Constructive and Positive Suggestions Rather Than Negative Criticism

Quoted from Professor El Gamal Available at http://elgamal.blogspot.com/

Rebooting Islamic Finance: It’s Time

I have been very critical of Islamic finance as it has evolved since the 1970s: an inefficient part of the international financial system that served no purpose except line the pockets of lawyers and experts. Now that the tools of structured finance have been proven to be as much a disaster as others and I had warned, perhaps participants in this industry – many of whom are sincere, I am sure – will hopefully abandon their response to my critiques: “what is wrong with SPVs, that is how all finance is done with success.”

Perhaps now is the time to switch from negative criticism to positive suggestions of how to do things differently. This is not an area where I believe in keeping ideas to oneself until one publishes them or makes some money in consulting fees for proprietary structures. Also, it is an area where open discourse may help to improve upon proposals. So, here we go, starting with possible innovations in microfinance structures that I hope to start investigating experimentally this summer.

Notes: This is what Islamic finance waiting for. Criticism is much welcome but constructive criticism with positive suggestions are much more needed in the industry. I believe that Islamic finance industry is now in the new phase of its development towards a new direction. If the Prophet SAW migrated (hijrah) to Medina for the sake of Allah, Islamic finance shall also do the same. Hijrah from concentrating on Shari’ah-compliant instruments towards Shari’ah-based products. Hijrah from maximising Shareholder-value towards stakeholder-value with maqasid Shari’ah and social justice as the paramount consideration. It is time for Hijrah. Hijrah!!!!!!

Best Regards
ZULKIFLI HASAN
DURHAM UNIVERSITY

  • P1010675
  • Osaka Castle (Built in 1583 by Toyotomi Hideyoshi), Osaka, Japan.

    3 thoughts on “Constructive and Positive Suggestions Rather Than Negative Criticism

    1. Wahh best giler dah berjalan2 di Osaka. Tak sejuk ke?

      • ZULKIFLI HASAN says:

        Salam Bro, Nanti aku tempahkan hotel di London and Paris. Sorry lambat reply. Aku baru je sampai dari London ni ada conference di Thomson Reuters Canary Wharf.
        Osaka panas beb. Hujan pulak tu. La ni Jepun musim panas, panas mcm malaysia. Salam dari Durham.
        ZULKIFLI HASAN

    2. Ben Othman says:

      Greetings to All

      “Rebooting Islamic Finance: It’s Time”

      The Jews take pride and claim that Judaism teaches them to be practical and action oriented.( See articles on Judaism ) .That conviction cannot be just dismissed for evidence shows that is what they are.Taking over Palestine was not done without meticulous planning , strategy and yes conspiracy.As a matter of fact, history shows the Zionists seriously put their plans into action in early 19the century!And of course the plan was mooted hundred of years before that.

      The point is , actions is a lot better than words and words (criticism in the negative and constructive ) are what Islamic community has in abundance. To catch the spirit of the captioned topic accurately (rebooting ) –it takes actions not words to transform and hijrah Islamic Finance and Banking to the next level

      It needs actions in terms of serious commitment by Islamic government Authorities, by those in authority, by those who believe in Islamic Banking Movement and that includes depositors, personnel , media related to the industry and above all,the commitment to acquire knowledge and realization that we are here for a MISSION.

    Leave a Reply

    Fill in your details below or click an icon to log in:

    WordPress.com Logo

    You are commenting using your WordPress.com account. Log Out / Change )

    Twitter picture

    You are commenting using your Twitter account. Log Out / Change )

    Facebook photo

    You are commenting using your Facebook account. Log Out / Change )

    Google+ photo

    You are commenting using your Google+ account. Log Out / Change )

    Connecting to %s