Critical Success and Failure Factors in Islamic Finance in the 21st Century: An Insider and Global Perspective
Artikel ni merupakan salah satu artikel yang aku minat. An article from 6 months ago yang aku sendiri tak sempat nak publishkan. Kebetulan waktu itu aku serta ‘MAJLIS SYARAHAN UMUM TUANKU CANSELOR USIM 2017’ yang diadakan dekat Dewan Tuanku Canselor USIM. Actually, this one is quite long and more to economic. Dan untuk kali ni, aku buat dalam bentuk point supaya tak serabut dan mudah difahami. Tak naklah pula nanti dikata baca buku sejarah. Tapi mohon dimaafkan kerana almost 80% daripada article ini berbahasa Inggeris.
“Critical Success and Failure Factors in Islamic Finance in the 21st Century: An Insider and Global Perspective”
By: Nur Shahira Elyas
15 February 2017
Yb Datuk Dr Musa Ahmad
Naib Canselor USIM
-Perbanyakkan platform untuk mempertengahkan konsep ekonomi, muamalat, maqosid syariah.
-Para penasihat di setiap institusi merupakan suatu harapan kepada masyarakat.
-Kurangnya kesedaran dalam perbankan islam menyebabkan ekonomi masyarakat mundur.
-Perlu bersikap terbuka menerima produk inovasi berasaskan Islam. Menghayati usaha untuk memantapkan perbankan Islam.
Ybhg. Datuk Dr.Mohamad Daud Bakar ,Penyandang Kursi Akademik
-We have to live as an example of integrated and knowledge person.
-The Success and Failure would hit anyone in this world as long as you wake up, struggle and doing your best.
-Success story is for all walks of life.
In real life. Success does not come that easy.
• Failure for a good reason is normal. (failure is part of life. What’s the important is to stand up from failure.
• Passion and passionate man. Be a determine person. To achieve what you dreaming to achieve.
• Be a Perseverance. Through prayer
• Motivation and ability to dream because dream is not a process. Not everyone can dream. Idea come from mind but dream come from mind, heart and soul.
• We have to be smart and Intelligence. There’s a man of dream but not intelligent enough.
The very important things in Islamic Finance is to avoid Reba. Prohibition of legal and prohibition of Reba took a long time to be discuss. Even the Prophet had a hard time to make people believe in ayah,
‘واحل الله البيع وحرم الربا
Islamic finance has no religion. Islamic law is not just for a Muslim but for all human.
Should economic benefit if Islamic banking was different to conventional banking.
When come to syariah, it has unlimited contract.People always don’t see this perspective.
Who are the stake holders in finance industry?
• Shareholders (is one of important body- taking risk. Putting the money)
• Public/Masses
• Regulation
• Media
• Academicians/ Syariah scholars.
We need to take this both stakeholders as important things.
-In Islam, colours are not important, but the profit.
-Having a significant access to public is one of success things, because in finance, we have to connect with person. Finance is about connecting with every single person.
Engagement of regulation matters (government)
Tax problem. We (Islamic Bank) ask government to cut the tax of Islamic Banking. Because if we do have tax, so we just same with conventional. In fact, government will not suffer loss even though there’s no tax.
-Industry is a journey. Journey to be success. Don’t impose to something that is different from your journey route.
-Islamic law is not about saying everything whish are haram, but to find a solution for something that haram. If one door is close, the other door will open. It always have way, to make people easy.
Critical Success Factors
• Competitiveness. If you are good but not competitive, you cannot achieve success. If we competitive enough, we can overcome it and make people attract to us. Brainstorming. How could you be competitive; you have to close the gap. Every single thing is a chance to you to be competitive. We have to predict what will be happen in future.
• Real Economics Function of Islamic Finance
• Speed and Velocity. We have to be speedy at all time. Some regulators, there will not bother to take every single time to make something. e.g.: Before meeting, its really good to read the meeting minute, the proposal. We have to read one by one. Line by line. Don’t play the time. Time will be our enemy. So, that when you come to meeting, you have something to give. Something fresh. You can’t come to the senate, meeting, and at that time you want to read this and that.
• Visibility and Branding. Islam is a great religion. But we are not known. Not shiny enough. If we do know, we’re known in negative way. We have to make our branding around the world visible. E.g.: How come we make Halal known to the world. Advertisement! Brave enough to take risk.
• Distribution. Challenge one. If we have good product, but you cannot distribute to community, so it will be considering not as good product. The power of distribution can be seen throughout the world. We have to take more effort in distribution. (Repackage, Rebrand.)
• Islamic Bank must be real live global. Globalisation can help you to enter to a new market. Double Murabahhah, where the banks can avoid the risk. Globalisation is important to create new market, new demand.
• Reduce your financing, We have to manage risk. Manage the cash flow.
• Australia: Cooperate clients fails to pay, the need to make their account rehabilitation. (blacklist)
Critical Failure Factors
• Overestimating the attractiveness of Islamic Finance. on what you want to do. Don’t mislead the society.
• Lack of 360 degree of Comprehension. If we don’t lack this thing, we can fill the gap.
• Absent of sufficient plaining.
• Idealism and perfectionism – we have to be human. Syariah is reveal for human not angel. We have to think accordingly.
• Complacency and Comfort Zone. We cannot be complacent. Do what you have to do. Tried to do it.
Roadmap to High Performance
• Performance vs High Performance. How can we achieve a great performance? Addressing the real things? Value of things? The data must be collect. University is place for humanity development. We have to have high performance in a critical problem
• From horizontal to progress performance
Mainstreaming Islamic Finance
• Do we have option? We have to know our strength.
