مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السودانية

مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك الإسلامية السودانية

إنني كباحث في مجال الاستثمار الإسلامي شاركت كمتحدث في بعض المؤتمرات الدولية المتعلقة بهذا المجال رغم أن السودان يعتبر من الدول الرائدة في مجال البنوك الإسلامية منذ زمن طويل قبل الإنقاذ وفي عهد الإنقاذ تم تحويل النظام المصرفي في السودان إلي نظام مصرفي إسلامي 100% الأنة للأسف الشديد أن التجربة السودانية هذه تجدها غير موثقة تماما أو تكاد لا تذكر أو تجد اثر مكتوب عنها.
فالباحث ألان يجد فقط التجربة الماليزية أو جنوب شرق آسيا والتجربة الخليجية. لقد قابلت في أخر مؤتمر شاركت فيه في لندن بعض كبار المسئولين في بنك السودان وسألتهم أين هي التجربة السودانية ؟ قالوا حقيقة في نقص وتقصير كبير في هذا المجال وان الحكومة السودانية كونت لجنة قبل سنتين للتوثيق لتجربة البنوك الإسلامية السودانية

شاركت كمتحدث عن الصعوبات التي تواحهة نمو الاستثمار الاسلامي عالميا في مؤتمر الاستمثار الاسلامي العالمي الذي عقد لندن 25-27 يونيو2007

I participated as Speaker at the intentional conference "Islamic Finance & Investment World 2007 Europe" held at the Royal Garden Hotel London –UK June 25-27, 2007.my speech "PowerPoint presentation followed by question and answer from the Audience". My presentation Topics:

Challenges facing Islamic finance - growth and acceptance in the global economy

· Can the market continue to support the current level of growth?

· Has the proliferation of Islamic banks resulted in a situation of too many providers?

· Is consolidation inevitable and how will it occur?

· To what extent is the continued development of Islamic finance linked to the price of oil? Is this situation will continue?

photo from the conference

Challenges Facing
the Global Acceptance & Growth of Islamic Finance:
By: Elwaleed M Ahmed, Legal Consultant, Head of Foreign Affair Department Kuwaiti Lawyer Firm, Al-Jabriya –Kuwait. LL.M Degree "Master of Laws" From Temple University School of Law-Philadelphia-PA USA.
Can the market continue to support the current level of growth?-1
• Islamic banking & finance isn't just for conservative or radical Muslims. It's mainstream business. Thus, Islamic financial institution has broadened its appeal well beyond the confines of faithful Muslims.
• There are many reasons behind the rapid growth of the Islamic Finance in double digit in recent years and Islamic Finance will continue booming for the near future, these are some factors behind the Islamic finance growth:
• Repatriation of Arab money in the wake of the aftermath of terrorist attacks on US on Sept 11, 2001. Many Arab investors withdrew their money for US and the West in general and reinvest their fortune in the region and they favor Islamic investment
• Since the Cold-War era, there has been a massive Islamic movement within the Islamic countries and the minorities Muslims communities around the globe. This movement has demanded that the Islamic law governs all aspects of their life from political, economic and daily life according to the Islamic principle.
• The global Increase in the oil price and the vast liquidity in the oil exporting countries in recent years, that attract a lot of bankers and borrowers who are prepared to adhere to the Islamic restrictions on the use of capital
• Islamic banking in the Middle East is growing and becoming important in mobilizing local and regional saving, as well as providing an important source of capital. Thus, the Islamic finance industry is a phenomenon that has generated considerable interest in the financial world in recent years. Specifically the GCC region
• With so much business potential and high liquidity in Gulf countries, coupled with a rising demand for Islamic banking instruments from a growing Muslim population in European countries, it is understandable that many Western banks are gearing up to take advantage of opportunities and to provide tailor-made services to new cliente.
• For Islamic market to exist in the proper manner, it must have all the relevant products that help the growth and expansion of the Islamic finance market. Hence, considering the fact that bond issuance and trading are important means of investment in the modern economic system. Thus, the Islamic financial system also needs to include, at the early stage, the development of Islamic capital market to provide an alternative source of financing, as well as to create broader and more diverse Islamic financial instruments for investors.

كذلك شاركت في مؤتمرالتمويل وصنادبق راس المال الاسلامي العالمي الذي اقيم في البحرين مايو 2007
I participated as speaker-discussion leader at the 3rd Annual World : Islamic Funds & Capital Markets Conference, held in the Kingdom of Bahrain on the 26th to 28th of May 2007 Sponsored by Bahrain Central Bank and Organized by MEGA "Middle East Global Advisor"
صور من مؤتمر البحرين

مواصلة لندن presentation
• Therefore, the Islamic finance industry has to develop various Sukuk "Sharia-compliant structures" in order to provide investment opportunities and to meet the financing needs of businesses and investors who want to comply with the Islamic Sharia principle
I: The Need for Global
Standardizations & Harmonization
Of Sharia's Board Decision-1:
• Sharia board at individual banks actually defines what is and is not Islamic banking
• In the absence of a universally accepted central religious authority because of the lack of uniformity in religious principle applied in Islamic countries that will lead to identical financial transaction will be interpreted differently from one sharia board to anther and that will lead to uncertainty about what is the acceptable way to do business in Islamic banking and finance systems, which in turn will complicate the assessment of risk for both the financial institution and its customer
• The way Shari`a advisory boards of Islamic financial institutions function remains a source of confusion.
• Even though, sharia is certainly dynamic and like all jurisprudence, open to level of interpretation but lack the center level of standardization of sharia board's ruling and that is one of the challenges facing the global acceptance & growth of the Islamic finance.
• The different of interpretations of Sharia laws, which lead to the inability of one Islamic bank to copy another Islamic Bank's products.
• There is a need for setting up Sharia board at global and central banks level, so as Expedite and perhaps assist in developing some standard guidelines for conducting Islamic financial transaction.
• Furthermore, there is a need for conformity or similarity to extend possible in concept and application among Sharia supervisory boards of Islamic financial institutions to avoid contradiction and inconsistency between Fatwa “Sharia Board’s Ruling” and the application by these institutions with the a view to activate the role of sharia supervisory boards of Islamic financial institution.
• Moreover, there is a need for mutual recognition of financial standards and products across jurisdictions. The progressive harmonization of Sharia, in this respect, needs to be viewed as a driver towards greater international financial integration.
• On the other hand, the national and regional oversight and regulation will be necessary to guard against the potential for improper practices which could cast doubt on the credibility of all participants. :
• Therefore, Sharia scholars from around the world should contribute towards greater understanding and international convergence and such a convergence and harmonization can only happen with greater engagement among the regulators, practitioners and scholars in Islamic finance in the international community.
• Therefore, there is a necessity of the existence of unified Sharia board in the national and international levels by forming a uniform council representing different Islamic schools of thought so as to decide what types of financial services are conforming to the Islamic law, to define cohesive rule and to expedite the process of introducing new product.
• Other sharia scholar argues that there should be Sharia counseling: independent Companies offering consultation on sharia matters instead of having sharia board in each financial institution.

صور من مؤتمر البحرين

مواصلة لندن presentation
II: The shortage of Human Capital Specifically
Sharia Scholars and its
Negative Effect on Islamic Finance Growth:-1
• With the rapid growth in the Islamic finance industry the demand of experience and qualified Islamic banking and finance experts and specifically financially expert sharia scholars continue to exceed the supply.
• As consequence, sharia scholars are over stretch because the sharia scholar not only have to be expert in Islamic law But also, they need to know about economics, banking and investments procedure in addition to the well knowledge of English language.
• Therefore, presently there are very few well-known sharia scholars working at the same time as sharia advisory board member in many Islamic financial institutions around the globe.
• Thus, they will not have enough time to be devoted to products innovation, monitoring and auditing of Islamic financial institutions activities.
To solve the shortfall in the supply of qualified and experience Islamic banking specialist and financially qualified sharia scholars who are needed to drive innovation and growth in the industries.
• There must be collective effort between Islamic financial institutions and education institutions in designing educational and training programs that will supply future qualified Islamic finance personnel to Fulfill the human capitals need in the Islamic finance sector.
III: The need for Transparency,
Disclosure & Standardization of Accounting Procedure-1:
• There is a need to develop uniform accounting and reporting structures among Islamic financial institutions. Because the absence of accounting (and auditing) standards pertinent to Islamic banks and the uncertainty in accounting principles involves revenue realization, disclosures of accounting information, accounting bases, valuation, revenue and expense matching, among others lead to the results of Islamic banking schemes may not be adequately defined, particularly profit and loss shares attributed to depositors.
• Disclosure requirements need to be comprehensive and more frequent to inform investors of investment techniques so as they can make decisions based on their risk preferences
• Maintaining clear transparency and insuring adequate disclosure of financing mechanisms are important steps toward building the necessary foundation for Islamic finance.
• There is a necessity for unified accounting and regulatory standard body to govern the Islamic banking and finance nationally and globally:
• For an Islamic financial institution to succeed it needs to establish universally accepted accounting, auditing and regulatory standard in order to achieve global acceptability and continue its rapid expansion.
• There is need for all Islamic financial institution to unite its effort so as to standardize financial statement and disclosure requirement across the whole Islamic industries.
• Islamic financial institution needs to recognize the responsibilities of regulators to apply national supervisory principle to all Islamic financial institutions especially the effective liquidity management, the definition of a deposit and the standardization of accounting and disclosure.
• For Islamic banking to continue grow it must overcome the lack of a thorough comprehensive and consistent a counting standard and the lack of the effective regulation
• There is a need for unified Islamic accounting standard covering areas such as the presentation of financial statement and disclosure in the Islamic financial institutions.
• Thus, the Islamic accounting standard must seek to comply with international accounting standard.
V: The Need for Secondary Market
For Islamic Financial Institution to Handle Their Liquidity-1:
• One of the major challenges to Islamic financial institutions remains how to handle their liquidity, because those banks have been more successful in attracting deposit than in identifying funding opportunities.
• Liquidity has always been the most critical issue for Islamic financial institutions, because there are only small secondary markets that exist to enable the Islamic financial institutions to manage their liquidity, because the Islamic banks asset generally not saleable in any secondary market.
• The establishment of genuine inter-bank markets would be a significant step towards providing Islamic financial institutions with the ability to maintain an adequate liquidity without holding excessive amount of very short-term asset
• There is a need to establish international Islamic financial market “IIFM” to facilitate the development of the international Islamic money market and to harmonize the standard regulation and the practices in the Islamic financial industry.
VI: Islamic Financial Institutions Need
To Enhance Their Risk Management Techniques
• Financial institutions that are providing Islamic products are facing the challenge of understanding the associated risks and design as well as developing a strong risk management framework.
• Islamic financial institutions need also to identify where and when their risks are arising for each of their financial instruments
• Islamic bank will be require employing the most modern risk management techniques, improving audit systems and enhance international standards of transparency regulation and supervision.
VII: Islamic Financial Institution Should
Avoid Short-Term Management Transaction:
• Potential risk facing Islamic finance is that it may drift into services that are designed for the rich only, such as Tawarruq and other short-term management.
• These tools practically serve only the rich; they don't look into the developmental aspect.
• In most cases, these instruments are used for liquidity management, rather than project finance and consumer financing, which are essentially developmental.
• Traditionally Islamic investment opportunities have been low-risk and short-term ventures and a lack of tradable financial instruments have restricted investment opportunity. Therefore, there is need for Islamic financial institution to focus more on project financial transaction and consumer transaction.

صور من مؤتمر البحرين

مواصلة لندن presentation الجزء الاخير عسي ولعل يستفيد منها البعض
VIII: Challenges facing the Sukuk issuance:
• Sukuk are actually an extremely difficult instrument to structure because it requires extensive and costly legal and religious advice and lot of different skill sets and resources to make it work. Therefore, corporate and banks shied away from such structures because of the legal risks and also the potential costs of pioneering such instruments.
• Moreover, since sukuk trading sizes tend to range in the millions of dollars, they are out of reach for all but the wealthiest Muslim investors. In addition, anyone who buys into a sukuk typically buys it and holds it. Moreover, difficulties in defining rates of return on these sukuk instruments have also constrained the development of money and inter-bank market.
Conclusion-1:
• Islamic financial institutions will not only be assessed by their Sharia aspects, but also by other factors including their effectiveness and efficiency, their resilience and their ability to evolve and reinvent to meet the challenges of the continuously changing demands as we advance forward.
• The need to expand the Islamic financial institutions services to accommodate the Islamic communities' needs will continue to grow rapidly in the near future.
• There is a need for collective efforts from the bankers, economists and the Islamic legal scholars to develop financial solution that meets the religious requirement to the Muslim’s communities.
• The Islamic financial community must accept that their institutions have to be regulated and supervised to meet the international standard. Ultimately their ability to grow and compete will depend on international acceptance of the regulatory regime.
• There is need for universally accepted principal governing Islamic financial dealing, before the system can be accepted internationally, because the weakness of the Islamic financial market has also resulted from the lack of the common Islamic accounting and legal framework governing the Islamic financial market.
• Since the Islamic law does not require the banks to be Islamic banks or all its resources to be Halal “permitted” then the conventional institution could have subsidiaries offer Islamic finance to Muslim and non-Muslim alike as an alternative to the interest-finance..
• Such efforts are needed to meet the needs of an ever-growing Muslims communities trying to live their lives according to their beliefs..
• Furthermore, some of the features of shari’a-compliant investing may also hold an appeal for Western investors. Islamic funds and investors screen out companies to exclude those that take part in activities that are not considered to be shari’a-compliant. In addition, companies that are overleveraged or that rely too heavily on accounts receivable are screened out.
• These filters may serve a broader purpose of excluding firms that may present particular risk.
• These practices may also be attractive to many non-Muslim investors who are not only interested in the risk/reward relationship of their investment, but who are also concerned with issues of accountability and social responsibility
• Islamic products must compete with conventional products, if they are to penetrate non-Islamic markets. They can't exist only because of faith.
• the development of an active and vibrant sukuk market is of fundamental importance to the continuing development and growth of the Islamic Finance industry.
• Even though, sovereign, institutional and corporate issues are now common, there is still much more scope for innovation in the use of sukuk to expand the Islamic capital market. Moreover, building confidence in sukuk markets as a new industry is fundamental for the development of Islamic finance. Therefore, it is essential to regulate and modernize the systems, which determine the operations of these sukuk products.

Has the proliferation of Islamic banks resulted in a situation of too many providers?
• The demand for Islamic finance products and services exceeds the supply globally. Therefore, there is a need for more Islamic finance institutions with more capitals and qualified personnel to handle the demand for the Islamic finance services and to facilitate innovation of new Islamic financial products

Is consolidation inevitable and how will it occur?
• Islamic finance institution needs to consolidate and to form bigger and more powerful institution so to be able to produce more competitive Islamic financial products. There is a need for consolidation of those small institutions to form regional and global institution that will be able to compete in the international market.

To what extent is the continued development of Islamic finance linked to the price of oil? Is this situation
• Islamic finance growth co-sided with the increase of the oil price. Thus, the increase in Muslim wealth consider factor of the rapid devolvement of Islamic finance but as long as the industries growth and become more competitive that will lead to more growth and stability in the industries even if the oil price decrease that will not effect the growth of the Islamic finance. Thus, Chances are that Islamic finance will survive, and even grow, because it provides a national identity for the millions of Muslims around the globe.

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مقال عن الصكوك باعتبارها القطاع الاكثر نموا في الاستثمار الاسلامي تشر في:
I published article about Sukuk "Islamic Bond" the Fastest Sector in Islamic Finance in
International online Islamic Finance publication (volume 4 issues 27 July 6th 2007(www.islamicfinancenews.com.
الجزء الاول
Sukuk "Islamic Bonds"
The Fastest Growing Sector in Islamic Finance:
its Unique Feature & the Challenges Facing its Growth
By: Elwaleed M. Ahmed, Legal Consultant, Head of Foreign Affair Department, Kuwaiti Lawyer Law Firm, Al-Jabria – Kuwait. E-mail: [email protected]

For an Islamic market to exist in the proper manner, it must have all of the relevant products that assist the growth and expansion of the Islamic finance market. Hence, considering the fact that bond issuance and trading are important means of investment in the modern economic system. Thus, the Islamic financial system also needs to include, at the early stage, the development of Islamic capital markets to provide an alternative source of financing, as well as to create broader and more diverse Islamic financial instruments for investors.
Therefore, the Islamic finance industry has developed various Sukuk (i.e. "Sharia-compliant structures") in order to provide investment opportunities and to meet the financing needs of businesses and investors who want to comply with the Islamic Sharia principle.
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) defines Sukuk as 'certificates of equal value representing undivided shares in tangible assets, usufruct and services...or the asset of particular projects or special investment activity'. Accordingly, Sukuk are asset-backed, Sharia-compliant trust certificates and tradable financial instruments which reflect the value of a particular asset or assets. Sukuk are financing vehicles which comply with Sharia law. In order for Sukuk to be Sharia-compliant, the Sukuk holder must have a proprietary interest in the assets which are being financed. Moreover, Holding a Sukuk confers a beneficial interest to the holder - in terms of holding a proportional ownership of the underlying asset - as well as the income that it generates. Therefore, a Sukuk needs to be backed by a specific, tangible asset throughout its entire tenure. Moreover, the Islamic sukuk is a new source of funding for vital infrastructure projects and a way to keep funds working for the benefit of the local economy.
Furthermore, the Sukuk, or Islamic bond, has established itself as one profitable product that holds great potential in the Islamic finance market. Therefore, the market for Sukuk is growing and their attraction as alternative to conventional methods of saving and investment has an appeal to a growing investor base. Hence, Sukuk issuances represent a new development in global capital market; it is one of the fastest growing sectors in Islamic finance.
In this article I will explain the requirements for sukuk formation, Sukuk's unique feature, and how more sukuk issuance is necessary for the sukuk's secondary markets to flourish. Moreover, I will highlight the comparison between the Islamic sukuk and the conventional bond. Finally, I will briefly describe the basic Sukuk instruments in Islamic finance and the challenges facing global Sukuk issuance.

