Feb issue 2018 stella by ISFIRE11

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FROM THE

EDITORIAL NOTE

This issue of ISFIRE celebrates achievements of leading women in Islamic finance, and contains an extensive and exclusive report – WOMANi Report 2018 – which captures data on 100 most influential women in this sub-sector of financial markets. Their contributions will be further acknowledged and rewarded at the inaugural WOMANi Awards Ceremony & Gala Dinner to be held on April 4, 2018 in Kuala Lumpur.

With a special focus on women in Islamic finance, this issue presents interviews of women who are making waves in the global Islamic finance industry. A special report on women participation in Islamic finance is also featured. The report presents results of a global survey we conducted on the participation of women in Islamic finance labour force. This issue is also important for another reason. Our founding Editor-in-Chief, Professor Humayon Dar, has resigned in this capacity, and ISFIRE will now be published under my editorial lead. We thank Professor Dar for his distinguished tenure from 2011 to 2017, and I hope to continue the tradition.

EDITOR IN CHIEF

Professor Dar is leaving the magazine in a very healthy position. ISFIRE is now widely respected for its in-depth analyses, exclusive surveys, and profiling of experienced and emerging leaders in Islamic banking and finance. Taking it to the next level – for it to become the undisputed global leader in Islamic financial intelligence – is my mandate and I shall endeavour to achieve this in the shortest possible time. For this to happen, we shall invest in technology for even wider dissemination of its contents and better and more effective distribution. We shall also appoint a new team of country correspondents, and bring new content contributors and authors. As the new Editor-in-Chief, I shall be guided by your feedback and advice. Happy reading!

Dr. Sofiza Azmi Editor-in-Chief

ISSN 2049 - 1905

CONTENTS

ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET

SPECIAL MESSAGE 10 Message From Her Excellency Fathimath Ibrahim Didi

WOMANi REPORT

VOLUME 8 - ISSUE 1 | FEBRUARY 2018

12 Womani2018

The Most Powerful Women in Islamic Finance

WOMANi INTERVIEWS 46 Farida Tahir

CEO of Grassroot Microfinance Bank, Kano, Nigeria

51 Faridah Bakar Ali

Chief Financial Officer, Khazanah Nasional Berhad

55 Irum Saba

Assistant Professor at Institute of Business Administration, Pakistan

TALKING POINTS 74

Common Traits Successful Leaders In Islamic Finance Have

Dr Sofiza Azmi

60 Women Empowerment In Islamic Finance Industry

Dr Aishath Muneeza

TECHNICAL NOTE

78 Standardisation Of Notation In Islamic Economics, Banking & Finance

ISFIRE SPECIAL REPORT 64 Where Do Women Stand?

PAUSE FOR THOUGHT 82 Pause For Thought

ISFIRE EVENTS

84 1ST World Conference On Islamic Economics & Finance

CONTENTS Editor-in-Chief Dr. Sofiza Azmi CEO, Edbiz Consulting

International Editorial Board Dr. Nafis Alam

COMMON TRAITS SUCCESSFUL LEADERS IN ISLAMIC FINANCE HAVE

University of Reading Malaysia

Professor Mehmet Asutay Durham University

Professor Dr. Mehmet Bulut Istanbul Sabahattin Zaim University, Turkey

Dato’ Dr. Asyraf Wajdi Dusuki Deputy Minister, Prime Minister’s Department Malaysia

Professor Joseph Falzon University of Malta

Dr. Mian Farooq Haq State Bank of Pakistan

Professor Kabir Hassan, The IDB Prize Winner 2016 University of New Orleans

Dr. Rizwan Malik Islamic Finance Expert

Moinuddin Malim Alternative International Management Services

Dr. Aishath Muneeza INCEIF

Dr. Asmadi Mohamed Naim Universiti Utara Malaysia

Professor Muhamad Rahimi Osman Universiti Teknologi MARA GENDER INEQUALITIES IN ISLAMIC FINANCE

M. Saleem Ahmed Ranjha Wan Miana Rural Development Programme

Dr. Irum Saba Institute of Business Administration, Karachi

Dr. Mughees Shaukat

WHERE DO WOMEN STAND?

College of Banking and Financial Studies, Muscat

Dr. Usamah Ahmed Uthman King Fahd University of Petroleum & Minerals

Published by Edbiz Corporation Limited 305 Crown House, North Circular Road, Park Royal, London, NW10 7PN, United Kingdom T: +44 (0) 203 617 1089 E: info@edbizconsulting.com

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This publication is provided for information purposes only and should not be treated as financial, legal or policy advice in relation to Islamic banking and finance in general or to any Islamic financial institution in particular. The reader should not act on the basis of the information contained in this publication without having obtained individual, expert advice. In this respect, publishers, editors, contributors, sponsors and other supporters of the publication do not assume responsibility for any damage resulting from decisions made by the reader on the bases of the information contained herein.

MESSAGE FROM HER EXCELLENCY FATHIMATH IBRAHIM DIDI, FIRST LADY OF THE MALDIVES

ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET

t is indeed a pleasure to share my thoughts on the special edition of Islamic Finance Review (ISFIRE), which is dedicated to recognizing services of the women involved in the global Islamic finance services industry. This is indeed a unique initiative, as not many in the world have attempted to do so in the past. I must appreciate that it is not an easy task to compile the information on women in Islamic finance, based in different parts of the world, and more importantly rank them in accordance with their roles and contributions. Therefore, it is only befitting the occasion to congratulate the ISFIRE team led by Professor Humayon Dar for this remarkable initiative. I extend my sincere wishes to them, trusting that they will continue to play a role in this respect. It is a known fact that though global female population is significant, the economic opportunities available to women across the globe in different fields are rather limited. This is unfortunately also the case in the Islamic finance industry. There are certain legacy issues, as Islamic finance is a component of the conventional financial services industry, which itself is dominated by men. There are some gender-related problems unique to Muslim societies, as there is a misconception among many Muslims with regards to women’s participation in business and finance. However, one must remind Muslims of the best example set by the First Lady of Islam, Khadija bint Khuwailad, who proved the capability of women in the field of business, entrepreneurship, leadership and management. Following this illustrious example, we should focus on empowering women within the limits prescribed by Islam. In the today’s world, we shall not overlook the importance of economic empowerment of women as the social wellbeing of countries is also by and large dependent on how well women rights are taken care of. Islamic finance is indeed an area that could provide economic empowerment to women whether by providing them financing to become self-sufficient or by providing a strong platform to build careers as Shari’a scholars, financial advisors, lawyers, accountants or even heads of Islamic financial institutions.

SPECIAL MESSAGE

The former governor of Bank Negara Malaysia, Dr. Zeti Akhtar Aziz, is indeed an inspiration to the global Islamic finance industry. She had been the driving force behind the remarkable developments in Islamic finance industry in Malaysia, a jurisdiction often looked as the cranium of Islamic banking and finance in the world. In my own country, I am proud to share that the Islamic finance industry is led by women and all aspects of Islamic finance are dominated by women. Maldives is the first jurisdiction in the world where an apex Shari’a Advisory Council of a regulatory authority is chaired by a woman and this has been the norm for the past five years proving to the world that Shari’a advisory services can also be provided by women. Past statistics prove that the number of women visible in the global Islamic finance industry are just handful. For instance, in Islamica 50 0 list published in 2017, out of 50 0 leaders in Islamic economy and finance, only 63 were women. I strongly believe that it is through recognition like this that women can break through the glass ceiling to become visible for their contributions to Islamic banking and finance. It is my firm belief that the best form of recognition is appreciating their work via profiling and dissemination of their efforts and struggles through publications in the hope that young girls and women will be inspired through it to be brave and courageous enough to work until they themselves succeed. ISFIRE’s effort in producing the Womani list indeed aligns with this strategy and I do hope that the future generations of Islamic finance industry will learn a lesson from it, and women participation in this industry will flourish over the years to the extent that we – women – will be proud of it. Last year, ISFIRE published the 50 influential women in Islamic business and finance and now, in 2018, it is ready with a list of 10 0 in this area. This is a clear proof of the progress we are making in this respect. Indeed persistence, perseverance and passion are the key traits for success. As such, with these 3 P’s, we shall strive until we succeed making ourselves visible. May Allah grant us success in this! Amen. Sincerely, Fathimath Ibrahim Didi First Lady, Republic of Maldives

WOMANi 2018 The Most Powerful Women in Islamic Finance

Women empowerment and gender equity and equality are now in vogue following the popularity of #MeToo on social media. ISFIRE has been championing women empowerment since its first issue in 2011, highlighting and promoting the role of women in Islamic banking and finance (IBF). The first cover story (ISFIRE, November 2011, Vol. 1, Issue 1) featured Datuk Noripah Kamso, the then CEO of CIMB-Principal Islamic Asset Management. Since then, ISFIRE has placed the likes of Raja Teh Maimunah Raja Abdul Aziz (currently serving as CEO of AmInvestmemt Bank), Datuk Zabidah Ismail (the then CEO of Amanah Ikhtiar Malaysia), and Professor Normah Omar (Director of Accounting Research Institute at Universiti Teknologi MARA). In February 2013, ISFIRE published a pathbreaking report on the role of women in IBF. From thenceforth, the issue of women participation in IBF has gained due recognition in the industry. Last year, we published WOMANi50, a list of the 50 most influential women in Islamic finance. This year, the list has been expanded to include 100 leading women in the global Islamic financial services industry, of which the first 50 have been chosen to be featured in this year’s WOMANi 2018 Report. Throughout Islamic history, women have played important and influential roles in major areas such as policy making, politics, academia and business; from the first woman entrepreneur, Khadija Bint Khuwailad, to thousands of other Muslim women.1 Active participation of women in business and finance is a contemporary phenomenon, which has its roots in the Western influence on lifestyle and business organisations. Islamic banking and finance in general, have been traditionally dominated by men. But over the last two decades, we have seen more and more women shattering the industry’s glass ceiling. These inspirational female leaders and industry pioneers have inspired and motivated a new generation of female talent. There is no denying that IBF has provided ample opportunities for women to excel in their professional life and achieve their full potential. This is evident by the increased participation of professional women in the development of Islamic finance in their own ways and capacity. Leading this band of influential and powerful women is Dr. Zeti Akhtar Aziz, former Governor of Bank Negara Malaysia (BNM). She is undoubtedly one of the most iconic figures in Islamic finance and one of Islamic finance’s most prominent advocates. In her efforts to modernise and transform Malaysia’s financial system, Dr Zeti Akhtar Aziz had relentlessly worked to promote Islamic finance, not just in Malaysia but the rest of the world as well. In 2012, she was awarded the IDB Prize in Islamic Banking and in recognition of the pivotal role she has played in developing the Islamic banking and finance industry. Given her stature as one of the world’s most prominent figures in IBF and the unmatched breadth of her work, Dr Zeti Akhtar Aziz remains the most influential women in Islamic finance of all time.

1 For the role of women in the intellectual history of Muslims, one must refer to a seminal work by Dr. Mohammad Akram Nadwi, published as a 53-volume biographical dictionary of the muhaddithat, the female scholars of hadith.

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Methodology This year’s WOMANi2018 List includes 100 leading women who have made their mark in IBF and are at the forefront of thousands of successful female executives in the industry. In compiling the list, Cambridge IFA canvassed a wide range of market opinions and conducted extensive data mining exercise before drawing up a definitive list of the 100 most influential women in Islamic finance, assessing their influence and leadership over their company and market sector, as well as career and performance to date. These assessments were carried out using a revamped methodology based on three factors: Professional leadership Advocacy Industry-wide recognition Each factor receives a score based on carefully considered contributions and positions of each women. The factors are then weighted to come up with an aggregated score (WOMANi Score) for each individuals, after which the ranks are determined and the WOMANi100 List is derived. Women were selected from different sub-sectors, i.e., banking, asset management, academia, Shari’a advisory and other ancillary services. Different weights were attached to these sub-sectors to discriminate one individual against another based on their areas of expertise and geographical location. This is essential because someone in a mainstream business (e.g., banking and asset management business) cannot reasonably be compared with someone holding a position of equal standing in an ancillary business (e.g., education & training). For example, the CEO of an Islamic asset management business (with an AUM of over one billion dollars) cannot be equated with the CEO of a recruitment firm, albeit with specialism in IBF. The WOMANi100 List is very carefully drawn to ensure that only credible persons feature in it, as there are quite a few false claimants to the experience and expertise in IBF. Admittedly, following the lead taken by ISFIRE, a number of other randomly drawn lists of prominent women in Islamic finance have also been published. These are mere lists based on discretionary selction. The WOMANi is, however, the first systematically delineated ranking of women. Although we have used a universal methodology to rank all the women, we strongly recommend that our readers apply their own judgements when comparing a woman involved in Islamic finance in a country like Kazakhstan with someone who is playing a role in the industry or academia in another more developed country with better Islamic financial infrastructure and greater opportunities in the industry. Readers should also take note on the exclusions of pioneering personalities like Dr. Zeti Akhtar Aziz, and some others who came into and went out of IBF, because of their ex officio roles in the industry. Dr. Shamshad Akhtar, a former Governor of the State Bank of Pakistan (SBP), is another such example. She served as a Chairperson of Islamic Financial Services Board (IFSB) when she was Governor of SBP but afterwards she has not maintained her association with IBF. There are also

WOMANi REPORT

a number of women who joined the industry but afterwards decided to continue their career in other professions. Gohar Jawahir Bilal, for instance, was very much active in the industry following a fellowship at Harvard Law School, but the industry could not retain her in any meaningful position.

WOMANi100 This year’s WOMANi100 List comprises women who are part of a new generation of icons, game changers and driving change across the Islamic financial services industry. Their achievements are not by virtue of their family backgrounds, marital relationships or other default positions; but rather because of their sheer hard work, relentless efforts to pursue professional careers, and commitment to the cause of IBF. This year’s extended list contains 21 ladies with CEOs or equivalent designations (17 CEOs and another 4 with top management positions). Malaysian women once again dominate the list. Five of the top 10 are leading Malaysian women in their respective areas. And of a total 100 women on the ranking, 21 are Malaysians. Malaysia is indeed a good example for the growing presence of women at senior levels in the Islamic finance sector. Malaysian women have not only set the pace to occupy high positions in Islamic banking, but have been playing prominent roles in the overall development of the industry as well. The dominance of Malaysian women in IBF conforms the view that the success of individual players is largely determined by the overall market environment. In many other countries in the Muslim world, the socio-economic fabrics may not in fact be entirely in favour of women. Although our methodology does take into account these differences, yet their achievements in overcoming prejudgements from the societal level and from limitations produced by a social fabric immersed in conservatism must not be undermined. In fact, their achievements are even more significant than their correspondents in the West. It is also pleasing to note that a number of countries, notably Saudi Arabia, are now opening up in favour of women participation in the socio-economic spheres. This should also help women in these countries to start playing more prominent front-end roles in IBF. Despite the GCC being the hotspot on the global map of IBF, women’s participation in lead roles in IBF is rather limited. Although in recent years we have seen more women reaching senior positions the pace of change is slow. This may, in part, be due to a strong conservative undercurrent in these societies and other cultural factors. One should hope that with the ease of sanctions on Iran and Sudan, more women will emerge as leading players in the global Islamic financial services industry.

WOMANi10 WOMANi10 is the most prestigious list of leading women in Islamic finance. Having incredible self-confidence, fierce work ethics and genuine passion for the industry; these women have inspired and empowered a new generation of professionals through their unquestionable accomplishments and determinations. From the top 10 list, 5 are new entries.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

WOMANi REPORT

STELLA COX, CBE Managing Director of DDCAP Group, UK Nationality: UK WOMANi 2018 Score: 73.67/100

2018 Rank

No.

2017 Rank

2016 Rank

Stella Cox CBE, Managing Director of DDCAP Group, tops the Womani List again this year as the most powerful women in Islamic finance. She holds the distinction of being Number One lady on the WOMANi List for two consecutive years (2017 & 2018), climbing up from the second position in 2016. Her contributions to the development of IBF worldwide are numerous, both professionally and on the advocacy front. Having worked within the Islamic financial marketplace for more than three decades, she has played a pivotal role in Islamic liquidity management and championing IBF within the industry and beyond. Out of the three parameters, Stella scored the highest in professional leadership and international recognition; and obtained the second highest score for advocacy. In 2016, Stella was appointed a Commander of the Order of the British Empire (CBE) by Her Majesty Queen Elizabeth II of the Great Britain on the occasion of Her Majesty’s birthday in recognition of her role as a champion for the development of Islamic finance in the UK and for her services to the UK economy. Having realm the leadership of DDCAP Group as the Managing Director since 1998, DDCAP has invested, for its own account, in a number of Islamic financial services initiatives. This includes pioneering Islamic finance intermediation services, serving clients and counterparties in the GCC countries, South East and Central Asia, Europe and beyond. Today, DDCAP is a leading provider of Shari’a-compliant intermediation services and related technology solutions, including the award winning ETHOS Asset Facilitation Platform™. Her greatest contribution to IBF is the pivotal role she played in pioneering Islamic liquidity management solutions. All commodity facilitation platforms (e.g., Suq Al Sila’ of Bursa Malaysia, and commodity murabaha platform

developed by Dubai Multi Commodities Centre (DMCC), etc.) trace their roots to Dawnay Day, later renamed as DDCAP, a company Stella Cox continues to spearhead. Prior to founding DDCAP, Stella was a Director of Dresdner Kleinwort Benson, where she was responsible for the Middle Eastern and Islamic financial marketplaces. Whilst with the Bank, Stella was involved in structuring The Islamic Fund, the first Shari’a-compliant global equity product, launched in 1986. She was also a Director of the Al Meezan Commodity Fund plc, a joint venture initiative with a GCC Islamic bank that invested in non-ferrous metals traded on the London Metal Exchange. From 2007-2009, she served as an Independent Non-Executive Director of Gatehouse Bank, a UK Islamic investment bank. Stella has consulted on Islamic financial market practice for several regulatory authorities, home and abroad. She was one of a small group of industry experts appointed to the first Islamic Finance Task Force convened by the UK government. The ministerial led Task Force was established to refocus on Islamic finance and the UK proposition. With support from the Task Force, the first UK Sovereign Sukuk was issued in June 2014. In 2014, she was appointed Chair of the Islamic Finance Market Advisory Group formed by TheCityUK, the financial services professional body that champions UKbased financial and related professional services. Under her leadership, the Islamic Finance Market Advisory Group has worked with the British government to support and promote key announcements, including the Bank of England’s feasibility study on establishing a Shari’a-compliant liquidity management facility, and the aspirations for the central bank to be the first in the western markets to make such an offering.

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Since 2015, she has been a member of the Board of Trustees of the RFI Foundation and, since 2016, an Advisory Board member for the Ethical Finance Innovation Challenge Awards (“EFICA”). Stella is also a Fellow of the Institute of Islamic Banking and Insurance in the United Kingdom and has served on its Board of Governors within the Islamic Banking Group. She also served as a member of HM Treasury Islamic Finance Experts Group, where she was part of the Market Standardisation sub-group. At the international front, Stella was also a member of the Working Group established by the Central Bank of Bahrain (formerly the Bahrain Monetary Authority) with the purpose of developing procedures and documentation for Islamic commodity

WOMANi REPORT

trading and she assisted the DIFC Islamic Advisory Committee with its work on selected strategic development initiatives. Stella serves as a member of the Islamic Financial Services Board Money Market Task Force on Markets and Instruments for Shari’a Compliant Liquidity Management and represents DDCAP on the Market and Product Development Committee (MPDC) of the International Islamic Financial Market. Stella continues to support education initiatives in IBF. She is a member of the University of East London’s Islamic Finance and Banking Advisory Board and a visiting lecturer at Durham University’s Islamic Finance Summer School Programme. Her strong support towards and involvement in Cambridge Islamic Finance Leadership Programme demonstrates her commitment to develop the next generation of leaders in IBF.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

WOMANi REPORT

RAJA TEH MAIMUNAH RAJA ABDUL AZIZ CEO of AmInvestment Bank, Malaysia Nationality: Malaysia

No.

