are mainly those that have elements of interest, contractual terms of a contract that give rise to ambiguities, gambling, speculation and deception.

Speaking at the workshop will be Dr Abdulazeem Abozaid, who is working as a consultant cum Syariah trainer in Emirates Islamic Bank, Dubai.

He is also on the Syariah Board of RHB Islamic Malaysia and a Syariah Consultant for Five Pillars Associates, Singapore.-- Courtesy of The Brunei Times

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