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A/P Dr Abu Umar Faruq Ahmad Associate Professor, UBD School of Business and Economics

About Me Publications

A/P Dr Abu Umar Faruq Ahmad

Associate Professor, UBD School of Business and Economics umar.ahmad@ubd.edu.bn


ABOUT ME

Currently, I am Associate Professor of Islamic Law of Transaction / Jurisdiction at the School of Business and Economics (UBDSBE) in the Universiti Brunei Darussalam, Brunei. Prior to joining UBD, I have concurrently worked with International Sharī‘ah Research Academy for Islamic Finance (ISRA), Malaysia as Senior Researcher; and Associate Professor of Islamic Finance at INCEIF, the Global University of Islamic Finance, Malaysia (2012-2015). Earlier, I taught as Assistant Professor at Hamdan Bin Mohammed Smart University (HBMSU), UAE (2010-2012); and as Senior Lecturer in Sule College, Sydney, Australia (2000-2010). My teaching expertise lies in the areas of Islamic Law of Transaction (Mu`amalat), Islamic Jurisprudence (Fiqh), Principles of Islamic Jurisprudence (Usul al-Fiqh), Laws and Regulations of Islamic Banking and Finance, Islamic Culture, Business and Society, Business Ethics, and Corporate Social Responsibility. Whereas my key research focuses on Sharī‘ah compliance of Islamic finance products and structures, case studies of IBs and IFIs, Islamic insurance (Takaful), Islamic reinsurance (Retakaful), Islamic microfinance, Islamic securities (Sukuk), Zakah, Awqaf, and dispute resolution in Islamic finance. I am the author of two monographs, namely Theory and Practice of Modern Islamic Finance: The Case Analysis From Australia (pp.322; ISBN-10: 1599425173), and Developments in Islamic Banking Practice: The Experience of Bangladesh (pp.226; ISBN-10: 1599428288); and co-author of a book, Principles and Practices of Islamic Microfinance For a Global Economy: The Case of Bangladesh (pp.64; ISBN-10: 3844326200). Besides, my scholarly contributions have appeared in different edited books and research projects, namely published by John Wiley & Sons, Palgrave Macmillan, Springer Publishing, Edward Elgar Publishing, Emerald Group Publishing, Thomson Reuters, World Scientific, Islamic Research and Training Institute of IDB, ISRA, and Bloomsbury Publishing. I have published in a couple of Scopus, ISI, ABS, and ABDC indexed journals such as Arab Law Quarterly, International Journal of Law and Management, Thunderbird International Business Review, Humanomics: The International Journal of Systems and Ethics, International Journal of Islamic and Middle Eastern Finance and Management, Journal of King Abdulaziz University: Islamic Economics, International Journal of Business and Society, Journal of Islamic Economics, Banking and Finance, and Australian Journal of Basic and Applied Sciences. Currently, I lead Islamic Economics, Finance and Business Research Cluster at UBDSBE. In addition, my current editorial roles include serving as founding editor, senior editor, editorial advisory board member of a plethora of internationally reputed refereed journals including some of those published by Emerald Group Publishing, UK. I am the Founding Chairman of the Sharī‘ah Supervisory Board of Islamic Cooperative Finance Australia (ICFA), Sydney, Australia since 1999; and currently, I hold the Honorary Sharī‘ah Audit Executive position at Islamic Bank of Australia project, Sydney, Australia.

EDUCATION

Academic Background

2008: PhD; University of Western Sydney, Australia
2003: LLM (Honours); University of Western Sydney, Australia
1984: BA (Hnours) in Islamic Law; Islamic University of Madinah, Saudi Arabia

Professional Certifications

2011: Certificate in Online Instruction, Dubai
2010: Comprehension and ESL, NSW Institute of Teachers, Sydney
1998: Certificate IV in English for Academic Purposes, Southern Sydney Institute of TAFE, Sydney

RESEARCH INTERESTS

My research interests span multi-disciplinary areas of Islamic banking and finance, which includes, inter alia, the following:

