The Speech by Tan Sri Rais Yatim at ICIFE 2nd AGM was inspiring for IBF ( Islamic Banking and Finance) World.
The Islamic World especially OIC Countries and lead by Malaysia , must forge a new IBF Identity Framework in promoting Syariah Disruptive Innovation for IBF (s-IBF) as a viable alternative to the current global financial chaos brought about ( not just by oil market crush ) but by total reliance on RIBA centric Theory of Economic Progress since War World 1 , and of course tgat Great Depression.
INTEREST-based economic activities have been proven by Nobel Prize Winners , etc to have created a vacum of economic Black Holes within both developed and developing regions including 57 OIC Countries. OECD leaders are now still struggling to find that Financial Holy Grail to lift EU out of the RIBA darkening mess.
Under Syariah law, all RIBA driven IBF endeavours are prohibited because it is deemed to be a great barrier to true Open Economies.
Western World led by Yale, Oxford and Cambridge etc have acknowledged in secret the pioneering works by Ibn Taimiyyah, Ibn Khaldun, Al Shatibinomics and the whole Ahli Sunnah wa Jamaat who are of the view that the current World’s Economic and Financial Chaos ( not forgeting that 1998 crush) must be free from RIBA in order to develope a transparent and dynamic Economic Ummah for all
As a good working example, the Dinar based concept is a good solution to the destructive “printing money problem” within western IBF realm (where paper monies are printed with no real assest back up).
It is hope that ICIFE will pioneer a great frontier in pushing for a Syariah Disruptive Innovation in IBF Education as a new Green Strategic solution to present RIBA Theorem of Destructive Economic and Financial Progress.
JEONG CHUN PHUOC
Adj Prof MSU Malaysia
Pioneer advocate in Big Compliance for a Better Business World