Talent gap overshadows Malaysia’s Islamic finance growth

Finding a job is often harder than expected for graduates hoping to enter Malaysia’s Islamic banking industry, the world’s second-largest with $124 billion (RM390 billion) in assets – employers are proving choosy about qualifications.

Talent gap overshadows Malaysia’s Islamic finance growth

Talent gap overshadows Malaysia’s Islamic finance growth

Thousands of students, a large number of them Muslims from across the globe, have flocked to the many Islamic finance courses offered in Malaysia, seeing them as springboards to a career.

Malaysia has an estimated 50 course providers and 18 universities which offer Islamic finance degrees, and it boasts the largest academic output globally.

The country has published 169 research papers on Islamic finance in the last three years, according to data from Thomson Reuters.

But while the Malaysian Islamic banking industry’s output in monetary terms is growing about 20% annually, employment in it is expanding at less than half that rate – even though an additional 22,400 jobs are needed to support the growth, according to a blueprint for the financial sector prepared by the central bank.

Malaysia is experiencing a problem faced by Islamic finance sectors around the world: training and qualifications often do not provide the levels of specialism and sophistication that employers need.

The problem is limiting growth of the industry and, some say, stifling innovation that is necessary to bring Islamic finance fully into line with religious principles, and prevent its products from merely being pale reflections of conventional financial instruments.

“A common misunderstanding of these young graduates is that they believe there is such a thing as a generic job in Islamic finance. In reality, the industry is looking to employ specialists,” said Raymond Madden, chief executive of the Asian Institute of Finance (AIF), set up by Malaysia’s central bank to develop human capital for the region’s financial industry.

This means graduates are often inadequately equipped, and few in the industry are actively trying to solve the problem, he said. “It’s a major issue – nobody wants to take ownership of training graduates in areas that are most needed by the industry,” added Sofiza Azmi, AIF’s head of strategy and development.

The Islamic finance sector’s need for specific skills in risk management as well as internal audit and governance, plus a basic grounding in sharia law, is not being communicated, she said. “Moving forward you need to understand where the banks are going, how they are going to expand, what their plans are.

Then you can map out their talent needs.” One reason for the skills mismatch in Islamic finance is the youth of the industry; it was born in its modern form in the 1970s, and in many countries has only become a mainstream industry in the past decade.

The industry has moved into relatively complex areas, such as Islamic money market instruments and hybrid Islamic bonds with equity-liked characteristics, only in the last few years.

The fragmentation of Islamic financial regulation, with sharia boards and national regulators in various countries taking different approaches to some core products and concepts, may also be an obstacle to effective training.

Employers could provide some of that specialised training, but banks in Malaysia have so far been reluctant to do so because of the time and cost involved. Instead they tend to poach skilled staff from rivals, a quicker and cheaper alternative.

“The banks will have to step up. If they need people specialising in areas, they will have to train internally,” Azmi added. Universities also need to revamp their curricula to suit industry needs, but it inevitably takes a long time to evaluate and implement changes, she said.

Malaysian authorities have responded by trying to intervene directly in the job market; the International Centre for Education in Islamic Finance (INCEIF) was set up by Malaysia’s central bank in 2009 to help with training.

But Syed Othman Alhabshi, INCEIF’s chief academic officer, said the centre’s signature Chartered Islamic Finance Professional qualification, a one-year postgraduate programme, had only attracted a handful of industry executives to its staff.

Only five of the centre’s full-time lecturers boast actual exposure to the sector and most have retired from active involvement in the corporate world, he said. The centre’s 12-member professional development panel, which meets quarterly, has only two Islamic bank heads, from Bank Islam and OCBC Al-Amin.

About 60% of INCEIF’s graduates find employment within six months, according to an internal survey, the centre said, declining to provide further details of the survey.

While the centre’s programmes have evolved over time, its graduates are not designed to be specialists, so the task of further training falls on banks, said Syed. “Our first job is to train them. If they can get a job here, its fine. But if not, we can’t do much. It’s up to the employer whether they want to take the extra mile.”

Syed added that job opportunities for Islamic finance graduates were limited partly because companies such as Maybank Islamic, the largest Islamic bank in Asia, did not need large workforces as they could leverage staff from their parent firms – in Maybank’s case, Malayan Banking. AIF hopes a new advisory panel comprising representatives from across the industry can close the gap.

