MASTER IN ISLAMIC FINANCE PRACTICE (MIFP)

SHARIAH ISSUES IN ISLAMIC FINANCE

COURSE CODE: SH5033-

SEMESTER SEPTEMBER 2017

ASSIGNMENT 2 PROJECT PAPER

NAME: NOR MOHAMED OSMAN

STUDENT ID: 1500136

LECTURER: Dr. ZIYAAD MAHOMED

DATE:
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Abstract

The rising of the Islamic banking and finance has been a very fast growing sector particularly in
Malaysia and also in the world. And it acts as the alternative of conventional banks.

It is very significant of the management of Islamic banking to ensure that all the transactions and
products of Islamic banking are accordance to the principles of Shari’ah at all times and at all
cost. This is due to the fact that Shari’ah requirements are the backbone of Islamic banking
which is to adhere to. The attempt by Islamic banking and finance industry had so far been
successful and it could be witnessed by launching of wide range of shariah complaint financial
products and transactions.

The arising of the need of Islamic banking products is mostly due to the mindfulness of the
customers, not only Muslim but also non-Muslim as well, regarding the need of prevention of
riba’ based transactions in which it is broadly used and practiced in conventional banking.

However, none of us can assurance that the shariah compliant products approved are fault-free
completely. The practice of Bay al-Inah and the practice of Tawarruq which are quite commonly
used in Malaysia, have been different from the Middle East. The issues of the Islamic concepts
are, among others, Bay’ al-Inah, Tawarruq and Al-Ijarah Thumma Al-Bay’ (AITAB).

Key terms of the research

1. Bay’ al-Inah 2. Tawarruq 3. Al-Ijarah Thumma Al-Bay’ (AITAB)

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Objectives of this Project:

Identify and discuss the relevant issues of widely used Islamic concept in Islamic banking and
finance namely Bay’ al-Inah, Tawarruq and Al-Ijarah Thumma Al-Bay’ (AITAB) which are
encountered by the Islamic banking industry in Malaysia particularly and proposal of an
alternative solution or enhancement to it.

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Table of content

Cover Page ...................................................................................................................................... 1

Abstract ........................................................................................................................................... 2
Objectives ....................................................................................................................................... 3
Table of Contact ............................................................................................................................ 4
Introduction .................................................................................................................................... 5
The Shari’ah issue one: Bay’ al-Inah ........................................................................................
The concept of Bay’ al-Inah .....................................................................................................6
The function of Bay ‘al-Inah............................................................................................................6
The current practice in the industry..............................................................................................7
Legitimacy of Bay’ al-Inah ......................................................................................................8
View of the scholars on Bay’ al-Inah ...........................................................................................8
Alternative solution) .................................................................................................................8
The Shari’ah issue two: Tawarruq……………………………………………………………

The concept of Tawarruq..........................................................................................................9

The function of Tawarruq ..........................................................................................................10
The current practice in the industry ........................................................................................10
Legitimacy of Tawarruq .............................................................................................................11
View of the scholars on Tawarruq) ........................................................................................11
Alternative solution ................................................................................................................11
The Shari’ah issue three: Al-Ijarah Thumma Al-Bay’ (AITAB)………………………….

The concept of Al-Ijarah Thumma Al-Bay’ (AITAB) ...........................................................12

The function of Al-Ijarah Thumma Al-Bay’ (AITAB) ..........................................................13
The current practice in the industry) ......................................................................................13
Legitimacy of Al-Ijarah Thumma Al-Bay’ (AITAB) ............................................................14
View of the scholars on Al-Ijarah Thumma Al-Bay’ (AITAB) .............................................14
Alternative solution ................................................................................................................15
Conclusion .............................................................................................................................15
References .............................................................................................................................16

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Introduction

Bank Muamalat Malaysia Berhad (BMMB) is one of the banking institutions operates in
Malaysia and became the second full-fledged Islamic bank established in Malaysia. The very
first full-fledged Islamic bank established is Bank Islam Malaysia Berhad (BIMB). BMMB play
a vital role in preparing and providing Islamic banking products and services to Malaysians,
without distinct the race or religious beliefs.
BMMB started in operational on 01 October 1999. At the first place, the bank combined assets
and liability brought over from the Islamic banking windows of the Bank of Commerce (M)
Berhad, Bank Bumiputra Malaysia Berhad (BBMB) and BBMB Kewangan. In fact, DRB Hicom
holds the majority shares with 70% of the shares in the BMMB. Although, Khazanah Nasional
Berhad holds remain of 30% shares. The bank headquartered located in Kuala Lumpur,
Malaysia.
BMMB provides Islamic banking products and services which related to the financial services in
the Malaysia. It operates through three banking segments are Consumer Banking, Treasury and
Investment Banking, and Business Banking.

