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Global Shari'ah Majlis

Date and Time
16th November 2022, 12:15 am (GMT-5)
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Global Shari'ah Majlis seeks to advance thought-leadership in the Islamic banking industry and raise public awareness of current trends in the sector. Standard Chartered, as the leading international player in the Islamic banking industry, is proud to have some of the leading Shari'ah scholars on its various Shari'ah boards. This is a unique platform that brings together all these scholars on a single forum to discuss some of the latest issues being debated in the industry. The forum will cover topics like Shari'ah perspectives on blockchain, the role of Islamic Banking Windows, the evolution of Shari'ah Decision Making, and aim to visualise an ideal Islamic financial institution from a Maqasid lens.


Opening Remarks

November 16, 12:15 AM - 12:20 AM (GMT-5)

Opening remarks by master of ceremonies Mustafa Adil, Head of Islamic Finance, Data & Analytics at London Stock Exchange Group

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Welcoming Remarks

November 16, 12:20 AM - 12:30 AM (GMT-5)

Welcoming remarks by Khurram Hilal, Chief Executive Officer & Head Group Islamic Products at Standard Chartered Bank

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Shari’ah Perspective on Blockchain Use Cases: Cryptocurrencies, NFTs and Digital Assets

November 16, 12:30 AM - 1:30 AM (GMT-5)

Digital assets and currencies are rapidly evolving from being niche products in search of a purpose to having a more mainstream presence in the financial system. Their changing status and increasing usage and demand have added impetus to the push to examine their relevance to Islamic banking.

In this session, the panellist will shed light on the Shari’ah aspects of:

  • Cryptocurrencies; key factors to assess Shari’ah-compliance?
  • Non-fungible tokens (NFTs); do they fulfil the Shari’ah requirement of being a tradeable and valuable asset?
  • Smart contract or Blockchain; Practical use cases
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The Role of Islamic Windows in the Development of Islamic Finance: A Critical Assessment

November 16, 1:30 AM - 2:30 AM (GMT-5)

Islamic Banking (IB) Windows have played an important role in bringing both innovation and scale to the IB market. Critics argue that windows may not be at par with full-fledged Islamic banks in terms of Shari’ah governance.

In this session, the panellists will;

  • provide Shari’ah merits and demerits of a window model.
  • examine the contribution of windows in the development of IB industry.
  • critically assess the Shari’ah governance framework and practices prevalent in IB Windows.
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Evolution of Shari’ah Decision Making in Islamic Banking: A Pragmatic Approach

November 16, 2:35 AM - 3:35 AM (GMT-5)

Shari’ah Decision-Making (SDM) in Islamic banking refers to an objective and consultative exercise conducted by qualified Shari’ah scholars to assess the Shari’ah-compliance of a financial product or to provide economically viable solution (that is in line with Shari`ah) to a challenge faced by an Islamic financial institution. With the ever-changing business landscape and financial architecture, Shari’ah thinking has also evolved. However, some critiques argue that SDM in Islamic banking at times overlook the historical and contextual framework of juristic scholarship in driving Shari’ah resolutions.

In this session, the panellist will discuss:

  • The process and key principles of SDM
  • How to differentiate between definitive Shari’ah principles and time bound Fiqhi opinion in the context of addressing modern banking challenges
  • Practical cases of Maslaha and Hajah in the SDM
  • Identifying the sweet spot in SDM
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Visualising an Ideal Islamic Bank: A Maqasid Driven Approach

November 16, 3:35 AM - 5:00 AM (GMT-5)

The concept of an 'Ideal Islamic Bank’ has been at the centre of debate between the proposants and critiques of contemporary Islamic banking. They both agree on the importance and critical role of financial intermediation in the economy; however, they differ on the expectations from an Islamic bank. While the former considers Shari’ah-compliant financial intermediation to be the key differentiator, the latter advocates for a wider impact that benefits the larger stakeholders including society and planet with the envisaged objectivise of Shari’ah.

In this panel discussion, we will attempt to;

  • create a sketch of an ideal Islamic bank that is based on the Maqasid-al-Shari’ah.
  • visualise a perfect model of deposit generation and financing.
  • discuss the ideal Shari’ah governance framework.
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Closing Remarks

November 16, 5:00 AM - 5:10 AM (GMT-5)

Closing remarks by Mufti Muhammad Abdul Mubeen, Group Head of Shariah Department Standard Chartered Bank & Shariah Board Member SCB Pakistan and Malaysia

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