الجزء الثاتي
Sukuk Formation

The primary condition for issuance of Islamic Sukuk is the existence of underlying tangible assets on the balance sheet of the issuing entity. The identification of sufficient underlying tangible assets, either in ownership or in a master lease, is the most important step before the issue of the Sukuk certificate. Furthermore, Sukuk may be issued both on existing as well as specific assets that may become available at a future date. Thus, a properly made Sukuk limits the debt to the value of the underlying assets.
Although, sharia compliance requires a company to limit its debt to no more than 35 per cent of total assets, restricting excessive leverage and interest income is capped at 10 per cent. Thus, any assets can be transferred into sukuk, with the condition that at least 51 percent of the underpinning assets must be leased-back as 'real assets', not debt instruments.
Moreover, the assets that will be converted into Sukuk must be obtained from acceptable Islamic deals, meaning not investing in any transactions against the Islamic Sharia principles. Accordingly, Sukuk, or trust certificates, are issued by the issuer to the Sukuk holders, who thereby acquire a proprietary interest in the assets of the issuer. Then the issuer, acting as trustee, collects such income and distributes it to the Sukuk holders in accordance with their proportional interest in the assets. Hence, the returns on Sukuk certificate are tied with the income generated through the underlying asset in the transaction.
Sukuk's unique feature
The issuance of sukuk is a significant mechanism for raising money in the capital markets. Unlike other Islamic banking vehicles, Sukuk have unique characteristics and offer significant benefits. For example, they are tradable in secondary markets because they are backed by real assets, they are assessed for quality by international rating agencies (as are all other conventional financial instruments before their issuance), and they provide regular periodic income streams during the investment period with easy and efficient settlement and a possibility of capital appreciation.
Moreover, Sukuk are becoming more popular, both because they provide the means to raise government finance through sovereign issues, and as a way for companies to obtain funding through the offer of corporate Sukuk. Thus, the importance of Sukuk lies in its ability to transfer assets into liquidity without the need to go into long legal complications for the investor. In addition, Sukuk can transform an asset’s future cash flow into present cash flow and may be issued on existing as well as specific assets that may become available at a future date. Hence, infrastructure is a perfect use of Sukuk because you are raising funds for a specific project – and the assets that you create can generate 'return' to pay Sukuk holders.
Furthermore, Sukuk offers an attractive yield because repayments are not dependent on cash flows of the borrowing company but from a future IPO of strategic government sovereign issues or from corporate Sukuk. Therefore, it is the Sukuk's unique structure, with IPO rights, that captured the capital market's attention.
Another interesting feature of the Sukuk that it not just guaranteed wider global investors audience but also provides, in most instances, lower prices to issuers and is considered a source of cash flow and finance for the originator.

تواصل الجزء الثالث: لقد نشرة مقال لة علاقة بنفس موضوع الصكوك في
July 8 2007 KUWAIT Arab Time English newspaper
Features, challenges facing growth of Islamic bonds; Sukuk: unique driver of Islamic finance:
http://www.arabtimesonline.com/client/pagesdetails.asp?nid=2544&ccid=12#
Secondary market
Even though the Sukuk market is developing rapidly, it remains primarily a market where holders keep Sukuk to maturity and most of the Sukuk that have been issued are held by large institutions so that the assets are unavailable for the average private investor. Therefore, active trading is constrained due to the limited number of issuances and the fact that most investors hold on to these certificates owing to a lack of alternative instruments in this asset class. On the other hand, many experts believe that the Sukuk secondary market will become reality only when corporate Sukuk issuances are increased in global markets.
Until recent years, there have not been sufficient Sukuk transactions in the market to create an appropriately diversified asset portfolio for a secondary market to exit. For a Sukuk secondary market to flourish there must be a widespread Sukuk issuance that could lay the groundwork for the emergence of Islamic capital markets. Thus, a critical mass of Sukuk issuances is needed. Some experts estimate that this critical mass is about $400 billion worth of issuances, amounting to some 270 individual issuances worldwide. Another factor that will lead to Sukuk secondary market growth has to be the move away from sovereign to corporate Sukuk as either a way to raise
Capital or to refinance conventional debt.
There is also a need for Islamic borrowers to list their deals outside their home jurisdictions; this will makes secondary trade easier from a regulatory point of view for foreign investors. The consequences of widespread Sukuk issuance and cross-border Sukuk sales will be greater harmonization in the way that Sukuk are structured and laying the groundwork for the emergence of Sukuk secondary markets.
Comparison
Sukuk are similar to asset-backed conventional bonds, but instead of a fixed annual interest rate, payouts to investors over the life of the bond are derived from leases, profits or sales of tangible assets such as property, equipment or a joint-venture business.
Contrary to the position in case of a conventional bond which is a contractual debt obligation entitling the holder to receive interest and principles on specified dates, a Sukuk holder is entitled both to share in the revenues generated by the Sukuk assets and to share in the proceeds of the realization of the Sukuk assets. On the other hand, Sukuk holders are also under an obligation to maintain the asset and to bear losses. In contrast, the holders of conventional bonds do not have these obligations and are only entitled to receive interest.
Like conventional bonds, Sukuk certificates can be negotiated and traded freely in the market. But the tradability of Sukuk certificates is strictly contingent upon the nature of the underlying asset during the term of Sukuk, since the sale and purchase of debt is not permissible under Islamic Sharia. In addition, Sukuk investors have an implicit right of information on the use of their funds and the nature and performance of underlying assets, which is not usually the case in conventional bonds. This can serve to give the investors peace of mind with the guarantee that their funds are being used for the intended purpose. Moreover, the fact that Sukuk are asset-backed gives investors reasonable assurance that they will be able to retrieve a major part of their investment if the issuer defaults (Sukuk investors have an undivided share in the ownership of the Sukuk assets).

صورة من لقاء مع مراسل وكالة رويتر للانباء في البحرين اثتاء مؤتمر العالمي لصناديق الاستثمار الاسلامي الذي اقيم في فندق الخليج بالمنامة البحرين

اخى الوليد سلامات قالو ليك كونو لجنة من سنتين لكن اكيد مافى من يتابع عمل اللجنةودا شئ طبيعى فى دولة التوجة الحضارى

الاخ الكريم وليد
سعدت جدا بنشاطك..
هناك بروف هو اول من كتب عن البنوك الاسلامية في السبعينات
الا وهو دكتور حسن الامين..
وهو يسمى بابي البنوك الاسلامية في السودان....
كان يدرس في الجامعة الاسلامية العالمية بماليزيا...
والان في السودان... اتمنى ان تتصل به وتسجل تجربته..
ومعرفته...فللرجل حياة زاخرة في مجالات البنوك الاسلامية..
وقدم كثير من البحوث..

للإخوة الذين لهم تجارب عملية ومعرفة بتجربة البنوك الإسلامية في السودان وبعيدا عن السياسة نتمنى أن تفيدونا
الملاحظ أنة مع بداية عهد الإنقاذ و أسلمت النظام المصرفي في السودان أن كثير من الأسماء المعروفة في الساحة السودانية من تجار ورجال أعمال و مزارعين كبار في القضارف وغيرها لجئوا لتمويل أنشطتهم الاقتصادية عن طريق البنوك الإسلامية ولكن للأسف الكثير منهم أعلن إفلاسه و طلعوا out of Business
علما بان الأصل في كل عمليات التمويل الإسلامي هو المشاركة في الربح والخسارة بين البنك والعميل وهذا هو الفرق بين البنوك الإسلامية و التقليدية ولكن فيما يبدوا أن البنوك الإسلامية في السودان تشارك في الربح فقط.
وكذلك الكثير من معوقات انتشار التمويل الإسلامي عالميا ألان نجد أن التجربة السودانية لها خبرة عملية في التغلب وإيجاد الحلول لمعظمها ولكنها غير موثقة أو مكتوبة لكي يستفيد منها الآخرين رغم أن السودان له خبراء في هذا المجال يتمتعون بالمؤهلات العلمية والخبرات العملية ولكن علي الدولة والمؤسسات المالية الإسلامية في السودان تشجيع النشر والتوثيق في هذا المجال خاصة وان السودان مقبل علي طفرة في مجال الاستثمار بعد تحقيق السلام أنشاء الله.

الدكتورة بيان شكرا لكي الحقيقة السودان بة الكثير من الاعلام البارزة عالميا في مجال الاسنثمار والبنوك الاسلامية ولكن نتمني ان يري العالم مساهماتهم خاصة وان هذا المجال يعتبر مجال جديد و متطوير في الوقت الراهن مع ارتفاعاسعار النفط عالميا والصحوة الاسلامية التي اجتاحت المجتمعات الاسلامية

Quote: [الاخ الكريم وليد سعدت جدا بنشاطك.. هناك بروف هو اول من كتب عن البنوك الاسلامية في السبعينات الا وهو دكتور حسن الامين.. وهو يسمى بابي البنوك الاسلامية في السودان.... كان يدرس في الجامعة الاسلامية العالمية بماليزيا... والان في السودان... اتمنى ان تتصل به وتسجل تجربته.. ومعرفته...فللرجل حياة زاخرة في مجالات البنوك الاسلامية.. وقدم كثير من البحوث..

الاخ ادم عمر شكرا علي المرور ونتمني ان نري جهودهذة اللجنة قريبا رغم ان اي شئ كونت لة لجنة اذا ما وجد المتابعة الحثيثة ما حيري النور

تحياتي لكل المتابعين

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thank u mr. alwaleed....good reading indeed ....what about the future of islamic hedging ? and how can hedging be adapted into the islamic framework?
what is the difference between the islamic financial instruments and products (malaysian model ) and Bahrain concept? ...
i notice there is some sort of revolt towards the way Malaysia adapt instruments and products from conventional way into the islamic concept ....is the malaysian model really islamic?

Dear Mr. Mahtir, thank you for stopping by.

Hedge fund will be one of the growing sectors in Islamic finance now many Hedge fund under developing especially in UK, thus hedge fund expansion will be connected with the development of sukuk's secondery market which is under development too.

About Malaysian sharia scholar interpretation to Islamic finance instruments (Sukuk) is more relax and consider liberal than the GCC region. The different interpretation of what is really Islamic finance is one of the challenges facing Islamic finance growth because investor form one jurisdiction will not invest in other jurisdiction. Therefore, this problem must be resolved in order for Islamic finance to sustain its growth globally.

الأخ مهاتير شكرا علي مداخلتك موضوع Hedge fund في مرحلة تطور ألان هنالك الكثير من المحاولات ألان هنالك صناديق استثمار خاصة بصكوك الاستثمار الإسلامي والاستثمار في شركات غير إسلامية ولكن لا تتعامل مثلا في الخمر أو غيرها من الممنوعات فهنالك العديد من صناديق الاستثمار الإسلامية ... Dow Jones Islamic fund توجد بة الشركات التي يجوز الاستثمار فيها التي إجازتها اللجان الشرعية

الاختلاف بين التجربة الماليزية وما هو مطبق في منطقة الخليج يرجع إلي الاختلاف في تفسير اللجان الشرعية لما هي المعاملات المطابقة للشريعة الإسلامية فالماليزيين ينتهجون منهجا أكثر تحررا في تفسيرهم للمعاملات المطابقة للشريعة و منطقة الخليج أكثر تحفظا في هذا الخصوص
لهذا أن عملية اختلاف التفسير ما هو إسلامي تعتبر من المعوقات التي يجب تجاوزها لكي ينمو الاقتصاد الإسلامي لان ذلك يمنع المستثمرين مثلا من منطقة الخليج للاستثمار في ماليزيا هنالك جهود حثيثة لتوحيد الفتاوى في خصوص المعاملات الإسلامية تقودها منظمة المراجعة الشرعية للمؤسسات الإسلامية الني مقرها البحرين Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

الجزء الرابع:
Basic Sukuk Instruments in Islamic Finance
A Sukuk transaction can be structured in a number of different ways, depending upon the type of underlying assets and the specific financing needs of the issuing entity. The transaction may be based upon any one of the permissible Islamic financing transactions. The following are the basic Sukuk instruments in Islamic finance:
Mudaraba (Profit/Loss-Sharing) investment partnership: The contract is between a financier and an entrepreneur or investment manager, where risks and rewards are shared. Both individuals receive an agreed share in the case of profits. In the event of incurring a loss, the financier bears any loss of capital while the entrepreneur loses his time and effort.
Murabaha (Cost Plus) purchase and resale: Instead of lending out money, the capital provider purchases the desired commodity (for which the loan would have been taken out) from a third party and resells at a predetermined higher price to the capital user. By paying this higher price over installments, the capital user has effectively obtained credit without paying interest.
Musharaka (Joint Venture): An equity financing arrangement widely regarded as the purest form of Islamic financing, where partners contribute capital to a project and share its risks and rewards. Profits can be divided up in any agreed ratio, while losses must be in proportion to the capital invested.
Ijara (Islamic lease agreement): Instead of lending money and earning interest, Ijara allows the bank to earn profits by charging rentals on the asset leased to the customer. Moreover, an Ijara contract is where the financier buys and leases equipment or other assets to the business owner for a fee or more often called rental income. The duration of the lease as well as the fee must be set in advance and mutually agreed. Sometimes there are two contracts involved in this concept.
The first contract, Ijara contract (leasing/renting) and the second contract, Bai' contract (purchase) are undertaken one after the other. For example, in a car financing facility, a customer enters into the first contract and leases the car from the owner (bank) at an agreed rental over a specific period.
When the leasing period expires, the second contract comes into effect, which enables the customer to purchase the car at an agreed price. Moreover, Islamic leasing creates a great potential for securitization, because lease finance is easier to practice as it involves less documentation and takes less time to conclude a deal. Unlike lending, it does not need collateral and no thorough enquiries into the creditworthiness of the lessee (this is due to the physical presence of a tangible asset, the subject of the lease).
Istisna (Pre-delivery financing and leasing): an instrument used to finance long-term projects. It is a contractual agreement for manufacturing goods and commodities, allowing cash payment in advance and future delivery or a future payment, and future delivery. Often used for financing the manufacture or construction of houses, plants, projects, and building of bridges, roads, and highways.

الجزء الخامس
Challenges facing the Sukuk issuance market
Like all financial instruments, Sukuk are also subject to a number of risks. The rapid growth of Islamic finance globally has given rise to many structural challenges facing the industry. The lack of standardization is hindering liquidity. It prevents investors from knowing what risk they are assuming when they invest and increases the costs associated with sukuk issuance.
Moreover, the Sharia Board in the Middle East and elsewhere that approves Islamic Sukuk for sale to Muslims hold slightly different interpretations about what is acceptable, making Islamic investors nervous about buying bonds from outside their jurisdiction.
Sukuk are actually extremely difficult instruments to structure because they require extensive and costly legal and religious advice and a lot of different skill sets and resources to make it work. Therefore, corporations and banks shy away from such structures because of the legal risks and also the potential costs of pioneering such instruments.
Moreover, since Sukuk trading sizes tend to range in the millions of dollars, they are out of reach for all but the wealthiest Muslim investors. In addition, anyone who buys into a Sukuk typically buys it and holds it. Moreover, difficulties in defining rates of return on these instruments have also constrained the development of money and inter-bank market

الجزء السادس والاخير من مقال الصكوك الاسلامية المنشور في جريدة July 8, 2007 ِArab times -kuwait
Conclusion
If they are to penetrate non-Islamic markets, Islamic products must compete with conventional products. Islamic products cannot exist only because of faith. Thus, efforts should be intensified to develop new financial products that embody the virtues of Islamic banking. This would evolve Islamic financial instruments into distinct, innovative and cutting-edge products. Thus, the development of an active and vibrant Sukuk market is of fundamental importance to the continuing development and growth of the Islamic finance industry. Even though sovereign, institutional, and corporate issues are now common, there is much scope for innovation in the use of Sukuk to expand the Islamic capital market. As building confidence in the Sukuk market is fundamental for the development of Islamic finance, it is essential to regulate and modernize the systems that determine the operations of Sukuk products.
Another consideration is that Islamic financial services and products are generally well suited to meet the demands of the modern world in terms of rules, regulations and systems. Adopting common policies on certain financial instruments and best practices for their supervision and accounting are critical for future market and industry development in the context of global competitiveness. Thus, there will be continued strong growth in the Sukuk market as there is increasing standardization of Sukuk documents in the marketplace which will drive costs of issuing Sukuk down.
A sound, well-functioning Islamic financial system can pave the way for regional financial integration. It can also contribute to regional economic and social development by financing economic infrastructure and creating job opportunities.