WOMANi 2018 Score: 68.67/100 2018 Rank

2017 Rank

Not included in ranking

2016 Rank

Raja Teh Maimunah Raja Abdul Aziz has for long been known in the global Islamic financial services industry for her leadership in the industry and for being its spokesperson. She was named Islamic Banking & Finance Personality of the Year in 2016 at the Global Islamic Finance Awards 2016 held at Jakarta where she was presented with the prestigious award in the presence of President Joko Widodo of Indonesia. In her previous role as CEO of Hong Leong Islamic Bank, she earned fame and recognition as a champion of digital banking. With over 23 years of experience in banking and finance, focusing on areas of Islamic and investment banking; Raja Teh Maimunah has left a deep footprint in the Islamic and investment banking sector. Prior to joining AmInvestment Bank, Raja Teh Maimunah held numerous other positions, including Managing Director and CEO of Hong Leong Islamic Bank, Global Head of Islamic Markets at Bursa Malaysia, Chief Corporate Officer and Head of International Business at Kuwait Finance House Malaysia, CEO of Bank AlKhair Malaysia (previously Unicorn Investment Bank) and Head of Investment Banking at RHB Sakura Merchant Bank (now RHB Investment Bank).

She also served on Malaysia’s national asset management and debt recovery agency – Pengurusan Danaharta Nasional Berhad – during the Asian financial crisis in 1998, and was with CIMB Investment Bank over a period of almost 10 years covering debt and equity origination and equity sales. Among the most significant developments closely associated with her has been the development of Bursa Suq al-Sila, the first Shari’a-compliant commodity trading platform. She is currently the Adviser on Islamic Banking and Finance to the World Islamic Economic Forum Foundation, a Board Member of Islamic Banking and Finance Institute Malaysia (IBFIM), and a member of the Islamic Finance Committee for the Malaysian Institute of Accountants. She also sits on the committees of Pertubuhan Tindakan Wanita Islam (PERTIWI), which is a project oriented charitable organisation dedicated towards addressing the welfare and needs of women and children. Raja Teh Maimunah is not only a practitioner but an opinionmaker. Her ability to meticulously present her views in electronic media and in conferences and seminars makes her a highly sought speaker and respected contributor to thought process. She is also known for her ‘out of box’ thinking, which has not only helped her in her own career but have also added to the success of organisations she has worked for and the industry as a whole. Women like Raja Teh Maimunah are representing a global movement under the rubric of IBF, which attempts to bring forward the role of women in developing a modern and forward-looking Islamic economy. A large number of young ladies have taken aspiration from her to pursue careers in corporate sector. She is a vivid user of social media, and is equally popular in print and electronic media. Her commentary on issues related with IBF and women empowerment are widely known and respected.

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WOMANi REPORT

PROF. DR. ENGKU RABIAH ADAWIAH ENGKU ALI Professor at International Islamic University Malaysia, Malaysia Nationality: Malaysia

WOMANi 2018 Score: 64.53/100 2018 Rank

2017 Rank

2016 Rank

No.

Professor Dr. Engku Rabiah Adawiah Engku Ali, a professor of law at International Islamic University Malaysia, is perhaps the first globally-recognised female Shari’a scholar in the contemporary Islamic financial services industry. As an academician who is actively involved in Shari’a advisory for Islamic financial institutions, she has inspired a new generation of female Shari’a scholars in Malaysia and globally. Her success story is significant in many respects. She earnt fame when she was appointed as the first female member of the Shari’a Advisory Council of Bank Negara Malaysia (BNM), the central bank of Malaysia. She emerged as a heavyweight Shari’a scholar when she combined memberships of Shari’a Advisory Councils of all the three regulators in Malaysia,

namely, BNM, Securities Commission Malaysia, and Labuan Financial Services Authority. Engku Rabiah’s story also has a national significance. Her progression to success and fame is an outcome of Malaysian government’s planning to empower women in different fields and roles. Engku Rabiah had a ripple effect on a global level by inspiring women to choose Shari’a and law as a viable profession. This is indeed an impressive contribution to revive tradition of female jurists, which otherwise had a bright history but remained subdued in the recent past. Although there are now a number of other competing female jurists emerging, Engku Rabia continues to play a central role in the contemporary Islamic financial jurisprudence

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

WOMANi REPORT

RATIH RACHMAWATY President Director of BTPN Syariah, Indonesia Nationality: Indonesia

No.

WOMANi 2018 Score: 64/100 2018 Rank

New Entry

2017 Rank

2016 Rank

Ratih Rachmawaty is presently the only female CEO of an Islamic bank – BTPN Syariah – in Indonesia. Under her dynamic leadership, BTPN Syariah has emerged as an award-winning Islamic bank, recognised for its focus on microfinance and women empowerment through financial inclusion, and thus supporting productive poor families to achieve better lives. The financial services provided to serve the productive poor customers are aligned with the Islamic principle of Mu’amalat, designed for the customers to nurture key behaviours of Courage, Discipline, Hardworking, and Solidarity. In Indonesia, a country of more than 13,000 islands, offering Islamic microfinance is a daunting task. BTPN Syariah has found this niche under dynamic leadership of Ratih Rachmawaty. With more than 2.6 million microfinance customers, and about US$250 million outstanding financing, BTPN Syariah is a major player in Islamic microfinance. With 23 years of experience under her belt in the business of banking at large and microfinancing in specific, she has spent

the last 14 years in building mass market business model. Ratih is the key founder of financial service for productive poor women introduced through the sharia business unit within BTPN Bank in 2010, where she led as the Sharia Business Unit Head. When the Sharia Business Unit was spun off and transformed as BTPN Syariah Bank in July 2014, she continued to serve as the Deputy President Director of BTPN Syariah for three years before being appointed as the President Director in March 2017. To date, over 2.9 million customers in 23 provinces are empowered by more than 12,000 BTPN Syariah’s employees in which 94% are female employees. Ratih Rachmawaty brings her passion for community empowerment to her role as a banker. During her stint at Bank Danamon (2003 to 2008), she was the key founder of Danamon Simpan Pinjam; a division of Danamon’s microbanking and was the first private bank to focus exclusively on the micro and small enterprise market. With a personal mission

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to empower the mass market in Indonesia, Ratih Rachmawaty went on to establish a new business unit focusing on micro banking known as Mitra Usaha Rakyat after joining BTPN Bank in 2008. She has conducted various comparative studies on best practice in microbanking in countries such as India, Mexico and Peru. She continuously feeds her passion for learning especially in the areas of financial inclusion and poverty eradication through her various engagements with institutions such as Grameen Foundation, International Finance Corporation (IFC) and United Nations Capital Development Fund (UNCDF). She regularly attends conferences and leadership programme for professional development as well as to enhance her knowledge in micro banking knowledge and leadership, such as the World Micro Credit Summit and Harvard Business School, Boston, USA. Ratih Rachmawaty is known for making statements that become tag-lines. “The biggest risk is the risk of divorce,” she said in an interview in 2013, in response to a question on microfinance. BTPN Syariah offers microfinance to women with homes, and the incidence of divorce adds to the risk of default. Similarly, she made a statement, “[Clients’] faces are their collaterals,” meaning that in group-based lending individual borrowers must attend weekly/monthly meetings in person to reduce the risk of default.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

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MAYA MARISSA MALEK Managing Director of Amanie Advisors, UAE Nationality: Malaysia

No.

05 Maya Marissa Malek is serving as Executive Director for Global Shari’a Advisory and Compliance at Amanie Group of Companies, in addition to being Managing Director of Amanie Advisors LLC, Dubai. Coming from a legal background with more than 20 years of experience mainly in corporate legal and Islamic financial matters, she is one of the very few women who are leading Shari’a advisory management business. In her current role, she has managed a number of projects in Shari’a governance, structuring and conversion of conventional banks into Islamic. In particular, Maya Marissa has been instrumental in landmark Islamic financial instruments and projects such as development of Islamic banking framework for the Central Bank of Afghanistan, and in developing the first ever Shari’a standard on gold together with the World Gold Council and AAOIFI. Her area of specialisation includes Islamic finance framework, Shari’a governance, structuring, enhancement and conversion exercises, establishment of Islamic financial entities as well as development of Islamic finance policies and standards. She is also a prolific speaker and speaks at various industry conferences and forums around the world, creating awareness on Islamic finance.

WOMANi 2018 Score: 63.33/100 2018 Rank

New Entry

2017 Rank

2016 Rank

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WOMANi REPORT

FARMIDA BI Partner and European Head of Islamic Finance at Norton Rose Fulbright, UK Nationality: UK

No.

WOMANi 2018 Score: 62.01/100 2018 Rank

New Entry

2017 Rank

2016 Rank

Farmida Bi is a partner at international law firm Norton Rose Fulbright. She is also serving as the European Head of Islamic Finance. This dynamic and pragmatic personality has specialised in capital markets and Islamic finance for over 20 years, advising on English and New York law. She has acted on many ground breaking Islamic finance transactions, including the Goldman Sachs US$500 million debut sukuk issuance, the first by a US financial institution; the Tamweel Securitisation, recognised as the first Islamic true securitisation; and the International Innovative Technologies Sukuk, the first UK sukuk. She was recently announced as the new Chair of Norton Rose Fulbright EMEA, making her the first female partner to be elected to this position. In 2009, Farmida was recognised as one of the five most powerful Muslim women in the UK in the first Muslim Women Power List 2009, compiled by the Equality and Human Rights Commission. She was also named as Commercial Lawyer of the Year 2009 by the Society of Asian Lawyers. A graduate of Cambridge University, she represents a small group of individuals (men and women) with impressive academic credentials, excellent communications skills, and impeccable record of working on path-breaking transactions and projects. Her contributions to IBF are recognised by way of a number of awards and accolades by the industry bodies.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

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SABEEN SALEEM CEO of Islamic International Rating Agency, Bahrain Nationality: Pakistan

No.

07 WOMANi 2018 Score: 62.67/100 2018 Rank

2017 Rank

2016 Rank

Sabeen Saleem, a Pakistani by nationality, is heading one of the most important industry-building initiatives, namely Islamic International Rating Agency (IIRA), based in Bahrain. In her current capacity, she plays a vital role in developing the analytical systems and rating capability of IIRA, which forms the foundation of its current and future endeavours. She is currently working closely with the Accounting & Auditing Organisation of Islamic Financial Institutions to help it develop a number of standards for corporate governance with a focus on Shariâ&#x20AC;&#x2122;a risk management.

Sabeen has 19 years of multifaceted experience in financial risk assessments in banks, fund management, insurance and manufacturing; with a focus on Islamic finance. in all of these areas. She has been associated with the credit ratings industry for over a decade and has pioneered ratings in the social sector of Pakistan while also being actively involved in research endeavours of considerable significance in the area of Islamic finance. She has authored a number of rating methodologies in several areas. Sabeen has contributed to highly reputed journals and is a regular speaker at conferences, particularly those dealing with Islamic finance.

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DATIN MAZNAH MAHBOB

No.

CEO of AmInvest, Malaysia Nationality: Malaysia

WOMANi 2018 Score: 62.33/100 2018 Rank

New Entry

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Datin Maznah Mahbob, Chief Executive Officer of AmInvest, is no stranger in the male-dominated funds management industry. With more than 30 years of experience, she has carved a name as one of the leading personalities in this niche industry. Under her dynamic and capable leadership, AmInvest has been on the forefront within the Shariâ&#x20AC;&#x2122;a-compliant space evidenced by its string of international accolades, including the prestigious Global Islamic Finance Awards. In 2016, the institution picked up the award for the Most Innovative Fund Manager at the Global Islamic Finance Awards 2016 held in Jakarta, Indonesia. Datin Maznah sits on several Boards of AMMB private companies as well as Chairman Commissioner of AmInvestasi Indonesia. She is also on the Board of Trustees of the Hearts of GOLD (Generating Opportunities for Learning Disabled) Foundation, which supports social entrepreneurship projects for the economic empowerment and independence of the learning disabled. Datin Maznah is number 8 on the Womani2018 for her significant efforts and contribution towards Islamic finance industry in the forte of Islamic funds management.

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PROFESSOR DR. NORMAH OMAR Director of Accounting Research Institute at UiTM, Malaysia Nationality: Malaysia

WOMANi 2018 Score: 61.67/100

No.

09 The Accounting Research Institute (ARI) of Universiti Teknologi MARA is a national centre of excellence tasked by the Ministry of Higher Education to drive a niche research area of Islamic Financial Criminology, a new field of study in Islamic finance. As a pioneer in Islamic financial criminology, ARI is creating a new discipline in academia which has great relevance to the sustainable development of the Islamic finance sector. Islamic Financial Criminology supports Malaysia’s aspiration to become a global Islamic Finance hub by 2020. To build a sustainable Islamic finance industry, Islamic Financial Criminology propagates the need to focus on three equally important elements: (i) the need to introduce new and/or innovative Islamic finance products, (ii) the need to enhance the governance of the Islamic finance sector, and (iii) the need to mitigate financial leakages, either from fraud, corruption, money laundering or tax evasion. ARI believes that a healthy and sustainable Islamic finance sector could only be achieved if one continues to develop new, innovative products and take strategic actions to strengthen governance and to mitigate financial crime within the industry. Financial leakages if not mitigated will certainly destroy and weaken the industry. Professor Dr Normah Omar, who has more than 25 years of research experience, is a professional accountant by training. She is the founding and current director of ARI. She has been instrumental in both the establishment of ARI in 2006 and in getting the Higher Institution Centre of Excellence (HICoE) status from the Ministry of Higher Education in 2009. Although not an Islamic scholar herself, Professor Normah believes that knowledge corpus in accounting and financial criminology is necessary and can add significant values to the development of the Islamic finance sector. Together with her research team, Prof Normah has completed various research

2018 Rank

New Entry

2017 Rank

2016 Rank

projects related to governance, risk management, integrity, fraud risk factors and anti-money laundering measures in the financial service industry and including the Islamic finance sector. Under her helm, ARI has won many international awards. For fourth consecutive years (2014 to 2017) ARI has been recognized for pioneering research and in developing academic programmes in Islamic Financial Criminology by the prestigious Global Islamic Finance Awards (GIFA). ARI was also named as “Research Body of the Year in Islamic Financial Criminology” by ACQ Global Awards in 2015 and 2016. In 2017, ARI clinched the Excellence in Higher Education Award at the Global Good Governance Awards (3G), an event initiated by Cambridge IFA in the United Kingdom. At the regional level, ARI won the ASEAN Risk Awards for 2016 and 2017 from the Global Enterprise Risk Management Academy (ERMA). Prof Normah’s personal contribution in the development of a new knowledge corpus in Islamic finance has also received global recognition when she won a special GIFA award, “Advocacy in Islamic Financial Criminology Research” in 2017 and ACQ’s “Game Changer Award” in 2016. In tandem with her expertise in financial criminology, she works collaboratively with various government and professional agencies such as Malaysian Anti-Corruption Commission, Royal Malaysia Police, Royal Malaysia Custom, Institute of Integrity, Malaysian Institute of Corporate Governance, CPA Australia, Association of Fraud Examiners, Association of Certified Anti-Money Laundering Specialists, Association of Bankers Malaysia, Association of Islamic Banking Institutions Malaysia and many others.

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FARIDA TAHIR

CEO of Grassroot Microfinance Bank, Nigeria Nationality: Nigeria

WOMANi 2018 Score: 61.13/100 2018 Rank

New Entry

2017 Rank

2016 Rank

No.

10 Farida Tahir is our first entrant from Nigeria to the prestigious WOMANi50 List for 2018. As a microfinance practitioner, the noble cause of women empowerment is very close to her heart. Out of her over 15 years of banking experiences, she has mostly worked for conventional banks like Africa International Bank (AIB), Platinum and Bank PHB before joining Grassroot Microfinance Bank as the GM business development & strategy. In her various roles in the banking industry, she has been involved not only in product development but also in business development and marketing. Her appointment in 2012 as MD/CEO of Grassroot Microfinance Bank spurred her interest in Islamic finance. When she assumed this position, she took upon herself to introduce and grow Islamic microfinance business within her bank. This also triggered her to acquire a postgraduate degree in Islamic banking and finance from the International Institute of Islamic Banking & Finance in Nigeria in 2014. As a onetime First Lady of a local government community, Farida Tahir has been involved in many community development programmes that have impacted the lives of her people. In 2007, she founded MIA (mata iyayen alâ&#x20AC;&#x2122;umma), a cooperative society for women, offering interest-free financial and non-financial services that have aided the empowerment of over 2,000 members across different rural communities in Kano, Nigeria. In the same year she founded MIA foundation, a body that focuses on creating opportunities and financial inclusion of women and other marginalized groups in the society.

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WOMANi20 PROFESSOR ZALEHA KAMARUDDIN Rector of International Islamic University Malaysia, Malaysia Nationality: Malaysia

No.

WOMANi Score: 61.00/100 Professor Zaleha Kamaruddin is not directly involved in IBF but she sits on the top of the organisational pyramid of one of the most influential seats of learning feeding into the labour force involved in IBF. As Rector of International Islamic University Malaysia (IIUM), she is certainly very influential in IBF. She is the first female appointed as head of an Islamic university in the Muslim world.

Before her appointment as the Rector of IIUM she was Dean of Ahmad Ibrahim Faculty of Laws, Dean of the Centre for Postgraduate Studies, and then Deputy Director-General of the Malaysian Institute of Islamic Understanding – all roles relevant to development of IBF in the country. In particular, Ahmad Ibrahim Faculty of Laws has produced some of the most prominent Shari’a scholars in IBF. Prof. Zaleha Kamaruddin is a member of the Fatwa Committee for the State of Pahang and Selangor. Since 2003, she has been a member of the Selangor Council of Religious Affairs. At the federal level, she is a member of the Technical Committee on Shari’a and Civil Laws, Department of Islamic Religious Affairs, Prime Minister’s Department, and serves as an appointed member in the National Religious Council. She is also a member of the board of directors for the Malaysia Islamic Economic Development Foundation.

DR. HURRIYA EL-ISLAMI Member of Executive Board of BPKH (Badan Pengelola Keuangan Hij), Indonesia Nationality: Indonesia

No.

WOMANi Score: 59.85/100 Dr. Hurriya El-Islami can best be considered as an activist for Islamic economics, banking and finance, with her various engagements with the global Islamic financial services

industry. She is currently serving as a member of Executive Board of BPKH (Badan Pengelola Keuangan Haji), appointed as per the Presidential Decree No. 74 of year 2017. She is also an IMF Expert in Islamic Finance, FAA Assessor, Shari’a Board Member and Strategic Advisor of Islamic Fintech Alliance and was the Head of Professional Development in AAOIFI prior to which she served as a member of the AAOIFI Central Shari’a Board Working Group.

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With over eighteen years of experience globally, she served, among others, as Director and Group Head of Shariâ&#x20AC;&#x2122;a and Governance and Group Legal - Islamic Banking and Capital Markets of CIMB Group; Director and Head of Legal at Capinnova Investment Bank; Head of AML and Compliance and Legal Counsel at Kuwait Finance House Bahrain; and Chairperson of Audit and Legal Committee of Bahrain Associations of Banks. She was trained in negotiation and leadership by Harvard Law School, received multiple

academic awards including from the University of Strathclyde in Glasgow, graduated as the Best Overall LLB student from International Islamic University Malaysia, and wrote various pieces on Islamic finance related issues. She has also been providing advice and consultancy to regulators and other stakeholders in several jurisdictions on matters related with Islamic finance.

DR. MARJAN MUHAMMAD

Head of Research Quality Assurance Office at ISRA, Malaysia Nationality: Malaysia

Dr Marjan Binti Muhammad is currently the Head of Research Affairs Department at ISRA. Prior to joining ISRA, she was a tutor at the Faculty of Law and Shariah, Islamic Science University of Malaysia (USIM). She also taught at the Matriculation Centre, International Islamic University Malaysia on a part-time basis. Her areas of specialisation are Issues of Ijtihad (Intellectual Reasoning), Islamic Jurisprudence (Usul al-Fiqh), Islamic Laws of Transaction (Fiqh al-Muamalat) and Islamic Criminal Laws (Fiqh al-Jinayah). She is a member, Association of Shariah Advisor in Islamic Finance Malaysia (ASAS). She is also a Shariah Advisor to Maybank Islamic Berhad, Malaysia Building Socitey Berhad and SME Bank.

No.

