Shariah Minds in Islamic Finance

by Mohd. Daud Bakar

"Shariah Minds in Islamic Finance" is the first ever book which provides a rare inside look and accounts of the many facets of a career of a Shariah advisor. This is made more intriguing, as it is written by one of its practising global scholars. This is his story. The book is both enlightening and engaging. Courageous enough, this book examines issues, such as conflict of interest arising from multiple Shariah board representation by a few scholars, the purported lucrative scheme of Shariah professional fees, the monopoly of a few leading Shariah scholars, the development of young and forthcoming scholars, the perceived conflict of fatwa between Malaysian-based scholars and GCC-based scholars, window shopping of fatwas and many other (antagonistic) perceptions on the Shariah scholars. Above all, this book offers a constructive appraisal of the Shariah advisors for the betterment of the Shariah advisory services and the industry as a whole. This book advocates the critical need for greater governance standards, which emphasise the duty of care, diligence and skills of Shariah scholars. Furthermore, this book hopes to inspire a new generation of Shariah scholars by providing invaluable tips and trade secrets from the author's two decades of industry experience.

322 pages, Hardcover

First published January 1, 2016

About the author

Datuk Dr. Mohd Daud Bakar is the Founder and Executive Chairman of Amanie Group. One of its flagship companies namely Amanie Advisors, is operating in 6 cities globally. He currently serves as the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, the Labuan Financial Services Authority, and the First Abu Dhabi Bank. He is also a Shariah board member of various global financial institutions, including the National Bank of Oman (Oman), Amundi Asset Management (France), Bank of London and Middle East (London), BNP Paribas (Bahrain), and Dow Jones Islamic Market Index (New York) amongst many others.

In the corporate world, he sits as a Board Director at Sime Darby Berhad and a member of the PNB Investment Committee. He is also the third Chair Professor in Islamic Banking and Finance of Yayasan Tun Ismail Mohamed Ali Berdaftar (YTI) PNB at Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM).

In 2016, he received the “Award of Excellence for Outstanding Contribution for Shariah Leadership & Advisory” at London Sukuk Summit Awards and “Shariah Adviser Award” at The Asset Triple A Islamic Finance Award. In 2014, he received the “Most Outstanding Individual” award by His Majesty, the King of Malaysia, in conjunction with the national-level Prophet Muhammad’s birthday.

Under his leadership, Amanie Advisors received the “Islamic Economy Knowledge Infrastructure Award” at the Global Islamic Economy Summit, Dubai 2015, by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Oct 2015.

Prior to this, he was the Deputy Vice-Chancellor at the International Islamic University Malaysia. He received his first degree in Shariah from University of Kuwait in 1988 and obtained his PhD from University of St. Andrews, United Kingdom in 1993. In 2002, he completed his external Bachelor of Jurisprudence at University of Malaya.

His publications include articles in various academic journals and presentations of more than 150 papers in both local and international conferences. His first book entitled “Shariah Minds in Islamic Finance: An Inside Story of A Shariah Scholar” has won the “Islamic Finance Book of the Year 2016” by the Global Islamic Finance Award (GIFA).

Reviews

[Wan Asma Wan Omar · Rating 4 out of 5]

If you want to be a professional syariah advisor or in board of syariah for financial institutions,this is the book for you.You need to have basic understanding first about syariah before you read this book,so that you can appreciat what Dato' Mohd Daud wanted to deliver.Overall,the book gave an a lot of insights and the reality of syariah advisor in Islamic Finance.

[Muin Rahman · Rating 5 out of 5]

it's a great book which discusses the overall Islamic finance market and the role of the advisor and the regulators, it's current status and where it can go in future if nurtured properly.

[faisalemran · Rating 5 out of 5]

Bacaan santai

[Julkifli Bensali · Rating 3 out of 5]

A good book to understand the world of Shariah scholar, in this case from Dr Daud's perspective.

Somehow not presented in good narrative. There is no link from one chapter to the next chapter.

A few issues and problems left unanswered such as the perception of Shariah scholars in Malaysia is more lenient compare to their GCC counterparts.

A few suggestion going forward but no clue on whether that suggestion has been brought forward to the respective respondents. Whether it is being implemented? Whether it is a mere suggestion?

[Amy Thea · Rating 4 out of 5]

I took year (or more) to finish this book. Some part are interesting to read, I discovered new knowledge about Islamic products.

Building career as shariah scholar might be different from climbing corporate ladder, you need to be knowledgeable and skillful, but advising (or make decision) on Shariah issues might need even more. There are many aspects to deal with, including your own belief.

I would say this is a great opportunity for Shariah graduates, as compared to Islamic Banking/Finance graduates. The job scope is very broad & we still lack of Shariah scholars in Malaysia.

[Nasih Saifullah · Rating 3 out of 5]

I was hoping for more substance as i read past half of the book. It lacked of actual cases. While the book might have targeted readers with finance background, i still think putting footnotes on the terms used to be useful. That's how readers should be engaged.

Overall, 3.5/5.