سلام من philly ياابو زاهر عمل جميل ومجهود جبار نتمي لك التوفيق

مع تحياتي
محمد

شكرا لك ود التجاني (ابو نبيل) ربنا يوفق الجميع تحياتي الي الجميع في فيلي

مقال عن الدور الحيوي للجان الرقابة الشرعية في المؤسسات المالية الإسلامية في تطوير منتجات استثمار متطابقة مع الشريعة الإسلامية وكذلك المعوقات التي تواجهه عمل هذه اللجان الشرعية في عملية الرقابة علي البنوك و مؤسسات الاستثمار الإسلامي و ذلك من نقص حاد في الكادر البشري لان من يعملون في هذه اللجان الشرعية بالإضافة لإلمامهم التام بقواعد الشريعة الإسلامية يجب أن يكونوا علي دراية بأسس الاقتصاد والاستثمار وعمل البنوك و القانون بالإضافة لإلمامهم باللغة الانجليزية لانة تقريبا كل صفقات الصكوك في الوقت الراهن ذات طابع دولي وكل المستندات بالغة الانجليزية و من المعوقات أيضا اختلاف المذاهب الإسلامية . لهذا فان هنالك نقص حاد في الكوادر مؤهلة للقيام بكل واجبات لجان الرقابة الشرعية وهذه تعتبر واحدة من معوقات نمو الاقتصاد الإسلامي هنالك القليل جدا من الأسماء المعروفة ألان خاصة في منطقة الخليج تجدهم يعملون في أكثر من ثلاثين مؤسسة مالية أسلامية حول العالم تقريبا في نفس الوقت مما يجعلهم غير قادرين علي توفير الوقت الكافي خاصة لمهمة تطوير وابتكار أساليب مالية جديدة تكون مطابقة للشريعة الإسلامية.
هذا المقال عن دور اللجان الشرعية في المؤسسات المالية الإسلامية
Sharia Advisory Board's Vital Role
In the Rapid Devolvement of ever complex
Islamic Financial Products and Instruments
By: Elwaleed M Ahmed
الجزء الاول:
Sharia law is open to interpretation and religious boards frequently hold different views on key sharia issues. Furthermore, Islamic jurisdiction is not bound by precedent and legal opinions may deviate from previous decisions made by other sharia scholars Thus, sharia board has considerable discretion in the interpretation of Islamic law and may choose any other school of thought to inform their decision-making process.
Even though, sharia is certainly dynamic and like all jurisprudence, opens to level of interpretation but lack the center level of standardization of Sharia board’s ruling and that is one of the challenges facing the global acceptance & growth of the Islamic finance. Because, there is no consistent ruling of Islamic law on the religious compliance of the eligibility of certain assets and transactions structures to sharia law.
Thus, Sharia boards from different Islamic financial institutions may have different interpretations and advise differently because, in Islam, there is no generally accepted codification of the jurisprudence and that will lead to uncertainty and confusion.
In this article I will mention the basic principle of the Islamic finance, define the role of sharia board's in the Islamic financial institution and the absence of standardize sharia board’s ruling on the national and international level lead to negative effect on the growth and acceptance of the global Islamic finance. Furthermore, I will high-light the necessity of the existence of unified Sharia board in the national and international levels and I will state my recommendation about how sharia board should function to achieve the harmonization and configuration among sharia board ruling in the global level and to develop new Islamic finance instruments

The Basic Principle of the Islamic Finance: -
In order for sharia board to approve any of the Islamic financial institution's activity it must be in full conformity to the following Islamic finance principle: -
1: Prohibitions Against Charging Interest (Riba):
One of the basic components of the sharia that affect economics is the prohibitions against charging interest or riba. Because, according to sharia, money is not a commodity which can be traded nor does it have value over time if it is not used. Interest is therefore considered to be unearned income and unjust.
2: Investors Sharing in the Profits and Losses:
The fundamental principle in Islamic investment is that no one wishing to earn a return on money has any rights to retain the initial sum intact. Accordingly, since interest income is not permissible under sharia, any return on invested money should be earned from the profits of an investment. The Muslim investor or lender therefore becomes a partner in the investment rather than a lender, sharing in its profits and losses in proportion to the amount of capital and effort he contributes to it. In Islamic finance, there is no guarantee of a fixed return or a profit. The investor’s share in the profits is the reward for his effort and the risk which he bears. Thus, all wealth creation in Islamic investment should result from a partnership between the investor and the user of capital in which rewards and risks are shared.
3: Investments must be in Ethical Sectors & Sharia Approved Activities: Sharia requires that investments must be in ethical sectors and prohibits Investments in gambling or investing in businesses which purchase alcohol, pornography or pork products, since these are against Islamic law.
4: Prohibition of Speculation and Uncertainty in A contract (Gharar):
Uncertainty "Gharar" is a sophisticated concept that covers certain types of uncertainty or contingency in a contract. Therefore, Sharia prohibits speculation and gambling. For example, futures, options, and swap contracts are not generally permissible because the return from such investments relies on the occurrence of events which may or may not take place and are therefore uncertain. Thus, an Islamic contract must be concluded by both parties with full knowledge of all the terms. Any type of transaction where the subject matter, the price or both are not determined and fixed in advance by the parties will not be permitted under Islamic law.
Conclusion: Islamic law does not object to payment for the use of an asset, and the earnings of profits or returns from assets are encouraged as long as both lender and borrower share the investment risk together. Profits must not be guaranteed based on assumption, and can only accrue if the investment itself yields income. Hence, Islamic finance literally outlaws capital-based investment gains without entrepreneurial risk. Moreover, building upon these basic Islamic investment principles and contractual forms, Islamic financial institutions should develop a wide range of products and investment structures to meet the demands of increasingly wealthy Islamic investors.

الجزء الثالث
The Absence of Standardize Sharia board’s Ruling on the National and International level lead to Negative Effect :-
1: Uncertainty and Confusion
The absence of a universally accepted central religious authority because of the lack of uniformity in religious principle applied in Islamic countries. Inconsequence, Since Sharia board at individual banks actually defines what is and is not Islamic banking. Therefore, transaction will be interpreted differently and that will lead to identical financial transaction will be interpreted differently from one Sharia board to another and that will lead to uncertainty about what is the acceptable way to do business in Islamic banking and finance systems, which in turn will complicate the assessment of risk for both the financial institution and its customer. Therefore, the way Sharia advisory boards of Islamic financial institutions function remains a source of confusion.
2: The Inability of one Islamic financial institution to Copy another Islamic financial institution's Products.
The difference of interpretations of Sharia laws, which lead to the inability of one Islamic bank to copy another Islamic bank’s products and this, will effect the growth and integration of Islamic finance in the national and international level

الجزء الرابع

The Need for Standardization of the Sharia Board's Ruling:-
There is a need for setting up Sharia board at global and central banks level, so as
expedite and perhaps assist in developing some standard guidelines for conducting
Islamic financial transaction. Furthermore, there is a need for conformity or similarity to extend possible in concept and application among Sharia supervisory boards of Islamic financial institutions to avoid contradiction and inconsistency between Fatwa “Sharia Board’s Ruling” and the application by these institutions with the a view to activate the role of sharia supervisory boards of Islamic financial institution.
Moreover, there is a need for mutual recognition of financial standards and products across jurisdictions. The progressive harmonization of Sharia, in this respect, needs to be viewed as a driver towards greater international financial integration. On the other hand, the national and regional oversight and regulation will be necessary to guard against the potential for improper practices which could cast doubt on the credibility of all participants. Therefore, Sharia scholars from around the world should contribute towards greater understanding and international convergence and such a convergence and harmonization can only happen with greater engagement among the regulators, practitioners and scholars in Islamic finance in the international community.
Therefore, there is a necessity of the existence of unified Sharia board in the national and international levels by forming a uniform council representing different Islamic schools of thought so as to decide what types of financial services are conforming to the Islamic law, to define cohesive rule and to expedite the process of introducing new product.

الي القاء الاسبوع القادم انشاءاللة مزيدا من Isalmic Finance Issues

الجزء الخامس
Necessary Steps for Promoting Global Standardization for Islamic Finance Instrument's Standards:-
1: The Adoption of (AAOIFI) Standard:
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has taken a lead by preparing Sharia standards which a number of government authorities and central banks in certain countries have circulated these standards and obliged other financial institutions to comply with them by recognized these standards in their regulatory framework. That is why any party wishing to incorporate or set up an Islamic financial institution should be required to conform to these standards in order to avoid confusion, misunderstanding, and ambiguity, and to seek clarity and sound business activities. Thus, the adoption of these standards in other countries will pave the way not only for Sharia compliance but also product innovation.
2: There should be cooperation and collaboration among major Islamic Financial institutions in the Global level and Central Banks in Islamic Countries to adopt common standard:
There should be cooperation and collaboration among major Islamic financial regulatory bodies such as Islamic Financial Services Board, The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and central banks in Islamic countries in developing international standards that can be universally applied. Moreover, there should be a collective effort with great international collaboration so as to contribute towards strengthening the fabric of Islamic finance.

شكراً أخ الوليد على هذه المجهودات الجباره

مؤونة عام من الود

الاخ محمد فرح لك من الشكر اجزلة

الجزء السادس
Different Opinion of Sharia Board's Ruling Will Bring More Innovation and Give Room for Variation in Islamic Finance Instruments:
On the other hand, some sharia scholars argue that Islamic finance is traditionally flexible. Flexibility is one of its major strengths. It means there can be a broad variety of products tailored to suit the client’s needs and there is a need to provide Islamic remedies without compromising Sharia principles. Thus, the different opinion between sharia board and other is good, because they bring more innovation and give room for variation in products that is essential in dynamic markets like the financial markets. Furthermore, there should be Sharia counseling: independent Companies offering consultation on sharia matters instead of having sharia board in each financial institution.

الجزء السابع
Sharia boards; In the Islamic financial institutions Its Functions and roles:-
1: As Advisory to the Islamic Financial Institution:
Sharia Board, consisting of an Islamic scholar, who acts as advisory council to the official of the Islamic financial institutions with regard to the conformity of the Islamic financial institution' activities to Islamic law.
Thus, the sharia boards should review proposed financial transactions to confirm it to Islamic principle. Furthermore, Sharia Board shall also advise on the procedures for rectification of any error and purification of any gains which may be earned by it from sources that are later determined to be not compliant with the principles of Islamic Sharia.
On the other hand, Sharia board resolutions should be binding upon the financial institution's management. Therefore, Islamic financial institutions' managements are obligated to follow the decision made by their Sharia Boards when the product proposed or during the operational process.

الجزء الثامن
2: Sharia Boards Should Provide Continued Supervision and Auditing to the Islamic Financial Institutions Transactional Procedures:
Sharia boards should provide continued supervision and permanent checking of contracts, transactions, and procedures carried by the Islamic financial institutions. Thus, Sharia Boards auditing of the operations of the Islamic financial institutions is very important to ensure that the actual practice complies with the requirements of Sharia. Furthermore, the sharia board as a whole should provides guidance and oversight through periodic assessment of the Islamic financial institutions' program activities.
On the other hand, the financial institutional management should refer back to the Sharia board whenever there is a deviation to ensure that no inadvertent breach of Sharia or the compliance certificate has occurred. Therefore, sharia board should certify every product to ensure strict adherence to the principles of Sharia.

الجزء التاسع
3: The Sharia Board should Supervise and Actively Participate in the Creation of Innovative Sharia-Compliant Investment and Financing Products and Services:
The Sharia Board should actively participate in developing and overseeing the financial institutions products. Thus, the Sharia advisory board works closely with the bankers and lawyers to structure instruments so that they meet Sharia and commercial requirements. Moreover, Sharia boards should be in continuous dialogue with economists and bankers to assess the feasibility of new proposals and assisting in project development and execution of new financial products in compliance with Sharia principles. Furthermore, sharia boards in its investigatory role should endeavours to answer the question whether or not proposals for new transactions or products conform to the Sharia, and offers constructive and creative recommendations. Therefore, the Sharia Boards essential role is to supervise the development and creation of innovative Sharia-compliant investment and financing products and services in collaboration with economists and bankers in the Islamic financial institutions.

الجزء العاشر
Conclusion:
Sharia Supervisory Board plays a vital role in guiding, supervising the implementation and compliance of Islamic Sharia principles in all Islamic financial institutions activities. Thus, the religious boards have both supervisory and consultative functions.
Recommendation on How to Improve Sharia Board's Function
In Innovating and Developing New Product
And Achieving Global Standardization for Islamic Finance Instruments:-
1: The Sharia Boards need continue Training about Economics, Investments and Legal Issues Related to the Investment & Product Innovation:
There is a strong need for training for sharia board staff about economic and legal issues related to Islamic investment. The lack of knowledge about modern economic and legal issues puts a serious constraint on the ability of Sharia scholars to issue well-informed rulings on financial products and investments activities. Thus the training should include the discussion of these issues in meetings/workshops attended by both Sharia scholars and financial experts and experienced Bankers. Therefore, Sharia board's staff should have knowledge about the financial environment and its operation.
On the other hand, sharia scholars should educate the existing bankers and practitioners about Sharia principle, so they can easily understand and implement the sharia principle and the board's ruling in their daily operations in a manner, which is explained to them by the Sharia scholars.

الجزء الحادي عشر
2: The need for specialized sharia board
Rather than maintain one Sharia Supervisory Board in the Islamic financial institutions for all of its activity, the Islamic financial institutions should form specialized Sharia scholars as a separate Sharia Board for each of its projects. This way, Sharia scholars are convened with more efficiency to work on projects best suited to the particular areas of their expertise. This process will ensure that the right scholars, in the right numbers so as to develop, certify and supervise the financial products and services endorsed by the Islamic financial institutions.
3: The Sharia Board should be Independent from the Financial Institutions:
The Sharia board members should be independent from the Islamic finance institution and not an employee; they should be independent and free to give opinions on proposed contracts and transaction. Just like the independent auditing firms to insure transparency and efficiency in their auditing and supervising of the financial institution transaction and activities.

أخي الوليد

لك مني كل الود و الاحترام

و اشكرك جزيل الشكر على هذا الفيض الهائل من المعلومات و التي تشكل بالنسبة للعاملين في حقل المصرفية الاسلامية قيمةً مضافة اتمنى ان يستفيدوا منها داعين الله أن تكون في ميزان حسناتك ، و كم أسعدني ان يخرج من بيننا شخص في خبرتك و معرفتك في وقت اصبحت فيه المصرفية الاسلامية تعاني من نقص حاد في الخبرات و الاشخاص المؤهلين خاصةً منطقة الشرق الاوسط مقارنة بدولة مثل ماليزيا، و بقدر فرحتي بك و بمجهودك كان حزني على عدم توثيق الارث الذي خلفه اساتذة اجلاء في مجال البنوك في بلد تعتبر رائدة في مجال المصرفية الاسلامية ، وشهد لهم الغريب و بخل عليهم القريب .

و أكرر شكري لك و اتمنى منك ان تواصل مجهودك المقدر حتى تعم الفائدة على جميع العاملين في مجال المصارف( فائدة دي طبعاً ناس البنوك الاسلامية بخافوا منها هاهاها ).

لك ودي
أبو آسيا

شكرا جزيلا لك الاخ احمد العطا ابو اسيا ونتمني ان نري مساهماتك ايضا لكي تعم الفائدة

........

الجزء الثاني عشر
4: Sharia Board should Work closely with the Bankers & Lawyers so as to develop new Islamic Financial Instruments:
Sharia boards should be in continuous dialogue with economists, bankers and lawyers to develop new financial products in compliance with Sharia principles. For Sharia boards To reduce the gap with the business world there is a vital need for active and continued participation from sharia boards with banking practitioners with regard to the innovation and developing of new Islamic financial product.
5: The sharia scholars are over Stretched:
The sharia scholars need to devote time and effort to devising more Sharia-compliant transactional procedures. There is a need for training to more new sharia scholar so they can have more time engaging with economic and investment practitioner to develop new Islamic financial products. Because, now there is a shortage of well- trained sharia scholar as a result there are only few well-known Sharia scholar working as sharia advisor for many financial institutions at the same time. Therefore, they will not be able to devote enough time and effort for new products' innovation.

الجزء الثالث عشر والاخير في هذا المقال الي ان نلتقي في مقال جديد عن الاستثمار الاسلامي نتمني ان نكون قد ساهمنا ولو بالقليل في هذا المجال الحيوي والهام في عالم المال و الاستثمار في عصر العولمة
6: The Co-operation between the Financial Institutions Management and Sharia Board:
An Islamic financial institution is required to establish operating procedures to ensure that no form of investment or business activity is undertaken that has not been approved in advance by the religious board. Moreover, the management is required to periodically report and certify to the sharia board that the actual investments and business activities undertaken by the institution confirm to forms previously approved by the religious board.
7: The Best Way for Sharia Boards to Do its Work?
For active participation from the Sharia boards in overseeing of the activities of the Islamic financial institutions there should be:
1:In-house Sharia officers or advisers who will make an early inspection into the financial products. They will check on whether the concepts of the products are fully implemented according to Sharia. They will also ensure that the process flow of the products is in line with Sharia.
2: All standard contracts should be reviewed thoroughly where a need to discuss them with lawyers may arise to determine that all the crucial Sharia requirements can be fitted in the standard contracts and at the same time abide by sharia board ruling. Thus, the determination, alertness and Sharia qualification of an internal Sharia officer is a vital factor in ensuring the clean operations of the Islamic financial institutions

بما أن كثير من الإخوة القراء متابعين ما أكتبة بخصوص موضوع الاستثمار الإسلامي سوف أضيف بعض
المقتطفات من بحث أكاديمي عن الاستثمار الإسلامي كتبته إثناء دراستي لقد قمت بخزف الهوامش citation لتسهيل نشرة

ISLAMIC BANKING AND FINANCE:
ITS OPERATION AND THE NECESSITY FOR
ITS ACCOMMODATION IN THE GLOBAL ECONOMY

The recent phenomenon of Islamic banking and financial institutions
started in Egypt in the 1960s. These banks, which neither charged nor paid interest,
functioned essentially as a saving investment institution rather than commercial
banks, by engaging in trade and industry, directly or in partnership with others, and
shared the profit and loss with their customers and depositors. These banks systems
functioned under the mandates of “shari’a,” Islamic law that prohibits usury and interest
Thus Islamic finance is based on the principle of profit and loss sharing
Since then there have been growing demands from Muslims everywhere to have
their finance managed according to Islamic laws. Therefore, in the 1970s, Islamic
financial institutions really took off, due at least in part to the new oil wealth in the gulf
Since then, “Islamic banking in the Middle East is growing and becoming important in
mobilizing local and regional saving, as well as providing an important source of
capital.”
Contributing to the growth of Islamic banking in the Middle East was the
establishment of the Islamic Development Bank by the “Islamic Organization
Conference” in the early 1970s. The Islamic Development Bank serves as a “World
Bank” for Muslim countries, with the aim to facilitate the expansion of the Islamic
banking and financial institutions in the Muslim countries and world wide. As a result,
the annual growth of the Islamic financial institutions has been an estimated almost 15%
worldwide over the last decades. To understand the principle on which the Islamic
banking and finance is based, It is essential to have some an overview of the Islamic law
and its sources and jurisprudence.
Therefore, to assess the importance of the Islamic banking and
finance in meeting the Muslims community financial need, this article will explain how
the Islamic banking and finance works and the justification of the prohibition of “Riba”
interest in the Islamic law. Moreover, it will explain how the major allowed types of
Islamic financial services work and recommend the best way for Islamic financial
institutions to improve and get acceptance globally by nationally and globally unified
sharia board. Sharia board decides what type of finance is expected in the Islamic law
and recommends the unified accounting and regulatory standard body to
govern the Islamic banking and finance operation in national and global basis. The paper
also recommends the establishment of liquidity markets to handle the operation of the
Islamic banking and financial institutions. Moreover, the paper will recommend how to
accommodate the Islamic banking and finance systems in a global economy, especially in the non-Islamic countries so as to meets the need of the growing Islamic communities.

....

