The Muamalat Newsletter Vol. 2 2024

FEM eNewsletter | December 2024 20 The next session focused on exploring the “Current Outlook of the Islamic Finance Industry,” presented by En Wan Rizaidy Mamat Saufi, Acting CEO of ISRA Consulting. As the first session of the program, En Wan Rizaidy explained what Islamic Finance is and its current position. The Islamic finance sector is very broad and not limited to banking alone; it includes the Islamic Capital Market, Takaful, Investment, Social Finance, Wealth Management, Money Market, and more. One key highlight from his sharing session was that the Islamic finance sector now focuses more on “Halal end to end,” meaning that from the initial structuring to the final execution, all processes must adhere to the principles of halal finance. Although many lecturers teach Islamic finance subjects, he mentioned that it is a challenge to bring academia into practice so that they better understand the processes and transactions involved, which should be included in the learning input. This approach helps students better understand and see the real world of Islamic finance, rather than just the theory in books. En Wan Rizaidy also showcased several transformations and revolutions in the Islamic finance sector since the early 2000s, such as the shift from human tellers at bank counters to ATMs everywhere, and the much easier account opening and financing applications now possible with the latest technology used by most banks in Malaysia. Therefore, it is the responsibility of future Islamic Finance Leaders to stay updated with current skills and requirements to become more advanced and sought after by the Islamic finance industries in Malaysia and abroad. The second session continued with the topic “Key Principles of Islamic Finance and their Application” by Prof Dr. Aishath Muneeza, a professor at INCEIF University. Prof Dr. Aishath emphasized three key points: the differences between Conventional and Islamic Finance, components related to Islamic Finance, and the Shariah concepts used in Islamic products and services. It served as a revision for all of us who had studied these topics at university, but Prof Dr. Aishath opened everyone’s eyes to a deeper understanding of the differences between Islamic and conventional systems, not just limited to riba, but also how Islamic Finance works in the real world. One unique aspect brought by Islamic Finance today is the Blended Finance Product, a combination of social and financial elements, a strategic approach that combines public and private funding to support projects that might otherwise struggle to secure financing. An example currently being undertaken by Prof Dr. Aishath and her team is a crowdfunding platform to break the cycle of violence by providing education for those affected by domestic violence. The continuous forum on “Leadership in Islamic Finance” was a truly inspiring event, featuring esteemed industry leaders, including Dato’ Mohammed Hussein, Puan Suri Hanim Mohamed, Mr. Hamidi A Razak, and Dr. Azrie Tamjis. Their discussions highlighted not just their remarkable success stories but also their deep-seated passion for the Islamic finance industry. These leaders didn’t simply climb the corporate ladder as they found their niche, excelled in it, and seized opportunities that came their way. This combination of passion and determination has made them not just successful professionals but also mentors, eager to share their experiences with the next generation. Dato’ Mohammed Hussein shared seven significant points on achieving a balanced life, three of which stood out. First,