WOMANi Score: 59.45/100

DR. AISHATH MUNEEZA Associate Professor at INCEIF, Malaysia Nationality: Maldives

Dr. Aishath Muneeza can easily be considered as founder of the Islamic finance industry in the Maldives, as she was a driving force behind setting up of a number of institutions offering Islamic finance. As a policy maker, attorney and also an academician who has tirelessly fought for the sustainable development of Islamic finance in her country, she is a role model and a mentor for numerous women who aspire to develop a career in Islamic finance. Even before turning 30, she had achieved name, fame, position and prestige, which

No.

WOMANi Score: 59.33/100

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many will dream at her age and may even struggle to achieve before retiring. Her passion and dedication to Islamic finance has made her a celebrity in this area. Dr. Muneeza obtained LL.B, LL.M (Banking Law), and PhD from International Islamic University of Malaysia (IIUM), where she was first acquainted with Islamic finance during her LL.M. A skeptic to start with, she decided to do research in Islamic finance, which led her to not only better understand Islamic finance but also resulted in numerous research papers and her first book on Islamic banking. Since then, she has authored numerous award-winning research papers, including the first comprehensive handbook published in Dhivehi language on the fundamentals of Islamic finance and sukuk. Dr. Muneeza is at present serving as an Associate Professor at INCEIF, The Global University of Islamic Finance, becoming the first female from the Maldives to attain the position of Associate Professor. This is not the only first she has, as she is the first and only female to become chairperson of an apex Shari’a Committee at a regulatory authority dealing with capital market. For more than five years until now she is the chairperson of the Shari’a Advisory Council of the Capital Market Development Authority of Maldives. She is the only registered Shari’a advisor in the Maldives to structure Islamic capital market instruments. She is also a registered Shari’a advisor at the Securities Commission of Malaysia. She sits on more than six Shari’a Advisory Committees of different financial institutions and is the chairperson of five of these. She was also a member of the National Fatawa Council (Islamic Fiqh Academy) of Maldives. She is the Shari’a advisor to the Government of Maldives for the first sovereign sukuk and the treasury bill issuances. She is the Shari’a adviser for the first and second corporate sukuk issued in the Maldives. She is among the few female scholars who are actively involved in

Shari’a advisory services in the South Asian region. Dr. Muneeza was the first female Deputy Minister appointed to Ministry of Islamic Affairs ever in the history of Maldives. She played an instrumental role in setting up the Hajj Pilgrimage Fund of Maldives and was appointed its first chairperson. During the tenure as the Deputy Minister of Ministry of Islamic Affairs she played a vital role in synchronizing Islamic finance mechanisms to waqf & zakat management in the country. She is currently the Deputy Minister of Ministry of Finance & Treasury and plays a vital role in strategizing Maldives as the hub for Islamic finance in South Asia. Additionally, she also serves as the chairperson of Maldives Centre for Islamic Finance, a wholly-owned government company set up by the President. Apart from the political positions held, Dr. Muneeza was the Head of Islamic Finance of Capital Market Development Authority. As an attorney, she was has frequently been consulted for product structuring and drafting of the documentations of Islamic finance. She was also the consultant for the Central Bank of Maldives to structure Islamic treasury instruments and for Ministry of Economic Development to structure products for Islamic microfinance. She is Vice President of the Women on Board, an NGO in the Maldives to advocate for active participation of women on boards of the companies and leadership positions. Dr. Muneeza received number of awards in recognition of her services to the industry nationally and internationally, including, but not limited to, Upcoming Personality in Islamic Finance by Fleming Gulf (2017), and Rehendhi Award by Government of the Maldives (2016). The contributions made by Dr. Muneeza in the field of Islamic finance continue to inspire hundreds of young women.

DATO’ JAMELAH JAMALUDDIN

Executive Chairman of 3p Capital Partners, Malaysia Nationality: Malaysia

No.

WOMANi Score: 59.20/100

Dato’ Jamelah Jamaluddin reached the pinnacle of her career when she was appointed as CEO/Managing Director of KFH Malaysia Berhad, a 100-owned subsidiary of Kuwait Finance House (2010-13). Before that, she also served as Managing Director of RHB Islamic Bank (2007-10). At present, she is serving as Executive Chairman of 3p Capital Partners, a private equity and Islamic financial advisory group based out of Kuala Lumpur. As a member of the CEO-group of Muslim female Islamic bankers, she continues to inspire a new breed of women Islamic bankers in Malaysia and other parts of the world. She is indeed a great leader in Islamic finance and one should expect more success from this iconic personality in IBF.

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NOORSURIANI MUHAMED Vice President Islamic Product and Market Development, Bursa Malaysia Berhad, Malaysia Nationality: Malaysia

No.

WOMANi Score: 59.03/100 Noorsuriani Muhamed is at present serving as Vice President: Islamic Product & Market Development at Bursa Malaysia, a role that puts her in the helm of all new developments in the Malaysian Islamic capital market. She is one of the potential leaders in IBF, who are expected to make an everlasting mark on the industry. Bursa Malaysia has been host to a number of leading personalities in IBF, including Raja Teh Maimunah (No.2), and the industry analysts view Noorsuriani Muhamed as one of IBF executives who hold a lot of potential and promise.

DR. AZURA OTHMAN CEO of Chartered Institute of Islamic Finance Professionals (CIIF), Malaysia Nationality: Malaysia Dr. Azura Othman is currently serving as CEO of the Chartered Institute of Islamic Finance Professionals (CIIF), and in this role she is playing a leadership role in talent development for the Islamic financial services industry. She belongs to a new breed of Islamic finance professionals who graduated from INCEIF where she obtained Certified Islamic Finance Professional (CIFP) and PhD in Islamic finance. Since April 2015, she is also a Non Executive Director of Bank Muamalat Malaysia, and in this capacity also serves as Chairman of its Audit Committee.

No.

WOMANi Score: 59/100

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FOZIA AMANULLA Chief Business Development Officer at Alliance Bank, Malaysia Nationality: Malaysia

No.

WOMANi Score: 58.67/100 Fozia Amanulla has the distinction of being first female CEO of an Islamic bank in the world. She created history in October 2017, when she was appointed as CEO of Eoncap Islamic Bank, which later got merged with Hong Leong Islamic Bank when the two parent banking groups merged. Fozia Amanullah then joined Alliance Islamic Bank as its CEO and remained as such until Augist 2017, when she was asked to play a bigger role on the group level. At present, she serves as the Chief Business Development Officer at Alliance Bank Malaysia Berhad.

No.

DR. SHAMSIAH ABDUL KARIM Chief Executive Officer at Albukhary Foundation, Malaysia Nationality: Malaysia

WOMANi Score: 58.57/100

Dr. Shamsiah Abdul Karim is currently serving as CEO of Albukhary Foundation, a personal charity of the Malaysian business tycoon, Syed Mokhtar Albukhary. She is involved in a number of Shariâ&#x20AC;&#x2122;a-compliant socially responsible projects primarily in the not-for-profit domain. A PhD from Durham University, her main area of interest is Islamic endowments and awqaf, in which she is now involved on the practical side. She has extensive experience of running CSR campaigns, something she mastered while serving as COO at Albukhary Foundation. Now, as CEO of the same organisation, she is in a better position to play a lead role in the not-for-profit sector. With more than 20 years of practical experience, she is poised to play an even bigger role in IBF, with a focus on charitable sector and philanthropy.

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FARIDAH BAKAR ALI CFO at Khazanah Nasional Berhad, Malaysia Nationality: Malaysia

Faridah is an accomplished finance professional, with an impressive portfolio of Islamic financial transactions she has worked on while being at Khazanah. Read her full interview on page 51

No.

WOMANi Score: 58.33/100

WOMANi REPORT

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

WOMANi50 The above 20 and the following 30 female leaders in IBF are the core of female leadership in the global Islamic financial services industry. It is noteworthy that the difference of WOMANi scores between the number one position and that of the 21st position is mere 15.67 points. This shows how competitive the leadership landscape is when it comes to women participation in decision-making and advocacy of IBF.

No.

AZLEENA IDRIS General Counsel/Head of Legal at KFH Malaysia, Malaysia Nationality: Malaysia

WOMANi Score: 58/100 Azleena Idris is a senior IBF professional currently serving as General Counsel and Head of Legal at KFH Malaysia. She has worked for a number of institutions and organisations, including BNM, the central bank of Malaysia, which seconded her to quite a number of new projects to be set up, including International Islamic Liquidity Management Corporation, where she served as an Advisor and Project Director.

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PROFESSOR DR. RUSNI HASSAN Deputy Dean at IIUM Institute of Islamic Banking & Finance, Malaysia Nationality: Malaysia

Professor Dr. Rusni Hassan is another leading alumnus of International Islamic University Malaysia (IIUM), who is playing a lead role in IBF. As a leading female Shari’a scholar who has served on the Shari’a Advisory Council of Bank Negara Malaysia (BNM) and is at present advising a number of Islamic banks and financial institutions on matters related with IBF, she is indeed considered as one of the champion female Islamic financial jurists in Malaysia. Like her contemporary, Professor Engku Rabia Ali (No. 4 on the List), she has inspired a new generation of female jurists and Islamic finance experts serving Islamic financial institutions and academia all over the world.

No.

WOMANi Score: 57.33/100

SHARIZAD JUMAAT

CEO of RHB Islamic International Asset Management (RHBIIAM), Malaysia Nationality: Malaysia

Sharizad Jumaat is not new to Islamic asset management but she has brought a renewed dynamism to RHB’s Islamic asset management business since she joined RBHIIAM in 2013. She was tasked to spearhead RHB’s efforts to become one of the top 10 global players in Islamic asset management, a target she is well on track to achieve during her on-going tenure with the company. She commenced her career as an analyst with Permodalan Nasional Berhad (PNB), later to join another important Government Linked Company (GLC), namely Employment Provident Fund (EPF) as Head of Treasury and Fixed Income and later as Head of Equity Investments. With more than 15 years on the ‘buy’ side at EPF, she took a bold step to join the ‘sell’ side at Amanahraya REITs Berhad as CEO. In that role, she was involved in the entire process of property acquisitions and injection into the Amanahraya REITs listed on Bursa Malaysia. Impressed by her performance,

No.

WOMANi Score: 56.87/100 the board decided to offer her a larger role as the Managing Director/CEO of Amanahraya Investment Management Sdn. Bhd., a company providing asset management services for both private mandates and unit trusts. During her tenure within the Amanahraya Group, she was exposed to all aspects of property investments and private equity businesses, involving joint ventures with partners in the Middle East. Today, Sharizad Jumaat is considered as one of the most experienced female Islamic asset managers in the country. She is certainly an inspiration for a large number of young female analysts and equity investment practitioners.

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CAMILLE SILA PALDI CEO of Franco-American Alliance for Islamic Finance, Dubai, UAE Nationality: US

No.

WOMANi Score: 56.67/100 Camille Paldi takes pride in being the only US Citizen to have graduated from the Durham University Islamic Finance Program in the UK and to have received comprehensive training in Islamic Banking and Finance from the UAE, Saudi

Arabia, Iran, Bahrain, Qatar, Turkey, Bangladesh, Malaysia, Pakistan, Jordan, Palestine, Morocco, Tunisia, Egypt, and the UK. Camille Paldi has founded a number of initiatives in IBF, the most important of them being the Franco-American Alliance for Islamic Finance (FAAIF) and the Inter-Faith Finance and Economics Association (IFFEA). She also started an Islamic Finance Search Engine. Camille Paldi is an honours graduate of Colgate University in New York and the London School of Economics. She has also qualified as a lawyer in the UK, Australia, New Zealand, and the Dubai International Financial Centre Courts of the UAE.

NIKEN ANDONOWARIH Senior Executive Vice President (Retail Banking), Bank Syariah Mandiri, Indonesia Nationality: Indonesia

No.

WOMANi Score: 56.59/100 Niken Andonowarih is a seasonal Islamic banker serving as a Senior Executive Vice President with the largest Islamic bank in Indonesia, Bank Syariah Mandiri (BSM). BSM has over 765 branches throughout the country and offers a wide range of Shariâ&#x20AC;&#x2122;a-compliant products and financial solutions to its growing customer base. People like Niken Andonowarih feature significantly in the success story of BSM. As a spokesperson for the bank, Niken Andonowarih is responsible for championing the cause of IBF in the country to

increase market share of Islamic banking in the national sector, which stands at less than 5% at present. She believes that one way of increasing the Islamic banking share is to enhance the quality of services along with continuous introduction of innovative products in the market. Retail banking, which Niken Andonowarih heads at BSM, is growing very fast as part of the IBF sector in Indonesia. The executives like Niken Andonowarih are therefore involved in pushing the frontiers of IBF in an aggressive way. This is certainly a huge contribution to IBF, which many other younger women are attempting to emulate.

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DR. MAGDA ISMAIL ABDEL MOHSIN Associate Professor, INCEIF, Malaysia Nationality: Sudan

Dr. Magda Ismail Abdel Mohsin is an Associate Professor at INCEIF. Prior to joining INCEIF in 2007, she worked at the International Islamic College Malaysia, where she taught many subjects in Islamic economics and Islamic finance. As an academician of growing repute, she has written extensively in IBF, especially on zakat and awqaf. She is the author and editor of three books on waqf entitle: “Cash Waqf: A New Financial Product”, “Corporate Waqf: From Principle to Practice” both published by Pearson Malaysia Sdn. Bhd. 2009 & 2014 respectively, and the editor of latest book entitle “Financing the Development of old Waqf Properties: Classical Principles

No.

WOMANi Score: 56.48/100 and Innovative Practices around the World” published by Palgrave Macmillan in 2016”. She is the recipient of various awards including Outstanding Women Achiever by Venus International Foundation, India; for her contribution and achievement in the field of Islamic economics and finance.

HAIFA JAMAL AL-LAIL President of Effat University, Jeddah, Saudi Arabia Nationality: Saudi Arabia

Not directly involved in IBF, she is otherwise an influential player in the Islamic financial education. Effat University of which Dr. Haifa Jamal Al-Lail is at present the President has for some time been actively promoting education in Islamic economics, banking and finance. She is also the only Saudi woman included in this list. Dr. Haifa Jamal-Lail received PhD in Public Policy from the University of Southern California. Before joining Effat University in 1998, she served as the first Dean of Girls Campus in King Abdulaziz University, Saudi Arabia. Dr. Haifa Jamal Al-Lail is a distinguished leader, respected academic, renowned advocate of youth engagement, and author of several articles. She is also involved in public speaking and delivers keynote speeches on women's education in the Middle East, women and change,

No.

WOMANi Score: 56.33/100 entrepreneurship and business. She was also a nominee of the 1000 Women for the Nobel Peace Prize in 2005. She is also the recipient of many awards such as the Innovation Award, Saudi Sayidaty, Queen Effat's Distinction Award, Leading Woman CEO, Distinguished Arab Woman Award, World Family Summit Award, and the Distinguished Arabian Woman Award. Dr. Haifa Jamal Al-Lail continues to work towards enhancing women's education throughout Saudi Arabia.

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MARINA MARDI Assistant Vice President (Finance) at Khazanah Nasional Berhad, Malaysia Nationality: Malaysia

No.

WOMANi Score: 56/100 Marina Mardi is an Assistant Vice President (Finance) at the Malaysian sovereign wealth fund, Khazanah Nasional Berhad. As an employee of one of the most influential

No.

DR. SHAHINAZ RASHAD ABDELLATIF Executive Director of Financial Services Institute at Egyptian Financial Services Authority, Cairo, Egypt Nationality: Egypt

WOMANi Score: 55.82/100

No.

Dr. Shahinaz Rashad Abdellatif is a senior executive with broad experience of almost 20 years in non-banking financial sector, both a practitioner and regulator. She is also involved in training senior executives at Islamic financial institutions. She has also offered consulting services on financial management of SMEs to big ticket blue chip companies in various sectors. She, however, prefers to claim to be an expert of leasing and ijara, an area of expertise close to her heart. At present, she also serves as Chairperson & CEO of the Egyptian Leasing Association.

ROSI SUSANTI Compliance Officer at BTPN Syariah, Indonesia Nationality: Indonesia

WOMANi Score: 55.70/100

institutional leaders in IBF, Marina Mardi is well-positioned to make a mark on the global Islamic financial services industry. Her current role involves multiple fundraising activities for conventional and Islamic financing structures. She has been involved in the execution of various sukuk issuances, including the First Ringgitdenominated Sustainable and Responsible Investment (“social-impact”) Sukuk and the Exchangeable Sukuk. She is one of the reviewers of a publication called “Islamic Capital Markets – Principles & Practices”, a joint collaboration between International Shariah Research Academy for Islamic Finance (ISRA), Securities Commission of Malaysia and Khazanah. In 2017, she attended Cambridge Islamic Finance Leadership Programme and was awarded Cambridge Islamic Finance Leadership Award for her excellent contribution and active participation in the Programme.

Rosi Susanti is one of the few Indonesian women listed on this list. She is at present serving as Compliance Officer at BTPN Syariah, an Indonesian bank with an important role it plays in microcredit and through it women empowerment. Prior to joining BTPN, she was attached with Bank Niaga, Badan Penyehatan Perbankan Nasional (BPPN), and Bank Danamon.

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AYESHA ASHRAF JANGDA Head of Corporate Strategy & Business Planning at BankIslami Pakistan Limited, Pakistan Nationality: Pakistan Ayesha Ashraf Jangda is one of those female leaders in IBF who are considered as “behind” success stories without necessarily opting to come to fore to claim fame and limelight. As an active member of the founding team of BankIslami Pakistan, she played a pivotal role in the formative years of the bank to make it a major player in the national Islamic banking sector. She continues to be an instrumental member of the executive team at BankIslami Pakistan. She received contemporary and classical Islamic education right from school to the university by attending Islamic and

No.

WOMANi Score: 55.67/100 conventional schools, colleges and universities. She attended Zaynab Academy Karachi and Centre of Islamic Economics (a division of Darul Uloom Karachi) for her classical Islamic education and specialised studies in Islamic finance and insurance. She also attended the prestigious Institute of Business Administration (IBA) Karachi to receive BBA and MBA degrees.

DR. AIDA OTHMAN Managing Director of ZICO Shariah Advisory Services, Malaysia Nationality: Malaysia

No.

WOMANi Score: 55.33/100 Dr. Aida Othman is a leader of impeccable academic credentials. After graduating from the International Islamic University Malaysia, she attended Cambridge University for her LLM before going to Harvard University where she finished her PhD. She is a Partner at Messrs. Zaid Ibrahim & Co., a member of the ZICO Law network. She is also the Managing Director of ZICO Shariah Advisory Services Sdn Bhd. Dr Aida specializes in Islamic banking and finance, Islamic capital market instruments and takaful products and operations. She also advises on Shari’a compliance and governance, including on the legal and regulatory framework for Islamic finance. In particular, she has advised on

The structure and documentation for both Islamic corporate and retail financing; The legal and regulatory framework for Islamic financial services; Structuring and Shari’a compliance issues for sukuk issuance, private equity funds and unit trust funds; Shari’a review and Shari’a audit of Islamic financial institutions; Takaful products and operations; Islamic wealth planning and management; and Halal assurance systems and halal certification.

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DR. IRUM SABA Assistant Professor at Institute of Business Administration, Pakistan Nationality: Pakistan

No.

WOMANi Score: 54.67/100 Dr. Irum Saba has gradually risen to prominence in IBF, following a dedicated and concerted efforts by her to equip herself with the necessary toolkit to operate in the Islamic financial services industry in a leadership role. She has more than 12 years of progressive regulatory, research, training and teaching experience with organizations of international repute. She has the honour to be first Pakistani female to be part of international Shari’a advisory boards in South East Asia and the Middle East. She is honorary secretary of the Chartered Institute of Islamic Finance Professionals (CIIF), Malaysia, in addition to being chair of ICIFE Pakistan Chapter. Dr. Irum Saba is an Assistant Professor at Institute of Business Administration, Karachi, where she directs MS Islamic Banking

and Finance, and coordinates academics and research for Centre for Excellence in Islamic Finance (CEIF)-IBA. She delivers training both at local and international levels in addition to teaching, research and administrative work. She has written several articles and chapters in books on the topics of corporate governance, Islamic finance and Islamic microfinance. She has extensive regulatory experience with specific focus to promote IBF while working in the Islamic Banking Department of State Bank of Pakistan (the central bank). She has also contributed to the promotion and growth of takaful industry while working with the Securities and Exchange Commission of Pakistan (SECP). She is a Shariah-registered financial planner (Shariah RFP). She holds the Chartered Islamic Finance Professional (CIFP) credential with distinction and PhD in Islamic finance from INCEIF. She also holds a Master in Commerce (M.Com) with distinction and a Post Graduate Diploma in Islamic Banking and Insurance from the Institute of Islamic Banking and Insurance (IIBI), London. Her areas of interest are Shari’a, wealth planning and management, Islamic microfinance, corporate governance and Islamic finance.