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Shari’ah Issues

According to the disagreements (Ikhtilaf) of opinions in the view of the jurist arise due to
absence of legal evidence. These differences of opinions create certain Shariah Issues with
reference to different school of thoughts followed by different Jurists which encourage them to
do Ijtihad and come out with their own judgmental and evident rulings based on certain
principles from the divine sources or from secondary sources of Shariah. Since Islamic Banking
is an organ of the Islamic Financial Services industry, Shariah issues with respect to its certain
Islamic Banking products & contracts will be discussed and we will endeavor our best to provide
certain recommendations that may help in eliminating or reducing these issues and might
contribute to the society and the industry.

Although the main governing principles of Islamic banking are derived from the primary
sources i.e. the Holy Quran and Sunnah of Prophet Muhammad (peace be upon him), no one can
guarantee that its execution is fault-free. There are still certain Shari’ah issues surrounding the
execution and operations of Islamic banks which have yet to be resolved. This is, from my
humble opinion, due to the fact that the Quranic verses and the Sunnah of Prophet Muhammad
(peace be upon him) are interpreted in different ways according to the different schools of
thought (mazhab). The different opinions comprehended from different mazhab had lead to the
disputes, critics and debates among the industry players around the world. Every scholar
provided different fatwa on confident shariah issues denoted to the fights and disputes faced by
the Islamic banks.

Different scholars give different fatwa (legal opinion of Shari’ah scholars) on certain Shari’ah
issues contribute to the conflicts and disputes faced by the Islamic banks. This piece paper will
examine, at the very minimum, the Shari’ah issues faced by the Islamic banks particularly in
Malaysia. The issues of the Islamic concepts are, among others, Bay’ al-Inah, Tawarruq and Al-
Ijarah Thumma Al-Bay’ (AITAB).

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The Shari’ah issue one: Bay’ al-Inah

i. The Concept of Bay’ al-Inah

The concept of Inah, Inah is generally defined as an arrangement whereby a seller sells to the
buyer some object for cash deferred payment; then, simultaneously, the seller immediately buys
back the same object for a lesser amount than the deferred price in cash. Thus, the transaction
amounts to a loan whereby the difference between the two prices represents the interest. This can
be seen as a loan in the form of a sale. The asset is useful to both parties either for consumption
or derivation of the usufruct (manfaah). The customer receives the desired amount of cash from
sale and makes the deferred payments with the aim of settling the transaction.

ii. The function of Bay’ al-Inah

The function of Bay’ al-Inah transaction is no other than facilitating the customer to get cash
from the buyer for whatever reason to use the cash, in order to fulfil the various needs of market
players. And of course, the financier i.e. the seller must ensure that the purpose of the transaction
is approved by the Shari’ah. According to Resolution of Bank Negara Malaysia (BNM)’s
Shariah Advisory Council (SAC)1, Bay’ al-Inah concept is used in the Malaysia Islamic banking
and Islamic capital market system to fulfill the various needs of market players, mainly during
the initial development stage of Islamic financial system.

iii. The current practice in the industry

Currently, many Islamic Financial Institutions (IFIs) in Malaysia offer personal financing using
the principal of Bay’ al- Inah to suit the need of individual or corporate customers to obtain cash
for whatever reasons approved by Shari’ah. Some of the IFIs who offer personal financing using
Bay’ al- Inah concept are as per the Table 1 below:

No Islamic Financial Institution Personal Financing/ Product Name

1 Bank Kerjasama Rakyat Malaysia Personal Financing-i Aslah

1
Shariah Resolutions in Islamic Finance, Bank Negara Malaysia. Second Edition. Available at :
http://www.bnm.gov.my/index.php?ch=7&pg=1038&ac=345&bb=file1

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Personal Financing-i for Progres-i, Sukses-I,

