Prof Dr Mohd Ma’Sum Billah.

For a sustainable growth of the sukuk industry, among the prime concerns is to ensure a confidence among investors by protecting them against any catastrophe and that is, why sukuk is issued as a safeguard for investors and beneficiaries. The common phenomena is that, in any sukuk structure, be one sovereign, corporate or social, investors, and or beneficiaries in the structure are protected by sukuk itself against any capital or beneficial risk or catastrophe. In reality, a legitimate question may be raised whether a sukuk itself is adequate safeguard for the investor or beneficiary against any defined risk? It is submitted that, a sukuk itself does not hold the capacity to offer adequate protection for the investor or beneficiary against risk, because the issuer may still have the legitimate right to escape the liability by a "limited liability clause" under the Company law or public policy. It may thus, be suggested that, the only way to ensure an adequate safeguard for the investor or the beneficiary in a sukuk structure is by a comprehensive insurance policy as an additional step to a sukuk certificate, may be termed as "sukuk takaful". Today, we seek to share the emergence of sukuk takaful besides analyzing its rationality and technical know-how?

This timely book addresses the effects and implications of rapid technological changes within the financial services industry on Islamic finance and Islamic banks. Exploring current challenges, opportunities and threats, the authors provide an overview of how FinTech can operate within an Islamic context, under the Shari’ah principles or the Halal framework, for example. Examining the potential opportunities of Islamic FinTech from a socio-economic perspective, this edited collection will be of use to anyone researching FinTech or Islamic Finance as well as practitioners and policy-makers involved in banking and financial services.

This book provides an authoritative and comprehensive overview of Waqf (endowment), addressing specific issues, models, solutions, structures and practices. As Islamic finance has gained in significance, so too has the institution of Waqf, working towards creating an enterprising and an entrepreneurial community across the globe, in order to meet the underlying objectives of the sustainable development goals (SDG) by targeting the low-income group in particular. The book analyses the historical context of Waqf as well as its revival in the digital era. It addresses the laws and policies affecting the management of Waqf, such as Maqasid al-Shari'ah, law and policies, law and fiscal reform, regulations applied within Muslim countries, judicial procedures and dispute resolutions and covers the core issues concerning the formalities of Waqf, its management and corporate governance questions. The book includes a series of specialized chapters focusing on the products and services of Waqf, covering product innovation, product development, then assesses the risk factors in Waqf and Waqf Takaful. Finally, it focuses on the challenges of Waqf and offers recommendations for the way forward. A timely and practical guide, comprising a literature review and future research directions, as well as a number of international case studies, this will be a key reference for academics, students, researchers, practitioners and policy makers.