الجزء الثاني
In Part I, the paper will purpose that to understand the justification of the Islamic
prohibition of Riba: “Interest” and how the Islamic banking and finance works some
knowledge about Islamic law, its sources and jurisprudence is necessary. Therefore,
include the sources and jurisprudence of the Islamic law: "Figh," such as “Qur’an:”
which is the God “Allah's” word and instruction to his Prophet Mohamed (peace upon
him.) “Sunna:” the prophet’s words and deeds Ijtihad: "Refer to the formulation of the
law by the individual's struggle for proper understanding," Ijm'a: " Consensus of opinion
and Quiyas: " analogical-deduction." And finally, Madahib: "the different schools of
Islamic law Jurisprudence" approach to the issues of Islamic Finance and the prohibitions
of the “Riba” Interest. Part II, includes the types and definition of Riba: the Islamic
jurisprudence divine Riba in two types: “Riba Al-fadil” and Riba: “Al’ Nasia.” The paper
will offer the justification of the prohibition of Riba in the Islamic law and how the
financial affairs are addressed in the Islamic law. Furthermore, the paper will explain
how the Islamic faith is a way of life as well as a religion. Muslims whenever they have
been they always have to adhered to the Islamic principle.

Part III, will include how the Islamic banking and financial institutions operate
and will describe the most common types of the permissible Islamic financial methods,
and how they work and the justification of accepting interest according to the principle of
loss and profit sharing. The expected types of Islamic finance include, Mudraba: “Trust
Financing,” Igra wa-igtin: “Lease/hire-purchase,” Murabaha: “Cost-plus Financing,”
Musharaka: “Venture Capital,” Bai’salam Transaction. Further types include:
“Manazile scheme:” Islamic mortgage housing, property finance a Istisna contract: “is a
contract to manufacture,” Bai’ bi thamin ajil: “sale by deferred payment,” Al-wadiah:
“non-fund transaction” and Qurde-Hasan: “ Benevolent financing.”

الجزء الثالث
Part IV, will include a comparison between the Islamic banking and finance
systems and the conventional banking systems: "Western banks" and the major criticism
of the Islamic banking and finance.
Part V, the final section of this paper will include recommendations.
(I): How to improve the operation and effectiveness of the Islamic banking and finance
system by :
A: The necessity of the existence of the unified Sharia board in the national and global
based so as to unify the decision on what are permissible types of Islamic financial
globally.
B: The necessity of the unified accounting and regulatory standard body to govern the
Islamic banking and finance nationally and globally. For the Islamic financial institution
to succeed and to achieve global acceptability and continue its rapid expansion it needs to
establish universally accepted accounting, auditing and regulatory standard.
C: One of the major challenges to Islamic financial institutions remains how to
handle their liquidity. Therefore, there is a necessity of the establishment of liquidity
markets to handle the operation of the Islamic banking and financial institutions.
(II): How to accommodate the Islamic banking and finance systems in global
economy especially in the non-Islamic countries so as to meets the need of the
growing Islamic communities including:
A: Since the Islamic law did not require the banks to be Islamic bank or all its
resources to be Halal “permitted,” then the conventional institution can have subsidiaries
offer Islamic finance to Muslim and non Muslim alike as an alternative to the interest-
finance. Therefore, there is a possibility of establishing Islamic financial institution in the
US as a subsidiary for the conventional banks.

الجزء الرابع
B: The possibilities of opening non- banking Islamic financial Institution dealing
mainly in providing the basic Islamic financial services in the non – Islamic countries.
Part I: The Source and Jurisprudence of the Islamic law: “Figh:”
The science of Figh is directed no less toward understanding and analyzing the
deeds and sayings of the prophet Mohamed (Peace upon him), as toward the written
word of the God’s ‘Allah’ Mandates, and to find and collect the different norms of
Islamic law.
In order to understand the justification of the Islamic prohibition of “Riba”
interest and how the Islamic banking and finance works you have to have some
knowledge about Islamic law its sources and jurisprudence what follows are some
illustration:
A: Qur’ an: “the holy book of the Islamic faith,” The Qur’an is understood by
Muslims to be the infallible words of God “Allah” and contain instruction in both
religious and daily aspects of life. Thus the Qur’an consists of the revelation made by
God “Allah” to the prophet Mohamed (Peace upon him) and lays down the fundamentals
of the Islamic faith including beliefs and all aspects of the Islamic way of life.
Therefore, the scholars have treated the holy Qur’an as a text that contain the general
principle by which all matter should be regulated. And where the meaning of the holy
Qur’an was imprecise they sought clarification from the “Sunna Hadeath.”
B: Sunna: “Tradition of Prophet Mohamed” (Peace upon him). Because God
“Allah” was “revealed to the prophet Mohamed, his actions and sayings were and are
believed to be the best possible interpretation to God’s commandments contained in the
Qur’an.” Thus Sunna is the teaching of the Islamic principle by the prophet
“Mohamed,” recorded only after having been deemed valid by religious scholars in
decades after the death of the prophet “Mohamed.”

......

الجزء الخامس
C: Ijtihad: refers to formulations of the law reached via the individual’s struggle
for proper understanding, using reason and judgement to determine a course of action in
keeping with the spirit of the holy Qur’an and Sunna. Thus, Ijtihad “means the
independent interpretation of law by one who has learned to solve a situation that is new
or for which there is no precedent or authority or pronouncement in other sources of
Figh.” Ijtihad was based on the linguistic and religious knowledge and was conducted
piously and in good faith. The “Mujtahid,” the one who conducted the Ijtihad, didn’t
have to fear retribution from God “Allah.”
D: Ijm’a: “ consensus of opinion,” is the informed consensus of the community
of scholars, and was established not for matter of faith or fundamental observances,
which were agreed upon, but on the application of the shari’a law to world’s affair.
E: Qiyas: “ Analogical deduction” or analogy from established law mean that by
comparing two things one may be evaluated in the light of the other.
F: Madahib: refers to “schools of thoughts in the Islamic law.” There are two
major schools of law in the Islamic jurisprudence: “Shia” and “Sunna.”
I: Shia, which has various sub –section is predominate in Iran Iraq, India and
many of the Gulf states. There are considerable doctrinal differences between Shia and
Sunni in terms of who is permitted to interpret the Islamic law. The shia believe the
living religious scholar, known as “Mujtahids, have an equal right to interpret the divine
law as the eminent jurist of the past and their judgement replaces the Sunni source of deduction by analogy, Qiyas.

الوليد
دبايوا
انت انسان رائع جدا وفى الحقيقة استمتعت بهذا البوست الجامعة واتمنى ان تقبلنى عضوا دائما فيه.........
قد قراءت اول اسهاماتك هنا وسابدا بالسؤال الاول ..

Quote: Repatriation of Arab money in the wake of the aftermath of terrorist attacks on US on Sept 11, 2001. Many Arab investors withdrew their money for US and the West in general and reinvest their fortune in the region and they favor Islamic investment

الحديث عن الاموال العربية المستثمرة فى البورصات الامريكية يدخلنا فى تضارب ارقام حيث لم اقراء رقما ثابتا اوقل تقريبيا ولكن كل التكهنات قبل الحادى عشرة كانت بين 800 مليار الى ترليون والله اعلم ولكن فى ذات المرات سمعت تهديدا امريكا مبطا عندما حاول بعض العرب سحب اموالهم من امريكا لاعادة استثمارها فى الشرق الاوسط حتى ان السعودية وقتها عندما حاولت سحب بعد ودائعها اصابحها بعض من الغضب الامريكى..
الان سؤالى هو كم تقدر الاموال العربية بعد الحادى عشر فى امريكا اعنى المستثمرة هنالك؟
وبعد المرور على بقية مساهماتك سوف تتوالى الاسئلة فقط للتزود بالمعرفة......
لك التحية

الأخ هاشم شكرا و ألف مرحبا بك مشاركة في هذا النقاش عن البنوك الإسلامية والاستثمار الإسلامي الصكوك

حقيقة بعد أحداث الحادي عشر من سبتمبر لقد قامت حملة عشواء عمليات غسيل الأموال وتمويل الإرهاب خاصة علي الأموال العربية فوضعت ضغوطات من أمريكا علي الدول العربية لوضع ضوابط ومتابعة دقيقة للتبرعات وطرق استثمار الأموال العربية بحجة تجفيف منابع التمويل للإرهاب الدولي.
لهذا فقد خشي الكثير من المستثمرين العرب كأفراد وشركات من استثمار أموالهم في أمريكا خصوصا لان الخزان الأمريكية كل فترة وأخري مصدرة لاحه بأسماء مستثمرين في أمريكا وتقوم بتجميد أموالهم المستثمرة في أمريكا لهذا خشي الكثير من أن تشملهم قرارات التجميد هذه.
لهذا لاجأوا الاستثمار أموالهم في المنطقة ومع تنامي النزعة الدينية الإسلامية في العالم عامة وارتفاع أسعار البترول عالميا هذا وفر سيولة كثيرة في منطقة الخليج مما أدي للنمو المتسارع لقطاع الاستثمار الإسلامي.

أما الدول العربية كدول فأنها خاضعة تماما لأمريكا تبيع لهم البترول وتشتري منهم الأسلحة والمعدات العسكرية الاخري بأموال البترول هذه بل تتباري في الخضوع والانصياع لأمريكا باعتبارها القطب الأوحد في النظام العالمي الجديد.

لهذا أن البريطانيين فطنوا لهذا الموقف ويسعون لجعل لندن المركز المالي العالمي للاستثمارات الإسلامية فقاموا بخطوات عملية في هذا المجال بتغيرهم لقوانين كثيرة لتسهيل عمل البنوك الإسلامية فقاموا مثلا مؤخر بتغير قوانين الضرائب لكي تعامل الصكوك الإسلامية مثل معاملة مثيلاتها سندات الاستثمار في البنوك التقليدية و سمحوا للعديد من البنوك الإسلامية لكي تفتح فروع لها تتعامل وفقا للشريعة الإسلامية في بريطانيا هذا كله يقع ضمن التنافس بين لندن ونيويورك كمركز مالي عالمي.

الجزء الخامس
II: Sunni, The majority of Muslims follow Sunni school of thoughts. Sunni legal
doctrine has four main schools of thoughts, each with its own system of theory and
application of law. However, they all recognize the legitimacy of all the others. In Sunni
the four schools of thoughts are Hanafi “Rationalist,” Malki “Traditionalist,” Hunbali
“Fundamentalist” and the Shafii “Moderate.” Furthermore, these four schools of law
give different emphasis to the source of law, but all are anonymous in requiring that
Islamic law be God “ Allah,” is not man's creation and the holy Qur’an and Sunna are
fully binding. The other sources of authorities are in one way or another justified by
reference to these two basic laws. These schools of jurisprudence differ in their
interpretation of the importance of the Ijtihad, the component of the Ijtihad and Ijma’a,
and the importance of how certain individuals can interpret almost all-religious issue.
Individuals are given much freedom in choosing the particular of the law they wish to
follow.
Part II: The Types and Definition of “Riba” the Justification of its Prohibition in the Islamic Law and How the Financial Affair Addressed in Islamic Law:
(I): The definition of the “Riba” in Islamic law:
Riba is defined as any increase over the nominal value of the sum lent.
Moreover, according to the Qur’an, “Riba” is neither a sale nor voluntary charitable act,
“it is an equitable exchange destructive to and out of place in fair economic
order.” Thus, he definition of Riba as usury includes interest and other forms of profit or
gain that are not earned from work efforts. “Islamic law prohibits any profiting from
supply of capital without any personal engagement or exposure to financial risk.”
Therefore, Riba prohibits any predetermined fixed positive return to the
loan as a reward for the delay. Also, considered Riba is any ‘excess to exchange of two
or more commodities of the same type taking place in the spot market. “This prohibition
aims to ensure that no legal trick or device will be used as back-door to Riba, associated
with deferred transaction.” Furthermore, the purchase of the government bonds and
firm securities with fixed rate of return are considered Riba and hence prohibited.

الجزء السادس
(II): Islamic Jurisprudence Divides Riba into Two Types:
A: Riba Al-fadl: “excess on exchange” defined as Riba arising out of barter or
sale. Riba Al-fadl involves an exchange of unequal quantities and qualities of the same
commodity simultaneously.
B: Riba Al-nasia: “excess on loan” defined as Riba arising out of money
exchanges “Loan.” “Riba Al-nasia involves the non- simultaneous exchange of equal
qualities and quantities of the same commodity.”
(III): The justification of why the Islamic law prohibits the Riba:
The prohibitions of Riba in Islam seek to prevent usurious condition in exchange
and loan, because “the Islam’s economic ideal is one of legal fairness, of mercy, and
leniency in times of hardship.” By prohibiting certain classes of interest in either trade
or loan, Islam seeks to correct the usurious practice which is a desirable result, because
Riba is a raise from an unequal unfair exchange, namely an increase over the principle a
mount lent or the quantity traded.

الجزءء السابع
Thus, Riba is prohibited because “it is a contract that contains certainty, while
real life is not certain.” Riba is an unearned profit without expected normal business
risk. Moreover, “the practice of Riba enrich the class of money lenders and usurers who
accumulate wealth by impoverishing those who are forced to borrow money or
commodities from them for mere consumption, basic necessities, or for limited
production purposes.” Such lenders do so by charging interest or making uneven trades in
their favor. Furthermore, Riba was an unearned income in the sense that the owner of
the capital who loaned his capital for an increment without contributing any productive
activities, collects profits that are considered illegitimate, because they didn’t give any
equivalent recompense return or counter value “Iwad” to other party.
The prohibition of Riba extends to any and all forms of interest and there is no
difference between interest bearing funds for purposes of consumption or
investment. Furthermore, interest as a predetermined cost of production can contribute
to unemployment and those interest charges can exacerbate business cycles and cause
international monetary crises. Because “interest involves a transfer of property without
counter value those who live on interest have little incentive to work and where
lenders are richer than borrowers interest result in increasing inequality and social
frictions.”
Thus, the Islamic text does not distinguish between borrower and lender, and
supports the idea that the prohibition’s purpose is not redistribution of wealth but to
the assurance of fair economic exchange while allowing return of capital profit and
services charges. It is contrary to Islamic law to make money out of money and that
wealth should accumulate from trade and ownership of real asset.

,,,,,,,,

الجزء الثامن

The reasoning that justifies the prohibition of the Riba is rooted in four
different verses in the holy Qur’an. The first of these verses emphasizes that interest
deprives wealth of God blessing. The second condemns it, “placing interest in
juxtaposition with the wrongful appropriation of property belonging to others.” The third
verses enjoins Muslims to stay clear of interest for the sake of their own welfare. Finally,
the fourth “establishes a clear distinction between interest and trade, urging Muslims first
to take only the principle sum and second to forgo even this sum if the borrower is unable
to repay.” Moreover, Prophet Mohamed (peace up on him) condemns, the one who
takes the Riba, the one who pays it, and the one who writes the agreement for it and the
one who witness to the agreement.
Riba is prohibited in holy Qur’an: Chapter II verse 275 from holy Qur’an state:
Those who devour [riba]
Will not stand except
As stand one whom
The Evil one by his touch
Hath driven to madness
That is because they say:
“[Sale] is like usury [(riba)].”
But Allah hath permitted [Sale]
And forbidden [riba].

And the Qur’an further warns:
O ye who believe!
Fear Allah, and give up
What remain of your demand
For [Riba], if ye are
Indeed believers.
If ye do it not,
Take notice of war
From Allah and his Messenger:
But if ye turn back,
Ye shall have
Your capital sums.
Deal not unjustly,
And ye shall not
Be dealt with unjustly

,,,,,,

الجزء التاسع
(IV): How Financial Affairs are addressed in Islamic law:
Under most schools of Islamic law an Islamic financial system would comply
with at a minimum the following principle: (1): the prohibition of Riba. (2): Risk –
sharing. (3): Prohibition of speculative behavior. (4): Sanctity of contract. (5): Activity
that conforms to Sharia. Because man is an agent, not an original owner, he is not a free
agent in his exploitation of resources and must use methods and means within a frame
work given to him in the satisfaction of his economic means. And the guiding principle of
economic activity is the over all good of the society and nature. Moreover, individual
man being part of the over all fabric, must be given consideration for his wellbeing. Also,
“equitable reward must be given to man according to his effort, to all people according to
their efforts, and from all according to their abilities.”
Therefore, Islam permits the development of wealth, but through socially
conscious means. Successful enterprises that earn a profit are laudable, but the
practitioner must not forget that Islamic principles direct that financial resources should
be utilized for bettering the condition and well being of other. Furthermore, while Islam
permits the individual’s rights to seek his economic well being, Islam makes a clear
distinction between the “Halal:” what is lawful and “Haram:” what is forbidden in
pursuit of such economic activity. In broad terms, Islam forbids all forms of economic
activity, which are morally or socially, injurious.

,,,,,

+





أستاذ الوليد، تحية طيبة.

ما هو الأستثمار الأسلامي؟
وما وجه الخلاف بينه والأستثمار الغير اسلامي؟

ما الذي يميز البنوك الأسلامية السودانية عن
سائر البنوك الأخري؟

شكرا.






دنقس.

الجزء العاشر
Part III: Operation of Islamic banking and financial institutions and the types and justification of the allowed Islamic finance:
(I): Operation of the Islamic banking and financial institutions:
On the surface, Islamic banking systems differ greatly from all Western banking
systems. Imagine being able to borrow money without paying interest and having the
financial institutions assume half the risk; this is a common transaction in the rapidly
growing world of Islamic banking.
All Islamic banks or financial institutions have a religious supervisory board
(RSB), consisting of an Islamic scholar, who acts as advisory council to the official of the
Islamic institutions. The “RSB” is set up as permanent institutions located and financed
by the Islamic financial institution “IFI”. The “SRB” oversees the Islamic financial
institution activities according to Islamic law and publishes its opinion in the
Islamic financial institutions annual reports. Thus, the business section of the Islamic
banks works in connection with the supervisory board of religious “SBR” to review
proposed financial transactions to conform to Islamic principle.
The fundamental principle underlying the Sharia approach to finance is that
no one wishing to earn a return on money has any rights to retain the initial sum intact; in
order to earn profit in Islamic finance, it is necessary to take risk. Moreover, the
foundation of the Islamic banking is asset management. Although, Islamic finance rests
on two main principles: (1): the main financed asset must exist. (2): “the financier must
bear the risk associated with this asset for some period of time, and that what will justify
a rate of return on the basis of this risk exposure.”
Investment agencies in the Islamic financial systems work according to a contract,
in which an agent invests funds on behalf of the principal in exchange for a fixed wage or
share in profit. “The principal owns the invested fund, therefore is entitled to the profit
of the investment and liable for its losses, while the agent is entitled to a fixed wage if the
agency stipulates that.”

