Article contributed by Ida Shaheeza Ismail, Officer, Bar Council Islamic Finance Committee; photos by Jul Indra Tofan, Administrative Assistant, Bar Council
On 3 May 2017, the Bar Council Islamic Finance Committee organised a seminar entitled “An Introduction to Islamic Finance” at the Bar Council Raja Aziz Addruse Auditorium.
This seminar introduced participants to the law and practice of Islamic banking and finance as currently applied in Malaysia. Participants were not only given an overview of the salient features of the Islamic Financial Services Act 2013 (“IFSA 2013”), but were also exposed to the drafting of Islamic finance documentation based on relevant Syariah principles. The seminar also covered the adjudication of Islamic financial issues through the litigation process.
The seminar began with an engaging and lively presentation on “Salient Features of IFSA 2013” by Jal Othman. Next, Megat Hizaini Hassan led the session on “Drafting Islamic Finance Documentation — Bai’ Bithaman Ajil (“BBA”), Tawarruq and Musharakah Mutanaqisah”, where he covered the basic documentation process and the differences between the three above–mentioned documents, which many found to be essential and very useful.
The final session was on “Islamic Finance Litigation in Malaysia” and presented by Hizri Hasshan. He spoke on and covered the basic principles of Islamic banking, did a comparison of conventional banking and Islamic banking, and highlighted some key cases in Islamic banking.
This seminar received very positive feedback, with many requests for similar seminars in the future.