2020 ‫أبريل‬ |)10(‫العاشرة‬ ‫النشرة‬ ‫األعمال‬ ‫تصميم‬ ‫سبر‬ | ‫االجتماعي‬ ‫األثر‬ ‫اتجاهات‬ 27 Prof.MohdMa`SumBillah ‫ة|‬ ّ ‫قليدي‬ ‫ماذجالتَّ‬ ‫منالنَّ‬ ‫مويلاإلساميأكثرثباتاً‬ ‫هلالتَّ‬ Prof. Mohd Ma`Sum Billah ‫مؤلف‬ ‫اإلســـالمي،‬ ‫التمويل‬ ‫في‬ ‫متخصص‬ ‫عالم‬ ‫منشـــورة‬ ‫مقالة‬ ‫و051‬ ، ‫كتابـــاً‬ 30 ‫مـــن‬ ‫ألكثـــر‬ ‫عالميـــة‬ ‫نشـــر‬ ‫ودور‬ ‫مـــة‬ ‫محكّ‬ ‫دوريـــات‬ ‫ـــي‬ ‫ف‬ ‫واألســـواق‬ ‫والتأمين،‬ ‫التمويـــل،‬ ‫مجـــاالت‬ ‫ـــي‬ ‫ف‬ ‫مويل‬ ‫التَّ‬ ‫أســـتاذ‬ ‫اإللكترونية.‬ ‫والتجارة‬ ‫الماليـــة‬ ‫جامعـــة‬-‫اإلســـالمي‬ ‫االقتصـــاد‬ ‫معهـــد‬ ‫ـــي‬ ‫ف‬ ‫العزيز.‬ ‫عبـــد‬ ‫الملـــك‬ ‫أفضلالممارسات‬ ‫من‬ ‫ثباتاً‬ ‫أكثر‬ ‫اإلسالمي‬ ‫مويل‬ ‫التَّ‬ ‫هل‬ ‫ة‬ َّ ‫العادي‬ ‫الحاالت‬ ‫في‬ ‫ة‬ ّ ‫قليدي‬ ‫التَّ‬ ‫ماذج‬ ‫النَّ‬ ‫نشهدها‬ ‫التي‬ َ ‫كتلك‬ ‫الوباء‬ ِ ‫حاالت‬ ‫وفي‬ ‫ولماذا؟‬ ‫اليوم؟‬ ‫نقل‬ ‫تقنية‬ ‫على‬ ‫األساس‬ ‫في‬ ‫قليدي‬ َّ ‫الت‬ ‫المالي‬ ‫ظام‬ ّ ‫الن‬ ‫يرتكز‬ ‫ضمان‬ ‫عن‬ ‫تعجز‬ ‫التي‬ ‫ثابتة،‬ ‫بفائدةٍ‬ ‫الديون‬ ‫على‬ ‫القائمة‬ 20 ‫المخاطر‬ ‫فرصةً‬ ‫تعطي‬ ‫ألنها‬ ‫وذلك‬ ‫األوقات،‬ ‫جميع‬ ‫في‬ ‫ظام‬ ّ ‫الن‬ ‫هذا‬ ‫استدامة‬ ‫عدم‬ ‫مع‬ ‫المقترضين‬ ‫حساب‬ ‫على‬ ‫المكاسب‬ ‫لتحقيق‬ ‫للدائنين‬ ‫ثقافة‬ ‫أيضاً‬ ‫يعزز‬ ‫أن‬ ‫شأنه‬ ‫من‬ ‫وهذا‬ ‫والمشاركة.‬ ‫المتبادل‬ ‫االهتمام‬ ‫ويشهد‬ ‫ة.‬ ّ ‫ودي‬ ‫ةٍ‬ ّ ‫اقتصادي‬ ‫بيئةٍ‬ ‫إنشاء‬ ‫دون‬ ‫تحول‬ ‫التي‬ ‫االحتكار‬ ‫له‬ ٍ ‫منتج‬ ‫مجرد‬ ‫ليس‬ ‫اإلسالمي‬ ‫مويل‬ َّ ‫الت‬ َّ ‫أن‬ ‫على‬ ‫المعاصر‬ ‫العالم‬ ‫شمولي‬ ٌ ‫نظام‬ ‫هو‬ ‫بل‬ ‫ة،‬ ّ ‫التجاري‬ ‫األهداف‬ ‫بين‬ ‫من‬ ‫الرئيسي‬ ‫هدفه‬ ، ّ ‫واالقتصادي‬ ّ ‫االجتماعي‬ ‫واألثر‬ ‫ة،‬ ّ ‫األخالقي‬ ‫القيم‬ ‫مع‬ ‫يتكامل‬ ‫وفي‬ ‫ريعة.‬ َّ ‫الش‬ ‫مقاصدِ‬ ‫ظل‬ ‫في‬ ‫ة‬ ّ ‫التجاري‬ ‫واألهداف‬ ‫ضامن،‬ َّ ‫والت‬ ‫نشأته‬ ‫_منذ‬ ‫اإلسالمي‬ ‫المالي‬ ‫ظام‬ ّ ‫الن‬ َّ ‫أن‬ ‫نرى‬ ‫الحديث،‬ ِ ‫العصر‬ ‫من‬ ‫اإلنجازات‬ ‫من‬ ٍ ‫حافل‬ ٍ ‫سجل‬ ‫مع‬ ‫بسرعة‬ ‫ينمو‬ _1963 ‫عام‬ ‫في‬ ‫وسياساته‬ ‫المشروعة‬ ‫ة‬ ّ ‫السماوي‬ ‫مبادئه‬ ‫في‬ ‫االستدامة‬ ‫حيث‬ ‫الذي‬ ‫وأدائه‬ ‫وخدماته‬ ‫ومنتجاته‬ ‫وتقنياته‬ ‫وأدواته‬ ‫واستراتيجياته‬ ‫أو‬ ‫عرقهم‬ ‫أو‬ ‫ديانتهم‬ ‫عن‬ ‫ظر‬ ّ ‫الن‬ ‫_بغض‬ ‫الجميع‬ ‫بتقدير‬ ‫حظي‬ ‫ومفيد‬ ٌ ‫مالئم‬ ‫مالي‬ ٌ ‫نظام‬ ‫بصفته‬ ‫وضعهم_‬ ‫أو‬ ‫لونهم‬ ‫أو‬ ‫جنسهم‬ ‫ة.‬ ّ ‫عالمي‬ ‫ةٍ‬ ّ ‫شمولي‬ ‫قيمةٍ‬ ‫وذو‬ ‫المشاريع‬ َّ ‫أن‬ ‫كوفيد_91‬ ‫جائحة‬ ‫خالل‬ ‫ببساطة‬ ‫نكتشف‬ ‫وقد‬ ‫والوسطاء‬ ‫والمقترضين‬ ‫األعمال‬ ‫ورجال‬ ‫والمتوسطة‬ ‫الصغيرة‬ ‫أسلوب‬ ‫في‬ ‫ة‬ ّ ‫قليدي‬ ّ ‫الت‬ ‫ة‬ ّ ‫المالي‬ ‫بالصناعات‬ ‫المرتبطين‬ ‫الماليين‬ ‫التي‬ ‫المخاطر‬ ‫بسبب‬ ‫ة‬ ّ ‫بشد‬ ‫يتضررون‬ ‫قد‬ 21 ‫بالدين‬ ‫مويل‬ ّ ‫الت‬ ‫بينما‬ ‫ابتة.‬ ‫الثّ‬ ‫الفائدة‬ ‫نظام‬ ‫في‬ ‫الواحد‬ ‫الطرف‬ ‫هذا‬ ‫يواجهها‬ ‫الدائنين‬ ‫أو‬ ‫ة‬ ّ ‫المالي‬ ‫الصناعات‬ ‫وهو‬ ‫اآلخر‬ ‫الطرف‬ ‫حماية‬ ‫سيتم‬ ‫أحد‬ َّ ‫أن‬ ‫أي‬ ‫آخـــر,‬ ‫طـــرف‬ ‫إلى‬ ٍ ‫طرف‬ ‫مـــن‬ ‫عمد‬ ‫عن‬ ‫المخاطـــر‬ ‫انتقال‬ ‫خاللـــه‬ ‫مـــن‬ ‫يتم‬ ‫المخاطـــر‬ ‫إلدارة‬ ‫أســـلوب‬ ‫هـــو‬ ‫المخاطـــر‬ ‫نقـــل‬-20 ‫آخر.‬ ٍ ‫طـــرف‬ ‫عن‬ ‫المســـؤولية‬ ‫ســـيتحمل‬ ‫األطراف‬ ‫باالقتراض‬ ‫التمويل‬ ‫اتفاقيات‬ ‫أو‬-21 ‫المالـــي‬ ‫ظـــام‬ ‫النّ‬ ‫يرتكـــز‬ ‫قليديفياألســـاسعلى‬ ‫التَّ‬ ‫تقنيةنقـــلالمخاطـــر،بنما‬ ‫النظـــامالمالـــياإلســـامي‬ ‫المخاطر‬ ‫تقاســـم‬ ‫يعتمـــد‬ ‫بتأزمـــةالديـــون‬ ّ ‫تســـب‬ ‫فيكوفيـــد-91فيتحميل‬ ‫المخاطـــرإلـــىطـــرفواحد‬ ‫ين‬ ‫دِ‬ َ ‫روهـــيالم‬ ّ ‫متضـــر‬ ‫ﺑ‬ ‫ﻴ‬ ‫ﻨ‬ ‫ﻤ‬ ‫ﺎ‬

