Datuk Seri Anwar Ibrahim, the former Deputy Prime Minister and Minister of Finance of Malaysia, will deliver the keynote address at the International Islamic Finance Forum (IIFF) in Dubai, which takes place at the Jumeirah Beach Hotel, on 2-5 April 2007. Under the title, ‘Forging A New Synthesis in Islamic Markets’, Anwar Ibrahim will stress that for actual Shari’ah compliance, Islamic finance should embrace economic growth, capital access and investments, equally with the principles of equity and distributive justice or Maqasid.
Maqasid is the Arabic word for goals or purposes and in terms of Shari’ah, there are five foundational goals; religion, life, intellect, honour and property, which in an Islamic context can refer to issues such as Zakat (charity tax). The all-encompassing vision of the Shari’ah mandates that Islamic finance should be a platform to uphold these principles.
Anwar Ibrahim commented, “The evolution of the Islamic financial sector in the last three decades has been phenomenal. We have seen impressive progress in the development of a variety of products from consumer finance to project funding and derivatives. Capital markets are emerging and financial institutions are embracing issues of corporate governance and standards for accountability.”
However within the broader framework of the Shari’ah, Islamic finance should be a vehicle not only for economic growth, capital access and investment, but should also adhere to the principles of equity and distributive justice.
“Simply stated – the fundamental objectives of the Shari’ah, the Maqasid, should figure as prominently in the application of the law in general as it does to the development of Islamic finance in particular,” added Anwar Ibrahim.
In all, IIFF Dubai has an unrivalled line-up of over 50 regional and international expert speakers, renowned Shair’ah scholars and following Anwar Ibrahim, during a special address, Essa Abdulfattah Kazim, Chairman of Dubai Financial Market (DFM), will deliver a presentation on ‘DFM As The World's First Islamic Stock Exchange And The Role Of Capital Markets In The Growth And Development Of Islamic Finance’.
Other key speakers include amongst others, Michael Ainley, Head of Wholesale Banks and Investment Firms Department, Financial Services Authority, UK; K. Salman Younis, Managing Director, Kuwait Finance House (Malaysia) Berhad; Hussein A. Hassan, Vice President – Global Market, Deutsche Bank, UAE, Dr. Hussain Hamid Hassan, Chairman – Fatwa and Shari’ah Supervisory Board, Dubai Islamic Bank, UAE and Sheikh Nizam Yaquby, Bahrain.
IIFF Dubai will also continue with its prestigious IIFF awards, which aim to promote excellence in Islamic finance and recognise the significant contribution made to the most important developments in the Islamic financial sector. The three main categories this year are Lifetime And Continuing Achievements In The Development Of Islamic Finance, Continuing Contributions In Promoting Islamic Finance and Global Recognition In Islamic Finance. Hosted by Nur Advisors, the winners will be announced during a gala dinner on 2nd April.
The forum has also attracted solid industry backing. Apart from strategic partner, Tejoori, Dubai Bank is the diamond sponsor, with Nur Advisors and DIFX taking platinum status. Other sponsors include, Path Solutions, EIIB, Oracle, CSM – HS, Solidarity and ITS.
About Anwar Ibrahim
Datuk Seri Anwar Ibrahim was Deputy Prime Minister of Malaysia from 1993-1998. He also served as Minister of Finance for Malaysia from 1991-1998. Highly respected for his principled stance against corruption and his skillful management of the Malaysian economy during the turbulent period of its financial crisis, Anwar is also viewed as one of the forefathers of the Asian Renaissance and a leading proponent of greater cooperation among civilisations. He is ardent supporter of democracy and is an authoritative voice bridging the gap between East and West.
Anwar was invited to join the United Malays National Organisation (UMNO), the ruling political party in Malaysia, and the government in 1982, by then Prime Minister Mahathir Mohamad. His rise in the party and in the government was meteoric. He was elected in 1984, as Leader of UMNO Youth and in 1986, became a Vice-President of UMNO. He served as Minister of Culture, Youthand Sports in 1983; Minister of Agriculture in 1984; and Minister of Education in 1986, prior to his tenure as Finance Minister and Deputy Prime Minister in the 90s.
Active on the national front, Anwar has also been highly engaged in the international arena. He has been a strong advocate for civilizational dialogue and has worked tirelessly towards the ideals of Convivencia, the mutual coexistence of civilizations and the interplay of different social, cultural, and spiritual ideas. Anwar also was Chairman of the Development Committee of World Bank and International Monetary Fund in 1998. During his tenure he strongly endorsed the initiatives of debt cancellation and reprieve for poor countries, particularly those in Africa.
Throughout his career in public service, Anwar was unrelenting in his campaign against corruption and has been committed to the ideals of empowerment, justice, and equity. He has stressed the need for internal reforms in order to reinforce civil and democratic institutions and to expand the democratic space. As acting Prime Minister in 1997 he introduced the controversial but effective Anti-Corruption Legislation. His emphasis on social justice, poverty eradication, education and civil society has guided his government involvement to the end.
During his tenure as Finance Minister, Malaysia enjoyed unprecedented prosperity and economic growth and joined the ranks of other Asian countries as an Asian Tiger, Anwar’s impact on the economy was immediate. Shortly after becoming Finance Minister, Euromoney named him as one of the top four finance ministers and in 1996, Asiamoney named him Finance Minister of the Year.
In the midst of Asian Financial Crises of 1997, Anwar was hailed for guiding Malaysia through this period of instability. He backed free market principles and called for .creative destruction, highlighting the need to reconsider the proximity of business and politics in Malaysia. He advocated for greater accountability and refused to offer government bail-outs to companies facing bankruptcy. He also instituted widespread spending cuts and gut government expenditure on mega projects. These prescriptions saved the Malaysian economy and earned Anwar many accolades, including the title .Asian of the Year. by Newsweek International in 1998.
As Anwar amplified his calls for reform in 1998, fearing that he was losing his grip over the country, then Prime Minister Mahathir dismissed Anwar from the government and had him tried on trumped up charges. Anwar.s trial and subsequent conviction were widely discredited in the international community. Amnesty International stated that the entire trial proceedings exposed a pattern of political manipulation of key state institutions including the police, public prosecutor’s office and the judiciary. Many world leaders and humanitarian organizations called for his release from prison. His conviction was overturned by the Malaysian Supreme Court and Anwar was finally released from solitary confinement on September 2, 2004.
Since 2004 Anwar has held lecturing positions at St. Anthony.s College at Oxford and at the School of Advanced International Studies at Johns Hopkins University. He was also a Distinguished Visiting Professor in the School of Foreign Service at Georgetown University. Anwar is a consultant to the World Bank in the areas of governance and accountability and was appointed as Honorary President of the London based group AccountAbility. He also serves as Chairman of the
Board for the Foundation for the Future. He is an internationally renowned speaker on the subjects of democracy, freedom, governance, Islam and democracy and the need for accountability. He resides in Malaysia with his wife and six children.