ANGELIA CHIN-SHARPE CEO of BNP Paribas Investment Partners Malaysia, Malaysia Nationality: Malaysia

No.

WOMANi Score: 54.55/100 Angelia Chin-Sharpe is CEO of BNP Paribas Investment Partners Malaysia, and global head of the Islamic segment for BNP Paribas Investment Partners. She has over 16 years of experience in banking, capital markets and asset

management. Ms. Chin-Sharpe joined BNP Paribas Investment Partners in 2007 and was responsible for the successful set-up of the businesses in Malaysia and Brunei. She was also responsible for the institutional business development of frontier markets in Asia before moving back to Malaysia in 2012 as CEO. As global head of the Islamic segment, Ms. Chin-Sharpe is responsible for driving BNP Paribas Investment Partners’ Islamic business development opportunities globally, working with its global network.

Prior to BNP Paribas, Ms. Chin-Sharpe was Executive Director of ECM Libra Capital, an asset management company based in Malaysia. Ms. Chin-Sharpe holds a Bachelor of Commerce, majoring in Accounting from Curtin University of Technology, Western Australia. She has completed Level I, II & III of her Chartered Islamic Finance Professional with INCEIF. She is a Capital Markets Services Representative with the Securities Commission of Malaysia.

ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET

WOMANi REPORT

PROFESSOR MERYEM DUYGUN Professor Meryem Duygun holds the Aviva Chair in Risk and Insurance at the Nottingham University Business School. Before joining Nottingham, she worked at the University of Hull and the University of Leicester. She is currently an Honorary Visiting Professor at the University of Leicester. She is also the President of the International Finance and Banking Society (IFABS), a leading global research society with more than 3500 members. Professor Duygun's major research fields are in the area of international banking, risk, and corporate finance, including Islamic banking and finance. She gained an international reputation for her outstanding research in banking. To date, she has published two books and numerous studies in leading

Samina Akram has a wealth of experience in the banking industry specialising in the field of Islamic and ethical finance. For the past decade, she has worked for investment, private and commercial banks across a range of disciplines. From 2005-2009, Samina was at Merrill Lynch International Bank where she was instrumental in heading up the growth and expansion of their Islamic finance business. In April 2009, Samina decided to branch out as an independent Islamic finance consultant. Her expertise and extensive knowledge have been crucial in bringing together key stakeholders for the expansion of the sector. She has long-established working relations with governments, investment banks, corporate investors, trade organisations and senior industry executives. Her exceptional contributions to the Islamic finance industry have won her immense respect, public recognition and multiple

Aviva Chair in Risk & Insurance at Nottingham University, Nottingham, UK Nationality: UK

WOMANi Score: 54.42/100 international journals in banking and finance, including among others Journal of Corporate Finance, Journal of Banking and Finance, Journal of Financial Stability, Journal of Economic Behaviour & Organization, European Journal of Operational Research, Omega, Journal of Productivity Analysis. Her co-authored paper [SME’s lending and Islamic finance. Is it a “win– win” situation?] earned her fame in IBF, since then she has been actively involved in academic research in IBF.

SAMINA AKRAM

Managing Partner at Samak Ethical Finance, London, UK Nationality: UK

No.

WOMANi Score: 54.33/100 business awards. She is a recipient of the United Nation's Women's Federation for World Peace award. Other accolades include runner-up of the Women of Future Awards under the category of Business Women of the Future and being shortlisted in the European Muslim Women of Influence list. Samina is also the founder of the Women in Islamic & Ethical finance forum (WIEFF).

MASSAT AWADZ

The departure of Dato’ Wan Fadzmi Wan Othman as CEO of Agrobank in 2017 brought Massat Awadz to the forefront of leadership of Agrobank, when she was appointed as Acting CEO of the bank. As Chief Financial Officer of the bank, she had her fingers on the pulse of agriculture finance business in Malaysia. As the new CEO of one of the most important

No.

Acting CEO of Agrobank, Malaysia Nationality: Malaysia

No.

WOMANi Score: 54/100 Shari’a-compliant development finance institutions in Malaysia, she is all set to play a lead role in IBF.

WOMANi REPORT

No.

IFFAT NIGAR TAIMUR Director Islamic Corporate Banking at Standard Chartered Bank Saadiq Pakistan, Karachi, Pakistan Nationality: Pakistan

WOMANi Score: 53.67/100

No.

DR. SHAMSIAH MOHAMAD Senior Researcher at International Shari’ah Research Academy for Islamic Finance (ISRA), Malaysia Nationality: Malaysia

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

Iffat Nigar Taimur is an experienced Islamic finance practitioner with a demonstrated history of working in the banking industry. Skilled in portfolio management, business relationship management, risk management, corporate finance, and Islamic Banking, she has served Standard Chartered Bank Saadiq Pakistan for the last 5 years. With an MBA from Institute of Business Administration and domestic Islamic banking experience, she needs to raise her profile internationally to be more visible in the global Islamic financial services industry.

If Professor Engku Rabia Ali is the first heavyweight Shari’a scholar combining all “three titles” (i.e., membership of Shari’a Advisory Councils of BNM, SC and Labuan Financial Services Authority), Dr. Shamsiah Mohamad is emerging as another heavyweight combining “two titles” (i.e., membership of Shari’a Advisory Councils of BNM and SC), in addition to being a member of numerous other such bodies and Shari’a advisory committees of Islamic financial institutions.

WOMANi Score: 53.33/100

No.

DR. SALMA SAIRALLY Researcher at International Shari’ah Research Academy for Islamic Finance (ISRA), Malaysia Nationality: Mauritius

WOMANi Score: 53.20/100

Dr. Salma Sairally holds a PhD in Economics from Loughborough University (UK), MA in Islamic Studies (with specialism in Islamic finance) from Portsmouth University (UK), and BSc in Economics and Finance from University of New South Wales (Australia). She also holds a Diploma in Islamic Finance from the Markfield Institute of Higher Education (UK). Dr. Salma Sairally joined the International Shari’ah Research Academy for Islamic Finance (ISRA) in May 2011. She currently holds the position of Research Consultant and is also the Editor of the ISRA International Journal of Islamic Finance.

ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET

WOMANi REPORT

Dr. Sairally is a partner and trainer in Islamic Banking and Finance at the Latiff Mohamudally Institute of Management, a private training institution in Mauritius. She also acted as Economic Analyst at the Ministry of Finance and Economic Development, Government of Mauritius, for 7 years. Dr. Sairally has provided consultancy services in Islamic finance to a number of financial institutions, namely the Stock

Sairana Saad is a marketing communications and branding strategist with over 20 years of extensive experience across Fortune 500 Companies, MNCs, GLCs and the government sector. She offers strategic market communications, branding, social media engagement and CSR practices advice across seven industries including Islamic finance, investment banking, real estate, hospitality and oil & gas sectors. She currently holds the post of Head, Branding, Communications and CSR for Hong Leong Islamic Bank, reporting directly to the MD/CEO. Leveraging on digital and traditional brand building practices, she capitalises on personality and organisation profiling to maximise brand equity through engaging content. She spends many hours listening to customer needs and demands, and deploys the 360-degree communications strategy gain market share. Sairana is articulate, passionate about excellent photography, creative videos and everything else that has a viral effect in the digital space. She also adores story-telling and writes with flair. Throughout her career, she has built solid media relations with regional journalists, newscasters as

Exchange of Mauritius, Investec Bank (Mauritius) and the Seychelles International Business Authority (SIBA), Seychelles. She has provided training to employees of most banks in Mauritius in the area of Islamic banking and finance. Dr. Sairally has published and presented various papers in Islamic banking and finance at international conferences, including Mauritius, Indonesia, Malaysia, UK and Japan.

SAIRANA SAAD Head of Branding, Communications & CSR at Hong Leong Islamic Bank, Malaysia Nationality: Malaysia

No.

WOMANi Score: 53.04/100 well as leaders in the digital space including Bloggers, Instagrammers and Youtubers. She is a focused and determined go-getter who prefers to lead instead of follow. With a penchant for languages, she is proficient in English, French, Malay and understands basic Arabic and Spanish.

DR. DIAN MASYITA Associate Professor at Padjadjaran University, Bandung, Indonesia Nationality: Indonesia

No. Dr. Dian Masyita obtained her PhD in Islamic Finance from Durham University, UK in 2012. Prior to that, she was a member of R&D Division in Indonesian Waqf Board (2007-2010). She finished her Master of Engineering in 2001 from the School of Industrial Engineering and Management – Bandung Institute of Technology (ITB), Indonesia. In 2007, she got STUNED Award for postgraduate studies at the Maastricht School of Management (MSM), Netherlands. In August 2007, she was

WOMANi Score: 52.33/100 awarded “The Best Research Award”, a competitive research paper on the Golden Anniversary of Padjadjaran University. Currently, she is an Associate Professor and Head of Islamic Economics Study Program at the Faculty of Economics & Business, Universitas Padjadjaran, Bandung, Indonesia.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

WOMANi REPORT

No.

NORAINI SULAIMAN Deputy Managing Director at Bank Islam Brunei Darussalam (BIBD), Brunei Darussalam Natioinality: Brunei

Noraini Sulaiman is being groomed to take the next level of responsibility. Currently serving as Deputy Managing Director at Bank Islam Brunei Darussalam, and with her previous role as CFO of the same bank, she has extensive experience of Islamic banking. Prior to that when she served as Acting Managing Director of Syarikat Takaful Brunei Darussalam in 2014, she was named as one of the 50 Most Influential Women in Brunei Daussalam. So, her entry into the 50 Most Influential Women in Islamic Finance, i.e., WOMANi50 should not come as a surprise to anyone.

WOMANi Score: 51.67/100

No.

NIGHAT TANVEER Additional Director at State Bank of Pakistan, Pakistan Nationality: Pakistan

Considered as one of the most feared female Islamic banking regulators in Pakistan, Nighat Tanveer has for long served the Islamic banking sector in her country. As an Additional Director at SBP, she is responsible for advocacy of Islamic banking in Pakistan. She is also deemed as one of the most experienced Islamic banking trainers in the country. With her influence in the Islamic banking sector in Pakistan and her international relationships and exposure one should expect a lot more from this highly influential lady in Islamic finance.

WOMANi Score: 50.67/100

HALIZA ABD RAHIM Legal Counsel at Arabesque Asset Management, UK Nationality: UK

No.

WOMANi Score: 49.67/100

Suffice to say that Haliza Abd Rahim is one of the most intelligent Islamic finance structurers around. With her diversified experience with the likes of Dar Al Istithmar (asubsidairy of Deutsche Bank AG London), BMB Islamic and Al Hilal Bank in Abu Dhabi, she has worked on numerous transactions and deals of huge significance in IBF.

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Jawaher Al Shamsi is an Assistant Vice President and Head of Corporate Communications & PR at Dubai Islamic Bank (DIB). Being PR guru at the oldest Islamic bank in the world is not an easy task, especially when one has to report to Dr. Adnan Chilwan, Group CEO, who has a reputation of being a perfectionist. Jawaher Al Shamsi is doing a wonderful job at DIB and is considered as an important member of the IBF community in the UAE.

WOMANi REPORT

JAWAHER AL SHAMSI Head of Corporate Communications & PR at Dubai Islamic Bank, UAE Nationality: UAE

No.

WOMANi Score: 49.50/100

Farah Mounir has served ADCB Islamic Banking right from the beginning when Abu Dhabi Commercial Bank (ADCB) decided to launch Islamic banking as window operations in 2006. Since then, a number of people have come in and gone out of the Islamic banking team but Farah Mounir has shown her complete commitment to the development of IBF at ADCB Islamic banking. This remarkable lady has proven to be made of steel, as she fought cancer while remaining on the job. This earned her huge respect from her team mates at ADCB Islamic Banking as well as appreciation of the top management. At her bank, she continues to play central role to product development and Islamic business development. Farah Mounir has served ADCB Islamic Banking right from the beginning when Abu Dhabi Commercial Bank (ADCB) decided to launch Islamic banking as window operations in 2006. Since then, a number of people have come in and gone out of the Islamic banking team but Farah Mounir has shown her complete commitment to the development of IBF at ADCB Islamic banking.

Shabana Hasan is an excellent example of the growing talent in the global Islamic financial services industry. Although she may seem to be less accomplished in academic terms than many below her in the WOMANi ranking, she is profoundly dedicated to IBF and promoting it in her native, Singapore, and in her adopted country of Malaysia. She belongs to a younger generation of female leaders in IBF, who are expected to play a prominent role in the development of the industry in the next couple of decades.

FARAH MOUNIR Product Development Manager at ADCB Islamic Banking, UAE Nationality: UAE

No.

WOMANi Score: 49.03/100 This remarkable lady has proven to be made of steel, as she fought cancer while remaining on the job. This earned her huge respect from her team mates at ADCB Islamic Banking as well as appreciation of the top management. At her bank, she continues to play central role to product development and Islamic business development.

SHABANA HASAN Researcher at ISRA, Malaysia Nationality: Singapore

No.

WOMANi Score: 48.89/100

WOMANi REPORT

No.

HUANG LEI Founder & CEO, China Islamic Finance Club Nationality: China

WOMANi Score: 48.54/100

No.

NIDA KHAN Nationality: India WOMANi Score: 48.33/100

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

Ms Huang Lei is the Founder and CEO of China Islamic Finance Club. She is also the Chief Executive Officer Zhishang inter-culture Communication (Cross Time International Group), China. She has been instrumental in creating greater awareness about Islamic banking and finance in China amongst the government officials and business leaders in the country. Under her leadership, the first China-UAE Conference on Islamic Banking and Finance was held in Beijing in 2016. This event was organised in by the Dubai Center for Islamic Banking and Finance (DCIBF) at Hamdan Bin Mohammed Smart University (HBMSU) and Dubai Islamic Economy Development Centre (DIEDC), in cooperation with the China Islamic Finance Club, and ZhiShang Interculture Communication. Since then, she has co-organised several roundtables and conferences in China in her endeavour to further promote Islamic banking and finance in the country.

Nida Khan, developer of two pioneering Islamic financial technology tools, is currently pursuing an industrial doctorate degree at University of Luxembourg. She travels extensively to promote IBF in different parts of the world. She is also involved in advisory roles with a number of institutions and organisations that are attempting to enter IBF. Her latest interest has been in cryptocurrencies and blockchain technologies, the areas that she is exploring in terms of wider applications in IBF.

ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET

WOMANi REPORT

THE 51-100 LIST: OTHER INFLUENTIAL WOMEN IN ISLAMIC BANKING & FINANCE 51

Sahar Ata

Dr. Wafica Ghoul Ali

Saima Al Jaaidi

Shabnam Mohamed

Fathimath Shafeega

Noor Meurling

Dr. Omaima Eltahir Babikir Mohamed

Marwa Adawy

Dr. Kamola Bayram

Najwa Jabri

Nida Raza

Dr. Alaa Alabaad

Fatima Qasimi

Nyra Mahmood

Dr. Rahmatina Awaliah Kasri

Jihad Laassilia

Nasima Sayeed-Mullah

Kuralay Yeldesbay

Madina Kalimullina

Dr. Rezeda Gabbasova

Dr. Uzaimah Ibrahim

Salwah Abdul Shakor

Joann Enriquez

Secilen Oztuk

Dr. Samar Saber Khan

Fadwa Bouhlal

Bushra Shafiq

Ghaida Adeeb

Sheila Halim

Alfiya Salikhova

Dr. Liza Mydin

Fatima Al Jabri

Serena Sulaiman

Zaineb Sefiani

Dr. Irwani Abdullah

Assel Gilmanova

Dr. Manelle Bensoltan

Amina Bashir

Aziza Yerlaeva

Fatima Vowda

Che Jamaliah Abdul Thahir

Fara Mohamed

Dr. Hind Lebdaoui

Shazia Zuberi

Luci Irawati

Pauline Vaz

Awatif Al Harmoodi

Ainul Rofidza

Diana Yumanita

100

Noor Odeh

5 45 4

WOMANi INTERVIEWS

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

FARIDA TAHIR CEO of Grassroot Microfinance Bank, Kano, Nigeria

WOMANi Score: 61.67/100

This WOMANi Interview presents a lady who has shown tremendous commitment to promotion of Islamic microfinance in Africa in general and in her native, Nigeria, in particular.

ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET

Farida Tahir graduated with a degree in political sciences, followed by 19 years of banking, during which she also received a post graduate diploma in management. She has acquired vast experience over the years in mega banking operations, retail and commercial banking. She has experience of working in conventional banks, like Africa International Bank, Platinum Bank and Bank PHB, as well as considerable leadership in Islamic banking and finance. Her contributions to banking and finance have earned her fame and formal commendations. As a dedicated and humble lady, she also served as Brand Ambassador for Bank PHB. Afterwards, she resigned to pursue her dream of selfless service to the poor and the economically marginalized group in her community, which culminated her involvement in the microfinance banking system from mid 2010 to date. She joined Grassroot Microfinance Bank as the GM Business Development & Strategy, a position that was responsible for product development, research & development, marketing and collaborations. She became a certified microfinance banker in 2011 by the Chartered Institute of Bankers of Nigeria. This spurred her desire to obtain more training in various fields in microfinance from both local and international institutions. Following a confirmation of her leadership capabilities, un-relented passion and understanding of the market, she was appointed as Acting MD/ CEO of the bank in February 2012 and became the substantive MD/CEO in 2013. Since she assumed

this position, her ultimate goal has been to have a change of focus (based on the pressing demand for Islamic microfinance banking services from the market). An aim that triggered her to acquire a postgraduate degree in Islamic banking and finance from the International Institute of Islamic Banking & Finance (IIIBF) in Nigeria. She has been spearheading the conversion of Grassroot MFB into a non-interest bank, an on-going process till date. Farida Tahir is a member of the Financial Inclusion State Steering Committee (FISSCO) of the Central Bank of Nigeria. She received recognition for her contributions to youth empowerment by Trusted Northern Youths Awareness, which conferred upon her Service to Humanity Award 2017. She founded the Association of Islamic Microfinance Banks in Nigeria (AimBanks) in October 2016, which got registered in September 2017. She founded, MIA Primary Society that grew into MIA Cooperative, Credit & Marketing Union 2017 (100% women-based with 4,000 membership base). She woas adjudged Best Rising Islamic Microfinance Personality 2016 by GIMF Global Awards Nairobi. Farida Tahir is a true star in Islamic banking and finance. With her inclusion in the WOMANi50 List 2018, she will rise on a global level to play a lead role in the development of Islamic banking and finance and through women empowerment and financial inclusion.

WOMANi INTERVIEWS

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

ISFIRE: As a leading woman in Islamic finance, what are you doing to use IBF as a tool for women empowerment?

ISFIRE: Youâ&#x20AC;&#x2122;re one of the very few female CEOs playing a lead role in IBF. Do you think that IBF provides more opportunity to women than conventional banking and finance? Farida: Yes, IBF provides enormous opportunities to women globally even though the market is just growing rapidly. The role of women has been more prominent in Malaysia, but efforts are being made in Europe, Africa and other parts of the world as women have not only set the pace to occupy high positions in Islamic banking and finance, but have been playing prominent roles in the overall development of Islamic finance. In Nigeria for instance, we have the likes of Professor Binta Tijjani Jibril who is serving as the director of International Institute of Islamic Banking and Finance in Kano, Hajara Adeola CEO of Lotus Capital, Modupe Ladipo of Efina and Aisha Bello CEO of I-Care Microfinance Bank. Furthermore, in terms of access to finance, IBF also targets the financially excluded people particularly women who constitute a majority. So, with time and adequate advocacy more opportunities would be tapped into by women. ISFIRE: Why are you into Islamic banking and finance? Farida: It is a deliberate choice. This is because as a Muslim, riba is the most hateful system which eradicates human satisfaction and hinders the culture of fair development. Riba and other unethical transactions exist in the conventional banking system, which I found myself in by chance from 1999. However, with the review of the law governing the operation of Non-interest Financial Institutions (NIFI) in Nigeria in 2011, we witnessed the emergence of Jaiz Bank (the first full-fledged Islamic bank in Nigeria) in 2012, Sterling Bank Plc in 2013 and Tijarah Microfinance Bank (the first full fledged Islamic microfinance bank in Nigeria) in 2014. This was followed by continuous advocacy and efforts of redefining other institutionsâ&#x20AC;&#x2122; strategy towards complementing the general operations of IBF in Nigeria. Some of the reviews witnessed were in the Securities and Exchange Commission (SEC), National Insurance Commission (NICOM), and the establishment of International Institute of Islamic Banking and Finance (IIIBF) in Kano. At this point we observed that the microfinance banking sub-sector was left out yet the Central Bank of Nigeria (CBN) depends majorly on the sector to drive financial inclusion. Meanwhile, the financial exclusion in Nigeria is more with the Muslim population due to riba and non-availability of alternative solutions in the market. Therefore, I am into IBF to drive financial inclusion of the grassroots population in an ethical way.

