Jakarta, June 10-11th 2015 – The International Shari’ah Research Academy for Islamic Finance (ISRA) in collaboration with Syarif Hidayatullah State Islamic University, Jakarta has successfully organized the 9th Muzakarah Cendekiawan Shari’ah Nusantara (the Regional Shari’ah Scholar Dialogue) and International Seminar On Shari’ah Transactions on the 10th and 11th of June, 2014 at the Millennium Hotel, Jakarta, Indonesia.
The theme of this year’s Muzakarah is Innovation in Islamic Finance in the Development of the Socio-economic Ummah. The presentations and discussions were conducted in Malay and English. The main objective of the Muzakarah is to establish a common understanding among Shari’ah scholars in this region through academic discussions on various issues pertaining to Islamic finance. This event also aims to provide a regional platform for Shari’ah scholars and practitioners to exchange ideas, knowledge and experience, and to share the latest developments in the Islamic finance industry.
The two-day event was officiated by Dato’ Muhammad bin Ibrahim, Deputy Governor of Bank Negara Malaysia. This event successfully attracted more than 100 delegates comprising scholars, academician, and practitioners in Islamic financial institutions from countries in the ASEAN region such as Malaysia, Indonesia, Singapore, Thailand and Brunei. Representatives of Bank Negara Malaysia and Securities Commission Malaysia were also in attendance. In total, seven (7) papers and ten (10) slides were presented.
The first day of the event began with a presentation of the 8th Muzakarah resolutions by Dr. Marjan Muhammad (Director of Research, ISRA). This is followed by a presentation by Dr. Mohamed Fairooz Abdul Khir (ISRA-Malaysia) on the Parameters of Fees and Charges in Islamic Financial Products.
The first discussion session began with a presentation of three papers on the concept of hajah and its application in Islamic finance. The presenters were Ustaz Lokmanulhakim bin Hussain (ISRA), Dr. Oni Sahroni (DSN-MUI–Indonesia) and Dr. Abdul Nasir bin Haji Abdul Rani (UNISSA–Brunei Darussalam). The discussants for the papers were Cecep Maskanul Hakim (DSN-MUI–Indonesia), Dr. Zakariya Hama (Fatoni University–Thailand) and Ustaz Mohd Zamerey bin Abdul Razak (Bank Rakyat–Malaysia).
The second discussion session continued with a presentation of three papers which focused on the Shari’ah issues in refinancing and restructuring. The presenters for this session were Prof. Dr. Engku Rabiah Adawiah binti Engku Ali (UIA–Malaysia), Assoc. Prof. Dr. Aznan bin Hasan (UIA–Malaysia) and Dr. H. M. Anwar Ibrahim, MA (DSN-MUI–Indonesia). The discussants for this session were Ustaz Burhanuddin Lukman (ISRA–Malaysia), Prof. Dr. Fathurrahman Djamil, MA (DSN-MUI–Indonesia) and Ustaz Muhd Ramadhan Fitri bin Elias (Maybank Islamic–Malaysia).
The second day started with two sharing sessions. The first sharing session focused on models of socio-development and equity-based products. The presenters for this session were Ustaz Mohamad Hud Saleh Huddin (BIMB–Malaysia), Hjh Adinah binti Hj Jamudin (Bank Islam Brunei Darussalam), Ustaz Mohd Hafiz bin Fauzi (BMMB–Malaysia), Dr. Shamsiah Abdul Karim (Albukhary International University–Malaysia), Moch Muchlasin (Oritas Jasa Keuangan (OJK)–Indonesia) and Dr. Irfan Syauqi Beik (Institut Pertanian Bogor (IPB)–Indonesia). Meanwhile, the second sharing session focused on microfinance and microtakaful offered by Indonesian companies. The presenters were Dr. Aries Muftie (Asosiasi BMT–Indonesia), Muhammad Gunawan Yasni, SE.Ak, MM, CIFA, FIIS (BRI Syariah) and Srikandi Utami (Wakil Kepala Unit Syariah, PT. Sun Life Financial Indonesia).
The following session continued with a panel discussion on issues and challenges in the structuring of innovative Islamic finance products. The invited panellists were Datuk Dr. Mohd Daud bin Bakar (Amanie Business Solutions Sdn Bhd–Malaysia), Dr. Maroning Salaming (College of Islamic Studies, Prince of Songkla University–Thailand) and Ustaz Mohd Kamal Mokhtar (Mahkamah Rayuan Syariah–Singapore). The last session for the day was a paper presentation on Conflict of Law Between Shari’ah Economic Legal Compilation (KHES) and Shari’ah Resolution (Fatwa) by Prof. Dr. Mohammad Atho Mudzhar. The paper was discussed by Dr. Asep Saepudin Jahar and Dr. J. M. Muslimin, PhD, both from Universitas Islam Negeri Syarif Hidayatullah, Indonesia.
The Muzakarah ended with a presentation of 13 resolutions, in which it resolved that the application of hajah must be based on certain Shari’ah parameters. The resolution also proposed further research to be conducted on the Shari’ah parameters of darurah and al-hajah al-khassah as well as on the issue of qalb al-dayn. This final session was chaired by Prof. Dr. Ashraf Md. Hashim (CEO, ISRA Consultancy).