1. Sharī‘ah compliance of Islamic finance products and services

2. Laws and regulations of Islamic banks (IBs) and financial institutions (IFIs)

3. Dispute resolution in Islamic banking and finance

4. Takaful (Islamic insurance) and Retakaful (Islamic reinsurance)

5. Sukuk

6. Corporate social responsibility of IBS and IFIs

7. Islamic microfinance

8. Islamic management

9. Zakah and Awqaf

491

Google Scholar Citations

10

Google Scholar h-index

13

Google Scholar i10-index


FUTURE PROJECTS

Towards Sharing Economy Through Proposed ‘Shared Responsibility’ Model of Takaful: A Sharī‘ah Analysis

Takāful operation is based on shared responsibility, brotherhood, solidarity and cooperation, which provides for mutual financial security and assistance to safeguard participants against a defined risk. The basic notion of Takāful is to bring equity to all parties involved, while the profit earning is not the prime objective, but to help others, who face risks and sharing misfortunes. In today’s social and economic environment Takāful is a necessity since it conforms to the higher objectives of Sharīʿah in the protection of life and wealth. It can be regarded as a risk management technique that is based on the principles of brotherhood, solidarity and compliance with Sharīʿah. It has been observed that almost all Takāful Business Models on the market today provide the use of a Takāful operator (TO) that is led by a Board of Directors nominated by the shareholders. The TO manages the Takāful Fund (TF) on behalf of the participants. Though this operational arrangement has been endorsed by the Sharīʿah scholars, this arrangement is subject to severe criticisms. Given that, the key objective of our proposed ‘Shared Responsibility’ Model is to propose a Takāful business model that matches the expectations of both the shareholders and the participants in line with tenets of Sharīʿah. The model totally disregards the use of a TO, and applies the concept of Mushārakah Taʿāwuniyyah (shared responsibility based on mutual cooperation) at both shareholders and participants’ levels. Thus, it has been termed the 'Mushārakatān' Business Model. To achieve this objective the study explores a) the concepts and foundations involved in the operations of the Takāful system; b) the jurisprudential characterization of cooperative participation and its application in Takāful operations; and c) the potential benefits and issues of proposed model. The study utilizes qualitative methodology, particularly document analysis. The methodology adopted for this study is the collection of data available in published literature consists of relevant academic journal papers, magazine articles, case studies, reports, and other secondary data that are readily available via online. Having accomplished our proposed ‘Shared Responsibility’ Model, it is expected that no Sharīʿah legal problem will remain unresolved, gharar (ambiguity and risk) will not nullify the contracts, and the Takāful participants will hold the ownership of the risk fund. Our attempt also tends to ascertain the following two key points in order for the relevant contracts in ‘Shared Responsibility’ Model to be sound and acceptable: 1) whether ‘shared responsibility’ is analogous to tabarruʿ (donation) to qualify deactivating the causes of gharar on contracts like an ordinary donation carries it out; 2) whether the mutual commitments of Takāful participants to put forward their contributions on the basis of ‘Shared Responsibility’ cause to invalidate the array of a muʿāwadah (commercial) character and as a result the intrinsic gharar.

Application invited for: Masters and PhD by Research

Sharīʿah and Legal Dimensions of Post Default Sukuk Restructuring: A Critical Analysis

One of the features that differentiate Islamic financing documentation from that of conventional financing is the need for a new legal document to capture every variation of terms and conditions since Islamic finance emphasises on the agreement and mutual consent of contracting parties. The requirement for a new legal document becomes more apparent when it involves the restructuring of a financing. The importance of a legal document emphasises the need for restructuring of an Islamic financial instrument to be considered as vehicles that could provide the customers with some relevant financial facilities. One of the key objectives of Sukuk restructuring is to adjust the debtor’s obligations to ensure the creditors are repaid their principal and additional dues in light of the value of their assets and the potential enterprise profitability. Unlike conventional finance, the issue of post default Sukuk restructuring in Sharīʿah-compliant finance is related to the circumstances and conditions under which a facility may be restructured. In the case of a restructured facility, a related Sharīʿah issue that arises is whether a change of contract means a new contract has to be entered. This remains debated among Shariah scholars. The Sharīʿah Advisory Committee of Bank Negara Malaysia has attempted to resolve the issue by stating that based on agreement, the financing period for the customer may be extended without the need for a new contract. Such agreement provided that both parties satisfy all concluded promises and the price imposed on the customer does not exceed the original sale price. This study would examine among other things, the Sharīʿah viewpoint of the restructuring of Sukuk and potential solutions to unresolved Sharīʿah issues in light of the past and recent declaration of some Sukuk defaults as non-Sharīʿah compliant.

