Adl Advisory’s Post

Transcript

������������ ���������� ���������� �������� ��������������. ���������� ������ ���������� ������ ���� ������������������ �������������� �������������� ������ �������� ���������� ���������������� �������� �������� �������������� ���������� ������. Had four events in four countries within a month 100. And there were actually a few events in in the US, which was my first trip last month. We have had several events in New York, including New Jersey, and then later on in Texas, the Loss and Houston. After that I came to Pakistan where we had an event in Karachi. And then after a few days, I went back to Bahrain and there was. Another event in Bahrain and finally came back in Malaysia to attend one of the biggest Islamic finance events of the year. So in this video, I wanted to share my experience briefly of these four different jurisdictions. See, when we talk about the modern Islamic finance industry, the history is not. More than 100 years, but it's less than 100 years. We saw a Islamic Development Bank started in 1975, followed by the institutionalization of Islamic financial institutions, Islamic banks in different countries. Until today, after almost 50 years or so, we have different phases of Islamic finance in different jurisdictions, different regions. Often when we understand when we don't understand this context. We feel that my country or my jurisdiction is not doing the best, which is right, which is a good feeling to insist that we do even better, but. If it's a negative energy that we are putting into it. That makes us, you know, fall behind the the desired growth that we are supposed to have. Then this is something that we should not have. That's what I wanted to share in this video. So let me start with the trip in the US. How I found you as we had a number of Holocaust in different massages in New York, in New Jersey, in Dallas and finally in Houston, I attended the North American Conference in Islamic Finance, NASIF, which hosted the second year of this conference this year. What I found in the US is people are struggling with the basics of Islamic finance. We don't have Islamic banks there other than few Islamic few small ones or few small windows. They are just about to start or just started. We don't have Islamic insurance or takaful there. We don't have many other formal Islamic financial institutions. In terms of regulations as well, a lot of discrepancies and challenges people are, you know, facing there. So what happened is when we talk about Islamic finance in the entire North America, people think about Islamic house financing most. When we went to the Holocaust, we gave, you know, an introductory discussion and session on what Islamic finance is all about, what Islam says about halal earning and this and that. The questions we received were very basics. For example, is insurance halal or not? Is this conventional banking halal or not? The credit cards that we use, are these OK? Can we use the 401K retirement plans, you know different retirement plans there are. What about the Islamic house financing providers? Are they really providing halal or is thus paperworks? These kind of questions we have faced there we have received from the community. Even in the conference, in the North American conference Islamic Finance, the papers that were presented are still, you know, more on building the infrastructure in these regions. Now Fast forward when I came to Karachi in Pakistan to attend the Sharia Muslims Global Share Muslims which was organized by Standard Chartered Sadiq. In Pakistan, the discussion is completely different. Why is it so? Because there has been a recent parliamentary decision to transform the entire Islamic, entire financial industry into Islamic finance industry by January 1, 2028. Meaning that by 31st December 2027, all the banks and financial institutions must become Islamic. So the discussion in the panels, the discussion in the by the keynote speakers and everyone is centric around this that how we can make the transformation more smooth. What are the challenges we have? What are the legal barriers, operational challenges, What are the capacity that we need to build people that we need and this and that. Then when I went to Bahrain, it was an event organized by Ayubi together with ASB. As we know, Bahrain is the home country for Ayubi Accounting and auditing organization for Islamic financial institutions, which we can definitely consider a big blessing for the Omaha around this time, Alhamdulillah that they started initiating and you know standards on Shariah ethics, governance, accounts and audit for Islamic financial institutions and behind is the home country for them. So the discussion in Bahrain is completely. A different one. Then when I came to Kuala Lumpur in Malaysia to attend and speak at Sherry Stage for Kuala Lumpur Islamic Finance Forum Cliff, which is one of the biggest Islamic finance events in Malaysia throughout the year. And as we know that Malaysia is way ahead in terms of global Islamic finance industry and many indicators in terms of education, training, awareness, in terms of Sukuk and many others. So the discussion here is even more mature. So here we discuss about sustainability, about Makasi Sharia. How can the financial intermediation bring more values to the industry? Isn't that? In summary, in summary, the message that I wanted to give the audience in this video is that Islamic finance is going through different phases in different countries and regions. What we need to do in whatever country I, I'm, I'm long in whatever. Community that I belong to as long as I'm Muslim. We we must first approach need to understand and appreciate that Islamic finance is not a choice. Islamic earning or halal earning is not a choice. It's an obligation that we all must try to achieve in whatever ways we can do in Shallah, right? And for that to get we must put all our energy. Time and efforts, our resources. So that we can contribute to the advancement of this industry, so that everyone in our community can earn halal, they can do halal financing halal, they can obtain halal financing when they need. They can enter into halal investments, they should have that options available just like we have halal food and halal fashion and halal cosmetics and all these different types of halal industry Malaysia, Hanworth Allah Grant. ���������� �������� �������� ������������ ������������. Impactful growth to the Islamic finance industry so that the industry can't address real problems that we face for the OMA in different countries and jurisdictions. With that, I completely finished this video Salaam Ali Kumar.