Farida: I have leveraged on my experience in microfinance and contributed by providing inputs to the framework towards finalizing the guidelines for the operation and supervision of Islamic microfinance banks in Nigeria, which was approved by CBN in April 2017. By virtue of my position in a bank (Grassroot MFB), which is located in the most populous state in Nigeria with over 95% of Muslims, I embarked on encouraging women group formations, financial literacy, product development, business advisory services and mentorship that are all tailored towards empowering women. ISFIRE: You are based in Nigeria. How do you compare Nigeria with a country like Malaysia (with multi-ethnic and multi-faith population) with respect to IBF? Farida: Malaysia is a Muslim majority country with appropriate government policies in place that supports the operations of IBF. More so, this system has been operational for about 35 years. So I believe this has made the non-Muslims in Malaysia to have more understanding of the IBF practices. As I understand that the Chinese constitutes majority of their customers, and they are non-Muslims. Likewise, Nigeria has a multi-ethnic and multi-faith population and with a total population of about 180 million. The Muslim and Christian populations ratio is perceived to be 50:50. The Islamic banking and finance system in Nigeria is less than 10 years of existence and still at its teething stage of development. As such, there is a very huge gap of knowledge about the IBF and its operations in Nigeria. Nevertheless, Nigeria, which has the largest Muslim population in sub-Saharan Africa, aims to transform itself into a hub for Islamic banking. ISFIRE: Who has been your greatest mentor? Farida: HRH, Muhammadu Sanusi ll CON (The Emir of Kano) and Former Governor of the Central Bank of Nigeria. ISFIRE: How does it feel to be on the WOMANi20 List? Farida: Exciting, challenging and fulfilled.

ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET

ISFIRE: You have been a wife, mother, sister and daughter, in addition to being a professional woman. Which role excites you the most? Farida: Being a mother. ISFIRE: What are your plans for the next five years?

WOMANi INTERVIEWS

ISFIRE: What is your message for other women in Islamic finance? Farida: Seek knowledge in the field of Islamic finance in order to participate meaningfully in the growth and development of their immediate communities.

Farida: I would like to continue to work towards the establishment of the first national Islamic microfinance bank in Nigeria. I have plans for advocacy of Islamic finance through strategic collaborations with relevant stakeholders. And of course, I shall persist with the provision of mentorship to women and the youth. ISFIRE: Can you please tell us about Grassroot Microfinance Bank and its achievements so far? Farida: Grassroot Microfinance Bank Limited was licensed in December 2009 by CBN, to provide microfinance services to the economically active poor people in Kano State. It has its registered head office address at No 280 Maiduguri Road by Tarauni Market junction in Tarauni LGA of the State. The bank officially commenced business on July 1st, 2010. Furthermore, Grassroot Microfinance Bank officially started the process of conversion to Islamic microfinance banking system in 2016, putting in place most of the requirements as contained in the exposure draft guidelines on the regulation and supervision of non-interest (Islamic) microfinance banks in Nigeria released in May 2016. Having provided inputs to the framework by stakeholders that requests the apex bank to provide room for conversion, unfortunately the approved guidelines of April 2017 did not contain such provision. Nevertheless, the nearest future outlook for Grassroot Microfinance Bank is to apply and secure a full-fledge Islamic microfinance banking license by 2019. The plan aims to redefine the bankâ&#x20AC;&#x2122;s business direction towards expansion of outreach across the entire northern regions of Nigeria.

WOMANi INTERVIEWS

Grassroot Microfinance Bank Vision “To be a household microfinance bank in Nigeria, providing effective and high quality financial and non-financial services to the rural and urban poor” Mission “A microfinance bank consciously striving towards addressing the challenges of MSMEs and Low Income Earners in Nigeria, through the provision of excellent business solutions, to enhance sustainable livelihood” Objectives To provide financial and non-financial services to our target clients. To Provide entrepreneurship capacity building. To provide mentorship for MSMEs. To apply innovative technology in our business process to enhance effective and efficient service delivery. To grow our deposit mobilization and financing portfolio by 25% and 30% respectively per annum. To build local and international partnerships to access resources for community development. To provide Financial literacy education. Achievements Member, Financial Inclusion State Steering Committee (FISSCO) of the Central Bank of Nigeria – 2018. Grassroot Microfinance Bank made inputs to the framework towards finalizing the guidelines for the operation and supervision of Islamic microfinance banks in Nigeria which was approved by the Central Bank of Nigeria in April 2017. The bank supported the 6th Global Islamic Microfinance Forum in Nairobi, Kenya 2016. Signed a strategic partnership agreement with Alhuda Center of Islamic Finance and Economics - Dubai The bank initiated the formation of the Association of Islamic Microfinance Banks in Nigeria (AimBanks) in 2016, which aims at advocating for IMFBs to promote financial inclusion. The bank set up its Shari’a advisory committee (Chaired by Dr. Aliyu Tahir of the IIIBF) under whose supervision some non interest banking products and services were developed.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

The bank mentored and facilitated the registration of Financial Inclusion Ambassadors of Nigeria as an NGO (a group of youth canvassing for interest-free financial literacy). From 6,000 Clients enrolled in first year of operations (2010) the figures have increased to 60,000 as at December 2017. Over 20,000 loan clients. Gross savings/deposit turnover of over N3 billion (2010 - Date). Disbursement of over N1 billion (2010 - Date). Well tailored products to meet the needs of our clients. Strong brand in the industry. The first microfinance bank to partake in the Government Enterprise Empowerment Program (GEEP) 2017 in Kano, a social intervention programme of the Buhari-led administration. One of the 3 Microfinance Banks selected to implement MAFITA in Kano to finance 640 master crafts persons MCPs and 2,400 apprentices whose business capacities would have been enhanced through series of trainings and retraining by DFID. The first bank to draw down on the CBN N220 MSMED Fund in October 2014 with 100% repayment status. Successful loan disbursement through mobile money channel to traders and artisans within Kano markets 2014. Successful collaboration with DFID (GEMS 3) in 2015 to disburse funds to women farmers in Serina town of Garko LGA of Kano (meat & leather) enterprises. The bank recorded 100% recovery rate. The bank is currently participating in the disbursement of CBN/MSMEDF N2billion accessed by the state government being distributed to entrepreneurs in Kano. Best pensioners friendly bank award of recognition by National Union of Pensioners – Kano chapter Trophy of appreciation by the Amalgamated Traders Association (AMATA) Kano state for services rendered across the 10 major markets in Kano. Best Microfinance Bank 1st Prize 2014 by Central Bank of Nigeria Kano branch.

ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET

FARIDAH BAKAR ALI Chief Financial Officer Khazanah Nasional Berhad

Faridah is an accomplished finance professional, with an impressive portfolio of Islamic financial transactions she has worked on while being at Khazanah.

WOMANi INTERVIEWS

ISFIRE: Khazanah Nasional Berhad has played a tremendously important role in bringing innovation to Islamic financial structuring. As new CFO of the company, taking over from Dato’ Mohd Izani Ghani in June 2017, what do you foresee the role of Khazanah Nasional in structuring new innovative Islamic financial products? FBA: Malaysia remains at the forefront in sukuk issuance to this day. As the strategic investment fund of the Malaysian Government, we continue to play our role to support the Government’s initiative in positioning Malaysia as a global Islamic financial centre. Our long-term commitment to Islamic finance is driven by the key philosophy of creating stronger links between real economy and financial activities. It includes being a responsible issuer and investor, a domestic and regional catalyst in the development of Islamic finance, and to build capacity and develop human capital for the industry. Dato’ Mohd Izani Ghani, the previous Chief Financial Officer of Khazanah, was responsible in driving Khazanah push for greater innovation in Islamic finance while maintaining sound capital and liability management. In 2006, Khazanah issued the world’s first exchangeable sukuk into Telekom Malaysia shares, demonstrating Khazanah’s ability to create a Shari’a compliant financing structure that met our dual objective of fundraising and gradual divestment. The success of this first issuance enabled us to widen our investor base and place Malaysia on the forefront of Islamic finance. This structure, which was emulated by other issuers, was refined by Khazanah for our subsequent issuances to comply with relevant Shari’a rules. In 2015, Khazanah took a significant step forward by debuting Ihsan Sukuk, Malaysia’s first Sociably Responsible Investment (“SRI”) Sukuk of RM100 million. The Sukuk combines education and Islamic finance sectors with socially responsible investments through an innovative structure - demonstrating impact investing at its best, while being executed at competitive rates. The proceeds were used to fund Yayasan Amir’s Trust Schools Programme, an initiative to improve accessibility of quality education in Malaysian schools through a Public Private Partnership (PPP) with the Ministry of Education. In August 2017, we issued another tranche of RM100 million, which was also being the country’s first SRI Sukuk featuring a retail offering, providing an opportunity for individual Malaysians to participate in supporting the cause. In the next few years, we plan to issue more sukuk for commercial activities to support our investments, to further enhance innovation, we will expand our SRI Sukuk programme of RM1 billion into other identified sectors. ISFIRE: Do you think that Islamic banking and finance provides more opportunity to women than conventional banking and finance? FBA: The role of women in society has changed through decades of evolution and revolution. The year 2018 marks a century after women first won the right to vote in the UK.

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In general, these days, women are equal in all ways in the workforce with more and more women taking on management level positions and filling up seats in the boardroom. In my view, given the opportunity, women can undertake any role given to them at any level. We just need to work hard to capitalise on the opportunity when it arises. Success comes with sacrifices and balancing acts. Opportunity for woman is not limited in any particular industry or sector. It is all about hard work, capabilities, skills and knowledge. It’s about making choices and the ultimate decision is in our hands. ISFIRE: As someone involved in both conventional and Islamic finance, do you think Islamic finance can ever replace conventional finance? FBA: Conventional and Islamic finance complement each other; they offer us options in the way we undertake financings and act as balancing elements in the economy. No economy can enjoy sustainable prosperity without the two in a healthy equilibrium. What Islamic finance offers is a clear choice for investors to participate in buying and selling equity or debt instruments in a Shari’a-permissible way, which prohibits elements of riba (interest), gharar (ambiguity or uncertainty), speculation or maysir (gambling). The 2008 global financial crisis provided fresh impetus and urgency for Islamic finance to flourish. Many started considering IBF as a viable alternative. Conventional finance was seen as vague in the manner rules or mechanism of transactions were operated. Therefore, the responsibility and choice to finance and invest in an ethical manner lies wholly with investors. Islamic finance is unique in that it emphasizes the balance between for-profit activities and not-for-profit motives, including social concerns and philanthropy. Waqf, zakat and sadaqa are various Islamic finance instruments that are by and large not available in conventional finance. These instruments can be used to solve real world problems, such as poverty eradication and improving access to sanitation and portable water. I believe there will be a convergence in the future where the finance industry as a whole will embody principles of Islamic finance. We can already see the trend as today’s investors require businesses to not only be profitable but ethical in their treatment of society and the environment. ISFIRE: Do you think that IBF can be used as a tool for women empowerment? FBA: Women have always played prominent roles in the overall development of IBF. Malaysia is a good example, as we have many women in senior leadership positions in IBF institutions. Malaysia is home to several woman scholars of Islamic law, or Shari’a, who provide companies with the expertise and guidance they need to comply with the Islamic principles.

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WOMANi INTERVIEWS

IBF has already been used as a tool for women empowerment. Islamic microfinance, for example, has benefited women in countries like Bangladesh in alleviating poverty as the majority of borrowers are women entrepreneurs. There is a growing presence of women at senior levels in the IBF sector in Malaysia. Malaysian women have not only set the pace to occupy high positions in Islamic banking, but have been playing a prominent role in the overall development of the industry as well. This includes Tan Sri Zeti Akhtar Aziz, who presided over Bank Negara Malaysia, Malaysiaâ&#x20AC;&#x2122;s central bank, from 2000 to 2016. As with many countries, both developing and developed, women in Malaysia are still lagging in many areas. Women empowerment is needed to help under-employed and unemployed women. The world economy suffers due to unequal opportunities for women at workplaces. Women are equally competent and are increasingly participating in the national development process; and recording outstanding performances in almost every sphere of socioeconomic activity. We do have more avenues to groom female talent in IBF, such as through International Islamic University Malaysia, and INCEIF in Kuala Lumpur. There is also a growing number of universities outside Malaysia, which offer a wide range of courses in IBF. ISFIRE: Without any personal biases in favour of Malaysia, which country in your opinion is the best when it comes to offering equal opportunities to women in professions, businesses and employment? FBA: It will be difficult not to be biased in favour of Malaysia where I was born and bred, and of course live. However, in my view, a country that offers flexibility at the workplace will be the most suitable for women due to the challenges that women face in balancing the roles at work and outside work. For example, in Australia, it is a legal requirement that a position vacated for maternity leave up to 12 months is still available when a new mother is ready to return to work. This may be hard for all countries to implement, but is an example of avenues given to new mothers to bond with their children without having to worry about looking for jobs later on.

WOMANi INTERVIEWS

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

ISFIRE: You have different domestic roles, in addition to being a professional woman. Which of these roles excites you the most?

Working life, even if there may be a specific person, in reality each and every colleague is a mentor. We listen, learn and assimilate the good habits and traits and discard the bad ones.

FBA: As a professional and wife, both worlds have its set of challenges and rewards. One is not more important than the other. What is important is to find the right balance between the demands of work and home. Families are paramount but work provides us the financial means to look after our families. There are no fixed or magic formulas. Each one of us has to find our own equilibrium.

I learn from my superiors as well as my juniors. There are no restrictions on whom you can learn from. Every learning opportunity must be taken.

ISFIRE: What is your message for other women in Islamic finance (and other professions)? FBA: We have come a long way. Women’s role has changed tremendously and is making great impact in our society today. Women are standing tall and with major roles in many areas including IBF, politics, medicine, business, legal as well as nongovernmental activities. We have to continuously learn, upgrade our skills and be open to opportunities. Never rest on our laurels as the world will leave us by. Accept challenges even if you think you are not ready. You will grow and gain experience along the way. ISFIRE: Who has been your greatest mentor? FBA: I can’t pin point anyone in particular as the mentor role is an ever changing ‘person’ as one progresses in life. Growing up, of course our mentors are our parents, in school it will be our teachers and in higher education it will be our lecturers and tutors.

ISFIRE: What are your plans for the next five years? FBA: Work wise, my plan in the immediate future is to excel at my role and undertake my task a little bit better than how I did it yesterday. A task successfully completed yesterday does not mean it cannot be done better tomorrow. I aim to develop and grow my team to the next level and in the course identify future leaders capable of taking over some day. I plan to show and emphasise that finance is not an unglamorous job where you sit in dark rooms without windows adding up stuff, but rather a function that is rightfully at the forefront of any successful companies providing crucial data for accurate decision making at the highest level ISFIRE: Can you identify one single thing that has helped you achieve success in your career? FBA: Humility, hard work, perseverance and loads of praying. Oh well, that’s more than one thing.

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IRUM SABA WOMANi Score: 54.67/100

Programme Director

MS Islamic Banking and Finance at Institute of Business Administration (IBA), Karachi, Pakistan

WOMANi INTERVIEWS

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Dr. Saba has more than 13 years of progressive regulatory, research, training and teaching experience with organizations of international repute. She has the honour to be first Pakistani female to be part of an international Shari’a advisory board in South East Asia and Middle East. She is member of Grand Council of the Chartered Institute of Islamic Finance Professionals (CIIF), Malaysia. She is Assistant Professor in the Department of Economics and Finance and Programme Director of MS Islamic Banking and Finance at Institute of Business Administration (IBA), Karachi Pakistan. She is also coordinator of Academics and Research at Centre for Excellence in Islamic Finance (CEIF)-IBA. She delivers training both at local and international levels in addition to teaching, research and administrative work. She has written several articles and chapters in books on the topics of management, corporate governance, Islamic finance and Islamic microfinance. She has extensive regulatory experience with specific focus to promote Islamic banking and finance while working in the Islamic Banking Department of State Bank of Pakistan-the central bank. She has also contributed to the promotion and growth of takaful industry while working with the Securities and Exchange Commission of Pakistan (SECP). She is a Shari’a-registered Financial Planner (Shari’a RFP). She holds the Chartered Islamic Finance Professional (CIFP) credential from INCEIF with distinction and PhD in Islamic finance from the same university. She holds a Master in Commerce (M. Com) with distinction and PGD in Islamic Banking and Insurance from Institute of Islamic Banking and Insurance (IIBI), London. Her areas of interest are political economy, management, Shari’a, wealth planning and management, Islamic microfinance, corporate governance and Islamic finance.

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WOMANi INTERVIEWS

ISFIRE: Is it true that you’re the first female Shari’a scholar hailing from Pakistan? How many Shari’a Advisory Committees are you a member of? Irum: Yes, I am the first Pakistani female who joined International Shari’a Board of Addengreens (a consultancy firm) based in UAE. Indeed, it is a great honour for me to be the first Pakistani female in any Shari’a board as per my knowledge. Currently, I am member of only one Shari’a board and that is also out of Pakistan. I feel it is important to mention that I am a member of Grand Council of Chartered Institute of Islamic Finance Professionals (CIIF) since 2015. CIIF was established in 2015 in Malaysia as a professional body for Islamic finance practitioners to support the capacity building agenda of the industry by setting professional standards to drive the next phase of Islamic finance human capital development. ISFIRE: Do you think that Islamic banking and finance provides more opportunity to women than conventional banking and finance? Irum: Islamic banking and finance (IBF) provides more opportunities to women as compared to conventional banking and finance, but with more challenges. Some challenges are common both in the conventional and Islamic finance industry. For example: (1) Managing home responsibilities along with education and professional life in a balanced way; (2) Finding recognition and opportunity in a largely male-dominated financial industry; (3) Overcoming certain social norms (that I argue do not necessarily always come from Islam, but sometimes from social expectations and laymen’s understanding of Islam) in going to work every day, pursuing education at the highest levels, travelling, maintaining a career etc; and (4) Serving in leadership roles, to both men and women. Likewise, the industry as well as Islamic finance academia do provide opportunities for women, to write (the pen of the scholar is purer than the blood of a martyr, and writing does not require one to be male!), research, teach, lead, innovate and build new compliant banking or financial products etc. However, at the same time, there are challenges and opportunities for women, somewhat unique in Islamic finance. Shari’a advisory, as you mentioned, is one which needs an in-depth knowledge base of both Islamic law and finance. Interaction and/or working with a multitude of Shari’a scholars, at times is rewarding, and other times quite challenging. ISFIRE: Why are you into Islamic banking and finance? Irum: IBF is a deliberate choice of mine. I got the chance to meet scholars like Prof. Dr. Abbas Mirakhor, Datuk Syed Othman Al Habshi, Mr. D. M. Qurreshi, Emeritus Prof. Datuk Dr. Mohamed Ariff, Dr. Mohamed Eskandar Shah Mohd Rasid, Dr. Aishath Muneeza and Emeritus Prof. Dr. Ishrat Husain who helped me to find out my passion in IBF. And they are my mentors till today.