A new Financial Services Talent Council, being planned by the central bank, is to include individuals from the education ministry, Islamic banks and universities, in the hope of setting a national agenda for the industry’s talent needs.

“If you’ve got this diversity of people to discuss a particular issue, you’ll be able to come up with a better solution,” Azmi said. Many foreign students expect easy access to Malaysia’s job market when they obtain local Islamic finance qualifications, but some are turned down because banks face costly, time-consuming visa requirements to hire foreign students.

“They waste one year here, and many of them are upset with this,” said Omar Alaeddin, an INCEIF graduate and current member of its student representative council. So many students return to their home countries with Malaysian Islamic finance qualifications.

This has the benefit of spreading knowledge globally, but the students can also have difficulty finding jobs back home.

“At the beginning they come here thinking there are hundreds of banks and employees,” said Alaeddin, who teaches risk management and sharia auditing at Universiti Kuala Lumpur. “Then some go back and work in their previous jobs, which have nothing to do with Islamic finance.” – Reuters, October 29, 2013.


Introduction of ESG Index, SRI sukuk ‘will boost’ Islamic finance

The newly announced Environmental, Social and Governance (ESG) Index in Budget 2014 could help investors pick Shariah-compliant companies that are also highly socially responsible.

Introduction of ESG Index, SRI sukuk ‘will boost’ Islamic finance

Introduction of ESG Index, SRI sukuk ‘will boost’ Islamic finance

Consultant and academician at the University Malaya, Sherin Kunhibava (picture) said the introduction of the ESG, the first in Malaysia, is an excellent move which will recognise companies that already have high socially responsible practises and encourage others to follow suit.

During the budget speech, Prime Minister Datuk Seri Mohd Najib Razak announced that Valuecap Sdn Bhd will allocate RM1 billion to invest in companies that score high on the ESG Index.

“I trust this will encourage more companies to show high commitment towards social responsibility,” Najib said. The ESG is one of the measures that will help enhance the profile of listed companies which have high socially responsible practices, the premier said.

These efforts were hailed as innovative and an excellent move in the context of Islamic finance, as the index will allow investors to pick Shariah-compliant companies, said Sherin.

However, she said Islamic financial Institutions will have to strive harder to meet the criteria of Shariah-compliance and high social responsibility. The challenge will be on how to calibrate the ESG index and rate listed companies, Sherin said in a post budgetary speech comment to The Malaysian Reserve.

In the Budget 2014 speech on Islamic finance, the government focused on the need for social responsible investment (SRI) and announced it will set up a SRI Fund to be invested in listed companies which demonstrate high accountability, transparency and sustainability, including inclusiveness in diversity encompassing gender, age and ethnicity.

Sherin said the challenge in this case will be to “identify the companies that uphold these criteria”.

Najib said the Securities Commission Malaysia will introduce the framework of SRI sukuk instrument or SRI sukuk to finance various sustainable and responsible investment initiatives.

To this, Sherin said it is an innovative, “welcomed and timely move in light of world current affairs; this move will see companies stepping up efforts to initiate sustainable and responsible business growth opportunities to be eligible as an investment initiative for the SRI sukuk,” Sherin said the idea of the SRI sukuk will also help the Malaysian Islamic finance sector gain an edge over other financial centres.


KPMG announces Global Islamic Finance Leadership Team

KPMG has appointed a Global Islamic Finance Leadership Team (GIFLT) to support the growth and development of KPMG’s Global Islamic Finance practice; the team comprises of senior Islamic finance practitioners from across KPMG’s global network of member firms, and is led by Samer Hijazi of KPMG in the UK.

KPMG announces Global Islamic Finance Leadership Team

KPMG announces Global Islamic Finance Leadership Team

Muhammad Tariq is the Head of Audit for the UAE practice will lead this initiative in the UAE.

KPMG’s announcement comes at a great time especially in the UAE as His Highness Shaikh Mohammed bin Rashid Al Maktoum, recently launched the strategic plan to position Dubai as the capital of the Islamic economy. His Highness expressed his strong commitment to the success of the Islamic economy sector and about placing Dubai on the international economic map as the global destination of choice that provides Islamic products, finance and services as well as raising the standards for the management and quality of this sector to new levels.