Application invited for: Masters and PhD by Research

Transaction Cost: The Economising Role of Islamic Financial Institutions

The primary aim of this exploratory research is to identify the theoretical, and legal grounds of transaction cost from the perspectives of Islamic Economics and mainstream economics. The underlying purpose being a systematic investigation on how property rights and their distribution impacts transaction cost economics under both schools of thought. While most economic institutions are playing their respective critical roles especially in recent years of global economic challenges, property right is beginning to receive due attention with regards to minimizsing transaction cost. Also, the renewed interest in Islamic Economics as an alternative approach to tackling equity and governance issues adds to the relevance and timeliness of the present work. A thorough analysis of Transaction Costs Economics (TCE) in Fiqh al-Mu`amalat and the effective application of property rights to minimise it can offer practical solutions to allocative policies. The economising role of property rights as prescribed by the Sharīʿah is expected to work positively towards transaction cost economics.

Application invited for: Masters and PhD by Research


RECENT PUBLICATIONS

1. Mobin, M., and Ahmad, A. (2017). “Achieving sustainable economic development through Islamic microfinance and potential of proposed two tier mudarabah waqf business model”, in M. K. Hassan (ed.), Handbook of empirical research on Islam and economic life, Edward Elgar Publishing, pp.193–212.

2. Ahmad, A. (2017). “Regulation, performance and future challenges of sukuk: the evidence from Asian markets,” in Mutum, D. et al. (eds.), Advances in Islamic finance, marketing and management: an Asian perspective, Emerald Group Publishing Limited, pp.27-48.

3. Ahmad, A., and Karim, M. (2017). “Issues deter the propelling growth of awqaf in Bangladesh: the way forward to its development and widening the scope of its benefits," in N. Alam et al. (eds.), Islamic Economies: Stability, Markets and Endowments, Palgrave Macmillan, London, United Kingdom, pp.79-98.

4. Habib, F., and Ahmad, A. (2017). “Revisiting the AAOIFI Sharīʿah standards’ stock screening criteria”, International Journal of Business and Society (Scopus), 18(S1), pp.151-166.

5. Ahmad, A., and Hasan, R. (2017). “Remodeling Islamic accountability for awqaf institutions: an integration of stewardship concepts”, Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC), 13(2), pp.179-189.


TOP PUBLICATIONS

1. Ahmad, A., and Oseni, U. (2016). “Towards a global hub: the legal framework for dispute resolution in Malaysia’s Islamic finance industry,” International Journal of Law and Management, (Scopus), 58(1), 2016, pp.48-72.

2. Oseni, U., Ahmad, A., and Hassan, K. (2016). “The legal implications of 'fatwā shopping' in the Islamic finance industry: problems, perceptions and prospects,” Arab Law Quarterly, (Scopus), 30(2), 2016, pp.107-137.

3. Ahmad, A. (2014). "Exploring musharakah ta`awuniyyah model in takaful”, International Sharīʿah Research Academy for Islamic Finance (ISRA) Research Paper No.71, pp.1-25.

4. Ahmad, A. (2010). Theory and Practice of Modern Islamic Finance: The Case Analysis From Australia. Florida: BrownWalker Press, p.322.

5. Ahmad, A., and Ahmad, A. (2009). “Islamic microfinance: the evidence from Australia,” Humanomics: The International Journal of Systems and Ethics, (Scopus), 25(3), pp.217-235.

6. Ahmad, A., and Hassan, K. (2007). “Riba and Islamic banking", Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC), 3(1), pp.9-42.

7. Ahmad, A. and Hassan, K. (2007). “Regulation and performance of Islamic banking in Bangladesh,” Thunderbird International Business Review, (Scopus), 49(2), pp.251-277.