ISFIRE: As a leading woman in Islamic finance, what are you doing to use IBF as a tool for women empowerment? Irum: Trying to build the foundations and knowledge of Islamic finance among women at large, so they can come forward and build their own businesses and entrepreneurial skills by using IBF. I always discuss about Hazrat Khadija as our role model business woman and persuade my fellow ladies to follow her footsteps. ISFIRE: You have spent considerable time in Malaysia. How do you compare Pakistan with Malaysia? Irum: Pakistan is considered the father of Islamic finance and the only country to my knowledge whose constitution does not allow any financial system which challenges principles and philosophy of Quran, but unfortunately Islamic finance remained a myth therein till very late. Alhamdulillah, it is back on track and moving fast despite a lot of challenges. Whereas, Malaysia though started later but remained steadfast and focused, and today is leading in Islamic finance by successfully adopting Islamic financial system. Nonetheless, in Pakistan, it is more challenging to promote Islamic finance with population of more than 200 million.

WOMANi INTERVIEWS

There are similarities in terms of efforts by the central banks of both countries for the promotion and growth of Islamic banking and finance. Malaysia focused more on the development of infrastructure by establishing institutions like Chartered Institute of Islamic Finance Professionals (CIIF), INCEIF, FAA, ISRA, IBFIM, MFPC, etc. Pakistan is also working on these lines. Establishment of centres for excellence is one of the important initiative taken by the State Bank of Pakistan. ISFIRE: Who has been your greatest mentor? Irum: I am blessed throughout my career for having wonderful mentors. I am highly thankful to Prof. Dr. Abbas Mirakhor, Datuk Syed Othman Al Habshi, and my husband Dr. Sikandar Hayyat Malik. ISFIRE: You are a wife, mother, sister and daughter, in addition to being a professional woman. Which role excites you the most? Irum: Every role has its own responsibilities and beauties. But role of a mother excites me more as it teaches me how to be patient and kind at the same time. While nourishing the child one learns about anger management, realizes how our parents brought us up and trained to challenge the world, and to focus on the building of characters/nation if you raise good kids. ISFIRE: What are your plans for the next five years? Irum: I want to: (1) Work on Islamic microfinance and corporate governance; (2) Develop sukuk structures for liquidity management; (3) Create awareness of Islamic finance locally and globally; and (4) Conduct more research and trainings. ISFIRE: Can you please tell us about Centre of Excellence in Islamic Finance at IBA? Irum: IBA-CEIF (Centre of Excellence in Islamic Finance) is one of the three centres for Islamic finance established by the State Bank of Pakistan, in Pakistan (in late 2015). The other two are in Lahore University of Management Sciences (LUMS), Lahore, and IMSciences, Peshawar. The objective of establishing these centres was the promotion of awareness, specialized education and training in Islamic finance. CEIF at IBA benefits from the chairmanship of Dr. Ishrat Husain, and a Board of Management that includes Dr. Mufti Imran Ashraf Usmani (Shari’a Board Resident Member of Meezan Bank), as well as CEOs of Meezan Bank, Bank Islami Pakistan, Dubai Islamic Bank Pakistan, AlBaraka Bank Pakistan, etc. CEIF also has strong international academic linkages, e.g., an MOU with INCEIF, as our Academic Partner. Furthermore, CEIF has entered into collaborations with Islamic Research and Training Institute (IRTI) and International Shari’a Research Academy (ISRA) to cooperate in enhancing the objective of research, training and development in the field of Islamic Finance. In September 2016, we organized the first World Islamic Finance Forum (WIFF) in Karachi, with over 400 international and local participants, and are hosting the second WIFF 2018 in March 2018.

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CEIF offers Executive Learning Programs, and forums for discussions between various stakeholders. In August 2016 (less than a year after CEIF’s inauguration), we gained the approval of the Higher Education Commission of Pakistan (HEC), and subsequently launched IBA’s 2-year degree program, MS Islamic Banking and Finance. ISFIRE: What is your message for other women in Islamic finance? Irum: As women, we have higher responsibility for not only creating awareness of Islamic finance but also working on the innovative solutions for the problems of the industry. Stay focus and develop a fighting spirit to be able to deal with odds and challenges coming in the promotion of Islamic finance in particular and working woman in male chauvinistic society in general. Practicing faith and earning halal is not an impossibility even in today’s world. Second, we women are mothers and sisters and daughters. Let’s tell our current and future generations the concepts of halal industry, halal lifestyle and halal earning, whether it’s banking, finance, education, foods or even pharmaceuticals, marketing or tourism! Give the coming generation the push to excel and go to the best universities possible, for their higher education. I also wish to emphasize that we are mothers to both sons and daughters, and we should strive for our daughters’ excellence in higher education, just as we do for our sons. Third, finance and banking can be a very male dominated world. It isn’t just about promotion and success being harder for females. There are several unique challenges that we women encounter in the industry that perhaps men don’t. For instance, the society may feel that women have no place on Boards, or as Shari’a scholars, as leaders of organizations, or even as simple employees and bread-winners! Or that success, acknowledgement and career advancement is only important for men. It is our prime responsibility to motivate, train, and promote the talented and hard-working younger females. We should be there for our female colleagues, and work together, refer one another, support each other.

My message is, stay true to yourself and to your principles, work hard, study hard, and don’t give up when you face obstacles.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

WOMANi INTERVIEWS

TALKING POINTS

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

WOMEN EMPOWERMENT IN ISLAMIC FINANCE INDUSTRY

Dr Aishath Muneeza Associate Professor INCEIF, The Global University of Islamic Finance, Malaysia

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Women empowerment is often associated with feminism. The moment a woman voices out issues on gender equality, there is a general perception that she is talking about compromising of quality and competency and arguing for undue career development and its progression in favour of women. This is indeed not the case and this is not what women are advocating for. Women empowerment through Islamic banking and finance (IBF) is something we hesitate to discuss perhaps because of the prefix Islam. There are some people in ultra-conservative Muslim circles, who presume that women participation in professions in professions, including in Islamic finance, is not accepted on religious grounds. This is indeed not the case and Islam does not advocate for such exclusions. It is often argued that Islamic finance has provided ample opportunities for women to succeed and that there are women who are extremely accomplished in this field. A few examples of women in top-tier managerial positions in IBF are frequently quoted. However, successful women in IBF, who are recognized as such, remain only a handful, as the list does not go beyond 50 or 10 0. For example, in Islamica50 0 for the year 2017 – 50 0 influential people in the global Islamic economy – there are only 63 women. One may justify this by arguing that it is primarily a supply issue, i.e., there is shortage of adequately qualified and skills women. However, it could very well be due to invisible social and cultural barriers. The Malaysian frequently dominate lists of the most influential women in the Islamic finance sector. In 2013, ISFIRE published a list of Top 20 Women in Islamic Finance, out of whom 15 were Malaysian. In 2014, an Indian magazine Islami Tijara reported 7 out of the 10 leading women in Islamic finance to be Malaysian. This is interesting, as this points out to an important consideration: social and cultural environment may offer freedom to women in career choice and progression. This is perhaps due to social and cultural barriers elsewhere (especially in the Middle East) where there are no female Shari’a scholars acting as advisors to financial institutions. Similarly, women representation on company boards and in top management (e.g., CEO positions) is scant.

TALKING POINTS

Furthermore, the analysis of the sectors/ positions represented in WOMANi2017 Report (published in ISFIRE 2017) reveals: • 14 females working in organisations in senior positions; • 14 females working in education sector out of which 2 are members of the BNM Shari’a Council; • 2 are in a research Academy; • 2 females in the legal field; • 1 female was a former Deputy Minister; • 2 were former CEOs; • 2 were former governors of Central banks; • 1 was a former chairman of a securities market regulatory authority; • 11 were CEOs/MDs; • 2 were directors; and • 2 worked in regulatory authorities.

...there is shortage of adequately qualified and skills women.

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TALKING POINTS The WOMANi2017 Report gave the impression that women representation was adequate and that it was not a significant problem to be worried about. Rather, it is the natural market dynamism that should be allowed to determine women participation in IBF. However, one must argue that this is indeed not the case and this is not something that could be simply dubbed natural order and left as such. Before we proceed further, let us do a reality check by asking ourselves key questions that might help us to understand the real issue. 1. Is there a gender-gap in Islamic finance industry? 2. Is gender-gap an obstacle for the growth of Islamic finance industry? 3. Why should we talk about gender issues, when in fact the issue is about competency? 4. Why do we have to focus on women?

There is no denial of the fact that there is a gender-gap in Islamic finance industry and it is also true that gender diversity is important for the growth of Islamic finance industry. In this context, it does not necessarily mean that gender diversity will result in compromising of competency. The reason why we have to focus women is because it is an established fact that women participation is less than that of men in the industry and to bridge this gap we need to talk about this, find reasons for it and come up with solutions to resolve this problem. It must also be accepted that gender diversity is a universal issue and caution must be exercised when highlighting it in the context of IBF. Over-emphasis on the gender-gap in IBF may be seen as presenting it as unique to IBF and that there is a systematic and deliberate effort to keep the women out of the industry. There is no evidence that the stakeholders in IBF are deliberately keeping women out of it. There are cultural and social issues facing the Muslim societies in which IBF exists. It must be accepted that IBF is an opportunity for, and not threat to gender diversity. For instance, let us look at Kenya. The untapped potential of women and girls is gaining greater attention in Kenya. The countryâ&#x20AC;&#x2122;s new constitution, passed in 2010, provides a powerful framework for addressing gender equality. It marks a new beginning for womenâ&#x20AC;&#x2122;s rights in Kenya; seeking to remedy the traditional exclusion of women and promote their full involvement in every aspect of growth and development.

The untapped potential of women and girls is gaining greater attention in Kenya.

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The time has come to find solutions to the lower participation of women in IBF. The reasons why women participation in Islamic banking and finance industry is progressing at a slow pace can be deliberated further. Social and cultural norms, lack of education, limited opportunities, under-development of enabling infrastructure for women to progress in career, diminished incentives, and misconceptions about women’s role in the society may be some key reasons. When we talk about economic empowerment of women, we get inspiration from the First Lady of Islam, Khadija bint Khuwailad. Her life is a proof that Islam promotes economic empowerment of women within the limits imposed. Social and cultural inhibitions for women laid down in different jurisdictions are not directly associated with Islamic belief. It is more to do with the social and cultural aspects and if these social and cultural norms need to be changed, it could be made possible via education and policy structuring. Education opportunities are a critical element especially when it comes to specialising in Islamic finance. This type of opportunity is not there in many jurisdictions of the world. In the field of Shari’a, there are potential opportunities for women to excel as the opportunity to get education is possible in most of the Muslim countries. In this regard, it has been found that the number of female Shari’a scholars is also few in the industry. All women who get education do not necessarily enter the Islamic banking and finance industry. Therefore, proper mentorship/internship programmes are required to boost the confidence of fresh graduates. In this regard, we have some good initiatives taken by leading institutions in the industry. In 2015, MasterCard and the International Centre for Education in Islamic Finance (INCEIF) launched the MasterCard – INCEIF Scholarship for Women, aimed at boosting the pipeline of female talent in the Islamic finance sector. As part of this scholarship, MasterCard will also offer the scholarship recipients a one-year contract to work with MasterCard, upon graduation. This will give the scholars a chance to gain invaluable industry

TALKING POINTS

experience, working at MasterCard’s offices in Malaysia, Singapore or Indonesia, which are all markets in which there is a burgeoning Islamic finance landscape. This type of initiatives need to be increased. Parallel to these initiatives, it is imperative to establish enabling infrastructure such as flexible working hours and childcare facilities for women to progress in career and offer incentives such as free childcare services that will encourage women to participate in the industry. Establishing these will not only help women to participate in Islamic finance industry, but will boost women participation in all the other industries. In Maldives, the government of President Abdulla Yameen Abdul Gayoom has taken some initiatives in this regard whereby flexible working hours have been introduced and pregnant ladies can now work from home. Furthermore, the President Abdulla Yameen has announced a 40% quota for women to be appointed to serve on the boards of government companies. Currently more than 20% of the boards of government companies are taken by women in the country. With the right political will these changes can be possible anywhere in the world. A successful example is evident from Sweden where the women participation in the labour force is huge because the government dedicates a full one percent of GDP to childcare and pre-primary spending. All what has been said here so far is about creating more female professionals to cater for the Islamic finance industry. However, we shall not forget about the customer side as well. Innovative products to empower women economically need to be introduced, too. In this regard, we do have many model products that could be replicated in different jurisdictions. If we want to increase women participation in IBF, we need to do it via transformation of policies by enhancing an enabling infrastructure for women to progress in career and introducing a set of incentives, transformation of social and cultural norms towards economic empowerment of women, changing the perception about the role of women in society and creating opportunities for capacity building via awareness and education combined with means to gain practical experience. If such an effort is undertaken with dedication, we will have more productive women in IBF.

GENDER INEQUALITIES IN ISLAMIC FINANCE

WHERE DO WOMEN STAND?

An ISFIRE Special Report

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ISFIRE SPECIAL REPORT

Since April 2016, we have been reporting results of global surveys on women participation in Islamic banking and finance (IBF). Cambridge IF Analytica has repeated the exercise again to see if there have been any movements in the state of affairs of women participation in economic activities related with IBF. Although the results are not significantly different from the previous years, it is interesting to note that a new emphasis has started emerging on some sort of discrimination against women employment in Islamic financial institutions. This is in contrast to the results of our previous surveys (reported in the April 2016 and April 2017 issues of ISFIRE). This should, however, not undermine the fact that the industry continues to offer opportunities to smart and intelligent women across a range of jobs and services.

INTRODUCTION Women are almost as many in number as men on this planet. More precisely, out of 1,0 0 0 people, 504 are men and 496 are women (UN: World Population Prospects 2017). This proportion is not different for the global Muslim population. However, Muslim women have by and large played a less significant role than men, in most cases not necessarily due to any voluntary inactivity on part of the former but because of socio-economic legacy in the countries comprising the Organisation of Islamic Cooperation (OIC). IBF provides an excellent opportunity to improve their visibility in the workforce. Islamic banks and financial institutions provide much better work environments for women than many other professions where they are subjected to sexual harassment and discrimination, in many cases. IBF also provides an avenue of diversification away from traditional professions of teaching and medicine for Muslim women. This yearâ&#x20AC;&#x2122;s ISFIRE Special Report on Women in Islamic Finance is more elaborated than the previous two years. We have ensured that some genuine concerns of women are presented here. At the same time, we maintain that despite all the shortcomings Islamic banks and financial institutions are the friendliest towards women, and hence the safest place to work.

ISFIRE SPECIAL REPORT

SURVEY With the help of Edbiz Consulting and Cambridge IF Analytica, ISFIRE has for the last two years been conducted a global survey with a focus on women’s leadership in Islamic finance. This year’s survey was conducted with a side focus on gender inequalities in the industry. A global survey of 9,0 09 respondents was conducted to understand the nature and extent of female participation in IBF. The respondents came from 34 countries and from various industries. Most of them were involved in financial services (5,0 01 as opposed to 4,0 08 who came from other backgrounds), out of which 1,999 were women (378 involved in financial services and 1,621 from other professions or not working at the time of the survey). The respondents were drawn randomly from a proprietary data set held by Cambridge IF Analytica to ensure that there was no undue bias in the response. We did not attempt to send out the questionnaire specifically to the leading women in IBF (covered in our WOMANi Report included in this issue). However, if any of these were selected by our random process, we did not exclude them. In 2016, the respondents were asked a simple question: Why has there been low female employment in IBF? It was an open-ended question, which identified five possible reasons for the low female employment in IBF. These are: 1. Female participation in labour force is in general low; 2. Banking and finance is not a popular profession among women; 3. Banking and finance is male-dominant (and hence women feel intimidated in this profession); 4. In Islamic banks, dress code and other social requirements are more stringent for women; 5. Islamic qualifications are not readily available; and 6. Other reasons. This year, like in 2017, we repeated

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

the question within a close-ended questionnaire. The results were by and large consistent with our previous results. However, this year, the most cited reason for the observed low female employment in IBF was male dominance of the industry (see Figure 1). The largest proportion of the respondents (30% this year, as opposed to 19% and 16% in 2016 and 2017, respectively) view that the most important barrier to the women’s entry into IBF is actually male dominance in the industry. This is perhaps the result of new awareness of gender bias in the industry. In this respect, the Women in Islamic &amp; Ethical Finance Forum (WIEFF) may have played a role, as its leadership has frequently raised voices against gender inequality in IBF. It seems as if the WIEFF has contributed to what we call Grudge Effect (see below). It must be noted that the survey in its present form is very simply about the low female employment in IBF, and does not attempt to look into wage discrimination and the issues related with exploitation of women in IBF. Admittedly, there are a number of professions in some of the Muslim-dominant countries wherein wage discrimination is practiced against women (e.g., teaching by the female in private schools and colleges in Pakistan1 ). In previous years, the respondents attributed general low female participation in labour force as the strongest entry barrier for women in IBF. This year’s survey indicates that there is greater preference amongst women for financial sector employment, as only 20% of the respondents attributed low female employment in IBF to individual preferences (as opposed to 28% and 27% in 2016 and 2017, respectively)2 . Against generally-hel d perception that (1) the dress code for women and short supply of academic and professional qualifications are only minor barriers to entry; (2) social barriers are becoming less important with every passing year; and (3) with IBF emerging as a mainstream professional choice for even those women who are not necessarily religiously motivated; the results of this year’s survey are rather startling. While it is generally understood that academic and professional qualifications, and trainings in IBF are readily available for those women who are interested in this field, the survey points out that the women are still not happy with the state of affairs, as many (including in Malaysia – the most developed Islamic financial market) tend to be dissatisfied with the short supply of Islamic financial education. 1https://tribune.com.pk/story/460731/newhorizons- empowering-women- throughislamic-banking/

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ISFIRE SPECIAL REPORT

Figure 1

GLOBAL POLL

Female participation in labour force is low Banking and finance is not a popular profession among women Banking and finance is male dominant (and hence intimidating for women) In Islamic banks, dress code and other social requirements are more stringent for women Islamic banking qualifications are not readily available Others

2 This is consistent with the general trend in the Muslim-dominant countries where women have started diversifying away from traditionally preferred professions like academia and medicine.

ISFIRE SPECIAL REPORT

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

Figure 2

Employees Only

It must be noted that slightly less than half of the respondents (48%) still believe that low female participation in labour force and womenâ&#x20AC;&#x2122;s own preferences away from banking and finance are major reasons for the low observed employment in the industry. This response is accentuated in case of those working in financial institutions, as 78% of the respondents in this category argue that low female participation in the labour force and womenâ&#x20AC;&#x2122;s own lack of interest in banking and finance are main reasons for the low participation of women in this sector (see Figure 2). This may be referred as Arrogance Effect as we called it in our previous report (ISFIRE, April 2017, p. 71). Those who are already in employment with a financial institution tend to consider the outsiders as less capable or suitable for a job with a bank or a financial institution.

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Figure 3

Non-employees

The response of those who are not working for a financial institution (including the unemployed) for this year tends to be consistent with the response exhibited by the global sample. 45% of such respondents deem male dominance as the main reason for barriers to womenâ&#x20AC;&#x2122;s entry into banking and finance, including IBF (see Figure 3). Interestingly, the realisation of gender-related conflicts is on a rise, as this figure has consistently risen since 2016 when only 29% non-employees of banks and financial institutions thought so. In 2017, the figure rose to 35%. This is what we termed as Grudge Effect in our last yearâ&#x20AC;&#x2122;s report. The Grudge Effect is exhibited by those who consider themselves to be in an unprivileged or disadvantaged situation (i.e., those not working for Islamic financial institutions, the unemployed and the female), and attribute this to the factors beyond their control, which must be blamed for their under-achievement. It seems as if awareness of gender issues in IBF by some bodies (e.g., WIEFF) has started to play a role in accentuating the Grudge Effect.

