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 by master of ceremonies Mustafa Adil, Head of Islamic Finance, Data & Analytics at London Stock Exchange Group
Welcoming remarks by Khurram Hilal, Chief Executive Officer & Head Group Islamic Products at Standard Chartered Bank
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:
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;
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 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;
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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The global regulatory framework functions in a pyramidical manner made of 3 layers, sitting at the top are the international insti...
The global regulatory framework functions in a pyramidical manner made of 3 layers, sitting at the top are the international institutions issuing guidelines for Shari'ah compliance, followed by the Central Banks that will pass these guidelines to the third layer who is represented by financial institutions that are required to undergo reporting exercises to the first layer to indicate their compliance measurements. The real question in relation to the creation of an idea Islamic financial institution is whether this entity can be created within this system or if it will need to detach itself and emerge beyond its supervision.
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Dr. Hakimah Binti Haji Yaacob
Shariah Board Member
Standard Chartered Bank Malaysia
Shari'ah Decision Making today differs from the past in 4 key areas: 1. SDM today is very systemic compared to the past, comprisin...
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Mufti Muhammad Abdul Mubeen
Group Head of Shariah Department
Standard Chartered Bank & Shariah Board Member SCB Pakistan and Malaysia
The assessment of cryptocurrencies and digital assets from an Islamic jurisprudence perspective must be informed by an analy...
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Standard Chartered Bank UAE & Shariah Board SCB Malaysia
Shari’ah provides a set of articulated strategic values that guide leaders in making critical decisions. When a seemingly pr...
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The Islamic banking sector will see the rise of 3 key industry trends -Shariah governance, retail transformation and the convergen...
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