Any activity be it a trade or manufacturing or service from viewpoint of Halal (legitimate) gain or income generation, should be in total compliance with the integrated Divine principles of Shari'ah (and that is; law, morality and cooperation with utmost care, share and concern with holistic universal character for the common benefit of all humanity by waiving the issue of one's religion, race, colour, gender, status or nationality). An unfair gain through dishonesty, misappropriation, oppression, illegality and appreciating advantage at the expense of others, is totally opposed and against the concept and spirit of halal (legitimacy). In the capital market of Malaysia under the Shari'ah principles, the screening mechanisms or processing is strictly required to comply to the Shari'ah standard and approved guidelines to make one Halal. In this paper an attempt is made to examine the capital market, its stocks, screening process and other related issues under the Shari'ah principles as adapted in Malaysia.

Takaful in a parallel with Islamic finance had since 1979 indeed been growing satisfactorily with utmost appreciation from both Muslim and non-Muslim environments. Despite this promising track record, Takaful products and services had been offered in different models with diversed mechanisms but within the Shari'ah frameworks mainly by applying the doctrine of Wakalah, Mudharabah, Tabarru', Waqf, Hibah, Ta'awuni and or composite principles. From the public sentiment, such a variation phenomenon creates confusion in mind. To overcome this undesirable confusion, this research however, seeks to analyze on how far this variation is compliant with the Shari'ah standard, does the variation hamper the market growth and what is its visible impact in the theo-socioeconomic chapter?