Speaking about the GIFLT Muhammad Tariq said “We already have an award winning Islamic finance offering, with teams providing an array of services to clients around the world. The GIFLT will help drive KPMG firms’ market activity and is intended to aid closer coordination of client service teams in the development of new products and services to meet the increasingly sophisticated and global needs of clients in the Islamic Finance industry”.

The team comprises of representative from UK, UAE, Bahrain, Qatar, Kuwait, Saudi Arabia, Malaysia and South Africa.

“Islamic finance and its principles of fair dealing are becoming more and more globalised. This leadership team will leverage our member firms’ insights and expertise in Islamic finance to give our clients access to an outstanding depth and breadth of knowledge wherever in the world they need it” said Jeremy Anderson, KPMG’s Global Chairman of Financial Services.”


Monday newspaper round-up: RBS, SSE, Islamic finance

RBS ‘bad bank’ decision looms; SSE director in utilities ‘transparency’ call; Islamic finance takes center stage in City.

Monday newspaper round-up: RBS, SSE, Islamic finance

Monday newspaper round-up: RBS, SSE, Islamic finance

Pressure is mounting on George Osborne to split Royal Bank of Scotland into ‘good’ and ‘bad’ banks. The Chancellor looks set to decide the future of the taxpayer-backed lender this week following a Government-commissioned review of the business. A decision could come on Friday when the bank publishes results for the third quarter of the year with analysts expecting profits of £440m. Former Tory Chancellor Lord Lawson, a member of the Parliamentary Commission on Banking Standards, yesterday urged Osborne to break up RBS, The Daily Mail says.

Lady Susan Rice, the senior independent director at electricity and gas supplier SSE, has called for energy companies to be more “transparent” about the charges that their customers face. Rice, who is also managing director of Lloyds Banking Group’s Scottish operations, said that greater transparency would help utility companies to regain the public’s trust. Tomorrow the House of Commons’ energy and climate change committee will question senior executives from the “Big Six” energy companies over the flurry of recent price rises, The Scotsman writes.

David Cameron will lead Britain’s attempt to become a global center of Islamic finance and open the taps for fresh investment. The Prime Minister will speak tomorrow at the first World Islamic Economic Forum, at ExCeL London, where managers and ministers are hoping to drum up billions in Anglo-Muslim trade. The prize for Britain is attracting some of the world’s $1.5trn (£928bn) of Islamic investment funds, potentially to fund large capital projects in energy and transport, according to The Times.

Ed Davey, the Liberal Democrat energy secretary, has promised to “fight like a tiger” against Conservative attempts to cut green levies on gas and electricity bills. The senior coalition minister said he would not let the Tories touch subsidies for renewable energy or the fuel poor, describing it as a “red line”, and pledged to beat the target of getting 30% of Britain’s electricity from green sources by 2020. He spoke out after David Cameron said he wanted to roll back green charges on fuel bills that account for about £112 of the average £1,267 household bill for gas and electricity, The Guardian reports.

British oil giants BP and Royal Dutch Shell are set to report plunging third-quarter profits this week, with both expected to say that they have been hit by weak refining margins and production outages, according to City analysts. Aside from tougher market conditions, analysts believe BP’s Gulf of Mexico oil spill legal battles will weigh on its results expected on Tuesday. They predict increased US legal provisions will contribute to profits falling 37% to £4.9bn, The Daily Express writes.


Islamic finance and food sector need convergence

The two Sharia-compliant industries could work together for their mutual benefit
Dubai’s recently unveiled strategy to be the capital of the Islamic Economy brings with it a range of exciting opportunities as well as some interesting challenges.

Islamic finance and food sector need convergence

Islamic finance and food sector need convergence

Food and finance are the two most emergent opportunities. Islamic finance has excess liquidity and limited Sharia-compliant investment opportunities; the expanding Halal food sector is under-supplied and in need of capital. So what is stopping these two from working together for their mutual benefit?
Over the past decades, the Islamic finance and Halal food industries have developed in separate, isolated silos. Despite having common roots in the Quran, (and specifically even in the same chapter, Surat al Baqarah) there has been very little interaction between these two Sharia-compliant industries.
On the one hand, there are continued reports of excess liquidity in the Islamic finance sector, albeit mostly related to institutional funds that are looking for fixed-income investments opportunities. According to data from Thomson Reuters, Islamic finance assets reached $1.32 trillion (Dh4. 8 trillion) at the end of 2012; average growth over the past four years has been at 19 per cent and sukuk market is growing at 10 per cent.
Overall, growth is 50 per cent faster than conventional banking in many of the core markets and, yet, somehow there is the feeling that something is missing; engagement with the real economy has not been achieved.