• Mainstreaming in Malaysia
• Hope for a mainstreaming
• Mainstreaming is a new global market.
• The beginning start with the mindset. To change the mindset is crucial. The early you change your mindset, the better.
Mungkin ada yang tak faham sebab terlalu berbentuk nota, tapi ini yang mampu aku kongsikan.
11.46 am
15 February 2017
By: Nur Shahira Elyas
15 February 2017
Yb Datuk Dr Musa Ahmad
Naib Canselor USIM
-Perbanyakkan platform untuk mempertengahkan konsep ekonomi, muamalat, maqosid syariah.
-Para penasihat di setiap institusi merupakan suatu harapan kepada masyarakat.
-Kurangnya kesedaran dalam perbankan islam menyebabkan ekonomi masyarakat mundur.
-Perlu bersikap terbuka menerima produk inovasi berasaskan Islam. Menghayati usaha untuk memantapkan perbankan Islam.
Ybhg. Datuk Dr.Mohamad Daud Bakar ,Penyandang Kursi Akademik
-We have to live as an example of integrated and knowledge person.
-The Success and Failure would hit anyone in this world as long as you wake up, struggle and doing your best.
-Success story is for all walks of life.
In real life. Success does not come that easy.
• Failure for a good reason is normal. (failure is part of life. What’s the important is to stand up from failure.
• Passion and passionate man. Be a determine person. To achieve what you dreaming to achieve.
• Be a Perseverance. Through prayer
• Motivation and ability to dream because dream is not a process. Not everyone can dream. Idea come from mind but dream come from mind, heart and soul.
• We have to be smart and Intelligence. There’s a man of dream but not intelligent enough.
The very important things in Islamic Finance is to avoid Reba. Prohibition of legal and prohibition of Reba took a long time to be discuss. Even the Prophet had a hard time to make people believe in ayah,
‘واحل الله البيع وحرم الربا
Islamic finance has no religion. Islamic law is not just for a Muslim but for all human.
Should economic benefit if Islamic banking was different to conventional banking.
When come to syariah, it has unlimited contract.People always don’t see this perspective.
Who are the stake holders in finance industry?
• Shareholders (is one of important body- taking risk. Putting the money)
• Public/Masses
• Regulation
• Media
• Academicians/ Syariah scholars.
We need to take this both stakeholders as important things.
-In Islam, colours are not important, but the profit.
-Having a significant access to public is one of success things, because in finance, we have to connect with person. Finance is about connecting with every single person.
Engagement of regulation matters (government)
Tax problem. We (Islamic Bank) ask government to cut the tax of Islamic Banking. Because if we do have tax, so we just same with conventional. In fact, government will not suffer loss even though there’s no tax.
-Industry is a journey. Journey to be success. Don’t impose to something that is different from your journey route.
-Islamic law is not about saying everything whish are haram, but to find a solution for something that haram. If one door is close, the other door will open. It always have way, to make people easy.
Critical Success Factors
• Competitiveness. If you are good but not competitive, you cannot achieve success. If we competitive enough, we can overcome it and make people attract to us. Brainstorming. How could you be competitive; you have to close the gap. Every single thing is a chance to you to be competitive. We have to predict what will be happen in future.
• Real Economics Function of Islamic Finance
• Speed and Velocity. We have to be speedy at all time. Some regulators, there will not bother to take every single time to make something. e.g.: Before meeting, its really good to read the meeting minute, the proposal. We have to read one by one. Line by line. Don’t play the time. Time will be our enemy. So, that when you come to meeting, you have something to give. Something fresh. You can’t come to the senate, meeting, and at that time you want to read this and that.
• Visibility and Branding. Islam is a great religion. But we are not known. Not shiny enough. If we do know, we’re known in negative way. We have to make our branding around the world visible. E.g.: How come we make Halal known to the world. Advertisement! Brave enough to take risk.
• Distribution. Challenge one. If we have good product, but you cannot distribute to community, so it will be considering not as good product. The power of distribution can be seen throughout the world. We have to take more effort in distribution. (Repackage, Rebrand.)
• Islamic Bank must be real live global. Globalisation can help you to enter to a new market. Double Murabahhah, where the banks can avoid the risk. Globalisation is important to create new market, new demand.
• Reduce your financing, We have to manage risk. Manage the cash flow.
• Australia: Cooperate clients fails to pay, the need to make their account rehabilitation. (blacklist)
Critical Failure Factors
• Overestimating the attractiveness of Islamic Finance. on what you want to do. Don’t mislead the society.
• Lack of 360 degree of Comprehension. If we don’t lack this thing, we can fill the gap.
• Absent of sufficient plaining.
• Idealism and perfectionism – we have to be human. Syariah is reveal for human not angel. We have to think accordingly.
• Complacency and Comfort Zone. We cannot be complacent. Do what you have to do. Tried to do it.
Roadmap to High Performance
• Performance vs High Performance. How can we achieve a great performance? Addressing the real things? Value of things? The data must be collect. University is place for humanity development. We have to have high performance in a critical problem
• From horizontal to progress performance
Mainstreaming Islamic Finance
• Do we have option? We have to know our strength.
• Mainstreaming in Malaysia
• Hope for a mainstreaming
• Mainstreaming is a new global market.
• The beginning start with the mindset. To change the mindset is crucial. The early you change your mindset, the better.
Mungkin ada yang tak faham sebab terlalu berbentuk nota, tapi ini yang mampu aku kongsikan.
11.46 am
15 February 2017
#shahira_elyas
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