GRANT DETAILS

Honors/Awards

Scholarship:

2006: Postgraduate Research Award Scholarship. Undertake the degree of Doctor of Philosophy at University of Western Sydney

1984: Undergraduate Scholarship Award. Undertake Lissans in Sharī‘ah at the Islamic University of Madinah.


Research Grants/Awards:

2017: Universiti Brunei Darussalam Conference Grant (BND5,000) Istanbul Sabahattin Zaim University, Turkey

2015: Universiti Brunei Darussalam Conference Grant (BND5,000) Sakarya University in Sakarya, Turkey

2014: International Sharīʿah Research Academy for Islamic Finance Conference Grant (RM30,000), Harvard University in Cambridge, USA

2014: International Sharīʿah Research Academy for Islamic Finance Conference Grant (RM10,000) for paper presentation. The 6th IFSB Seminar on Legal Issues in the Islamic Financial Services Industry in Brunei Darussalam

2013: IRTI and IIUM Best Paper Presentation Award (MR2000) in Islamic finance stream at the 2nd International Conference on Islamic Economics & Economies of the OIC Countries in Kuala Lumpur, Malaysia

2011: Hamdan Bin Mohammed Smart University Conference Grant (AED8000) for paper presentation. ICBFP`2011 in Famagusta

2005: University of Western Sydney Conference Scholarship (AUD5000) under Higher Degree Research Support Scheme Global. Finance Conference, Trinity College, Dublin.

2004: University of Western Sydney Postgraduate Research Grant (AUD3000). Harvard University in Cambridge


RESEARCH OUTPUTS (PATENTS, SOFTWARE, PUBLICATIONS, PRODUCTS)

1.1 Publications

Apart from two major dissertations, which I wrote in fulfillment of the requirements for the degrees of his LLM (Hons.) and PhD at Western Sydney University, Australia and have since been published, I have been actively engaged in theoretical and empirical research and publication on the multi-dimensional aspects of Islamic banking and finance. These include the following peer reviewed journal articles, refereed book chapters, books, monographs, refereed conference proceedings and other intellectual contributions (in reverse order).

2017

“Revisiting Sharīʿah standards stock screening criteria”, International Journal of Business and Society (Scopus), 18(S1), pp.151-166.

“Remodeling Islamic accountability for awqaf institutions: an integration of stewardship concepts”, Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC), 13(2), pp.179-189.

“Issues deter the propelling growth of awqaf in Bangladesh and the way forward to its developments and widening the scope of its benefits”, in Alam, N. and Rizvi, S.A.R. (eds.), Islamic Economies: Stability, Markets and Endowments, Palgrave Macmillan, pp.79-98.

“The Nature of Retakaful: Risk sharing or transferring risks?” in M. Nazim Ali et al, eds. Takaful and Islamic cooperative finance, Edward Elgar Publishing Limited, Cheltenham: United Kingdom, pp.171–191.

“Achieving sustainable economic development through Islamic microfinance and potential of proposed two tier mudarabah waqf business model", in M. K. Hassan (ed.), Handbook of empirical research on Islam and economic life, Edward Elgar Publishing, pp.193-212.

“Regulation, performance and future challenges of sukuk: the evidence from Asian markets”, in Mutum, D. et. al (eds.), Advances in Islamic finance, marketing and management: an Asian perspective, Emerald Group Publishing Limited, Bingley, United Kingdom, pp.27- 48.


2016

“The institutional framework for alternative dispute resolution in Islamic finance: evidence from Malaysia", Journal of Islamic Economics, Banking and Finance (Scopus), 12(2), pp.146-184.

“The legal implications of fatwā shopping in the Islamic finance industry: problems, perceptions and prospects,” Arab Law Quarterly (Scopus & ISI), 30(2), pp.107-137.

“Towards a global hub: the legal framework for dispute resolution in Malaysian Islamic finance industry,” International Journal of Law and Management (Scopus), 58 (1), pp.48-72.