الاخ عبدالقادر دنقس شكرا علي المرور



وسوف ارد لاحقا علي اسئلتك القيمة هذة انشاء اللة

الجزء الحادي عشر
Furthermore, Islamic-banking systems are based on sales agreements; “Islamic
bank sells you the money, making a profit on that sale. On the other hand, the depositors
in the Islamic banking systems do not earn any return on their deposit while those
holding ‘investment accounts’ earn a shared of the profit and exposed to potential
losses.” In project finance, Islamic banks will lend against the title of a key parts of given project. Technically it is not a loan, but a purchase and sale agreement. Moreover,
the Islamic bank can pursue sale by order such as “Salam and Istisna” financing, and
then can buy the non- existent goods at a discount such as “ the salam and Istisan price”
and sell the goods later on delivery at retail price.
(II): The Types and Justification of the Allowed Islamic Finance:
The basic role of all Islamic finance is that there must be profit and loss sharing
between the financier and the entrepreneur to justify the interest collected from any
financing operation under Islamic law. Therefore, there has to be some kind of risk
sharing to justify any Islamic finance. Here are some types of the most accepted methods
of Islamic finance:
A: For the Islamic financial institution to succeed in obtaining profit they
concentrate in some specific types of finance, which is easy for them to control the
operation of the financed services so as to minimize the risk of losses. What follows is
the most Frequently used type of Islamic finance:
1:Mudraba: “Trust Financing” is financing transaction equivalent to
“venture capitalism.” It allows the entrepreneur with a business plan to make use of
investor’s capital. Therefore, “Mudraba, in turn is a profit sharing agreement between
two parties in which one provides the finance and the other provides entrepreneurial and
management skill. The profit in this finance is divided on a pre-determined ratio and the
loss borne by the provider of the capital.” In contrast, the bank can’t require any
guarantee such as security or collateral to secure his capital against any loss in the
transaction. But “if there is any negligence or mismanagement or any action beyond those
originally provided for in the contract from the entrepreneur, the entrepreneur will be
responsible for the financial loss and may be obligated to reimburse the financier.” This

financial transaction is permitted because of the risk sharing involved: the investor risks
loss of his capital while the entrepreneur risks his time and effort.

,,,,,,,,,,,

الجزء الثاني عشر

: Murabaha: “Cost-plus financing” is one of the most familiar and commonly
used finance transactions, mostly in trade and commodity finance. “This finance
transaction involves the purchase of goods by the bank as requested by its client.
Therefore, it is a sale contract between the bank and its client for sale of goods for price
that include profit margin for both parties.” The bank should have the custody of the
goods before signing the sales contract with the client and the bank also should not seek
any collateral that may make the client committed in any way towards the bank. “The
bank in Murabaha bears the risk during the period between the purchasing of the goods
and reselling of it to the customer,” also by the risk of allowing the client to refuse to
accept the goods procured on their behalf by the bank. Thus those risks are what justify
this transaction.
3: Igra wa-igtin: “Lease/hire-purchase.” In this transaction if the client requests
“the banks to purchase the equipment or goods and resell them to him, the bank will be
the owner of these items and the client pay a fixed amount for its use.” “If the client is
committed to purchase the equipment from the bank at the end of the rental period, the
price is determined in advance and thus the installment payment would include both the
rental price and the purchase fee of the equipment.” The fund on these financials is
secure, because in order to obtain the fund the investor must offer collateral.
Furthermore, the bank in this finance transaction bears the risk throughout the life of the
lease contract. Therefore, the bank takes the owner obligation and that will justify its
return in accordance with Islamic law.
4: Musharaka: “Venture Capital” “is an equity participation arrangement and
equivalent to a partnership arrangement. In this finance arrangement all partners share in
finance and management, and the profits are distributed according to pre-agreement ratio,
but losses are shared on the basis of equity participant.” “This a true partnership where
investor and the agent have a joint profit and loss –sharing and decision making.”
Furthermore, this involves active participation from both the financial institutions
and its client since all of them depend on the revenue sharing in the form of the
percentage of the net profit rather than the interest. And this will encourage close scrutiny
and assessment of the viability and the implementation of the their investment. On the
other hand since the client also contributes capital and becomes partner, he will be eager
for the success of the investment.

;;;;;;;;;;;;;;;

Dear Al waleed

first.. thanx for your indepth about the topic
i will be back for a big time comment in the islamic banking system in sudan covering the period from 1983 to 1993

t cos i have alot of comments abouthis system .. i don't agree with the most practice took place over the sudan banking system which is being changed to the negative developing for the last 20 years !! also i believe the most of the practices in islamic system was historiclly practiced before al islam appearied specially the share of profit and al mudaraba.. will be back for more comments

once again thank you for the topic.

شكرا malamih
نتمني ان مشاركاتك عن التجربة السودانية في البنوك الاسلامية قريبا

الصعوبات التي تواجهة نمو وتطورالاستثمار الاسلامي في الولايات المتحدة الامريكية وبريطانيا

First part:-

The Essential Legal Regulation Reform
For Islamic Finance's Accommodation and Growth in UK & US:
By: El Waleed M. Ahmed, Legal Consultant, Head of Foreign Affair Department, Kuwaiti Lawyer Firm (Yaqoub Al-Munayae & Aisha Al-Shaiji Law Firm), Al-Jabriya –Kuwait.
Islamic Finance in US:
Islamic banking products are available in the US, but the officials there have not been as aggressive in promoting the concept as their counterparts in UK. Even Although the US remains for many Islamic investors an important market because of its depth and diversity.
Furthermore, Middle Eastern investors flush with oil profits are looking for new places to invest, and American Muslims are looking to invest in a way that does not conflict with their faith. Therefore, the US remains an attractive market to invest in. As most of the investors in the, Middle East, particularly in the GCC, are US dollar based, by investing in the US, GCC investors can avoid currency risk.

Difficulties facing Islamic Finance in the US;

But the US still remains relatively closed to Islamic financial institutions and some of the challenges to conduct Islamic financial transactions in the USA relate to familiarity and understanding of Islamic finance itself, and the US regulatory framework such as offering a profit-and-loss sharing deposit is a particularly difficult proposition under US legal framework, which takes the certainty of deposit principal as a given. But in Islamic banking Profit-and-loss sharing deposits are typically structured so that the bank has something akin to a joint investment with the depositor, with returns based on a portion of the profits earned and not on a set rate, so if the bank loses money, so does the account holder. Anther difficulty facing Islamic banking in US the set of restrictions placed on the range of permissible investments that commercial banks may hold. To ensure that banks do not assume unnecessary risk, their investments are generally limited to fixed-income, interest-bearing securities, which are prohibited by the sharia. In addition, commercial banks in US generally must meet numerous disclosure requirements in order to comply with regulatory policy such as the "Truth in Lending Act". These requirements typically mandate advance disclosure of APR 'Interest rate" and other terms that do not fit the principles on which Islamic finance is structured.
Moreover, In the US, there is a complex system of financial services regulation, which divides responsibility for supervision among a number of federal and state agencies. In addition, one of the main challenges facing U.S. and Western regulators is to accommodate the free exercise of religion and still carry the secular mandate of fostering safe and sound practices in the banks that they supervise.
Furthermore, there is difficulty for Muslim consumers in obtaining sharia-compliant insurance presents another hurdle to the accessibility of Islamic finance in Western markets. Because the financial institution require property insurance and private mortgage insurance to be held on the securitized mortgages they purchase. This requirement forces customers of Islamic financial institutions to purchase traditional insurance for these mortgages which is against sharia principle. Also, many Americans remain hostile to Islamic finance in the wake of September 11 2001, thus many Americans tend to assume that Islamic finance means terrorist finance

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كل سنو وانتم طيبين

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مع احترامي الكامل لك هل تم توثيق النواحي السلبية في تجربة أسلمة البنوك ؟؟


ايهما اكثر عدلا ونزاهة وشرعية

فائدة ربوية 15% لمدة سنة

أو مرابحة شرعية ب 67% بعد ستة أشهر


ما هو مدى استفادة المقترضين من البنوك الاسلامية وقدرتهم على الإيفاء بهذه الفائدة المرتفعة

لماذا تعتمد بعض البنوك الإسلاميةعلى مؤشر الليبور لتحديد أرباح القروض الشرعية؟

لماذا تحرم البنوك الإسلامية المودعين من فوائد أموالهم ؟

كم عدد المساجين من ضحايا البنوك الإسلامية؟

هل المشكلة في هؤلاء المساجين أم في الفائدة العالية لقروض البنوك الإسلامية؟

بوست جدير بالنقاش والرفع شكراً أستاذ الوليد

شكرا الاخ هاني والاخت صباح سوف ارد علي تساؤلاتكم لاحقا انشاءاللة

الجزء الثاني


Islamic finance accommodations in US;

The U.S. law is "broad enough to encompass Sharia compliant structures." practitioners can produce products that simultaneously satisfy the demands of secular and religious law. This is so because the U.S. law is silent on matters of religion and because the common law tradition of the Anglo-Saxon legal system is flexible and adaptive. Moreover, the US legal system itself, which is among the most settled legal systems in the world and its dynamism, openness and substantive rather than formalistic approach make reviewing, structuring and documenting Islamic transactions simpler. Thus, the US regulator usually looks beyond the form of the transaction to determine that these structures were the economic equivalent of products already being offered by conventional institutions, and thus were permissible under existing banking law. For example, in a residential net lease-to-own home finance product; it considers this arrangement as a lease-buyback arrangement, rather than an interest-bearing loan. Because the purchase and sale transactions occurred simultaneously, the bank would be acting as a “reckless principal” in such transactions, and they were therefore permitted.

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The Third Part:

Conclusion;
As the Islamic finance industry has progressed, the involvement of US institutions has likewise increased. Information regarding Islamic finance has become and will likely continue to be more accessible and more widespread. US parties have become more and more comfortable and are not only willing, but actively seeking, to meaningfully participate. Moreover, Interest in Islamic finance has recently boomed as investors seek ways of tapping the wealth being generated by high oil prices and rising religious fervor across the Muslim world. Furthermore, the US investor, who are keen to participate in the flourishing markets of the Gulf but are limited by rules restricting foreign ownership, see Islamic bond "Sukuk" as no more than asset-based securities that give them exposure to markets in the Gulf that they would otherwise be unable to access. Thus, U.S. regulators have already started to make efforts to more fully understand and better foster Islamic finance. Thus, Educational dialogue between regulators and Islamic financial practitioners would be very useful in terms of expanding Islamic finance in the United States

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The Fourth Part:

Islamic Finance in UK;

U.K financial regulators have long recognized the growing demand for Sharia-compliant financial services, and recently recognized the importance of sukuk to the Islamic capital markets by introducing legislation to clarify the treatment of sukuk for UK tax purposes.


UK efforts to accommodate Sukuk & the New Tax Regulations:

Thus, the UK new tax law plans to extend its capital gains tax principles to accommodate Islamic bonds by allowing issuers of Islamic bonds in the UK to offset the coupon payments they pay to investors against company profits for tax. But before this reform an issuer of a non-Islamic bond can offset the coupon interest payment against profits, but an Islamic bond "Sukuk" does not qualify for this relief as the coupon payment in Islamic bond "Sukuk" is based on profit rather than interest and profit cannot be offset against profit. But now Sukuk would receive the same tax relief as conventional bonds. Thus, a level playing field is being created, this will allow sukuk to be issued, held and traded in the same way as corporate bonds.
Accordingly, the new rules provide that amounts paid by the issuer in respect of alternative finance investment bonds are deductible for corporation tax purposes under the loan relationships rules. They are taxable as interest, where the holder is subject to income tax; and as a profit under the loan relationships rules.
Furthermore, in order to avoidance tax schemes a number of conditions will have to be met for such arrangements to fall within the scheme. These include: the payments made to the Sukuk holders must not exceed a reasonable commercial return on the amounts subscribed; the arrangements must legitimately be treated as a financial liability of the issuer under International Accounting Standards; and the Sukuk must be listed on a recognized Stock Exchange
Although, In the UK regulatory regime for Islamic finance institutions the existence of Sharia Advisory board and the disclosure of its members are both required. But since Sharia board did not have a sufficiently managerial role in Islamic financial institutions therefore, the FSA regulator will not have to approve its personnel.

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:The fifth part

Furthermore, one of the most important issues faced by the FSA in its regulation of financial services suitable for the Muslim population in the UK was the treatment of deposits. The UK legal definition of a deposit is: "a sum of money paid on terms under which it will be repaid either on demand or in circumstances agreed by the parties." In other words, money placed on deposit must be capital certain. However with a savings account there is a potential conflict between UK law, which requires capital certainty, and Sharia law, which requires the customer to accept the risk of a loss in order to have the possibility of a return.
Thus, Islamic banks in UK resolved this problem by offering full repayment of the investment but informing the customer how much should be repayable in order to comply with the sharia principle" the risk-sharing formulation". This allows customers to choose not to accept full repayment if they wants to comply with sharia principle. Thus, the depositors are legally entitled to ask for their money back but if they wish to follow Sharia principles they can just ask for a share of the profit/loss.
In addition, Sharia-compliant home finance in Britain provides a good illustration of how regulation has been adapted to level the playing field between conventional and Islamic products. In Islamic mortgage the property must change hands twice — from seller to the bank and from the bank to the customer which means two sets of stamp duty to be paid to the U.K. government. But this disadvantage had been removed by government legislation in 2003.

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الاخ الوليد
اشكرك على ايرادك لهذا البوست هنا فى موقع سودانييز اوون لاين
واريد ان اوجهه الى وجهة اخرى كنت اتمنى ان تتولاها بنفسك وهى الرؤية النقدية لما يسمى بالتجربة الاسلامية لانك الاكثر تاهيلا للقيام بهذا بحكم ما قراته هنا..
انا لا اعتقد ان هنالك نظاما اسلاميا للاقتصاد وانما هناك رؤية مسلمين لتجنب الربا الفاحش الذى يدمر الاقتصاد والبشر واعتقد ان لا تجربة اسلامية فى السودان وانما هى تجربة شيطانية باسم الاسلام لاكل اموال الناس بالباطل وهذا ما حصل ورايناه منذ ان فتح بنك فيصل الاسلامى فى السودان وما حصل بعد ذلك للاقتصاد السودانى الذى ساهم بقدر كبير في تحطيمه ..
انت لا تعلم ان البنوك الاسلامية كان يطلق عليها فى السوق بين التجار اسم بنوك الحرامية وهذا الاسم اتى لانها تسرق العميل واول بنك مارس هذه الاخطاء القاتلة كان بنك فيصل الاسلامى عندما احس كثير من المتعاملين معه بانه يسحب جزءا من المبالغ من الرزومات التى تعطى له الكاش فيحسبها ويجدها ناقصة .. وهذ الفخ وقع فيه اكثر من تاجر خاصة بعد غياب القانون فى بدايات الانقاذ الاولى .. اضافة للطرق الاستثمارية وخاصة المرابحة التى اول ما يمارس فيها الكذب والخداع ..ان البنك اشترى وباع للعميل وهى عملية وهمية يحس بها العميل بانها غير صحيحة وانما هى نوع من التحايل والخداع ليس الا ..
انا واحد ممن تعامل مع البنوك الاسلامية واعتقد انها اجتهاد ليس الا وفاشلة باكثر من دليل ..
اما تجربتها فى الخليج فتختلف عن تجربة السودان وهى لا تختلف كثيرا عن النظام التقليدى ولكن اقناعا للذات يقال او يطلق عليها النظام الاسلامى وهى فى تعاملاتها اكثر انضباطا من التجربة السودانية التى اعتبرها فاشلة بنسبة مائة بالمائة نسبة لما حصل لهذه المصارف من انهيارات متعددة ووريت تحت الستار خوف الفضائح ..
واعتقد ان كل كلمة هنا كتبتها سوف تثير النقاش وتداخل الكثيرين غيرى ليصبح هذا البوست مفيدا للجميع وخاصة لان اسم الاسلام الكبير الذى يدنس بالاخطاء الكبيرة البشرية الى هى بالطبع مثل هذه لا علاقة لها بالاسلام ..من قريب او بعيد ..
واتمنى ان نستفيد كلنا من علمك وما اكتسبته من خبرات فى ابعاد الاسلام بقدر الامكان من مثل هذه التجارب التى يدور لغط كبير حولها ..
مع تحياتى لك

Alwaleed
Salaam and hope all going well. Awesome topic can you stress on the relationship between the Islamic banking and investment system and Islamic hedge funds in relation to options, futures, and commodities please

شكرا الاخ سيد بكاب انشاء اللة الايام القادمة اجد زمن ارد علي اسئلتك الغيمة و اسئلة الاخوة الاخرين فيما يتعلق بالاستثمار الاسلامي ونرحب باراء الجميع

The six and final Part

London as global center for Islamic finance;

Britain is making a bid to become a leading market for Islamic finance in the world by Make London the global center and "the gateway to Islamic finance and trade.

Thus, London is far ahead of rival western financial centers, in terms of its success in attracting Islamic financial business, this is partly because of its geographical location and time zone, which give it an advantage over New York. Moreover, London's advantages include the critical mass of financial markets; its innovative, skilled and large labour force; efficient technological infrastructure; a level playing field for foreign firms; competitive personal and corporate taxation; world class regulation; the language; stability; flexibility and openness to the world have given London its historic advantage. That makes London a hospitable environment for Islamic finance. Therefore, London is seen as an ideal location by companies wanting to issue sukuk because it offers publicity, prestige and an established regulatory regime that attracts investors, potentially enabling companies to raise more money than in other locations.

After the recent tax changes in the UK these will make Sukuk issuance a valid financing option for UK business and most western governments are likely to follow with similar enabling legislation. Thus, these laws will create a level playing field for investing in conventional and Islamic securities. That development will create a huge global market for Sukuk and help the growth of the market and lead Islamic finance into the mainstream of global finance.