2 OCBC Al-Amin (M) Berhad
Prestij-i and Corporate Cash-i

3 Public Islamic Bank Berhad BAE Personal Financing-i

4 AmIslamic Bank Berhad Personal Financing-i

5 Bank Simpanan Nasional BSN AFLAH SPIK Personal Financing-i

6 Agrobank AgroCash-i

7 Alliance Islamic Bank Berhad Alliance CashVantage Personal Financing-i

1. Xpress Cash Financing-i

8 CIMB Islamic Bank Berhad 2. Cash Plus Financing-i

3. Pembiayaan Peribadi Sektor Awam-i

9 Affin Islamic Bank Berhad Affin Islamic Personal Term Financing-i

10 Maybank Islamic Berhad Maybank Islamic Personal Financing-i

Besides personal financing, products of IFI which use Bay’ al-Inah concepts, among others are
Islamic Interbank Money Market (IIMM), Negotiable Islamic Debt Certificate (NIDC), bond
issuance, debt securitization and credit card facility.
iv. Legitimacy of Bay’ al-Inah
The legitimacy of Bay’ al-Inah is supported by the following famous Quranic verse, “Allah has
permitted sale and prohibited riba’” (Al-Baqarah: 275).

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“Those who consume interest cannot stand [on the Day of Resurrection] except as one
stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just]
like interest." But Allah has permitted trade and has forbidden interest. So whoever has
received an admonition from his Lord and desists may have what is past, and his affair
rests with Allah. But whoever returns to [dealing in interest or usury] - those are the
companions of the Fire; they will abide eternally therein.”

Based on the general understanding of the above mentioned verse, Bay’ al-Inah is permissible as
it is a sale transaction.

v. View of the scholars on Bay’ al-Inah

The Shafi’i school is the only school which permits Bay’ al-Inah while the other schools do not
approve the legality of Bay’ al-Inah.

Most of the scholars have disapproved the legality of Bay’ al-Inah but the shafi’i School have
approved the legality of Bay’ al-Inah. According to Imam Shafi’i, the intention or niyyah of the
contracting parties does not lead to invalidity of the Bay’ al-Inah transaction. He views that the
intention is immaterial in the contract and it is something hidden which is not known to the
contracting parties unless specified in the contract.

While Hanafi and Hanbali schools view that Bay’ al-Inah is not permissible due to the fact that
the intention will invalidate the contract. According to them, the motive of the contracting parties
determines the legality and illegality of the contract. It is considered as backdoor riba’. Based on
views from the majority of scholars, Bay’ al-Inah is deemed permissible as a legal device in
order to overcome the prohibition of riba’.

Even though the majority of scholars disallowed this concept, some of them are of the opinion it
is permissible as long as all the pillars and conditions of the contract are complied with.

vi. Alternative solution

Because of its controversial issue and debates among scholars with regards to its permissibility,
many IFIs had switched to other alternative concept to obtain cash. One of the alternative
solutions is the Tawarruq or tri-partite sale transaction which involves 3 (three) parties. Based on

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my personal experiences working with an Islamic bank i.e. EONCAP Islamic Bank Berhad2
(EIBB) from 2009 till 2011, all its personal financing products were under Bay’ al-Inah
principle. After the merger and acquisition done by Hong Leong Bank Berhad (HLBB), the
personal financing products are no longer using Bay’ al-Inah and it was phased out. This was
because the Shariah Committee (SC) of Hong Leong Islamic Bank (HLISB) did not permit Bay’
al-Inah. Therefore, all the existing and new products of the newly merged between these two IFIs
are using Tawarruq or commodity Murabahah concept.

The Shari’ah issue two: Tawarruq

a) The Concept of Tawarruq

According to Encyclopedia of Kuwait, Tawarruq is a contract whereby a person buys a

commodity on credit, thereafter he sells it for cash to a third party (other than the original seller)
for a price which is lower than the price which he has paid for it. This arrangement comprises of
the following separate transaction:

i. The seller sells and the buyer purchases a commodity on credit, the price is to be payable on
a fixed agreed date in future. (“the first sale credit transaction”)

ii. The buyer thereafter sells the same commodity for a cash price to a third party, such cash
price being a lower price (than the price payable in terms of the first sale credit transaction).