Islamic finance and food sector need convergence

Islamic finance and food sector need convergence

The food sector, on the other hand, struggles to keep up with demand from increasingly aware Muslim consumers who are becoming more vocal in terms of what products they want, as well as what they do or don’t consider to be Halal.
Level of traction
One glaring difference between the two is in terms of engagement. Over 70 per cent of the Muslim world is still “un-banked” in any shape or form, let alone with an Islamic bank. Islamic finance does not have much traction with the average man in the street, and most would not be that familiar with the technical terms.
In the food sector, it is a totally different story. Not only is the average Muslim fully engaged with the Halal food market, they also have strong opinions about what constitutes Halal compliance. Indeed, the expansion of the food sector is driven from both the consumer and producer ends, as consumers become more aware and vocal, and producers look for new opportunities in increasing saturated markets.
Another point of divergence is that in the Islamic finance industry, Sharia scholars tolerate minor amounts of interest or impermissible income, and the investment can still be considered compliant. In the food sector, any minor trace of haram ingredient would be rejected out of hand by the overwhelming majority of Muslim consumers. While there is zero tolerance among informed consumers, there is, paradoxically, a considerable degree of tolerance of the prohibited among educated Islamic finance scholars.
The Islamic Finance industry is largely controlled by Muslims, by scholars and senior executives. Yet, the common complaint within the industry is that a high percentage (one bank CEO stated as much as 85 per cent) of Sharia-compliant funds get re-invested in the mainstream interest-based markets to earn the profit that is later returned to the investor as being “Sharia-compliant”.
In direct contrast, the Halal food industry is largely in the hands of non-Muslim controlled companies, and yet the majority of them are very aware and respectful of the need to be compliant, and will convert their production lines to being 100 per cent Halal in order to secure the trust of the consumers.
As these two sectors expand, we can expect to see more avenues of convergence over the course of time. Following the example of Saudi dairy giant Almarai, major corporations in the food, personal care and pharmaceutical sectors could issue sukuk for expansion, and at the same time increase their credibility in the Halal marketplace.

Job creation
Given the real employment shortage within the Arab world — it is estimated that 60 million jobs will be needed by 2020 — one would hope the increasing focus on the Islamic Economy will be a catalyst to create more overlap between the twin pillars of food and finance. However, until there is greater awareness by governments, more transparent regulatory frameworks in the food sector, and more adventurous capital in the finance sector, one suspects that the silos may remain in place for some time yet.
From the perspective of the Islamic economy, these two sectors clearly belong together, but it will take time and some imaginative, bold moves to bring them closer together.
One gets the feeling that when and where that happens, there will be a real engine of growth kicking into gear.
CREDIT: The writer is an advisor to Thomson Reuters on matters relating to the Islamic economy.

The ICD-Thomson Reuters Islamic Finance Development Indicator announces initial findings

Thomson Reuters announced today (27 October) the initial findings from its collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB).

Earlier this year, Thomson Reuters and ICD announced the creation of the ICD-Thomson Reuters Islamic Finance Development Indicator (IFDI), a numerical measure representing the overall health and growth of the Islamic finance industry worldwide.

The ICD-Thomson Reuters Islamic Finance Development Indicator announces initial findings

The ICD-Thomson Reuters Islamic Finance Development Indicator announces initial findings

The IFDI, which will be officially launched at the Global Islamic Economy Summit, aims to expand the scope of Thomson Reuters’ universe of Islamic finance content, research and news analysis and to develop an unbiased multi-dimensional barometer for the development of the Islamic finance industry. The indicator measures five key components – quantitative development, governance, social responsibility, knowledge and awareness.

Russell Haworth, Managing Director, Middle East & North Africa, Thomson Reuters, said,  “This indicator, the first of its kind for the Islamic Economy, will provide companies with much needed unbiased and reliable multi-dimensional analysis regarding the development of the Islamic finance industry.  The development of Islamic finance educational infrastructure will be a key driver for the establishment of the Islamic finance industry, which is why we chose the topic for our first IFDI analysis.”