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سوف اتوجه انشاء اللة الي جنيف سويسرا للمشاركة كمتحدث في مؤتمر دولي عن الاستثمار الاسلامي منعقد 19-20 سبتمبر

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بعض الصور من مشاركاتي كمتحدث في مؤتمر دولي عن الاستثمار وفقا للشريعة الاسلامية الذي اقيم بجنيف - سويسرا بتاريخ 19-20 سبتمبر 2007 بتنظيم من المؤسسة الدولية للاستثمار

[url=http://www.sudaneseonline.com/][/url

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وما زلت بانتظار اجاباتك على تساؤلاتي

الاخ هاني رمضان كريم انشاء اللة ارد علي تساؤلاتك قريبا

Quote: مع احترامي الكامل لك هل تم توثيق النواحي السلبية في تجربة أسلمة البنوك ؟؟ ايهما اكثر عدلا ونزاهة وشرعية فائدة ربوية 15% لمدة سنة أو مرابحة شرعية ب 67% بعد ستة أشهر ما هو مدى استفادة المقترضين من البنوك الاسلامية وقدرتهم على الإيفاء بهذه الفائدة المرتفعة لماذا تعتمد بعض البنوك الإسلاميةعلى مؤشر الليبور لتحديد أرباح القروض الشرعية؟ لماذا تحرم البنوك الإسلامية المودعين من فوائد أموالهم ؟ كم عدد المساجين من ضحايا البنوك الإسلامية؟ هل المشكلة في هؤلاء المساجين أم في الفائدة العالية لقروض البنوك الإسلامية

في التعامل في البنوك الاسلامية من المفترض الخيار يكون للعملاء طالما ان البنوك الاسلامية تقدم خدمات حقيقة وفقا للشريعة الاسلامية وليس كما هو مطبق حاليا سعيا فقط وراء الربح فان الممارسة الحالية في كثير من البنوك الاسلامية تشوبها كثير من السلبيات مثلا في السودان الاقتراض من البنوك في الفترة الاخيرة ادي الي افلاس العديد من التجار
اما ما يخص الصكوك السندات الاسلامية هي شئ جديد في الاستثمار الاسلامي باعتبار اول اصدار للصكوك في ماليزيا عام 2003 ولكنها واعدة بان توفر فرص وخيارات الاستثمار للذين يرغبون في ذلك من المسلمين وغير المسلين لما يميز الصكوك الاسلامية من خصائص ايجابية تميزها عن سندات الاستثمار التقليدية مثلا الصكوك دائما مؤمنة بوجود عقارات وكذلك المستثمر يكون لة حق الملكية في العقار بالاضافة لدخل ثابت من العقار مثلا اثناء فترة الاستثمار مع المشاركة في الربح او الخسارة بعد بيع العقار مثلا
ولكن لانها تجربة جديدة مازال يشوبها العديد من النواقص مثلا ارتباطها بمؤشر اللابر وغيرها
يجب توفر هذة الشروط في استثمار لكي يكون فقا للشريعة الاسلامية
Under most schools of Islamic law an Islamic financial system would comply
with at a minimum the following principle:
(1): the prohibition of Riba.
(2): Risk –
sharing.
(3): Prohibition of speculative behavior.
(4): Sanctity of contract.
(5): Activity
that conforms to Sharia

للاطلاع علي مقالتي المنشورة عن الاستثمار الاسلامي اضغط علي الرابط ادناة
http://www.calvinandassociate.com/id56.html

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ربنا يتقبل صيام الجميع و كل عام والجميع بخير يحقق اماني الجميع ويدم الصحة والعافية وللسودان عامة الامن والسلام والاستقرار

I would like to wish you,
your family & your loved ones
the warmest greetings and pray to Almighty Allah for many returns
of this beautiful occasion enriched with Peace, Prosperity, Health, Happiness and His Blessings

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أخي افاضل الوليد.. أشكرك على هذا البوست الهام..
من بين الأسماء التي لا يمكن تجاوزها في مجال الاقتصاد الأسلامي بصفة عامة والتجربة السودانية بصفة خاصة، الدكتور الصادق حماد محمدين الباحث وعضو هيئة الرقابة الشرعية بمجموعة دلة-البركة بجدة. فقد أنجز هذا الباحث المتميز أطروحة دتوراه عن التجربة السودانية في مجال البنوك الإسلامية بجامعة النيلين في بداية هذه الألفية، وقد أصبح خبيرا ومدربا في هذا المجال من خلال جاب العديد من العواصم العربية والعالمية.

شكرا الاخ محمد الأمين موسى ونتمني ان تنشر مساهمات الاخ الدكتور الصادق حماد محمدين عن التجربة السودانية ليستفيد منها الجميع

A Unified Voice: The Role of Shariah Advisory Boards in Islamic Finance
" This article published in October, 2007 Edition of 'Business Islamica' Magazine-Dubai UAE"
By: El Waleed M. Ahmed

In Islam, there is no generally accepted codification of jurisprudence. Shariah law is open to interpretation and scholars frequently hold varying views on key Shariah issues. Furthermore, Islamic jurisdiction is not bound by precedent, and legal opinions may deviate from previous decisions made by other Shariah scholars. A Shariah board has considerable discretion in the interpretation of Islamic law and may choose any school of thought to inform its decision-making process.
This lack of standardization of Shariah boards’ rulings is the Achilles heel in the global acceptance and growth of Islamic finance. A consistent ruling on the religious compliance of certain assets and transaction structures in terms of Shariah law has yet to emerge. In the conventional arena, this can lead to uncertainty and confusion.
Broadly speaking, the three key functions of Islamic finance Shariah boards are:
• To provide advice to Islamic financial institutions
• To supervise and audit transactional procedures
• To supervise and actively participate in the creation of innovative Shariah-compliant investment and financing products and services.
The Effects of Non-Standardized Shariah Rulings
The absence of a universally accepted central religious authority is largely a result of the lack of uniformity in religious principles applied in different Islamic countries across the world. Shariah boards at individual banks have their own way of defining what is and is not Islamic banking. This results in different transactions being interpreted differently and causes uncertainty about what is the acceptable way to do business in the Islamic banking and finance system. Furthermore, because of this lack of consistency, an accurate assessment of risk for both the financial institution and the customer can be difficult to make.
The differences in interpretation of Shariah laws also means that one Islamic bank may not be able to “copy” another Islamic bank’s products, and this can stifle the growth and integration of Islamic finance at both national and international levels.
Lack of standardization is also a contributory factor in the sluggish trading levels on the Sukuk market. It prevents investors from knowing what risks they are assuming when they invest and increases the costs associated with Sukuk issuance.

Part-2
International Harmonization
Conformity or similarity among the Shariah supervisory boards of Islamic financial institutions is urgently required to extend the possibilities of concept and application in the industry. Establishing Shariah boards at a global and central bank level is needed to expedite and develop some standard guidelines on the conduct of Islamic financial transactions. Standardization will help avoid contradictions or inconsistencies between different Fatwa rulings and their application by these institutions.
Another important factor is the mutual recognition of financial standards and products across jurisdictions. The progressive harmonization of Shariah, in this respect, needs to be viewed as a step towards greater international financial integration. Moreover, supervision and regulation at the national and regional levels are necessary safeguards against potential improper practices, which can cast doubt on the credibility of all participants. Shariah scholars from around the world should contribute towards greater understanding and international convergence. Such convergence and harmonization can only happen with greater engagement among the regulators, practitioners and scholars in Islamic finance in the international community.
The existence of a unified Shariah board via council representing different Islamic schools of thought, nationally and internationally, would facilitate the conformity of different types of financial services to Islamic law. This would also define cohesive rules to expedite the process of introducing new products.
Active Participation
The early engagement of a Shariah supervisory board in the creation of a new Sukuk is of utmost importance so as to build a solid Islamic foundation. It also paves the way for speedier creation of the Sukuk. It is crucial that the Shariah board actively participates in the creation of Sukuk, in addition to its supervisory role.
Working Together
In order to promote a global standard for Islamic finance instruments, there are a couple of key steps that must be taken.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has taken the lead by preparing Shariah standards. These have been adopted by a number of government authorities and central banks, which provides an avenue for Shariah compliance as well as product innovation.

لقد شاركة كمتحدث في مؤتمر دولي عن فرص الاستثمار الاسلامي في امريكا الشمالية اقيم في فندق هليسي هوتيل بنيويورك ستي في الفترة من 29-30 اكتوبر 2007 هذة بعض الصور منالمؤتمر
participated as speaker in international conferences: - (Islamic Finance Summit 2007,"Innovations in Shariah Compliant Finance for US-Based Financial Institutions. Held at the Helemesly Hotel New York City-NY, USA-October 29-30, 2007. Organized by By Financial Research Associates, LLC.

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[url=http://www.sudaneseonline.com/]]

The third Part
Collective efforts towards international collaboration among major Islamic financial regulatory bodies such as the Islamic Financial Services Board (IFSB), AAOIFI and the central banks in Islamic countries is important in strengthening the fabric of Islamic finance.
The Next Level
Islamic finance instruments, particularly Sukuk, are becoming an increasingly important consideration – for both Muslims and non-Muslims – from the perspective of investment and product innovation. Shariah boards need to keep up with the growth and sophistication of the industry and make sure they are as effective as possible. Some recommendations:
• More training in economics, investments and legal issues related to investments and product innovation. The lack of knowledge about modern economic and legal issues can weigh down the ability of Shariah scholars to issue well-informed rulings on financial products and investment activities.
• Placing specialized Shariah scholars on separate Shariah boards for different projects to work more efficiently on projects best suited to their particular areas of expertise. This process will ensure that the right scholars in the right numbers develop, certify and supervise the financial products and services endorsed by Islamic financial institutions.
• Shariah boards should be independent from financial institutions in order to ensure transparency and efficiency when giving opinions on proposed contracts and transactions.
• Shariah advisors should work closely with financial institutions and lawyers in developing new Islamic financial instruments.
• There is a nagging concern about the availability of suitably qualified Shariah advisors. Their numbers need to be increased. This will allow more Shariah-compliant transactional procedures and more time for advisors to spend with economists and investment practitioners to develop new Islamic financial products.
• Financial institutions need to develop operating procedures to ensure that no form of investment or business activity is undertaken that has not been approved in advance by the religious board.
• From the outset of structuring a Sukuk, Shariah advisors should scrutinize to ensure that the product concept and its process flow is fully implemented according to Shariah. Shariah advisors and lawyers should work hand in hand to thoroughly review the terms and conditions of the Sukuk contract.
Strength and Flexibility
Flexibility is a major strength of Islamic finance, and this implies that a broad variety of products can be tailored to each client’s needs. The differences in rulings by different Shariah boards is advantageous in a way, as it brings about more innovation and creates new room for Sukuk structures and Islamic finance instruments. In the process of providing remedies, the principles of Shariah are not to be compromised, as they are essential to a dynamic market.

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صور من مشاركتي كمتحدث في مؤتمر عن الاستثمار الاسلامي -الصكوك في الاسواق الامريكية اقيم في فندق هلمسي هوتيل بنيويورك ستي 29-30 اكتوبر 2007

Quote: [ للاطلاع علي مقالتي المنشورة عن الاستثمار الاسلامي اضغط علي الرابط ادناة http://www.calvinandassociate.com/id56.html

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Post: #126 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-04-2007, 04:13 PM Parent: #121 ,, ,,

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Post: #127 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-05-2007, 03:57 AM Parent: #126 صور اثناء حلقة نقاش ضمن فعاليات مؤتمر فرص الاستثمار الاسلامي بنيويورك 29=30 اكتوبر 2007

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Post: #177 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 02-21-2009, 06:05 PM Parent: #121 up

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Post: #167 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 09-30-2008, 09:29 PM Parent: #119 ,,

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Post: #180 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 04-30-2009, 04:48 PM Parent: #119 ,,

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Post: #169 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 10-20-2008, 05:09 PM Parent: #118 ,,

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Post: #128 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Sabri Elshareef Date: 12-05-2007, 04:08 AM Parent: #1 شكرا الاخ الوليد محمد احمد مجهود مقدر والله انت تعمل في عمل وباتقان وفقك الله لمسعاك والي الغايات الارحب في فضاء الاستثمار والقانون يساهم في حل مشكلة البشرية

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Post: #129 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-10-2007, 04:23 AM Parent: #128 الاخ صبري شكرا علي زيارتك ومرورك من هنا ودعواتك

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Post: #130 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: mustafa bashar Date: 12-10-2007, 05:57 AM Parent: #1 هوي يا الوليد اخوي انت قاصد شنو والله مافرزت كلامك؟

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Post: #131 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-13-2007, 11:12 PM Parent: #130 الاخ بشار شكرا علي زيارتك ممكن توضح اكثر ماذا تقصد حتي يمكنني التوضيح اكثر

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Post: #132 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-15-2007, 03:03 AM Parent: #131 ,, ,,

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Post: #133 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-18-2007, 08:11 PM Parent: #132 بمناسبة عيد الاضحي المبارك واعياد الكرسمس ورأس السنة الجديدة كل عام وانتم ومن تحبون بخير وصحة وعافية والعام المقبل انشاء اللة علي امنياتكم واتمني ان يعم السلام ربوع السودان

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Post: #134 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-27-2007, 03:45 PM Parent: #133 شكرا الاخ بكري لاعادة البوست

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Post: #135 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-30-2007, 10:13 PM Parent: #134 For more information about SUKUK Click here: http://calvinandassociate.com/id56.html

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Post: #136 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 01-03-2008, 03:52 PM Parent: #135 كل عام وانتم جميعا بخير بمناسبة حلول العام الجديد اعادة اللة علي الجميع بالخير واليمن والبركات وانشاء اللة يكون عام خير وسلام

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Post: #137 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: ابوعسل السيد احمد Date: 01-03-2008, 04:00 PM Parent: #136 الوليد سلامات كل سنة و أنت طيب بمناسبة عيد الأضحى المجيد و أعياد الميلاد و السنة الجديدة التي نأمل أن تجيئ بالخير علينا جميعا و على الوطن..

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Post: #138 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 01-08-2008, 08:19 PM Parent: #137 الاخ ابو عسل كل سنة وانت طيب والسنة القادمة ربنا يحقق كل الاماني

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Post: #139 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 01-15-2008, 01:13 AM Parent: #138 ,,

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Post: #140 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 01-24-2008, 04:08 PM Parent: #139 More about Islamic finance click on this link: http://calvinandassociate.com/id56.html

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Post: #162 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 08-07-2008, 06:37 PM Parent: #140 ,,,

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Post: #163 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 08-19-2008, 03:33 AM Parent: #140 ,,

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Post: #141 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 02-09-2008, 08:54 PM Parent: #139 للاخوة متابعي هذا البوست سوف ننشر المزيد عن islamic finance قريبا باذن اللة

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Post: #142 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 03-22-2008, 03:35 AM Parent: #141 UP

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Post: #143 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 03-30-2008, 00:44 AM Parent: #142 up

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Post: #144 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 04-02-2008, 02:50 PM Parent: #141 up

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Post: #146 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 04-24-2008, 09:58 PM Parent: #141 ''''''

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Post: #147 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 05-01-2008, 00:26 AM Parent: #146 صورة تخريج ابني زاهر الوليد محمد احمد من الروضة عقبال جامعة هارفرد انشاء الله

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Post: #148 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 05-01-2008, 01:39 AM Parent: #147

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Post: #149 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 05-24-2008, 03:01 AM Parent: #141 up

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Post: #152 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Omer Abdalla Date: 06-28-2008, 05:15 AM Parent: #1 الأخ الوليد تحية طيبة معذرة على الدخول المتأخر والذي أخشى أن يفسد عليك احتفائك بتجربة البنوك الإسلامية في السودان والتي ذكرت هنا أن التوثيق لها معدوم .. والحق أن الجمهوريين كانوا أول من كتب عن هذه التجربة ناقدين ومبينين مفارقتها للشريعة والدين وموضحين خطرها على اقتصاد البلاد .. وهاقد مر ما يقارب الثلاثين عام على كتاب "بنك فيصل الإسلامي" وهو رائد تجربة البنوك الإسلامية في السودان فقد وقف الناس على حقيقتها وذاقوا ماذاقوا من تجارب مرة معها بعد أن لم تترك الانقاذ لهم خيارا آخر يلجأون اليه غير ما يسمى بالبنوك الإسلامية .. سأنشر بعض فقرات هذا الكتاب هنا ، بعد اذنك .. عمر

