Comments on: Dubai debt crisis could impact the Islamic debt market (sukuk)

By: Janifer Anderson

Janifer Anderson — Fri, 01 Oct 2010 11:22:34 +0000

Hi,
As I see in your post there is lots of good information available on Islamic finance. Islamic finance has change a lot in the recent few years. Rest of the world specially American and European countries want to get advantage of these change in there own interest. Innovation of sukuk also one of the big reason that non Islamic countries look on the Islamic finance market.
Sukuk is an alternate way of investment where the investor get the benefits of investment and its treated as rent on investment, to avoid the interest on investment which is strictly prohibited in Islam.I have also some site and blog ,I have write on same topic check my post : http://portfolioanalyst.blogspot.com/2010/09/islamic-debt-bond-market.html, http://portfolioanalyst.blogspot.com/2010/09/sukuk-bond.html.
I want to write one guest post for your blog .If you agree than contact me at janifer26@gmail.com

By: Jeong Chun phuoc

Jeong Chun phuoc — Sat, 19 Dec 2009 09:03:08 +0000

Correction

“Dubai Debt Crisis : The Tip of an Iceberg in Islamic Banking Practices”

Jeong Chun phuoc
20th Dec. 2009

I doubt if ‘Expensive Real Estate Investments’ is the sole culprit that triggered the Dubai Debt crisis.

A simple Islamic Banking Performance Audit would have revealed the magnitude of certain unethical banking practices performed in the Debt market prior to the crisis.

Thusfar, no one has admitted that this negative aspect of Islamic banking.

Many Islamic bankers are still living in denial-refusing to admit and refusing to clarify the Syariah fundamentals of real Islamic banking between the different schools of Mazhabs in the Mid-East and elsewhere in the Western banking market (UK etc).

……………………
Jeong Chun-phuoc*
Lecturer-in-Law
and a reader in Syariah Competitive Performance Intelligence(SCPI)
the writer can be reached at Jeongphu@yahoo.com

By: Jeong Chun phuoc

Jeong Chun phuoc — Sat, 19 Dec 2009 08:07:03 +0000

“A Need for re-definition in Islamic Debt market Performance”
19th Dec. 2009
Jeong Chun phuoc

Islamic banking is supposed to be a solution or a viable alternative to western banking method which is perceived to be contrary to the Syariah/Islamic law.

The Dubai Debt Crisis 2009 is not a good reflection/example of true ethical Islamic banking practice and performance. Several Islamic banking fundamentals under Islamic Maxims (Qawaid Al-Fiqhiyyah) were neglected by greed and over expansion of Islamic Qiyas methodology in the legalising the debt market demands.

Islamic governance also took a back seat and the result is out for all to see akin to a sort of a financial Islamicgate scenario.

It is time for expansionist Islamic bankers and liberal jurisprudential advocates(Islamic Banking Syariah Advisory Council) to take the Dubai as a serious lesson to redefine the future of Islamic banking particularly the debt market along the line of Islamic banking performance, Islamic banking governance, Islamic Financial Reporting Standard and the integrity of Islamic banking as distinct from conventional banking fundamentals.

………………
Jeong Chun-phuoc*
Lecturer-in-Law
and a reader in Syariah Competitive Performance Intelligence(SCPI)
the writer can be reached at Jeongphu@yahoo.com