There are two types of Tawarruq which are the classical Tawarruq and Tawarruq Munazzam or
organized Tawarruq. Tawarruq Munazzam is adopted by the IFIs whereby the IFIs act as the
agent of the customer, who needs the cash, is selling the asset which was initially purchased from
the same IFI. This arrangement of Tawarruq Munazzam was made to be prohibited by the
Majma’ Fiqh Islami in its 17th meeting. This is because the modus operandi of this kind of
practice resembles Bay’ al-Inah which does not represent the true concept of Tawarruq which
has been approved by the classical jurists.

2
A subsidiary of EON Bank Berhad before it was taken over by Hong Leong Bank in November 2011 for a price of
RM5 billion.

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Classical Tawarruq is defined as the purchase of a commodity possessed owned by the seller for
a delayed payment, whereupon the buyer resells the commodity for cash to other than the
original seller in order to acquire cash (al-wariq).

b) The function of Tawarruq

The purpose of Tawarruq is to obtain liquidity. Currently, Malaysia is endeavoring to find a way
to adopt the scheme of Tawarruq as a liquidity management tool for Islamic interbank overnight
and short-term deposits under the brand “Commodity Murabaha Program” or CMP (Nagaoka,
2010). Even though the concept Tawarruq has long been discussed by the Shari’ah scholars, only
recently such concept was being practically implemented. This concept is regarded as an
alternative to Bay’ al-Inah concept and is used in product financing, deposits and financial
liquidity management3. According to Mihajat and Haliding (2010), Tawarruq concept can be
used for the liquidity risk management i.e. inter-bank money market, liquidity absorption and
liquidity injection.

c) The current practice in the industry

The concept of Tawarruq is used and applicable in financing products offered by IFIs such as
personal financing and mortgage to cater the needs of the individual and corporate customer and
to avoid using the Bay’ al-Inah concept which is controversial. The list of financing products
offered by IFIs which is using Tawarruq or commodity Murabahah concept is as per Table 2
below:

No Islamic Financial Institution Product

1 Hong Leong Islamic Bank Berhad Hong Leong Personal Financing-i

2 Asian Finance Bank Malaysia Tawarruq Home Financing-i
3 Bank Islam Malaysia Berhad 1. Personal Financing-i
2. Property Financing-i

3
Resolutions of Shariah Advisory Council of Bank Negara Malaysia. Available at:
http://www.bnm.gov.my/guidelines/01_banking/04_prudential_stds/07_shariah_resolution.pdf

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4 Bank Muamalat Malaysia Berhad Property Financing-i

5 Maybank Islamic Berhad Commodity Murabahah Home Financing-i
6 Standard Chartered Saadiq Personal Financing-i
7 HSBC Amanah Malaysia Anytime Money Personal Financing-i

d) Legitimacy of Tawarruq
The majority of Muslim scholars including the Hanbali, who have approved Tawarruq, viewed
that it is a permissible mode of transaction as it is a sale transaction. Their view is supported by
the following verses:
1. ‘Whereas Allah has permitted trading and forbidden riba’ (Al-Baqarah: 275).
2. ‘O ye who believe! Eat not up your property among yourselves in vanities; but let there be
amongst you traffic and trade by mutual good-will’ (An-Nisa’: 29).
The SAC of BNM in its 51st meeting held on 28th July 2005 resolved that deposit product and
financing based on the concept of Tawarruq is known as commodity murabahah is permissible.
This transaction may also be employed because of need and necessity or because it is an
accepted mechanism of commercial dealings, which is normally practiced in the society or IFIs.
e) View of the scholars on Tawarruq
There is a view of Imam Hanbali which states that Tawarruq is prohibited whereas Ibn
Taymiyyah considered Tawarruq as an exceptional dealing which is permitted in the case of
necessity.

The Council in the Regional Shariah Scholars Dialogue on 29th June 2006 resolved that:
i. The permissibility of Bay’ Al-Inah and Tawarruq is still a matter of juristic disagreement
among the Shariah scholars backed by their own basis of justifications;
ii. The basis relied upon to justify the permissibility of Tawarruq is similar with the basis to
justify the permissibility of Bay’ Al-Inah. Therefore, both concepts shall be ruled similarly.