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Post: #153 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Omer Abdalla Date: 06-28-2008, 05:26 AM Parent: #1 الأخوان الجمهوريون بنك فيصل الإسلامي!؟ الطبعة الأولى مارس 1983 جمادى الأولى 1403 الأهداء: الى الشعب السوداني خاصته وعامته، مثقفيه وأمييه!! انت معرض بما سمىّ (بنك فيصل الإسلامى) لأخطر صور التضليل الدينى على الأطلاق!! التضليل الذى يسوّغ أكل المال الحرام!! وليس وراء الحرام الاّ فساد العقول والقلوب والأبدان!! وهذا لعمر الحق أسوأ من كل سوء!! إن بنك فيصل يمارس الربا بإعتراف مؤسسيه، ثم هو يدّلس ويزوّر، ويضلّل عن ذلك بفتاوى الفقهاء التى يستحل بها أغلّظ المحرمات!! ومع كل هذا التضليل – بل لعله بسبب هذا التضليل نال هذا البنك الأجنبى من الإعفاءآت والتسهيلات ما أضرّ بالإقتصاد الوطنى!! الاّ يخشى المسئولون أن يكون هذا البنك (صنيعة) من صنائع قوى الهوس الدينى – التى تستهدف السلطة – لتحكم قبضتها الإقتصادية على البلاد بإسم الدين؟! ثم ان هذا البنك، إنما هو سلاح أخير للمعارضة بعد أن جربت شتى الأسلحة للوصول الى السلطة، ففشلت!! ومن ههنا يجب الحذر!! بل وإعادة النظر!! وقبل فوات الأوان!! بسم الله الرحمن الرحيم (ليميز الله الخبيث من الطيب ويجعل الخبيث بعضه على بعض فيركمه جميعا فيجعله فى جهنم أولئك هم الخاسرون) صدق الله العظيم المقدمة: هذا كتاب نصدره عن بنك فيصل الإسلامى السودانى لنقوّم محاولته بميزان الشريعة، والدين، ولنضعه فى مكانه الحقيقى، وأين هو من محاولة تقديم الإقتصاد الإسلامى لعالم اليوم؟؟ إن عالم اليوم، بكل إنجازاته العلمية، وتطوراته المادية، قد أصبح يعانى عجزا حادا فى التواؤم مع بيئته الحاضرة .. وهو عجز خطير، يهدد الإنسانية جميعها بالإنقراض، إن لم تسعفها مدنية جديدة تواكب، وتوّجه، وتتوّج، هذا التطوّر المادى العملاق.. ونحن نرّشح الإسلام – فى مستوى أصوله – لينهض بمسئولية هذا التحدى، ولذا فإن الحاجة اليه هى حاجة حياة أو موت.. ومن هذا المنطلق فان أى محاولة لإقحام الإسلام فى التجارب الفاشلة التى تشوّهه، وتعوّق بعثه، إنما هى جريمة كبرى فى حق الإنسانية الضاربة فى التيه، المتحرّقة للخلاص، وجريمة عظمى فى حق الإسلام نفسه، وإن تّسمت هذه المحاولات بإسمه، وتدّثرت بقداسته .. ويكفينا فى ذلك مثلا تجربة إيران .. هذا من الجانب الأساسى المبدئى .. ومن الجانب الآخر فإن أنبل عواطف شعبنا، وأس الرجاء فى مستقبله العظيم، إنما هى عاطفته الدينية، ومحبته للإسلام .. فحتى لا يشوّه الإسلام، ويعوّق بعثه، وتصرف عنه الإنسانية، وهى أحوج ما تكون اليه، وحتى لا تستغل، وتشوّه، عاطفة شعبنا الدينية، وتمسخ فطرته، فإنا كنا، ولا نزال، نقوم بكشف كل الدعوات الزائفة، الجاهلة، وكل المحاولات الفاشلة، والمتهوّسة، حتى نبرىء الإسلام من تخلّف المتخلفين، ومن طمع الطامعين، ليعود قويا، خلاّقا، فى صدور الرجال والنساء، وحتى نبقى لشعبنا محبته للدين، الى أن يشتعل فيه الدين الحق، بالثورة الفكرية، والثورة الثقافية، التى هى واجبنا، وقدرنا. ومن ذلك كان موقفنا من الطائفية بكشف جهالاتها، وخداعها، وهى تحاول تزييف الدستور الاسلامي.. وكان موقفنا فى وجه كل الجماعات السلفية المتخّلفة وكشف دعاويها الزائفة، التى آخرها دعاوى تعديل القوانين لتتمشي مع الشريعة وها نحن نواصل مسيرتنا فى التوعية الدينية، والتوعية السياسية .. وقياما بمسئوليتنا الدينية، وبمسئوليتنا الوطنية، ها نحن نقوّم تجربة بنك فيصل الإسلامى السودانى بميزان الشريعة والدين .. نحن نعلم يقينا تصدقه التجارب دائما ان أى محاولة لتطبيق الإسلام فى غياب الروح الدينى، وفى غياب الفهم الإسلامى الدقيق، وفى غياب التربية الإسلامية، وفى غياب حاكمية الإسلام الشاملة بهيمنته على كل الحياة، إنما هى تجزئة للإسلام، وإقحام له فى حياة معقدة لا يمسك بمصائرها، ومن ثم تكون النتيجة المحتومة هى مسخ الإسلام نفسه، بالتحايل على نصوصه، وبسوق التبريرات لمخالفته، ولتطويعه للحياة المعقّدة، مما يباعد بين الناس وبين جوهر الإسلام .. وما تجربة البنوك الإسلامية التى نحن بصددها الا واحدا من أبرز الشواهد على ما نقول .. إن هدف البنوك الإسلامية، على حد قول مؤسسيها، ومنظريها، إنما هو تقديم إقتصاد إسلامى حديث، خال من الربا.. ولكن الحقائق العلمية، والعملية، تثبت ان الربا لازمة من لوازم النظام الرأسمالى .. ولذلك لا يمكن تجاوز الربا الاّ بتجاوز النظام الرأسمالى برمته، بالتحول للإشتراكية الإسلامية، التى بها وحدها يمكن الخلاص من النظام الربوى.. وما تغليظ الإسلام فى تحريم الربا الاّ إشارة لرفضه لنظام الفائدة - النظام الرأسمالى ... وهو، من ثمّ، دعوة دائمة لتجاوز الرأسمالية الى الإشتراكية، حيث ينعدم الربا.. ومن هنا فإن محاولة البنوك الإسلامية لمحاربة الربا، داخل النظام الرأسمالى، وفى وقت تهيأ للإشتراكية، حتى أصبحت ضرورة، إنما هى محاولة لمد عمر الرأسمالية الآفلة، وتعويق لبعث الإقتصاد الإسلامى الإنسانى الذى، عن طريقه وحده، ستوّدع الإنسانية الربا الى غير رجعة .. والأمر المؤكد ان أى محاولة لمحاربة الربا دون الإشتراكية إنما هى محاولة فاشلة حتما .. ويكفى أن البنوك الإسلامية نفسها، وبإعتراف مؤسسيها، قد توّرطت فى النظام الرأسمالى القائم، فأصبح بقاؤها متوقفا على التعامل بالربا .. ومع كل ذلك فهى تزعم أنها تقدم نظاما خاليا من الربا، بدعوى أنها تستعيض عن الربا بالمعاملات الإقتصادية الشرعية، مثل المضاربة والمرابحة، والمشاركة، بينما هى فى واقع الحال، تزيف هذه المعاملات، وتطففها، فتنحرف بها الى الربح، على حساب الشريعة نفسها .. وقد جاء فى الحديث (إذا باع الرجل الدرهم بدرهمين، والدينار بالدينارين، فقد أربى فإذا عمل شيئا من الحيلة فقد أربى .. وخادع الله، عزّ وجلّ، وأتخذ آيات الله هزوّا) كتاب المعاملات الأدبية والمادية الجزء الأول صفحة 80 وبنك فيصل، وهو على هذه الحالة التى سنبرهنها فى أصل الكتاب، فانه باسم الشريعة وتشجيعا منا نحن للتجربة الإسلامية الرائدة، قد ظفر بالإمتيازات، والإعفاءآت، والتشجيعات، التى مكنته فى بلادنا، ووضعته هذا الوضع الذى بلغ فيه ان أصبح يضارب فى أقواتنا، وضروريات حياتنا .. وما كان لمثل هذا البنك، وهو بنك أجنبى ب 60% من رؤوس أمواله أن تطلق يده فى بلادنا الى هذا الحد، لو لا الإسم الدينى، ولولا العاطفة الدينية التى تسيطر علينا، بالقدر الذى يلقى ظلا من الإرهاب الدينى على كل من يناهض عملا يتمسّح بإسم الإسلام، ومهما كان خطل هذا العمل، وخطره .. اننا، حرصا، منا على توعية شعبنا، وحفاظا منا على عاطفته الدينية بعيدا عن التشويه، وحماية لإقتصادنا الوطنى، الذى يقوم عليه استقلالنا السياسى، وسيادتنا، وحماية لسلعنا الإستراتيجية التى يتوقف عليها استقرارنا، وتحسبا لجماعات الهوس الدينى التى تهدد أمن بلدنا، وأمن شعبنا المحب للدين، والتى يمكن أن يمولها هذا البنك، من أموال الزكاة حسب فتوى هيئته الشرعية، لكل ذلك فان واجبنا الدينى، والوطنى، يلزمنا بمواجهة هذا البنك، مواجهة موضوعية، تبرىء الإسلام من كل زيف، وتفتح الطريق للبعث الإسلامى الصحيح، وتؤمن بلدنا، وشعبنا.. ونحن، حين ننتقد بنك فيصل السودانى، نحب للمسئولين، ولسائر القراء، ان يعتبروا بتجربة بنك فيصل الإسلامى المصرى، حيث أثير الحوار حوله، من داخله، ومن خارجه، وحيث تناولته وسائل الإعلام بالنقد حتى تكشفت صور مفارقته، فاستقال أربعة من أعضاء مجلس إدارته من السعوديين، منهم الأمير سعود بن فهد بن عبد العزيز.. وكتبوا عن استقالتهم (لكل هذه الأسباب ولأسباب أخرى، لم تذكر، فان هذه الإنتخابات تعتبر غير قانونية، وعمليات غير إسلامية، ولا يمكن إقرارها من جانبنا كمساهمين، أو أعضاء مجلس إدارة) الإهرام الإقتصادي العدد 689، 29 مارس 1982.. فهذا النفر من أعضاء مجلس الإدارة ظهر لهم أن بنك فيصل الإسلامى انتخاباتاته ليست قانونية، ويقوم ب (عمليات غير اسلامية)، لا يمكنهم إقرارها.. فلماذا لا نعتبر بهذه التجربة، ونقف عند بنك فيصل الإسلامى السودانى لنتدارس أمره، ونطرح فكرته، وممارساته للحوار المفتوح، لا سيما وهو يقوم على نفس فكرة البنك المصرى، وتحت إشراف نفس رئيس مجلس الإدارة؟؟ والآن الى الكتاب الذى يتناول بالتحليل الفهم الدينى، والأثر الإقتصادي، والأثر السياسى، لبنك فيصل الإسلامى السودانى، اعتمادا على آراء مفكريه، ومؤسسيه، وعلى وثائق البنك، ومؤلفاته.. رعى الله هذا البلد الطيب، وحفظه كما عوّده، حتى يقوم بدوره الإسلامى والإنسانى الرائد .. فإنه أسرع مجيب، وأكرم مسئول..

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Post: #154 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Omer Abdalla Date: 06-28-2008, 05:32 AM Parent: #1 المدخل النظام الحالى للبنوك: يعمل النظام الحالى للبنوك التجارية، على أساس جذب أموال المودعين من أصحاب الودائع، أو المقرضين، على أساس الفائدة المقررة، والمحددة سلفا .. ثم يقوم البنك بدوره بإقراض هذه الأموال لآخرين على أساس الفائدة أيضا .. ويتم الإقراض، بفوائد أعلى، وأكبر، من الفوائد التى إقترض بها البنك، والتى يدفعها لأصحاب الودائع والمقرضين، مما يضمن له ممارسات مربحة وذلك لحصول الفرق بين الفائدتين .. ومن هنا يتضّح إن الأرباح الناتجة عن اسعار الفائدة، هى الحافز، والمحرّك الأساسى، للأنظمة المصرفية، حتى انه ليصح القول بان نظام الفائدة هو العامل الرئيسى وراء تجمع الموارد لدى البنوك .. فكرة البنوك الإسلامية: يقول الأمير محمد الفيصل آل سعود رئيس الإتحاد الدولى للبنوك الإسلامية، ورئيس مجلس إدارة بنك فيصل الإسلامى المصرى والسودانى، فى كتابه: (البنوك والتأمين فى الإسلام) محاولا تعريف البنوك الإسلامية: (البنك الإسلامى هو مؤسسة مالية مصرفية لتجميع الأموال، وتوظيفها فى نطاق الشريعة الاسلامية بما يخدم مجتمع التكافل الإسلامى وتحقيق عدالة التوزيع، ووضع المال فى المسار الإسلامى) إنتهى. أما الأسس التى بمقتضاها بتحقيق هذا الهدف فقد أجملها الدكتور أحمد النجار أحد منظرى نظرية البنوك الإسلامية والمنظّر الرئيسى لتطبيقاتها الحاضرة فيما أسماه بالأركان الرئيسية لعمل البنوك الإسلامية وهى:- (1- تقرير مبدأ العمل مصدرا للكسب بدلا من إعتبار المال مصدرا وحيدا للكسب .. 2- مبدأ المشاركة فى الغنم والغرم (الربح والخسارة) بديلا عن سعر الفائدة المحرم شرعا .. 3- تصحيح وظيفة رأس المال كخادم لمصالح المجتمع.) وعن وظيفة البنوك الإسلامية يقول: (أما الخصائص المميزة للمصرف الإسلامى فتتمثل فى أربعة أمور:- 1/ استبعاد التعامل بالربا 2/ توجيه الحملة نحو التنمية عن طريق الإستثمار. 3/ ربط التنمية الإقتصادية بالإجتماعية. 4/ إحياء فريضة الزكاة ووظيفتها الإقتصادية والإجتماعية الصحيحة) المصدر الإهرام الإقتصادي العدد 450 بتاريخ 15/5/1974م نشأة البنوك الإسلامية: لقد نشأت محاولات البنوك الإسلامية أول ما نشأت فى باكستان، حيث أوكلت تجربة تنفيذها لبنك تجارى إنتزع سعر الفائدة من معاملاته، ولكن التجربة فشلت تماما .. ويعزى باعثو الفكرة من جديد أمثال الدكتور النجار الفشل الى مسألتين:- الأولى: هى أن البنك إنتزع سعر الفائدة من معاملاته ولم يضع له بديلا. والثانية: هى عدم تعديل نظم البنك الداخلية لتساير الوضع الجديد – الإهرام الإقتصادي 15/5/1974م .. أما المحاولة الثانية فقد قامت فى مصر عام 1963، حيث قامت تسع بنوك محلية للإدخار، وقد فشلت هذه التجربة ببنوكها التسعة كما حدثنا المصدر السابق.. وفى 29 ديسمبر عام 1970 صدر بيان مشترك، عن مؤتمر وزراء الخارجية الإسلامى جاء فيه ان المؤتمر بعد بحثه للإقتراح المقدم من باكستان ومصر بشأن دراسة فكرة إنشاء بنك إسلامى يوصى المؤتمر مصر بالقيام بدراسة متكاملة للمشروع .. وبالفعل قامت الدراسة وكانت أولى خطوات تنفيذها قيام البنك الإسلامى للتنمية وهو بنك حكومات، تكتتب فى رأسماله الدول الإسلامية، ويقوم البنك بإستثمار أمواله فى مشروعات الدول الإسلامية على أساس المشاركة .. وفى عام 1977م، دعا الأمير محمد الفيصل لإنشاء عدد من البنوك الإسلامية وأختار لها إسم فيصل: (تخليدا لذكراه ودوره فى إنشاء البنك الإسلامى للتنمية). محاضرة (تجربة البنوك الإسلامية) التى القاها السيد عبد الرحيم حمدى ببنك السودان فى 26/11/1981م. كيف تعمل البنوك الإسلامية: تحصل البنوك الإسلامية على مواردها المالية من أربعة مصادر رئيسية:- 1/ الودائع الجارية 2/ الودائع الإستثمارية 3/ ودائع الإدخار .. كما تستعمل فى بعض الأحيان الأموال المجمعة من صندوق الزكاة وتستثمر هذه الأموال فى الأوجه التالية: (1) استثمار مباشر، وذلك بإنشاء شركات ومؤسسات تجارية تقوم بنشاط إقتصادى معين، تجارى أو صناعى أو زراعى.. (2) إستثمار غير مباشر وذلك بالمشاركة مع آخرين فى مشروعات يتقدم بها أصحابها للبنك لتمويلها.. والصيّغ التى يتعامل بها البنك مع المشاركين هى:- (أ‌) المشاركة: فى هذه الصيغة يكون المال والعمل مشاركة من الطرفين (البنك والعميل) ثم ينال كل منها نصيبه من الربح على حسب الإتفاق، ومن الخسارة على حسب المشاركة فى رأس المال (ب‌) المضاربة: فى هذا النوع يقوم أحد الطرفين، بتقديم رأس المال، ويشارك الطرف الآخر بالعمل، ويسمى الأول رب المال، والثانى مضارب. ويقسّم الربح بنسبة متفق عليها مقدما. على ان يتحمّل رب المال كل الخسارة، ويفقد صاحب العمل مجهوده فقط. (ج) المرابحة: بيع عادى يتولاه البنك بعد وضع ربح محدد مسبقا على السلعة، وفى هذه الحالة ينوب عن العميل فى شراء واستيراد السلعة. هذه هى طرائق بنك فيصل الإسلامى، التى يدعى أنه يتجاوز بها العمل المصرفى التقليدى، ويحقق بها موافقة الشريعة فلو ثبت ان بنك فيصل الإسلامى، يمارس الربا، الواضح، ويعترف بممارسته حينا، ويعتذر عنه بالضرورة والحاجة حينا آخر، ويمارس الربا فى تستر بهذه الصيّغ التى يدّعى أنها شرعية، وأنها بديل عن سعر الفائدة، ثم هو يأكل أموال الناس بالباطل، ويضلّل عن كل ذلك بالتزييف الموبق للشريعة، وإستصدار الفتاوى التى تحلّل معاملاته من هيئة تابعة له، من العلماء اسماها "هيئة الرقابة الشرعية"، فان حسن النية، الذى كان يمكن ان يظن بهذا العمل، يصبح غفلة، وجهلا، وتظهر حقيقة ان الإسلام نفسه مستغل، ابشع إستغلال، فى تحقيق أرباح طائلة، وفى محاولة للسيطرة على النظام الإقتصادي فى بلادنا، مما يستوّجب مناهضة هذا العمل، بكل الوسائل الممكنة، وحتى لا يظن أحد أننا نلقى الحديث جزافا، فاننا ندعو القراء الكرام الى تأمل التحليل الذى يرد فى الصفحات التالية من هذا الكتاب، وبالله التسديد وعليه التكلان. حيل البنوك الإسلامية لتحليل الربا: ان محاولات بنوك فيصل للإحتيال على الربا، ليست هى أول محاولات يشهدها العالم الإسلامى، بل سبقتها إتجاهات للبنوك الإسلامية، ومن ذلك إتجاه يزعم ان أعمال البنوك المعاصرة لا تتعارض مع أحكام الشريعة، ومن ذلك كان إتجاه البنك الوطنى بمصر وقد كانت محاولته قبل الثورة العرابية وقد فشلت بفشلها وقد كان هذا الرأى (هو نفسه رأى بعض رجال الدين بالمملكة العثمانية وقد كانت مقر الخلافة الإسلامية وهو جواز إنشاء البنوك على حيلة تسمى المبايعة الشرعية).. (الإتجاه الثانى: البنوك ضرورة إقتصادية وهو رأى بعض الفقهاء ممن يعتمدون على الدليل والبرهان لا على رأى ضعيف أو على احدى الحيّل ومقتضاه جواز إنشاء البنوك فى البلاد الإسلامية وممارستها لأعمالها على الصورة المعتادة وذلك بناء على ان الضرورة تدفع الى ذلك) واصحاب هذا الرأى يستدلون بإبن القيم تلميذ إبن تيمية. (الإتجاه الثالث: وهو الإتجاه السليم: يرى المرحوم الدكتور محمد عبد الله العربى تعديل نظام اعمال البنوك حتى يتلاءم مع احكام عقد المضاربة الإسلامى وحتى تحل أرباح المضاربة محل الفائدة المحرمة ...) (ولقد اتخذت افكار المرحوم محمد عبد الله العربى أساسا لإنشاء البنوك الإسلامية الحالية ولكن بعد إدخال بعض تعديلات عليها) راجع كتاب المبادىء الإقتصادية فى الإسلام للدكتور على على ومن هنا يمكن ان ندخل فى اصل الموضوع..

