Day 3
The third day of the conference saw more interesting topics being discussed. Datuk Zabidah from Amanah Ikhtiar Malaysia (AIM) and Professor Kabir Hassan, a renown international Islamic Finance scholar from University of New Orleans, USA spoke on a topic related to Islamic Microfinance in the first plenary session. AIM, being the largest microcredit organisation in Malaysia has to date disbursed more than RM2.3 billion in microcredit to some 262,000 borrowers. Beside being the financier, AIM provides training to
entrepreneurs; creates microcredit network among borrowers and develop support groups for entrepreneurs. In our latest research project on Islamic Microfinance, the Accounting Research Institute (ARI) brings together microcredit financier such as AIM and entrepreneurs to work collaboratively with a large supply-chain player in Malaysia - Mydin Mohamed Holding Berhad. Meanwhile, Professor Kabir Hassan spoke of the potential of developing a successful Islamic Microcredit framework to help eleviate poverty among the ummah. In his speech, he proposed the integration of various Islamic finance instruments such as Zakat, Waqaf, Sadaqah and the development of specialised microcredit banks to optimally managed the instruments. As proven by several successful zakat and waqaf organizations globally, the fundings can be effectively utilised to help aspiring but poor enterpreneurs to spearhead their small businesses. The second plenary session discussed the aspects of governance and ethics within the Islamic Finance industry. It was stressed that the successful development of the Islamic Finance sector must be built upon strict ethical fundamentals and supported by effective governance mechanism. As such, the Islamic finance industry needs more specialised human capital and new, competitive products that can spearhead the industry. A research entity such as the Accounting Research Institute (ARI) can play a proactive role by developing new frontier knowledge in Islamic Finance and Islamic Accounting. At the same time, its research strength in financial criminology can be shared with the practitioners to facilitate the industry and to make Malaysia as a global Islamic Finance hub.
The third day of the conference saw more interesting topics being discussed. Datuk Zabidah from Amanah Ikhtiar Malaysia (AIM) and Professor Kabir Hassan, a renown international Islamic Finance scholar from University of New Orleans, USA spoke on a topic related to Islamic Microfinance in the first plenary session. AIM, being the largest microcredit organisation in Malaysia has to date disbursed more than RM2.3 billion in microcredit to some 262,000 borrowers. Beside being the financier, AIM provides training to entrepreneurs; creates microcredit network among borrowers and develop support groups for entrepreneurs. In our latest research project on Islamic Microfinance, the Accounting Research Institute (ARI) brings together microcredit financier such as AIM and entrepreneurs to work collaboratively with a large supply-chain player in Malaysia - Mydin Mohamed Holding Berhad. Meanwhile, Professor Kabir Hassan spoke of the potential of developing a successful Islamic Microcredit framework to help eleviate poverty among the ummah. In his speech, he proposed the integration of various Islamic finance instruments such as Zakat, Waqaf, Sadaqah and the development of specialised microcredit banks to optimally managed the instruments. As proven by several successful zakat and waqaf organizations globally, the fundings can be effectively utilised to help aspiring but poor enterpreneurs to spearhead their small businesses. The second plenary session discussed the aspects of governance and ethics within the Islamic Finance industry. It was stressed that the successful development of the Islamic Finance sector must be built upon strict ethical fundamentals and supported by effective governance mechanism. As such, the Islamic finance industry needs more specialised human capital and new, competitive products that can spearhead the industry. A research entity such as the Accounting Research Institute (ARI) can play a proactive role by developing new frontier knowledge in Islamic Finance and Islamic Accounting. At the same time, its research strength in financial criminology can be shared with the practitioners to facilitate the industry and to make Malaysia as a global Islamic Finance hub.