f) Alternative solution
There are at least four major Shari’ah issues in the modern application of organized Tawarruq,
which are the issue of the commodity, the issue of possession and delivery, the issue of
prearrangement (tawatu'), and the issue of agency. To move away from the criticism of organized
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Tawarruq, Malaysia has established Bursa Suq Al-Sila (BSAS). BSAS is an Islamic commodity
trading platform for the Islamic banking and capital market that was introduced by Bursa
Malaysia in 2009. It was designed as a multi-commodity exchange for Tawarruq transactions
that addresses the scholars’ concerns about Shariah issues in the existing practice of organized
Tawarruq. At the outset, BSAS started out by trading in local crude palm oil (CPO) and plastic
resin (PE), but other Shariah-approved commodities are planned for the future, including cars, air
conditioning units, oil, copper and aluminum. In April 2012, BSAS added RBD (refined,
bleached & deodorized) palm lain as a new commodity to meet greater demand from local and
international players for commodity-based Islamic financing and investment.4

With regards to the financing products of IFIs, there are some financing products uses other
concept i.e. Bay’ Bithaman Ajil (BBA), Murabahah and Musharakah Mutanaqisah. The detail of
the financing products offering by IFIs which use other concepts besides Bay’ al-Inah and
Tawarruq is as per Table 3 below:

No Islamic Financial Institutions Product Concept Used

1 Al-Rajhi Bank Berhad Personal Financing-i BBA

2 Kuwait Finance House Berhad Personal Financing-i Murabahah

3 Standard Chartered Saadiq Saadiq My Home-i Musharakah

4 HSBC Amanah Malaysia HomeSmart-i Musharakah Mutanaqisah

The Shari’ah issue three: Al-Ijarah Thumma Al-Bay’ (AITAB)

a) The concept of Al-Ijarah Thumma Al-Bay’ (AITAB)
Al-Ijarah Thumma Al-Bay’ (AITAB) or Islamic hire purchase is actually a combination of two
contracts namely Ijarah (lease) and Bay’ (sale). AITAB is also known as Ijarah Muntahia

4
The Application of Commodity Murabahah in Bursa Suq Al-Sila’ Malaysia vis-a-vis Jakarta Future Exchange
Shariah Indonesia: A Comparative Analysis. Authored by Assoc. Prof. Dr Asyraf Wajdi Dusuki (Head, Research
Affairs Department) and Mohammad Mahbubi Ali and Dr. Yulizar D.

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Bittamleek (leasing ending with ownership) and it is one of the contemporary innovative
products which are designated based on Ijtihad (reasoning)to meet the public demand in the
financial market. AITAB combines Ijarah (lease) contract and Bay’ (sale) contract in one trading
document. Under Ijarah contract, the bank as the owner of an asset leasing out the same to its
clients (hirer) against predetermined rentals for an agreed period of time. Upon expiry of the
leasing or rental period, the hirer enters into a second contract to purchase the goods from the
owner at an agreed price.
b) The function of Al-Ijarah Thumma Al-Bay’ (AITAB)
AITAB is a popular concept used by IFIs to attract individual or corporate customers to obtain a
wide range of assets such as motor vehicles and buildings i.e. houses and shops by using the
concept of leasing and thereafter sell the asset to the customer. In Malaysia, AITAB is popular
for motor vehicle financing where the customer has the option to own the asset at the end of the
leasing period.
c) The current practice in the industry
Ijarah has emerged as a popular contract of financing among IFIs for many of their financial
products such as property financing, vehicle financing, project financing, personal financing and
structured products. These products enable customers to lease the assets based on Ijarah from IFI
with an option to subsequently own or purchase the assets based on Ijarah Muntahia Bittamleek
or Al-Ijarah Thumma Al-Bay’ respectively5. Almost all IFIs in Malaysia use AITAB for motor
vehicle financing offered to the public. Bank Islam Malaysia Berhad (BIMB) was the first
Islamic bank in Malaysia who introduced AITAB facility. Its operation was then extended to
conventional banks under Islamic Banking Scheme (IBS), which were pioneered by three anchor
banks; Maybank, Bank Bumiputera Malaysia Berhad (now known as CIMB Bank) and Bank
Rakyat (Abdullah, Nurdianawati Irwani and Dusuki, Asyraf Wajdi 2006).
d) Legitimacy of Al-Ijarah Thumma Al-Bay’ (AITAB)
According to Abdullah, Nurdianawati Irwani and Dusuki, Asyraf Wajdi (2006), notwithstanding
its popularity and wide acceptance amongst the general public, the government and banking and
finance industry players, AITAB is still facing problems particularly with regards to inadequacy