Based on its analysis, the IFDI has found that the UK is the global leader in Islamic finance education with over 60 institutions offering Islamic finance courses and 22 universities offering degree programs specializing in Islamic finance.

Malaysia and the UAE, both established global Islamic finance hubs, followed the UK in terms of a comprehensive Islamic finance education infrastructure. Malaysia has 50 course providers and 18 universities offering degree programs, whilst the UAE has 31 course providers and 9 universities offering degree programs. Pakistan was placed fourth, with 22 course providers and 9 universities offering degree programs. The IFDI recorded 420 institutions offering courses in Islamic finance and over 113 universities offering Islamic finance degrees.

Malaysia also led in terms of research published on Islamic finance in the last three years, with 169 research papers, of which 101 were peer reviewed. The UK and USA followed with 111 research papers (56 peer reviewed) and 73 research papers (39 peer reviewed) respectively. A total of 655 research papers were issued globally on Islamic finance in the last three years, of which 354 were peer reviewed.

Khaled Al-Aboodi, Chief Executive Officer, Islamic Corporation for the Development of the Private Sector, said, “Today’s findings are a perfect example as to how and why the IFDI can identify the critical growth components of the Islamic Finance industry.  Our research shows that countries that build their educational infrastructure can benefit most from the growth of their Islamic finance industries.  Through their research and thought leadership countries, like the UK, Malaysia and the UAE have the potential to significantly influence the direction of the regional Islamic finance sector.”

Dr Sayd Farook, Global Head of Islamic Capital Markets for Thomson Reuters, said, “Research is an important metric used by the IFDI to assess the depth of knowledge dimension within the Islamic finance industry.   Our initial research indicates that the industry lacks the availability of in-depth research which, in turn, limits innovation and development.  Thomson Reuters is committed to leading the charge in information and analysis to support the global Islamic finance industry.”

The Global Islamic Economy Summit, organised by Thomson Reuters and the Dubai Chamber of Commerce & Industry, will take place on 25th & 26th November 2013 in Dubai, United Arab Emirates.

Cagayan de Oro hosts international conference on Islamic finance

CAGAYAN DE ORO CITY, Oct. 25 (PIA) — The City of Golden Friendship hosted the first international conference on Islamic Finance, Muamalat and Financial Criminology (IFMFC) last October 23-24, 2013.

The two-day conference, held in Grand Caprice Restaurant, was participated by Islamic bankers, government officials and employees, financial and academic regulators, government auditors, accounting practitioners, financial and academic consultants from Malaysia, Indonesia, Myanmar, Nigeria, India and the Philippines.

Cagayan de Oro hosts international conference on Islamic finance

Cagayan de Oro hosts international conference on Islamic finance

It was organized by the Accounting Research Institute (ARI), Universiti Teknologi MARA Malaysia, Philippine Association of Islamic Accountants (PAIA), Philippine Institute of Certified Public Accountants (PICPA) Cagayan de Oro-Misamis Oriental chapter, National Commission on Muslim Filipinos (NCMF), and Mindanao State University (MSU) Marawi campus.

The IFMFC was aimed at discussing the issues and presenting peer reviewed researches related to Islamic financial products and services development, Islamic accounting and auditing, as well as the challenges and opportunities in achieving a steadfast Islamic industry.

PAIA President Amanoding Esmail said the conference with the theme “Rediscovering innovations in pole vaulting Economy Addressing Challenges (REACH)” was very appropriate and timely.

He said an understanding of Islamic finance is necessary to help sustain economic growth, high investment profitability and make Philippines an extremely attractive site for foreign investment.

Topics discussed by international speakers during the conference included Islamic financial products and services development, management and implementation; role of Islamic finance in industrialization; Islamic accounting and its impact on accountability and good governance; Islamic ethics and governance; Shariah auditing; and financial criminology.

Meanwhile, Dr. Rashidah Abdul Rahman, convention co-chair and deputy director of ARI, was optimistic that the conference has provided a platform for the participants to learn from the experts on Islamic Finance.

She also hopes to see Islamic finance developing in the country as this will contribute towards elevating the Philippines as a business destination in the region.