“Retakāful: risk sharing vs. risk transfer: an examination from the Sharīʿah perspective”, International Sharīʿah Research Academy for Islamic Finance (ISRA) Research paper No. 85/2015, pp.1-23.

“Zakah – a comprehensive and effective redistribution strategy for an economy ensuring poverty alleviation and distributive justice,” IIUC Business Review, vol.4, December 2015, pp.81-100.

“Islamic insurance: a cooperative model”, in E. A. Alim et al, eds. Islamic Commercial Law Report 2016. Kuala Lumpur, Dubai: International Sharī‘ah Research Academy for Islamic Finance (ISRA), Thomson Reuters, pp.90-92.


2015

“Sharing and transferring risks in retakaful and conventional reinsurance: a critical analysis”, Journal of King Abdulaziz University: Islamic Economics (Scopus), 28(2), pp.117-154.

“Dispute resolution in Islamic finance: a case analysis of Malaysia,” in H.A. El-Karanshawi et al (eds.), Ethics, governance and regulation in Islamic finance. Doha: Bloomsbury Qatar Foundation, pp.125-135.

“The search for an alternative to practice of the concept of tabarru` in takaful business models,” ISRA-Bloomberg Bulletin, February.


2014

“The cross-products analysis of Islamic housing finance market: a case of the UK”, Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC), 10(4), pp. 50-73.

“Perception of bankers and customers towards deposit and investment mechanisms of Islamic and conventional banking: empirical evidence from Bangladesh,” Journal of Islamic Business and Management,” 4(2), pp.91-114.

“Challenges and potentials of Islamic financial products in the Australian financial market regulation,” IIUC Business Review, 3 June, pp.25-55.

“An exploratory analysis of Islamic finance products for housing finance in the UK market”, International Journal of Excellence in Islamic Banking and Finance,” 4(2), pp.1-19.

“Authority of qawl al-sahabi in fiqh and its application in modern Islamic finance”, Journal of Islamic Business and Management,” 4(1), pp.125-142.
“Liquidity management of Islamic banks: the evidence from Malaysian practice”, The Global Journal of Finance and Economics, 11(2), pp.175-186.

“Exploring musharakah ta`awuniyyah model in takaful”, International Sharīʿah Research Academy for Islamic Finance (ISRA) Research paper No. 71, pp.1-25.

“The search for an alternative to tabarru` in takaful models,” Business and Management Engineering, 2(1), p.380.

“Laws and regulations of Islamic finance: the evolution and challenges,” ISRA Islamic Finance Space, December, 02, pp.8-9.

“The legal and structural framework for the issuance of sukuk,” Islamic Finance News, 17 September, 11(37).

“Sukuk: an appraisal of Sharīah related issues and the way forward,” ISRA-Bloomberg Bulletin, August, pp.1-3.


2013

“Regulatory impediments to Islamic finance the UK and Australia compared,” Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC), 9(4), pp.91-114.

"Islamic banking: between myths and reality,” Australian Journal of Basic and Applied Sciences (Scopus), 7(6), pp.323-329.

“Islamic finance in Australia: a critical analysis from taxation and prudential standards perspectives,” Advances in Natural and Applied Sciences (Scopus), 7(2), pp.149-164.

“Corporate social responsibility in Bangladesh – the role of Islami Bank Bangladesh Limited,” International Journal of Excellence in Islamic Banking and Finance, 3(1), pp.66-79.

“How Sharīah compliant is Islamic banking,” in Sharīah Economics Conference 2013, Hannover, Germany 09 February, pp.100-107.

“Are sukuk different from conventional bonds?” Global Islamic Economics Magazine, September (16), pp.58-59.


2012

“Sharīah parameters of murabaha in Islamic finance: the Australian experience,” International Journal of Excellence in Islamic Banking and Finance, 2(1), pp.1-34

“Opportunities of Islamic finance in the Australian market in the aftermath of the global financial crisis,” Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC), 7(4), pp.43-64.

“Corporate social responsibility in Bangladesh: the role of Islami Bank Bangladesh Limited,” in 6th Quality Conference in the Middle East – Innovation Based Competitiveness and Business Excellence, Dubai, UAE 30 January-02 February, pp.103-111.

