It has been a while since I wrote my last entry. This one was taken from my status in my Facebook.
To quote Badlisyah, CEO of CIMB Islamic Bank "22% of banking assets are from Islamic banks, 60% or more for capital markets particularly debt market whilst 80% in equity alone" and "It's easier to sell Islamic banking products to non-muslims than to muslims" (why I am not surprised with this statement.....hmmmm). My 5 cent advice before you want to be look as champion for 'against' so-called Islamic banking/ Islamic finance is:
(1) get to know the difference between Islamic banking and Islamic finance. If you cannot tell the difference in 5-10 words, you have a very long way to go, so pray harder.
(2) get to know what are banking products and capital market products (be it conventional and Islamic) plus insurance and takaful.
(3) If you think the Islamic finance was developed over last 20-30 years ago, you have a long way to go.... so pray harder.
(4) If you are so overwhelmed with fatwas from so-called ulama' from another countries that against Islamic finance and took it as bona fide statement, let me tell you a story; there was one a Great Grand Mufti, a Great Shariah Advisor, shook the world when he claimed that 80% of the Sukuk were not Shariah compliant (while he forgotten that three quarter of Sukuk floating around the world were stamped by him that led him to be a multi-millionaire, nick-named as Brad Pit of Islamic finance). Till now I dont know what turned him from Shariah advisor to Shariah celebrity.
(5) to condemn one's country financial system, make sure your country is way better off than the country you are criticizing. This is more like 'tale of two cities'; one uzbekistan guy criticized of how devious and devilish of Islamic banks in Malaysia (based on the analysis by singaporean professors on the average Islamic banking's profit income and expenses as compared to conventional bank's interest income and expenses, probably on hourly or daily basis for the last 20-30 years and run it on the Eviews, and resulted that the movement between profit & interest significantly co-vary between each other). Therefore, the profit of Islamic banks is as good as conventional interests so they say. Since i happened to be in that forum, I told everybody that at least Malaysia eager to have alternative ways in running its own financial system. Some country dont even have Central banks (uzbekistan is one of them). The same pay-out doesnt justify both animals are same. They may be similar due to intense competition between conventional and Islamic markets with close monitoring by central bank. Coke is Coke and Pepsi is Pepsi. And thats why Britnney Spears lost her million dollar Coke contract when she was pictured drinking Pepsi.
(6) Stay away from people who are propagating Islamic finance can be understood by 'only' reading classical Shariah books, fatwas and ijtihad by the imams for the last 1000 years ago. Why? to understand Islamic economics, understand the conventional economics first. To understand Islamic finance, understand what is conventional finance first. Islamic finance is about Islam (religion) and finance. Period.
(7) Some Shariah advisor from middle east do not have degree, let alone doctorate but people recognized them due to lineage from ulama' family and the tradition of their family and their fatwas are worthily uphold. They are competent enough to sit together with Sheikul Al-Azhar. Over here, it is not uncommon to hear from ustaz/ ustazah in Malaysia to preach Islamic finance is not in any classical books. It is a modern invention. Go dig my Note No.(3) above. Therefore, please, please, please,..before you listen to your ustaz/ustazah in TV/ youtube/ radio/ go dig their background first, where he acquired the knowledge. Some of them are worth listening only on how to take mandatory bath (aka mandi wajib). 3 big Shariah specialization: (1) Jinnayah (jenayah), (2) Munaqahat (marriage or perkahwinan) and Muamalat (transactions and contracts). To deny existence of Islamic finance is as good as denying Muamalat in Shariah. Therefore, go dig my Note No.(3) above.
I'm not claiming the system (be it the banking and capital market) is perfect. There are still holes be it in law system to the operations which need to be perfected. However, I believe that the effort is worth to take rather than sit down and talk about it. Wise man used to say to me, its better to be in the field and trying your best to win the game rather than be the spectators and yell out to the team. At least, while playing with the team, we 'in control' of the situation. If we become spectators, we're not 'in control' of anything except our mouth. It's your choice either to play the game or be the supporters. There were saying that our 4 Imams, they will be granted with 2 pahala if their ijtihad are in line with Islamic percepts and 1 pahala if its not. This shows that Islam uphold the 'efforts' more than others. Wallahuallam.
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