UAE’s First Gulf Bank Acquires 100% Stake In Islamic Finance Firm

First Gulf Bank, the second-largest lender by market value in the United Arab Emirates, said on Saturday it had acquired full ownership of an Islamic finance company as it expands its sharia-complaint operations globally.

FGB raised its ownership from 40 per cent to 100 per cent in Aseel Islamic Finance through a purchase agreement, it said in a statement without providing the acquisition cost.

Stakes of 20 per cent each had been held by Aldar Properties, Sorouh Real Estate and Reem Investments.

“This agreement is part of the bank’s larger dual expansion strategy which is focused on enhancing its global presence,” the statement said.

Aseel plans to diversify its offering from mainly mortgage products and home financing to a broader mix including small and medium enterprises, the statement added.

Set up in 2006, Aseel is capitalised at Dhs 800 million ($218 million). It has total assets of Dhs 1.5 billion.

World Islamic Economic Forum in London shows Islamic finance is a global force

As the first World Islamic Economic Forum outside Asia starts in London on Tuesday, Islamic finance is now a major force in global economics.

World Islamic Economic Forum in London shows Islamic finance is a global force

World Islamic Economic Forum in London shows Islamic finance is a global force

Standard & Poor’s forecasts the industry will double to US$2 trillion from 2011 to 2015, aided in part, by more sukuk issuances by GCC players and the faster growth of Islamic banks.

Once considered an obscure corner of global banking, Islamic finance is now gaining traction. Here, Stuart Anderson, the managing director and regional head of Standard & Poor’s Middle East, and Timucin Engin, an associate director at S&P, talk about the challenges for the industry.



Islamic finance grows more than 40 per cent a year, Bank Indonesia seminar told

Deputy Governor of Bank Indonesia, the country’s central bank, Halim Alamsyah, officially opened the second international seminar on Islamic finance, 7-8 May 2012, in Bandung.

The seminar was themed ‘Can Islamic Finance Focus on Productive Economic Activities to Promote Growth & Financial Stability’. President of the Islamic Development Bank (IDB) Group, HE Dr Ahmed Mohammed Ali was the keynote speaker.

The Deputy Governor forecast that Sharia-compliant banking could account for 15-20 per cent of Indonesia’s banking industry within 10 years, from just over four per cent currently. “We are confident Syariah (Sharia) finance will stimulate economic growth to a higher level and enhance the stability of the financial system,” he said at the opening of the Seminar in Bandung.

Indonesia’s Islamic finance assets were worth IDR 214 trillion ($23.2 billion), of which around 69.5 per cent are banking assets. Indonesia has 11 Sharia-compliant commercial banks, 24 Sharia bank business units and 155 Sharia-compliant rural banks (Bank Perkreditan Rakyat) with total assets of IDR 152.3 trillion (about US$16.5 billion).

Halim said Bank Indonesia is ‘very serious’ in its efforts to expand Islamic finance, especially banking, is confident that it could contribute greatly to economic growth, financial system stability and social well-being.

Islamic finance grows more than 40 per cent a year, Bank Indonesia seminar told


Issues discussed at the Seminar in Bandung included:

• enhancing the role of authorities in realizing the virtue of Islamic finance towards sustainable

economic development;

• revisiting current banking businesses and designing an enhanced banking model with optimal

support for the real sector;

• extending financial services to larger parts of society for more balanced and sustainable

economic growth;

• improving business values through Islamic finance (the preferred values and opportunities);

and challenges and opportunities in developing Sharia-compliant products to promote productive economic activity. Speakers and participants came from more than 11 countries including Turkey, UAE, Saudi Arabia, Bangladesh, Hong Kong, Bahrain, Thailand, Japan, Iran, Brunei, Malaysia, Singapore and Indonesia. The attendees include Board Member of the Central Bank of Turkey, Dr Lokman Gunduz; Head of BIS Asia Pacific, Dr Eli Remolona; Head of OREI, Asian Development Bank, Prof Dr. Iwan Jaya Aziz; the Governor of West Java, Dr (HC) Ahmad Heryawan; the Director General of the Indonesian Debt Management Office, Mr Rahmat Waluyanto; CEO of the
Mr Ijlal Alvi; Dr Milani Zivadjil from the International Monetary Fund; as well as Prof Dr Iraj Toutounchian from Iran, an expert on Islamic Economics and Finance.

URL: http://iina.me/wp_en/?p=1008227