“Blazing the trail: the institutional framework for dispute resolution in Malaysian Islamic finance industry,” ISRA International Journal of Islamic Finance, 4(2), pp.159-165.


2011

“Sharīah parameters of musharaka mutanaqisa in Islamic finance: the experience of Australian institutions offering Islamic financial service,” ISRA International Journal of Islamic Finance, 3(2), pp.7-40.

“Current regulation and supervision for Islamic financial market: evidence from Australia,” International Journal of Excellence in Islamic Banking and Finance, 1(1), pp.32-46.

Principles and practices of Islamic microfinance for a global economy: the case of Bangladesh, Saarbrucken: LAP LAMBERT Academic Publishing GmbH&Co.

“Developments in Islamic finance practice: the experience of Australia,” in M. K. Hassan, and H.M. Mahlknecht (eds.), Islamic capital markets: products and strategies. London: John Wiley & Sons Ltd, pp.341-356.

“Islamic financial products: salient features,” In, Dubai Exports and Zawya (ed.) The UAE Islamic financial services directory 2011, pp.11-32.

“A critical analysis of musharaka mutanaqisa (MM) practice by the Islamic financial services providers: the case of Australia,” in 1st International Conference on Banking and Finance Perspectives, Famagusta, North Cyprus 13-15 April, pp.1-21.


2010

“Housing finance of Australian Islamic financial services providers (IFSPs): a case analysis from Sharīah perspectives,” IIUM Journal of Economics and Management, 18(1), pp.1-43.

“Sharīah maxims and their implication on modern financial transactions. Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC),” 6(3), pp.75-104.

Theory and practice of modern Islamic finance: the case analysis from Australia. Florida: BrownWalker Press.

Developments in Islamic banking practice: the evidence from Bangladesh. Florida: Universal Publishers.


2009

“Quality perception of the customers towards domestic Islamic banks in Bangladesh,” Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC), 6(1), pp.109-131.

“Islamic microfinance: the evidence from Australia,” Humanomics: The International Journal of Systems and Ethics (Scopus), 25(3), pp.217-235.

“Legal and regulatory issues of Islamic finance in Australia,” International Journal of Islamic and Middle Eastern Finance and Management (Scopus), 2(4), pp.305-322.


2008

“Islamic micro and medium sized enterprises (MMEs) finance: the case study of Australia,” in M. Obaidullah, and H.S. Abdul Latif (eds.), Islamic finance for micro and medium enterprises. Jeddah: IRTI, and Brunei: UBD, pp.240-264.

“A Historical Evolution of Islamic Banking and Capital Market: Where Are We Now?” Global Islamic Economics Magazine, March (22), 2014, pp.75-76.

“Regulation and supervision of Islamic financial services providers: the UK and Australian approaches,” The American Journal of Islamic Finance, August 13, pp.41-57.


2007

“Islamic microfinance: a case study of Australia,” Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC), 4(2), pp.59-80.

“Riba and Islamic banking, Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC),” 3(1), pp.9-42.

“Regulation and performance of Islamic banking in Bangladesh,” Thunderbird International Business Review (Scopus), 49(2), pp.251-277.

“Islamic micro and medium sized enterprises (MMEs) finance: the case study of Australia,” in: IRTI (Islamic Research & Training Institute), and UBD (Universiti Brunei Darussalam), 1st International Conference on Inclusive Islamic Financial Sector Development, Brunei Darussalam 17-19 April, pp.816-844.

“Relevance of the UK approach to the Australian experience in Islamic banking,” Islamic Finance News, 4(47), pp.15-16.

“Development of Islamic banking in Bangladesh,” Islamic Finance News, 4(23), pp.13-14.

“The legal and regulatory framework of Islamic banking in Bangladesh,” Islamic Finance News, 4(23), pp.15-17.

“Financial transactions in Islam: historical evolution,” Global Islamic Finance Magazine, 1(1).


2006

“Zakah and re-distributive justice in Islam,” Journal of Muamalat and Islamic Finance Research, 3(1), pp.1-21.