The idea of insurable interest is one of the key issues that has been dealt with in the insurance industry ever since the notion of insurance was adopted in society, Although the practice of Takaful has been in existence as an alternative to insurance from the late 20th century, the issue of insurable interest in Takaful practice has not yet been resolved. This is perhaps due to the diversified confusing issues that haunt scholars and practitioners alike in the field of Takaful. This article attempts an analysis of the existing provisions laid down under the Malaysian Insurance Act 1996; considers whether insurable interest could be possibly adopted in the contemporary Takaful practice; and, if not, what a Shariahalternative solution to the issue of insurable interest could be, which would suit the reality of Takaful operations. Existing provision laid down under section 152 of the Insurance Act 1996 " 1. A policy insuring the life of anyone other than the person effecting the insurance, or the life of a person mentioned in subsection (2), shall be void unless the person effecting the insurance has an insurable interest in that life effecting at the time the insurance is effected and the policy moneys payable or where the policy moneys are payable in installments the discounted value of all future installments under the life policy, shall not exceed the amount of that insurable interest at the time the event resulting in payment of policy moneys occurs. 2. A person shall be deemed to have insurable interest in relation to another person if that other person is: 1. his spouse, child or ward being under the age of majority at that time the insurance is effected; 2. his employee; or

The SDGs, developed by the UN in 2012, focuses on 17 goals for the betterment of humanity and humanitarian causes. Among the core objectives of Shari'ah in Islamic finance is to offer a helping hand, emphasizing the efforts and scope of the SDGs. This book explores how Islamic ethical wealth is structured to contribute to the SDGs and an overall socioeconomic impact within the principles of Maqasid al-Shari'ah. Focusing areas such as Islamic micro-finance, wealth inclusion, corporate and agro-Zakat, Awqaf, SRI Sukuk, and green Sukuk, this book will feature contributions from the leading researchers in sustainability and Islamic finance and will be of interest to scholars, researchers, industrialists, NGOs, UNDP and students studying both areas. Mohd Ma'Sum Billah, PhD is a Professor of Finance, Insurance, FinTech, Investment and Capital Market at the Islamic Economics Institute of King Abdul Aziz University, Kingdom of Saudi Arabia. He is an internationally renowned Islamic finance scholar. He has served and contributed to academia and corporate industries for over 20 years providing management, teaching, research and problem-solving, particularly in the areas of Islamic finance and insurance (Takaful), and the Halal standard. Billah has published 36 books and chapters in books as well as over 300 articles in journals and on social media. He has presented at numerous conferences, seminars, executive workshops, and industrial training sessions around the globe. In addition, he has been affiliated with various companies, universities, and financial institutions including central banks, international corporate organizations, governments, and NGOs in his capacity as a member on boards, an advisor, a strategic decision-maker, and a reformer with a strategic solution provider. His areas of interest include Islamic finance and insurance (Takaful), crowdfunding, investment, Awqaf, capital markets (Sukuk), social finance, SDGs, Crypto-currency, and FinTech.

Petroleum products are among the richest commodities , which generally dominate the world economy be one in the upstream, midstream or downstream level. In ratio, the highest petroleum producer, reserving and exporter are the Muslim world and the Middle east is placed in the top ranking while Saudi Arabia secures its number one in the list. It has been observed that, the trading, financing or trade financing of petroleum products in any level had generally been structured and or formalized based on the conventional mechanisms, principles and instruments with no so far Shari’ah structural concern.
It had been undoubtedly witnessed that, Islamic financial products and services are the fastest growing system in the global corporate environment with an annual growth rate is between 17.6% - 19.7%  as compared to what has been observed in the conventional growth rate,as an example of USA is 3.24% . Thus, Islamic financial products and services are appreciated, participated and enjoyed with sustainable benefits both by Muslim and non-Muslim across the world as a unique system for all with universal character.
Thus, as an able alternative to the petroleum trade financing mechanisms under the conventional practices an attempt is however, made in this presentation to share possible Shari’ah postulate of petroleum trade financing, its required documentations, instruments, formalities and mechanisms by applying the Shari’ah compliance techniques and that is, the doctrine of Masaleh al-Mursalah (public interest) and other relevant Shari’ah principles. The rational of this recommended Shari’ah postulate is to find a way out of a pure debt-based petroleum trade financing facility with perhaps greater risk while creating a beneficial gate way for all in the energy sector.