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Post: #155 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Omer Abdalla Date: 06-28-2008, 03:32 PM Parent: #1 الباب الأول بنك فيصل فى ميزان الشريعة والدين ما هو الربا؟ الربا لغة هو الزيادة .. وهو فى الشريعة، الزيادة بلا مقابل .. مما يحقق الظلم، والإستغلال. وقد إتفق الفقهاء على ان الربا هو (زيادة أحد البدلين المتجانسين من غير ان يقابل هذه الزيادة عوض، فإن كانت الزيادة بسبب "تأخير الدفع" فهو ربا النسيئة، أى التأخير، وإن كانت الزيادة مجرّدة من التأخير، ولم يقابلها شىء، فهو ربا الفضل)، راجع الفقه على المذاهب الأربعة. باب الربا. الربا من أغلظ المحرمات:- والربا مغلّظ الحرمة بصورة لا مثيل لها. فقد جاء عنه فى سورة البقرة (الَّذِينَ يَأْكُلُونَ الرِّبَا لاَ يَقُومُونَ إِلاَّ كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ذَلِكَ بِأَنَّهُمْ قَالُواْ إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا فَمَن جَاءَهُ مَوْعِظَةٌ مِّن رَّبِّهِ فَانتَهَىَ فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللَّهِ وَمَنْ عَادَ فَأُولَئِكَ أَصْحَابُ النَّارِ هُمْ فِيهَا خَالِدُونَ * يَمْحَقُ اللَّهُ الرِّبَا وَيُرْبِي الصَّدَقَاتِ وَاللَّهُ لاَ يُحِبُّ كُلَّ كَفَّارٍ أَثِيمٍ * إِنَّ الَّذِينَ آمَنُواْ وَعَمِلُواْ الصَّالِحَاتِ وَأَقَامُواْ الصَّلاةَ وَآتَوُاْ الزَّكَاةَ لَهُمْ أَجْرُهُمْ عِندَ رَبِّهِمْ وَلاَ خَوْفٌ عَلَيْهِمْ وَلاَ هُمْ يَحْزَنُونَ * يَا أَيُّهَا الَّذِينَ آمَنُواْ اتَّقُواْ اللَّهَ وَذَرُواْ مَا بَقِيَ مِنَ الرِّبَا إِن كُنتُم مُّؤْمِنِينَ * فَإِن لَّمْ تَفْعَلُواْ فَأْذَنُواْ بِحَرْبٍ مِّنَ اللَّهِ وَرَسُولِهِ وَإِن تُبْتُمْ فَلَكُمْ رُؤُوسُ أَمْوَالِكُمْ لاَ تَظْلِمُونَ وَلاَ تُظْلَمُونَ) وجاء فى التنفير، الغريب، عن الربا، فى الحديث عن أبى هريرة رضى الله عنه ان النبى صلي الله عليه وسلم قال: (الربا سبعون بابا أيسرها ان ينكح الرجل أمه فى الإسلام) سنن ابن ماجه وعن جابر بن عبد الله قال: (لعن رسول الله صلي الله عليه وسلم آكل الربا، وموكله، وكاتبه وشاهديه، قال هم سواء!!) – رواه مسلم. لماذا حرّم الإسلام الربا؟ واضح مما أوردنا من النصوص أن الربا، من أشد المحرمات توكيدا، وأكثرها ضررا، على مقترفيها، وما ذاك، الاّ لأن الربا جريمة عظمى، فى حق الفرد، وفى حق المجتمع. لقد كان اتجاه الإسلام فى تحريم الربا، يعمد الى تصفية أكثر الجوانب سوءا، وظلما، فى النظام الرأسمالى، آنذاك، الى أن يحين الحين لتصفية الرأسمالية، تماما، بقيام المجتمع الإشتراكى، يظهر ذلك فى التركيز على عدم الظلم، فى قوله تعالى: (فلكم رؤوس أموالكم لا تظلمون ولا تظلمون). فالرأسمالية كلها تقوم على الظلم، ولكن الظلم فى الربا، اوضح من غيره، والمجتمع فى ذلك الوقت، فى حياته البسيطة كان اقدر على محاربة الربا، من تجاوز الرأسمالية برمتها. وكذلك إتجه التشريع فى التدّرج بالبداية بالربا، كما أشرنا آنفا .. لقد حرّم الربا لأنه يهزم غرض الدين فى تحقيق المعاملة الرفيعة التى تقوم على البر والتعاون – والدين المعاملة- ببناء القيّم الإنسانية لأن الربا يقوم على قيمة المادة، وحدها، ويهمل كل ما عداها، مما ينتج عنه ظلم الآخرين، وأخذ ثمار مجهوداتهم، واستغلال حاجتهم .. هذه الشدة فى تحريم الربا، تجعل المؤمن الوّرع، يتجافى عن الحلال الطيب، ويفر عما فيه أدنى شبهة من الربا، دع عنك أكل الربا، وتبريره، واستخراج الفتاوى فى تأييده، كما سنرى فى بنك فيصل الإسلامى.. البنك الإسلامى يعترف بممارسة الربا: سألت مجلة الإهرام الإقتصادي، العدد (493) أول مارس 1976م الأمير محمد الفيصل، مؤسس البنوك الإسلامية، ورئيس مجلس إدارة، بنك فيصل السودانى والمصرى: (هل يمتد نشاط البنك خارج مصر؟؟) فأجاب: (بالطبع لديه الإمكانية أن يتعامل مع الخارج .. والخارج كله يتعامل بالربا فى جميع أعمال الكمبيالات والإعتمادات .. البنك إذن مضطر للتعامل مع الخارج خاصة فى الإعتمادات المستندية، وهى تمّثل تعهّد البنك أن يدفع للمصدر قيمة البضائع المشحونة بعد تقديم مستند الشحن، وشروط الإعتماد. وتقوم البنوك بهذا العمل فيتحصل البنك على فوائد المبالغ المستحقة للبنك الراسل، وبهذا يجد البنك نفسه مضطرا، للتعامل بالربا أو التقوقع، والإنعزال عن المعاملات، مع البنوك الأخرى داخل القطر، وخارجه، مما يقضى عليه بالنهاية والفشل التام) بنك فيصل الإسلامى، إذن، وبحسب رأى الأمير السعودى، المؤسس له، يمارس الربا حتى لا يقضى عليه (بالنهاية والفشل التام)!! ثم هو يعتبر خوفه من الفشل، بمثابة الإضطرار الذى يبيح له ممارسة الربا .. وهذا أيضا .. رأى الدكتور أحمد النجار المنظّر لفكرة البنوك الإسلامية، فهو قد قال: (اننا اذا كنا نستطيع ان نقول للعالم الإسلامى امتنع عن الربا، ونستطيع بذلك أن نطّهر معاملاتنا لا نملك فرض هذا الحكم على البلاد غير الإسلامية، التى نتعامل معها، وما دمنا مضطرين للتعامل مع هذه البلاد، فى إستيراد سلع لم نصل الى إنتاجها بعد، فلا مناص من التغاضى عن وزر الربا، الذى يشوب معاملاتنا، معهم، وذلك قياسا على القاعدة "الضرورات تبيح المحظورات") إنتهى: المدخل الى النظرية الإقتصادية فى المنهج الإسلامى صفحة 169. السؤال هو: لماذا أنشئت البنوك الإسلامية ما دامت هناك ضرورة تفرض ممارسة الربا؟ وما المأخذ على البنوك الربوية إذا تذّرعت بأن ضرورة الحياة تفرض عليها أن تمارس الربا؟ إن الضرورة التى تبيح الحرام، إنما هى ضرورة الحياة أو الموت، وليست ضرورة إنشاء البنوك الإسلامية والتعامل مع البنوك الجنبية، قال تعالي فى ذلك (قل لا أجد فيما أوحىّ الىّ محرما على طاعم يطعمه، الاّ أن يكون ميتة، أو دما مسفوحا، أو لحم خنزير، فانه رجس، او فسقا اهل لغير الله به .. فمن أضطر غير باغ ولا عاد فان ربك غفور رحيم..) هذه هى الضرورة المقصودة بعبارة (الضرورات تبيح المحظورات)، وهى إنما تحل الحرام حين يكون ليس هناك سبيل غيره لدفع الهلاك .. ومن حسن التوفيق، ان هذا هو رأى الأمير السعودى نفسه .. فهو قد قال لمجلة الإهرام الإقتصادي فى نفس العدد (والإقتراض بالربا محرّم لا تبيحه حاجة ولا ضرورة، ويحضرنا فى هذا المقام ما ذهب اليه بعض الفقهاء من أن الضرورة شرعا لا تتحقق الاّ حيث يخشى الإنسان الهلاك على نفسه.) إنتهى .. وهذا أيضا هو رأى الدكتور النجار الذى عبّر عنه فى كتابه آنف الذكر صفحة 161 بقوله: (الضرورة فى الإسلام محددة بالحديث الشريف (أن يجىء الصبوح والغبوق ولا تجد ما تأكله.) إنتهى. هذا هو رأى مفكرى ومؤسسى البنوك الإسلامية عن الضرورة ورغم هذا الرأى الواضح حللّوا التعامل بالربا خشية فشل البنك الإسلامى بإعتبار (ان الضرورات تبيح المحظورات) فهل رأى الناس استخفافا بالحق، واستهتارا بالحلال، والحرام مثل هذا؟! كيف يكون الربا لمصلحة المسلمين؟ وحين تطرّق النقاش، فى إجتماع الجمعية العمومية، لبنك فيصل الإسلامى المصرى، عن معاملات البنك الإسلامى الربوية، مع البنوك الأخرى، لم يعتذر الأمير محمد الفيصل بأن (الضرورات تبيح المحظورات) كما قال من قبل، وإنما تذرّع بذريعة أخرى، مما يدل على أن المقصود هو الإستفادة المادية والسياسية وراء حركة البنوك الإسلامية.. ثم التبرير للمفارقة بما يناسب المقام .. اقرأ ما جاء فى الإهرام الإقتصادي العدد 689 بتاريخ 29 مارس 1982م صفحة 6: (وقال الشيخ عادل عزّام ان البنك حسب تقرير الميزانية قد أودع 185 مليون دولار فى البنك المركزى والبنوك المحلية، وان البنك حصل على فوائد على بعض العمليات، وهذه الجوائز أو الفوائد تعتبر ربا .. وقال الأمير محمد الفيصل أنه حتى مع فرض حصول البنك على هذه الجوائز فان هناك رأيا للدكتور عبدالحليم محمود شيخ الأزهر السابق، فقد رأى أنه يمكن الحصول على هذه الفوائد اذا تم ايداع اموال المسلمين فى بنوك ربوية أجنبية، حتى يستفيد منها المسلمون فى مشروعات تخصهم..) إنتهى. اننا لا ندرى مدى صحة نسبة هذا الحديث لشيخ الأزهر السابق، ولكنه على كل حال حديث لا يليق بمسلم، اذ كيف يظن أحد، أنه يمكن ان ينتفع من الربا، فى عمل يخص المسلمين، والله تبارك وتعالى يقول: (يمحق الله الربا ويربى الصدقات)؟؟ ويقول: (وما أوتيتم من ربا ليربو فى أموال الناس فلا يربو عند الله)؟؟ والنبى صلي الله عليه وسلم يقول: (ما أحد أكثر من الربا الاّ كان عاقبة أمره الى قل!!)؟! ابن كثير صفحة 329

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Post: #157 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 07-06-2008, 01:44 AM Parent: #155 الاخ عمر عبدالله شكرا لمساهمتك الغيمه ان تجربه الاستثمار الاسلامي وخاصه الصكوك جديره بان يتم تطويرها

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Post: #161 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: الكيك Date: 08-05-2008, 07:45 AM Parent: #157 الاخ الوليد اشكرك على ايرادك لهذا البوست هنا فى موقع سودانييز اوون لاين واريد ان اوجهه الى وجهة اخرى كنت اتمنى ان تتولاها بنفسك وهى الرؤية النقدية لما يسمى بالتجربة الاسلامية لانك الاكثر تاهيلا للقيام بهذا بحكم ما قراته هنا.. انا لا اعتقد ان هنالك نظاما اسلاميا للاقتصاد وانما هناك رؤية مسلمين لتجنب الربا الفاحش الذى يدمر الاقتصاد والبشر واعتقد ان لا تجربة اسلامية فى السودان وانما هى تجربة شيطانية باسم الاسلام لاكل اموال الناس بالباطل وهذا ما حصل ورايناه منذ ان فتح بنك فيصل الاسلامى فى السودان وما حصل بعد ذلك للاقتصاد السودانى الذى ساهم بقدر كبير في تحطيمه .. انت لا تعلم ان البنوك الاسلامية كان يطلق عليها فى السوق بين التجار اسم بنوك الحرامية وهذا الاسم اتى لانها تسرق العميل واول بنك مارس هذه الاخطاء القاتلة كان بنك فيصل الاسلامى عندما احس كثير من المتعاملين معه بانه يسحب جزءا من المبالغ من الرزومات التى تعطى له الكاش فيحسبها ويجدها ناقصة .. وهذ الفخ وقع فيه اكثر من تاجر خاصة بعد غياب القانون فى بدايات الانقاذ الاولى .. اضافة للطرق الاستثمارية وخاصة المرابحة التى اول ما يمارس فيها الكذب والخداع ..ان البنك اشترى وباع للعميل وهى عملية وهمية يحس بها العميل بانها غير صحيحة وانما هى نوع من التحايل والخداع ليس الا .. انا واحد ممن تعامل مع البنوك الاسلامية واعتقد انها اجتهاد ليس الا وفاشلة باكثر من دليل .. اما تجربتها فى الخليج فتختلف عن تجربة السودان وهى لا تختلف كثيرا عن النظام التقليدى ولكن اقناعا للذات يقال او يطلق عليها النظام الاسلامى وهى فى تعاملاتها اكثر انضباطا من التجربة السودانية التى اعتبرها فاشلة بنسبة مائة بالمائة نسبة لما حصل لهذه المصارف من انهيارات متعددة ووريت تحت الستار خوف الفضائح .. واعتقد ان كل كلمة هنا كتبتها سوف تثير النقاش وتداخل الكثيرين غيرى ليصبح هذا البوست مفيدا للجميع وخاصة لان اسم الاسلام الكبير الذى يدنس بالاخطاء الكبيرة البشرية الى هى بالطبع مثل هذه لا علاقة لها بالاسلام ..من قريب او بعيد .. واتمنى ان نستفيد كلنا من علمك وما اكتسبته من خبرات فى ابعاد الاسلام بقدر الامكان من مثل هذه التجارب التى يدور لغط كبير حولها .. مع تحياتى لك

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Post: #166 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Mohamed Omar Salem Date: 09-27-2008, 05:00 AM Parent: #157 اخي الكريم الوليد السلام عليكم ورحمة الله وبركاته انني ممن دفعت بهم الظروف الاقتصادية في السودان وفي وقت مبكر من عمري الذي تجاوز الخمسين الي المهاجر العربية والغربية بحثا عن عيش كريم وقد تطاول العهد بيني والسودان. الا انني دائم الاتصال والمتابعة لما يجري. وقد سمعت من الثقات ان الصورة التي تتعامل بها البنوك كالاتي: يتقدم العميل للبنك بمشروع فيجاز وفق نظم ومعايير متعارف عليهاويعطي القرص ليكون 100 مليون علي الورق الا ان العميل يستلم75مليون نقدا. اذ تخصم 25% في الحال كأرباح مقدما.ثم يطالب العميل بما علي الورق اي المائة مليون ليصبح المبلغ المحصل 125 مليون بغض النظر عن الربح او الخسارة.هذه المفارقة ليست افتراضية او جدلية بل حقيقة عاشها الاف الناس. فهل هذا النوع من التعامل اسلامي ارجوالتوضيح.

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Post: #171 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 11-09-2008, 08:30 PM Parent: #1 ,,

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Post: #173 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-12-2008, 04:41 PM Parent: #171 Aid Moobarak to ALL

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Post: #174 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 12-21-2008, 04:13 AM Parent: #173 up

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Post: #182 Title: Re: مشاركاتي كمتحدث في مؤتمرات دولية عن الاستثمار الإسلامي وملاحظة عدم توثيق تجربة البنوك السود Author: Elwaleed M. Ahmed Date: 05-12-2009, 06:14 PM Parent: #174 مرحبا بكم في موقع مكتب الوليد محمد أحمد وشركاه للمحاماة والاستشارات القانونية بروكلن - نيويورك نمثلكم لدى كافة المحاكم الولائية والفدرالية بولاية نيويورك Welcome to the website of The Law office of Elwaleed Ahmed & Associates Brooklyn - New York We speak English, Arabic and Urdu. We look forward to serving you in a timely fashion. The law office of Elwaleed Ahmed possesses a vast heritage of legal knowledge and expertise. Our law firm specializes in Personal Injury, Immigration, Divorce, Bankruptcy, Family Law, Contracts, Real Estate, Criminal Law, Landlord-Tenant Relations and Traffic Violations. We are also specialized in Islamic Investment Transaction “Sukuk Transaction.” We are available: Monday through Friday 9:00 AM - 7:00 PM Law Office of Elwaleed Ahmed, 1001 Dorchester Rd. Brooklyn New York 11218,USA-Tell 718-859-2825,Cell:973-725-4669, Fax:718-287-0261,E-mail: [email protected]