ISFIRE SPECIAL REPORT

IS DRESS CODE A BARRIER? The evidence from the global sample suggests that dress code is not a significant barrier to entry into IBF-related professions. This is not to deny the fact that it is not entirely an irrelevant consideration in opting for a career in IBF, as about 10% respondents from our global sample attach importance to this factor. This is considered as the second most important barrier to entry by women, as 24% respondents in this sub-sample cite dress code as an important barrier to entry (see Figure 4). Variation in response to this question across different sub-samples (see Table 1 below) may be explained with reference to the abovementioned Grudge Effect. Interestingly, the dress code is considered as an important barrier by those who are at present not working for financial institutions (including Islamic banks) and those who are unemployed or not working for some reason. The female sample shows a similar pattern over the past three survey years, particularly 2018 wherein almost one-fourth of the surveyed female respondents put a blame on the dress code. There could be a number of explanations to this observation:

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

to even many non-Muslims. In that case, it is certainly a barrier to entry. Although our survey did not attempt to seek the answer on what may be taken as a dress code for employees of Islamic banks and financial institutions, it is important to find out what is actually dress code for both male and female employees of such institutions. It is interesting to note that many Islamic banks and financial institutions do not have a formal dress code that requires their female employees to wear headscarf or abayas. Following a heavily debated and criticised dress code decision for women taken by Dubai Bank in 2009, Islamic banks have become very cautious and their dress code requirements for the female employees tend to be generic. For example, MCB Islamic Bank in Pakistan has the following dress code, which is applicable to both male and female employees: “I shall maintain a standard of professional hygiene and dress appropriately of attendance at work. My appearance must inspire confidence and convey a sense of professionalism” (Taken from Employees Code of Conduct). Meezan Bank in Pakistan is, however, more explicit in its dress code requirements for female employees (see Box for details).

1. The Grudge Effect 2. Increased awareness of gender inequalities in IBF 3. The state of affairs of development of IBF in particular markets. Given the simplicity of data at hand, it is difficult to quantify the exact extent of the Grudge Effect, but intuitively one may think that those who are not able to get a job with an Islamic financial institution may put the blame on the factors other than their ability or lack of qualifications. This argument has a merit, as the dress code and non-availability of relevant Islamic finance qualifications tend to move in the same direction. Even in Malaysia, where Islamic finance education is widespread and a number of training providers, including the likes of IBFIM, offer Islamic finance qualifications, 17% respondents rather curiously state that Islamic finance qualifications are not readily available. Is there any other explanation or missing information? Perhaps this is the case. If so, this must be taken as a shortcoming of this rather simple global survey. Furthermore, employees of financial institutions do not identify dress code as a major problem. Also, the dress code is not a serious requirement for non-Muslims, as decent clothing is observed by most non-Muslim professional ladies in the Muslim- majority countries. However, the requirements for Muslim women to wear hijab or a headscarf may very well be unacceptable

BOX: DRESS CODE FOR FEMALE EMPLOYEES OF MEEZAN BANK a) Female employees should dress elegantly with a Headscarf and Abaya, without being ostentatious. b) An appropriate dress code includes shalwar kameez / any modest dressing, with Abaya.

It is the dress codes of the likes of Meezan Bank, which have attracted criticism from not only some of the female employees of Islamic banks but also that of the wider segments of the industry3. Pakistan may be a peculiar case in this respect, as even conventional banks refer to Islamic values when it comes to dress code for women. For example, Code of Conduct for Employees of National Bank of Pakistan clearly mentions, “Female employees should ensure that their attire and presence is in accordance with Islamic values and consistent with the cultural norms of the country/region where they are based.” The dress code issue has also been highlighted in some other countries. For example, a Christian female employee of the then Jordan Dubai Islamic Bank (renamed as Safwa Islamic Bank in 2017) was sacked for not observing the dress code adopted by the bank. Increased awareness of the gender inequality is something that must come into play in terms of explanation of the observed response on the dress code as a barrier to entry into IBF professions. Over the last three years, the three sub-samples, i.e., Table 1 Is dress code an entry barrier? [Yes in %]

YEAR

2016

2017

2018

GLOBAL

EMPLOYEES

NON-EMPLOYEES

d) All internees must also follow the same dress code.

FEMALE

PAKISTAN

e) Female staff is expected to exercise discretion in their choice of make-up and jewellery. Nails should not be longer than medium length, may be polished only with neutral colours.

MALAYSIA

c) Females staff are required to wear Hijabs (a scarf covering the entire head and hair and a gown covering sleeves) while on duty, training, on clients’ visit, as required by Islamic injunction.

3 https://www.thenews.com.pk/archive/ print/135856-dress- code-a- source-ofconcern-for-employees

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Figure 4

Female The non-employees, the female and those in less developed markets (with respect to IBF) have shown increasing concern with the barriers to entry in terms of dress code. It is also a consistent observation over the last three years that more advanced IBF markets tend to put less emphasis on the barriers to entry. So, one should expect that women participation in IBF will increase as these markets become more developed and deeper Islamic financial markets.

ISFIRE SPECIAL REPORT

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

The Real Barriers to Entry Out of the five responses, only three, namely male-dominance, dress code and lack of availability of appropriate Islamic finance qualifications and training, are real barriers to entry into IBF for women. On a global level, almost half of the low observed employment of women in IBF can be attributed to the barriers to entry. The only subsample that does not seem to recognise this is the employees of financial institutions (including Islamic banks and financial institutions).

Figure 5

Real Barriers to Womenâ&#x20AC;&#x2122;s Entry into IBF 72

Looking at Figure 5 and comparing it with our 2016 results given in Table 2, we find that there is a definite more reported gender bias in IBF in 2018. In 2016, only a third of the observed gender inequality in IBF could be explained by the barriers to entry, which, as mentioned above, has reportedly gone up to 48% this year. This may very well be due to the increased awareness of gender inequality in IBF.

ISFIRE SPECIAL REPORT

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PRACTICAL IMPLICATIONS AND CONCLUSIONS Our global surveys over the last three years (2016-18) have shown that there is no evidence of systematic discrimination against women in IBF. The observed gender inequality in IBF may very well be attributed to the legacy inequality (i.e., IBF, being an integral part of conventional banking and financial markets, has inherited it from its conventional counterpart). It is judicious to conclude that many reasons for the low employment of women in IBF lie outside the industry and are not unique to the industry. However, the dress code (i.e., insistence on wearing headscarf by the Muslim female employees) may dissuade some women who may otherwise be interested in a career in IBF. While the countries like Malaysia provide excellent examples of women empowerment through IBF, this has not been adopted as a systematic approach in other countries in the OIC block. There is, therefore, a need to devise a global strategy to encourage women’s participation in the professions related with IBF. Table 2 Real Barriers to Women’s Entry into IBF: 2016 Results Revised

YES

GLOBAL

33%

67%

EMPLOYEES

12%

88%

NON-EMPLOYEES

53%

47%

FEMALE

59%

41%

PAKISTAN

33%

67%

MALAYSIA

33%

67%

Note: These figures are different from what we reported in 2016 (ISFIRE, April 2016, p. 11), as this year, we have included lack of availability of appropriate Islamic finance qualifications and training as a barrier to entry, along with the male dominance and dress code. The first actor was not included in the 2016 analysis, and hence revised figures to make them consistent with this year’s approach.

The following practical steps must be taken to improve women’s employment in IBF: 1. The real bottom-line benefits must be highlighted for having women executives in Islamic banks and financial institutions. 2. The success stories of women’s leadership must be presented positively. In this respect, WOMANi Report (published in this issue of ISFIRE) can play an important role. Cambridge IF Analytica has also initiated a new event, called WOMANi Gala Dinner and Awards Ceremony, this year to take place in Kuala Lumpur on April 4, 2018. 3. There is a need for a Code of Conduct Standard to be issued by a standard setting body like AAOIFI or IFSB, with a special focus on women employees of Islamic banks and financial institutions. This will ensure that these institutions do not face any reputational risks following adoption of a code of conduct that may seemingly go against a segment of women labour force. 4. It is also important to bring more women into Islamic microfinance, an area that have huge relevance to women empowerment. 5. Malaysia, as opposed to the Middle East, provides an admirable example of women’s participation in labour force, and, hence, it is only natural for Malaysia to play lead role in improving women’s employment in IBF.

THINGS ABSOLUTE MUST WOMAN MUST DO TO

SUCCEED

IN A MALE-DOMINATED ISLAMIC BANKING & FINANCE INDUSTRY 1. You need to not only prove yourself, but be relatively outspoken about it too. 2. You must have willingness and ability to network with men and women in the industry. 3. You must find the best available mentor.

COMMON TRAITS SUCCESSFUL LEADERS IN ISLAMIC FINANCE HAVE

Dr Sofiza Azmi I have had the privilege of working and meeting so many leaders in Islamic finance over the course of my work, who are all inspiring and motivating. In my capacity as the editor of ISFIRE magazine, I have interviewed more than 20 leaders who are movers and shakers in the global Islamic finance industry. My interactions with other leaders in Islamic finance around the world through my various capacities as the CEO of Cambridge IF Analytica and Programme Director of Cambridge Islamic Finance Leadership Programme (Cambridge-IFLP) have exposed me to various leadership traits and how each of them contributes to the success of an organisation. Here I shall be sharing some of the leadership traits that successful Islamic finance leaders have in common. I have observed that the very best leaders marry the “head” and the “heart.” What does this mean? Simply being tough-minded on standards but at the same time tender-hearted with people. Creating such a balance is no easy task but one worthy of your best efforts! As Nelson Mandela once said, “A good head and a good heart are always a formidable combination.” In this ever changing economic landscape, leading with the head and heart is critical to leaders as they need to motivate people to respond to changing circumstances and goals. When it comes to making changes, often people don’t resist change itself but the fear of the unknown that comes with these changes. Hence, they become defensive! Leaders who have successfully transformed their organisations understand these too well. They know that for change to happen, they must not only lead it but also willing to take action to cause action.

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An example of a leader who have efficaciously transformed his organisation, both on operational indicators as well as culture and overall performance is the former President and CEO of Agrobank, Dato’ Wan Mohd Fadzmi Wan Othman. He had successfully led the transformation of Agrobank into a full-fledged Islamic bank within a short span of time. In his own words Dato’ Wan Mohd Fadzmi acknowledged that “the journey for the transformation was gruelling, involving major and significant change in mind set, processes and redoing all documentations.” With any transformation exercise; changing the status quo of long ingrained cultures of inefficiency, bureaucracy and complacency is inherently a challenge. This requires leaders to be steadfast and willing to make difficult and unpopular decisions to create deep and lasting changes for the long-term benefit of the organisation. And Dato’ Wan Mohd Fadzmi stepped up to the challenge with boldness and humility. Even after leaving the bank last year, he is still well respected and spoken-of highly by his former colleagues and employees. When speaking at a panel discussion on building talent for the Islamic financial services industry in Kazakhstan last year, I was asked by a nonMuslim if it was possible for him to build a successful career in the Islamic finance industry. My answer was simple and direct. Yes! But only if you are authentic to Islamic finance, i.e., genuine and true to developing Islamic finance. This also holds true to Muslims. Being authentic here means being passionate and committed to developing Islamic finance with an unswerving belief and conviction that the Islamic system is a strong and viable financial alternative. This pure and steep belief rings true for all leaders I have encountered and is reflected in their dedication to the development of Islamic finance. They not only talk about it but they are able to translate this belief into actions and behaviours. Their commitment is unwavering! Because of their authenticity towards Islamic finance, they inspire others with their energy and vision. Iqbal Khan, the CEO of Fajr Capital, is one such person. As our most prominent speaker at CambridgeIFLP, he never fails to inspire the delegates (and myself) with his own story and the steps taken to achieve success, and being resilient in pursuing his dream. You can hear his passion for Islamic finance in his voice and what he says. Being a long-time advocate of Islamic finance, Iqbal Khan continues to play a prominent role in developing and promoting Islamic finance on a global scale.

TALKING POINTS

Another authentic trait that successful leaders have is being their true self – being genuine and real. They are authentic to who they are and how they behave. They don’t try to be one thing in the office and another thing elsewhere. In other words, what you see is what you get! Authentic leaders are also self-aware and selfactualised individuals who are aware of their strengths, limitations and emotions. The concept of authentic leadership was first introduced by Bill George, a professor of management practice at Harvard Business School, in his 2003 book “Authentic Leadership” and was developed further in his later book “True North”. Since then authentic leadership has become the gold standard of leadership. Why is being an authentic leader an important leadership trait? According to Bill George, when leaders are dedicated stewards and lead in an authentic manner, they build long-lasting organisations that do great good for people and make a giant difference in the world. What differentiates authentic leaders from inauthentic ones is that the former have full understanding of the purpose of leadership, they lead with very consistent values, build long-term connected relationships and have the personal selfdiscipline to deliver extraordinary results from their teams. At this point you may be asking, “What if the real me isn’t the most effective way of leading? If I act the way an effective leader should act and produce great results, I don’t see anything wrong with this.” There are at least 2 things that are wrong with this statement. First, even if your leadership produces great results, people working for you or with you will eventually feel uncomfortable working with someone who they know is mere acting and not genuine in their actions and behaviour. This eventually leads to mistrust! Secondly, in trying to be someone you are not, you will end up failing miserably and will consistently feel stressed. Over time, your words and body language will reveal your true self and people will become more and more reluctant to trust you as a leader. In a nutshell, you won’t be able to lead effectively if people perceive you as disingenuous.

TALKING POINTS

IN MY OPINION, MANAGEMENT IS A SCIENCE BUT LEADERSHIP IS AN ART. Many leaders I have met and interacted with believe leadership is more of an art than a science. Dr Adnan Chilwan, Group CEO of Dubai Islamic Bank, puts it eloquently when asked whether leadership to him is an art or science during the leadership interview conducted at the 2nd Cambridge-IFLP. According to him, “Leadership is a cultivated art that requires complexes experiences to groom.” He argued that since there are a lot of human elements in leading people, more relevance should be given to EQ rather than IQ. In my opinion, management is a science but leadership is an art. This distinction was first made by Field Marshal Willian Slim, one of Britain&#39;s great military leaders of the last century, who wrote, “Leadership is of the spirit compounded of personality and vision; its practice is an art. Management is of the mind, more a matter of accurate calculation, of statistics, of methods, time tables, and routine; its practice is a science. Managers are necessary; leaders are essential.” Indeed he was well ahead of his time as this passage was written in 1957. Studies have provided empirical evidence that although it’s important to become an expert in the mechanics of the business (hard skills), this is simply not enough. Those managers who can add soft skills to these hard skills are more likely to have engaged employees who would go the extra mile. Dr Adnan Chilwan hit the nail on the head when he said, “You are not successful as a leader if you are not able to ignite the passion amongst your team.”

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

Being selected for a leadership position doesn’t automatically make you a great leader. Leadership programmes can inject fresh energy into your career and get you ready for the next level of leadership. But what makes CambridgeIFLP unique is its approach to leadership. Aimed at preparing the next generation of leaders, the programme provides delegates with excellent mentoring opportunities, rigorous leadership training from renowned leaders as well as industry-specific case studies in Islamic finance. Designed and structured by Cambridge IF Analytica, the programme is delivered by some of the most influential leaders in Islamic banking and finance. Amongst them include Iqbal Khan (CEO of Fajr Capital), Dr Adnan Chilwan (Group CEO of Dubai Islamic Bank), Rafe Haneef (CEO of CIMB Islamic Bank), Stella Cox (CEO of DDCAP, UK), Dato’ Izani Ghani (Executive Director of Khazanah Nasional Berhad) and Dr. Hamed Meerah (former Secretary General of AAOIFI). We believe that leadership can best be understood by studying and closely observing the leaders themselves. Hence, the programme has been designed to allow delegates to benefit from the presence of a number of mentors who are leading personalities in the global Islamic financial services industry. Thus, the pedagogical methodology applied to the programme gives priority to real-time leadership perspectives, implicitly assuming that leadership is more like an art rather than a science. Leadership workshops, along with interactive social activities and leadership activities, allow the delegates to seek mentorships and develop relationships with these leaders as delegates will be able to interact with them formally and informally. There is something about being at the University of Cambridge that make one feels intelligent and very philosophical. Besides its many historical buildings, the university is also known for a number of social activities that are a must on the “to do” list when one is visiting the University of Cambridge. This includes punting on the River Cam and enjoying one of Shakespeare’s famous plays during the Cambridge Shakespeare Festival held annually every summer. As delegates of the programme, you will be able to enjoy these activities as part of the programme agenda lined up during your programme course. It doesn’t end there. Delegates will have the opportunity to enjoy the British summer weather while at the same time horned their leadership skills during the Cambridge-IFLP Treasure Hunt activity organised on the college grounds. If you are keen to know more about our Cambridge-IFLP 2018, please drop an email to kshehzad@cambridge-ifa.net or visit our website at www.cambridge-ifa.net.

CAMBRIDGE

4th

MBRID

CAMBRIDGE

I N T E R N AT I O N A L F I N A N C I A L A DV I S O R Y

ISLAMIC FINANCE

IFLP

LEADERSHIP PROGRAMME

JULY 29 AUGUST 03, 2018

C L A R E COL L E G E , C A M BR I D G E

Leadership Talks Leadership Activities

The Cambridge Islamic Finance Leadership Programme (Cambridge-IFLP) aims to prepare the next generation of

Leadership Interviews

Social Activities

outstanding leaders in Islamic banking & ﬁnance by providing them with unique mentoring leadership

opportunities, training

from

rigorous

leaders, and industry-speciﬁc perspectives through case studies speciﬁcally written for this programme.

Cambridge Cases

renowned

Leadership Workshops

TECHNICAL NOTE

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

STANDARDISATION OF NOTATION IN ISLAMIC ECONOMICS, BANKING & FINANCE In the August 2016 issue of ISFIRE, we started with a one-pager to introduce standardisation of natation in Islamic economics, banking and finance (IEBF). Prior to this, we have issued 5 Notes on murabaha in August 2016 (“ISFIRE Note on Murabaha”), followed by another Note on salam (“ISFIRE Note on Salam”) in October 2016, a Note on mudaraba (“ISFIRE Note on Mudaraba”) in December 2016, and a Note on ijara (“ISFIRE Note on Ijara”) in February 2017. The last Note issued was “ISFIRE Note on Musharaka”. In this issue we are reproducing the previous 5 Notes along with our new Note on bai’ (“ISFIRE Note on Bai’”).

We believe that standardisation of notation will help develop consistent pedagogical tools to be used for education and training in IEBF. We aim to hold a special workshop on Standardisation of Notation in IEBF in 2018 to finalise all these standards and more in a formal way. In this respect a Board on Standardisation of Notation in Islamic Economics, Banking and Finance is under formation. The interested individuals are invited to submit their expressions of interests to Professor Humayon Dar by emailing on hdar@isfire.net.

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TECHNICAL NOTE

ISFIRE Note on Baiâ&#x20AC;&#x2122; (A.X.B; P) represents a spot sale contract between A (seller) and B (buyer) to buy/sell a commodity X for the price P. Both the object of sale, X, and price, P, must be exchanged on spot. A variant of this contract may be notated as (A.X.B; P|T 0), explicitly mentioning the time, T0 , when the exchange of object of sale and its price be exchanged.

We aim to hold a special workshop on Standardisation of Notation in IEBF in 2018...

(A.X.B; P|T1, T 0) represents a sale contract between A (seller) and B (buyer) to buy/sell a commodity X for the deferred price P|T1 to be paid by B at a later time T1 , allowing the buyer to receive the commodity upfront at time T 0 . (A.X.B; P|T 0 , T1) represents a sale contract between A (seller) and B (buyer) to buy/sell a commodity X for the a price P|T0 to be paid upfront by B at time T 0 , allowing the seller to deliver the commodity during time period T or on a specific date at the end of T1 .

TECHNICAL NOTE

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

ISFIRE Note on Murabaha (A.X.B; P MUR , ∏ MUR , T) represents a classical murabaha arrangement between A (seller) and B (buyer) to buy/sell a commodity X for the murabaha price P MUR and murabaha profit of ∏ MUR for T as the date of payment of price. (A.X[1].B; P MUR , ∏ MUR , T) represents a commodity murabaha arrangement between A (financier) and B (financee) arranged by a single commodity broker 1; whereby P MUR is the murabaha price, ∏ MUR is the murabaha profit, and T is the duration of the financing period (in years, months, or days, etc.). (A.X[1.2]X.B; P MUR , ∏ MUR , T) represents a commodity murabaha with two commodity brokers, 1 and 2. (A.X[1].B; P MUR , ∏ MUR , T, D(.), R(.)) represents a commodity murabaha arrangement between A (financier) and B (financee) arranged by a single commodity broker 1; whereby P MUR is the murabaha price, ∏ MUR is the murabaha profit, and T is the duration of the financing period (in years, months, or days, etc.); D(.) and R(.) represent default and rebate clauses, respectively, such that:

Default Penalty = a X i; and Rebate amount = b X j

whereby X i = amount outstanding at the time of default; X j = amount outstanding at the time of early settlement date; and 0 ≤ a ≤ 1 and 0 ≤ b ≤ 1. (A.X[1].B; P MUR , ∏ MUR , P MUR IK, T / N, P EX ) represents a commodity murabaha based Islamic mezzanine financing arrangement between A (financier) and B (financee) arranged by a single commodity broker 1; whereby P MUR is the murabaha price, ∏ MUR is the murabaha profit, P MUR IK is the payment in kind (one-off balloon payment at the end of the financing period) and T is the duration of the financing period (in years, months, or days, etc.); N is the number of shares that B promises to sell to A in the event of default for an agreed price P E X .