5
Draft of Shariah Parameter Reference 2: Ijarah Contract. Available online at:
http://www.bnm.gov.my/documents/conceptpaper/ijarah_contract_20090715.pdf
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of Shari’ah regulatory framework to govern its practice. Until now, there is no specific law
enacted to support AITAB operation. As a result, the AITAB operation is still referring to
conventional Hire-Purchase Act 1967. This poses anxieties amongst practitioners especially
those who highly observe Shari’ah compliant issues due to the inherent limitations of Hire-
Purchase Act to address certain Shari’ah issues.
Abdullah, Nurdianawati Irwani and Dusuki, Asyraf Wajdi (2006) further argue that therefore,
AITAB is operated on the basis of conventional concepts because presently, there is no written
Shari‘ah law which specifically regulates the operation of AITAB. The only existing regulatory
Shari‘ah rules on the facility can be found in Shari‘ah Rules for Investment and Financing
Instruments, Accounting and Auditing Organization for Islamic Financial Institutions of Bahrain
(AAOIFI). In Malaysia, because there are no specific regulations governing AITAB, institutions
offering this facility tend to impose rules in the spirit of Hire-Purchase Act 1967 and Contract
Act 1950.
e) View of the scholars on Al-Ijarah Thumma Al-Bay’ (AITAB)
Some scholars including Hasan Al-Basri and Al-Nahrawani forbid the contract of Ijarah on the
basis that Ijarah is the sale of usufruct or services, and services is something intangible and does
not exist at the time when the contract concluded. The services can only be achieved gradually
over certain period and something which is not exists cannot be sold. They argue that it is not
permissible to associate Bay’ (sale) with something that could only be realized in future.
While the majority of scholars including Ibn Rushd allow the contract of Ijarah based on the
reasons that even though usufruct does not exist at the time of contract, normally it could be
realized or achieved. Their view is supported by the following Quranic verse and Hadith of
Prophet Muhammad (peace be upon him):
1. “And said one of them (the two women): "O my father! Hire him! Verily, the best of men
for you to hire is the strong, the trustworthy”. He said: "I intend to wed one of these two
daughters of mine to you, on condition that you serve me for eight years, but if you
complete ten years, it will be (a favor) from you. But I intend not to place you under a
difficulty. If Allah will, you will find me one of the righteous." (28:267).
2. The Prophet (SAW) said: "Pay the hired worker his wages before his sweat dries off".
(Sunan Ibn Majah)

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f) Alternative solution
There are few Shari’ah issues in the AITAB operation. For examples are the insurance or
Takaful coverage and the maintenance for the hired motor vehicles. It is the duty of the bank
who is the owner of the asset to provide the insurance or Takaful coverage for the vehicle, not
the hirer (customer). This has violated the true spirit of classical Ijarah. Under AITAB
mechanism, the bank has an authority over the leased asset. If the customer defaulted, bank can
take an action against him and repossess the asset. If the customer constantly pays and then
satisfies all required payments, the bank will sell the asset to him at the end of the agreement.
According to Abdullah, Nurdianawati Irwani and Dusuki, Asyraf Wajdi (2006), in Malaysia
context, the need of Shari’ah framework to regulate the AITAB operation is very important.
Despite being one of the most demanding facilities of Islamic bank, AITAB is unfortunately
lacking in Shari’ah regulatory framework. Thus, any dispute arising from the transaction will be
referred to the conventional regulations. This is because till today, the disputes arise from
AITAB operations will go to civil court and the court will refer to Hire-Purchase Act 1967 to
arrive at decision.
Conclusion

The issues highlighted in this paper are some of the issues faced by the IFIs pertaining to the
most widely used concepts in offering Islamic financial products by IFIs namely Bay’ al-Inah,
Tawarruq and AITAB. Thorough studies and researches should be conducted by agencies and
institutions like International Shari’ah Research Academy for Islamic Finance (ISRA) from time
to time to enhance the Shari’ah issues peculiar to products offered by IFIs to minimize, if not to
abolished, the pertinent issues associated with the Islamic products. This is important to ensure
that the Islamic finance products will be accepted globally not only by Muslim but also non-
Muslim community as well and thus making Malaysia is the hub for Islamic finance in the world
for many years to come is a successful agenda.

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