Maqasid Syariah and its challenges in shaping financial products are among the topics discussed at the Brunei Darussalam Islamic Finance Conference. The issues were discussed by 2 expert panelists during a forum held yesterday in conjunction with the Brunei Darussalam Islamic Investment Seminar, BIIS.
Earlier, Doctor Mohd Hairul Azrin bin Haji Besar, a member of the Syariah Financial Supervisory Board and member of the Centre For Islamic Banking, Finance and Management, CIBFM Board of Directors, in his working paper entitled "Direction of Islamic Finance in facing global challenges", among others discussed the current challenges in Islamic Finance and the use of Syariah in Islamic Finance. According to him, the lack of knowledge in Islamic Finance and in terms of its governance is among the challenges faced in Islamic Finance.
Meanwhile, Doctor Abdul Nasir bin Haj Abdul Rani, Dean of the Faculty of Economics and Islamic Finance of the Sultan Sharif Ali Islamic University, UNISSA and a member of the BIBD Syariah Advisory Body discussed about the historical chronology of the economic crisis which began from 1907. In his working paper entitled "Global Economic Crisis: Challenges and Opportunities of Islamic Banking Institutions", Doctor Abdul Nasir said that the disasters that fell upon the ummah are the result of humans themselves. The economic crisis, he added, needs to be evaluated through warnings sent down by Allah SWT regarding the prohibition of gaining money in a wrongful manner, namely through an interest-based system in finance and banking practices.
Meanwhile, the forum entitled "Maqasid Syariah and its challenges in shaping financial products", shared the reasons Syariah was sent down by Allah SWT and the financial laws based on Al-Quran and Sunnah. The forum was conducted by two panelists comprising Doctor Kamaru Salam bin Yusof, Deputy Dean of UNISSA's Faculty of Economics and Islamic Finance and Doctor Shamsiah binti Abdul Karim, from the Syariah Advisory Board of Pergas Investment Holdings Private Limited, Singapore.
Source: Radio Television Brunei