ISFIRE Note on Salam (A.X.B; P SAL |T 0 , T) represents a classical salam contract between A (seller) and B (buyer) to buy/sell a commodity X for the salam price P SAL |T0 to be paid upfront by B at time T0 , allowing the seller to deliver the commodity during time period T or on a specific date at the end of T. ([A.X.B; P SAL1|T 0], [B.X.C; P SAL2 |T1], T) represents a salam-parallel-salam arrangement, involving three independent parties, A , B and C, whereby A sells a commodity X to B for a salam price, P SAL1|T 0 , paid by B upfront at T 0 , to receive the delivery during time period T or on a specific date at the end of T. The salamparallel-salam arrangement also involves B selling the commodity X to another independent party C that pays salam price, P SAL2 |T1 , to B at the time of entering into the salam contract, i.e., at T1 T0 ≠ T1 , to deliver the commodity X during time period T or on a specific date at the end of T. (A.X.B.X.C; P SAL1|T i , P SAL2 |T j , T) represents a three-partite salam-parallel-salam contract, whereby A sells a commodity X to B for a salam price, P SAL1|T i , paid by B upfront at T i , and B sells on the commodity X to C for a salam price, P SAL2 |T j , whether T i = T j or T i ≠ T j ; the deliveries take place during time period T or on a specific date at the end of T. This is a null and void contract that does not fulfil the requirement of independence of the two salam transactions.

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ISFIRE Note on Mudaraba (A.K.B; ∏, α; -∏, 1; T) is a simple mudaraba contract between a Party A (capital provider) and a Party B (the managing party) in such a way that A receives α percentage of the profit, ∏, if any. K is the capital contribution (money) by A; while T is the mudaraba time period. In case of loss, i.e., -∏, A shall have to bear it with α = 1. (A.K.B; ∏ 0 , α; ∏1 , 0; -∏, 1; T) is a mudaraba contract that stipulates that the capital providing party (Party A) will receive α percentage of the profit if the realised profit is up to a threshold level of profit, ∏ 0 ; any profit over and above this threshold, i.e., ∏1 , will be retained by the managing party, i.e., the share of A will be zero (0). However, in case of the loss, -∏, A shall have to bear it with α = 1. If a mudaraba contract is notated with (A.K.B; α, T), it shall always be deemed as a short version of (A.K.B; ∏, α; -∏, 1; T).

TECHNICAL NOTE

ISFIRE Note on Ijara (A , X , B; R = r 1+ r 2 + ... + r t , T) represents a simple ijara contract between A (lessor) who leases an asset X to another person B (lessee) for a total rental value of R to be paid in instalments of r1 , r 2 , ..., r t , for a period of T. (A , X , B; R = r 1 + r 2 + ... + r t , T; P 1 , P 2 ) represents an ijara wa iqtina’ contract between A (lessor) who leases an asset X to B (lessee) for a total rental value of R to be paid in instalments of r1 , r 2 , ..., r t , for a period of T; with an understanding that B will have to buy the asset for a price, P 1 , should it happens to default on rental payment during the term of the lease, and if that (event of default) does not occur B will buy the asset X at the end of the lease period for a price, P 2 . (A , Y, B; R = r 1 + r 2 +...+ r 3 , T) represents an ijara mausufa dzimma contract between A (lessor) who leases an asset Y (which has yet to come into existence) for a total rental value of R to be paid in instalments of r1 , r 2 , ..., r t , for a period of T (which may coincide with the time that Y must take to come into existence).

ISFIRE Note on Musharaka (A .K A .K B .B, Π, α; -Π, β i; T) is a musharaka contract between a Party A and a Party B whereby both parties contribute capital, K A and K B , respectively, to a venture, in such a way that A receives α percentage of the profit, Π, if any, and B therefore receives (1-α) percentage of the profit, Π. In case of loss, i.e., -Π, both parties shall bear loss in accordance with β i , whereby i = A or B; β A = K A /K and β B = K B /K, and K = K A + K B . T is the time period for musharaka; and α and β may differ. (A .K A .K B .B, Π, β i; T) is a simple musharaka contract between a Party A and a Party B whereby both parties contribute capital, K A and K B , respectively, to a venture, in such a way that A receives β A percentage of the profit, Π, whether positive or negative, and B receives β B percentage of the profit. In other words, β = α. If a musharaka contract is notated with (A .K A .K B .B; α, β; T), it shall always be deemed as a short version of (A .K A .K B .B, Π, α; -Π, β i; T).

If an ijara contracts is notated with (A , X , B; R, T), it shall be deemed as an ijara that requires a lump-sum amount of rental either at the start of the lease period or at the end of it. An ijara contract notated with (A , X , B; R 0 , T) shall imply that the rental amount is required to be paid in lump- sum at the start of the lease period; and an ijara contract notated with (A , X , B; R t , T) shall imply that the rental amount is required to be paid in lump-sum at a specific time in future, which may include the end of the lease period.

PAUSE FOR THOUGHT

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

Professor Humayon Dar

We receive a number of manuscripts from researchers and professionals requesting us to publish their work in our various publications on IBF, namely Global Islamic Finance Report (GIFR), Islamic Wealth Management Report (IWMR) and our bi-monthly magazine, ISFIRE. While some of these contributions are written in excellent styles, based on in-depth analyses, and extremely thought-provoking ideas, most other contributions are inadequately written, with flimsy analysis and thinking and with no real substance. Unfortunately, the latter come from the academic community. These include some otherwise accomplished professors whose writings are no less than a nightmare to edit. This Pause for Thought does not intend to embarrass, humiliate or intimidate anyone but, on the contrary, it aims at highlighting a serious issue that IBF community faces â&#x20AC;&#x201C; lack of adequate expression (in English). Many of these professors write very well in their mother tongues. English, unfortunately, is not their cup of tea. But, alas, they have to teach and publish their research in English language.

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No one is questioning the knowledge of IBF many of these professors may otherwise possess; rather it is their writing skills that are the focus of this Pause for Thought. Because of inadequacy of their writing styles, many of these academicians end up having a co-author from the Western world where English is either the first language of the academicians therein or they have better English than the academicians involved in IBF. These co-authors are at best ‘ free riders’ who prey on otherwise wonderful ideas that the IBF academicians can put forward only in a crude way. They just polish up the language and improve upon the writing styles and expression, and end up being coauthors of the papers they help to publish. Good English and an impressive expression (both oral and written) are in some cases the only two assets many Westerners, employed in the Middle East and Asia, have. We don’t mind them working in IBF and benefitting from it. This should be debated on another occasion. We would like to highlight herein how painful it is to proofread and edit manuscripts of those whose English is not their first language. Looking into the problem, one may realize that it is not just a philological issue; rather it has cultural relevance. There are some other important factors that must be taken into account while studying such manuscripts. Some of these are briefly discussed below. Academic style: Academicians are expected to write in a certain academic style. It is a default position, consistent with their training and experience. However, we have found that academic style defines the overall look of a written piece of research and not its main contents. An academically rigorous piece of work cannot be deemed as bad. We have classified many of the manuscripts as poorly written not because of their academic style but because of something else. It just happens to be the case that most of badly-written contributions have been submitted by academicians. No or limited exposure to the practice of IBF: Many university professors have very limited exposure to the actual practice of IBF. Consequently, they end up writing something based on theoretical and in many cases out-dated information one comes across in books and academic journals. In social sciences, academic journals publish research which is based on no less than five-year old data. The books have an even extended gap. Besides, most of the proposed

PAUSE FOR THOUGHT

innovations by academicians are very Utopian in nature. Some of them are actually very novel but again carelessly-written and hence do not catch people’s attention. Technical language: A number of academicians are restricted to the degree of disability to write in plain English. The heavy use of jargon and technical terms makes their manuscripts inaccessible. We deem them unsuitable, especially for ISFIRE, which is a popular magazine aiming for the wider stakeholders in IBF. Boring: Most of the badly-written articles are actually boring, i.e., they don’t have a story to tell. An otherwise academically rigorous analysis utilising data on millions of companies for one hundred years and for all countries of the world is actually boring if it has only to reiterate the statement that private businesses maximise profits. Similarly, an academic piece of research loses its relevance to practitioners if it doesn’t have a relevant story for the market. When we receive such a manuscript, we find it extremely difficult to carve out an interesting and credible story out of it. At times, we may succeed in sharing a story with our readers, but we feel that it is actually our story and not the one the author intended to share. It is really frustrating as an editor. The above factors are important but the most frustrating aspect of editing manuscripts remains poor English. It is, therefore, absolutely imperative that non-English speaking academicians get formal training in writing skills. Unfortunately, this is not the case in most instances. Although one may argue that writing a PhD thesis should have provided them an opportunity to learn how to write effectively, but in most cases this does not happen. PhD supervisors at the Western and other universities end up either editing these dissertations by themselves or they merely recommend their students to get their theses edited and proofread by professionals. While this helps in producing theses of sufficiently high quality in terms of English language requirements, it is not enough to expose the PhD scholars to acquire good writing skills. At the end, it must be stressed that not all the manuscripts written by academicians are entirely ludicrous. We have had the pleasure of editing some extremely well-written pieces of research that have contributed to the quality of contents of our publications.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

ISFIRE EVENTS

1 WORLD CONFERENCE ON ISLAMIC ECONOMICS & FINANCE ST

Pearl Continental Hotel, Lahore, January 3-4, 2018

2018 witnessed entry of a new academic player into the arena of global Islamic economics, banking and finance (IEBF) conferencing when Minhaj University Lahore (MUL) held its inaugural World Conference on Islamic Economics and Finance at Pearl Continental Hotel Lahore on January 3-4, 2018. It was attended by a large number of academicians, practitioners, Shariâ&#x20AC;&#x2122;a scholars, and many more, primarily from Pakistan but also from other countries like the USA, UK, Australia, Saudi Arabia, Malaysia, and Oman. It was held in collaboration with Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank (IDB) Group. The conference was chaired by Shaykh ul Islam Professor Dr. Muhammad Tahir ul Qadri, Chairman of Board of Governors of, MUL, and an internationally acclaimed eminent scholar, and co-chaired by one of the most outstanding Islamic economists of our times, Professor Dr. Ishaq Bhatti of La Trobe University, Melbourne, Australia. Professor Kabir Hassan (winner of the prestigious IDB Prize in Islamic Finance for the year 2016) was among the distinguished speakers.

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This is an important development in the context of Islamic banking and finance (IBF) in Pakistan where it is growing by leaps and bounds. Another two universities, namely COMSATS Institute of Information Technology (CIIT) and University of Management & Technology (UMT), have for some time been organizing their annual conferences on IEBF, and the MUL’s entry can only be welcomed. As the December 2017 issue of ISFIRE (p. 60-61) argued, Lahore is fast emerging as a global centre of excellence for IBF. The conferences like the one organized by MUL will only help Lahore to establish itself a leader along with the cities like Dubai and Kuala Lumpur. The most outstanding contribution of the conference, however, was a thought-provoking keynote address by Shaykh-ul- Islam Professor Dr. Muhammad Tahir ul Qadri. He focused on the issue of standardization and harmonization of Shari’a opinions in IBF. The crux of his argument was that difference of opinions and lack of standardization and harmonization in this respect was primarily because of conformity with only one school of Islamic law (madh’hab) in different jurisdictions. He argued that the followers of all schools of law were present in every region of the world, but the scholars of each region normally issue edicts on banking products by adhering strictly to their own school of law. This approach of taqlid al-madh’hab (following one particular school of thought) has created diversity of opinions, which may in many cases be contradictory to each other.

ISFIRE EVENTS

Dr. Qadri presented the solution by way of proposing consultation and interaction with all major schools of the Islamic law (taqlid al-madhaahib), instead of simply following one particular. This was applauded as an excellent solution, which has relevance to works of the bodies like Accounting & Auditing OrganisationOrganization for Islamic Financial Institutions (AAOIFI). Following popular demand from the scholars and other delegates, Cambridge IF Analytica decided to publish full text of Dr. Qadri’s speech in the forthcoming annual edition of Global Islamic Finance Report, to be released in April 2018. In his inaugural speech, Dr. Hussain Mohi ud Din Qadri, Deputy Chairman of Board of Governors of MUL, welcomed the participants. He acknowledged the importance of such meetings and conferences in creating liaison between practitioners and other experts and specialists for the benefit of IBF. He emphasised on the potential role of IBF in stirring economic activity in the countries comprising the Organisation of Islamic Cooperation (OIC). Through IBF, the Muslim world could establish a new identity and Islamic financial lifestyle. He suggested four areas for consideration by the Islamic financial industry: (1) a move toward real economy; (2) willingness to adopt change, in particular financial technology (FinTech); (3) development of IBF as a comprehensive model within an integrated financial cycle; and (4) a structural shift in the Islamic financial industry to encourage investment in equity and listed stocks.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

ISFIRE EVENTS

On the occasion, Professor Dr. Muhammad Aslam Ghauri, MUL’s Vice Chancellor, spoke about the aim of the conference. In his welcome address, he shared the vision of his university to bring together leading international and local academicians, bankers, businessmen and researchers in IEBF, allowing them to share their experiences, expertise and research. The inaugural session set the tone for the next two days wherein participants benefited from a number of academic papers, presentations with industry focus, discussion groups, and informal interaction with scholars and fellow participants.

PROMINENT SPEAKERS 1. Shaykh ul Islam Professor Dr. Muhammad Tahir ul Qadri, internationally renowned Muslim scholar and thinker 2. Professor Dr. Ishaq Bhatti, La Trobe University, Melbourne, Australia 3. Professor Dr. Kabir Hassan, University of New Orleans, USA 4. Professor Dr. Fahim Khan, a veteran Islamic economist 5. Professor Dr. Masudul Alam Choudhury, Trisakti University, Jakarta, Indonesia 6. Professor Dr. Humayon Dar, Cambridge IF Analytica, United Kingdom

Role of islamic microfinance in economy, specifically as a tool for poverty alleviation and economic empowerment A specific session was dedicated to this important topic, with a focus on Islamic social finance in Pakistan. The Pakistani model of microcredit as developed by Akhuwat was also discussed in this context. It was suggested that the share of microfinance should be increased in IBF from the current less than 2% to about 10% in the next few years.

Financial modelling for Islamic financial institutions In this session, some of the most important issues pertaining to financial modelling in IBF were discussed. A paper on the fallacy of conventional benchmarks in IBF drew special attention of the participants. The issue of long-debated status of paper currency in Islam was also brought to table. Product development and financial engineering in IBF were also focused upon. Like any other conference these days, the issue of FinTech was also discussed. The aspect of FinTech and its relevance to Islamic finance with focus on the amalgamation of same for new millennials was also discussed.

Zakat & waqf

7. Professor Dr. Ma’sum Billah, King Abdul Aziz University, Jeddah, Saudi Arabia

This topic was subject matter of the keynote address of Dr. Muhamed Zulkhibri, a Senior Economist with IRTI (IDB).

8. Dr. Najam Abbas, Senior Researcher and Member Editorial Panel, Encyclopaedia Islamica, Brill, Leiden, The Netherlands

Role of maqasid al-Shari’a (higher objectives of Shari’a) in IBF

9. Dr. Muhamed Zulkhibri, IRTI, Islamic Development Bank (IDB), Jeddah, Saudi Arabia 10. Dr. Mughees Shaukat, College of Banking and Financial Studies, Muscat, Oman Professor Dr. Masudul Alam Choudhury was chosen to receive Lifetime Achievement Award for his dedication, advocacy and distinct research in IEBF. The Award was presented by Shaykh ul Islam Professor Dr. Muhammad Tahir ul Qadri. A Special Award was also presented to Professor Dr. Fahim Khan for his lifelong services to developing Islamic economics as an academic discipline.

Areas of deliberation

No conference on IEBF is complete without a debate on the role of maqasid al-Shari’a in IBF, and the MUL’s was not an exception. This session was chaired by Dr. Mughees Shaukat and the keynote speech was delivered by Professor Nasim Shah Shirazi. Revealing estimates were presented by the keynote speaker on the redistributive modes of income and wealth in Islamic economics. The ever relevant sukuk was also discussed in term of measuring its relative risk-return efficacy as an investment instrument. The session was summed up by discussing the importance of the rightly skilled and formatted human capital for better value framing and achieving of the actual aims of the Islamic Financial industry.

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ISFIRE EVENTS Risk management techniques and corporate governance The topics covered in this session included: • An empirical investigation into the role of corporate ownership and governance mechanism on the choice of instruments based on their risk sharing characteristics • Contribution of Islamic financing to productivity in the agriculture sector • Misconceptions about Islamic banking in terms of threats, challenges and opportunities for Investors • An empirical study of Shari’a compliance in Islamic banks: a case study of Pakistan

Takaful: current approaches and need for innovation In this session, a number of issues related with takaful were discussed, with a special focus on the use of Blockchain methodology in execution of contracts to enhance efficiency of takaful operations.

Other areas A number of other areas of study and research pertaining to IEBF were discussed during the two days of the conference. These included: (a) innovative uses of Islamic modes of financing across different sub-sectors in IBF; (b) the role of IBF in developing a new model of Islamic economy; and (c) IBF in a global context.

ISLAMIC FINANCE REVIEW | FEBRUARY 2018

ISFIRE EVENTS

The conference was deemed a huge success and the conference organisers – MUL – decided to make it an annual affair. A suggestion by Professor Humayon Dar was seriously contemplated and it was decided to explore possibilities of cooperation with other universities in Lahore to establish Lahore Islamic Economic Forum as an annual event with an objective to develop Lahore as a regional (and eventually) global centre of excellence for IEBF. It was also resolved to initiate a global forum for intellectuals involved in IBF, under the guidance of Shaykh ul Islam Professor Dr. Muhammad Tahir ul Qadri.

Brill, Leiden, The Netherlands

Workshop on Potential Areas of Research in IEBF

Visit of Minhaj University Lahore and Minhaj ul Quran International Complex

On January 5, 2018, a Specialised Workshop on Potential Areas of Research in IEBF was held on the main campus of MUL. It was attended by over 70 delegates from across different universities in Pakistan. On the occasion, the following experts of international repute shared their views and led the discussion:

On January 5, 2018, the distinguished international speakers were taken to the main campus of MUL to introduce them to the excellent works (academic and non-academic) the university was involved in. The delegates were extremely impressed by the facilities on campus and lauded the role of Minhaj ul Quran International in bringing quality higher education to the masses in an affordable way.

1. Professor Dr. Ishaq Bhatti, La Trobe University, Melbourne, Australia 2. Professor Dr. Kabir Hassan, University of New Orleans, USA 3. Professor Dr. Fahim Khan, a veteran Islamic economist 4. Professor Dr. Humayon Dar, Cambridge IF Analytica, United Kingdom 5. Professor Dr. Ma’sum Billah, King Abdul Aziz University, Jeddah, Saudi Arabia 6. Dr. Najam Abbas, Senior Researcher and Member Editorial Panel, Encyclopaedia Islamica,

Professor Nasim Shah Shirazi made an excellent presentation on the areas of research being promoted by IRTI (IDB) and encouraged the delegates to submit their research proposals in those areas to maximise their chances of winning an academic grant for their research projects. Professor Humayon Dar shared a British perspective on research in IEBF. He also briefed the delegates on possible research collaborations with the academic communities in different universities in the UK.

The delegates were also taken to the Central Secretariat of Minhaj ul Quran International. The delegates were also impressed by the organised and disciplined approach that Minhaj ul Quran International adopted to propagate Islam on a global level. The epitome of the conference was a luncheon thrown by Shaykh ul Islam Professor Dr. Muhammad Tahir ul Qadri in honour of the international speakers and delegates. This allowed the them to enter into a frank dialogue with the great contemporary scholar of Islam.

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