“The adoption of the UK finance bill proposals on Islamic finance into Islamic banking in Australia,” Review of Islamic Economics, 10(1), pp.41-57.

“The time value of money concept in Islamic finance,” American Journal of Islamic Social Sciences, 23(1), pp.66-89.

“Legislation and issues on Islamic banking in Bangladesh,” in: Islamic Research & Training Institute, and Universiti Teknologi Mara, 1st International Forum on Islamic Economics, Finance and Business for Young Scholars, Langkawi, Malaysia 18-20 April, pp.261-279.


Manuscripts “accepted for publication/in press” and/or “submitted”

“Sukuk risks: a structured review of theoretical research”, submitted to Journal of Islamic Accounting and Business Research (Scopus).

"Takaful as a retirement plan preference in Malaysia: a qualitative approach". Accepted for publication in Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC).

Fundamentals of Islamic banking and finance. Accepted for publication by John Wiley & Sons, Singapore.

“Corporate social responsibility in Islamic banks’ practices: evidence from Bangladesh. Accepted for publication in Toseef Azid, et al, (eds.), Research in Corporate and Shari`ah Governance in the Muslim World: Theory and Practice, Emerald Group Publishing Limited, Bingley, United Kingdom.

“Takaful as a means for social welfare: transforming it to Musharakah Ta`awuniyyah model”. Accepted for publication in M. N. Ali (ed.), Islamic Finance and Social Welfare, Qatar Faculty of Islamic Studies, Hamad Bin Khalifa University, and Islamic Research and Training Institute.

“Women empowerment in Islam: between myth and reality”. Accepted for publication in Toseef Azid, et al. (eds.). Research in Economic Empowerment of Women in the Islamic World: Theory and Practice, World Scientific Publishing Company Pte Ltd., Singapore.

“Islamic commercial jurisprudence”. Accepted for publication in M. Shammari et al. (eds.). Islamic business administration, Palgrave Macmillan.


1.2 Oral Presentations at International Conferences/Forums

2017

“Socially responsible Islamic investment: a review of related literature”. International Conference on Business, Economics and Finance. 23-24 August. Universiti Brunei Darussalam. Brunei, Brunei.

“An analysis on the role of Islamic microfinance as a strategy in meeting the challenges of poverty in the ASEAN region”. International Conference on Business, Economics and Finance. 23-24 August. Universiti Brunei Darussalam. Brunei.

“The issue of post default sukuk restructuring: a Sharī‘ah analysis”. 4th International Islamic Economics and Finance Congress. 15-16 July. Istanbul Sabahattin Zaim University. Istanbul, Turkey.


2016

“Potentials of using awqaf funds in Muslim societies in stimulating economic growth: an analysis in the context of Bangladesh”. 11th International Conference on Islamic Economics and Finance. 11-13 October. Kuala Lumpur, Malaysia.

“Legal, regulatory and other key issues pertaining to sukuk. UBDSBE Seminar Presentation. 27 April. Universiti Brunei Darussalam, Bandar Seri Begawan, Brunei.

“Al-mudarabah business model on cash waqf: an alternative paradigm to Islamic microfinance. The 2nd Islamic Finance Conference Islamic Microfinance and Social Responsibility. 20-21 April. Jeddah, Saudi Arabia.

“Corporate social responsibility practices of Islamic banks: evidence from Bangladesh”. UQU First International Conference on Islamic Banking and Finance. 06-08 March. Makkah, Saudi Arabia.

“The role of alternative dispute resolution towards enhancing the effective regulatory framework for Islamic financial market: evidence from Malaysia”. UQU First International Conference on Islamic Banking and Finance. 06-08 March. Makkah, Saudi Arabia.


2015

“Legal, regulatory and other key issues pertaining to Sukuk”. International Congress on Islamic Economics and Finance. 21-23 October 2015, Sakarya, Turkey.

“Promoting maqāṣid al- Sharī‘ah and achieving sustainable economic development: the potential of proposed two tier mudārabah business model on cash waqf”. The 1st International Conference on Shari`ah Oriented Public Policy in Islamic Economic System. 30-31 March. Aceh, Indonesia.

“A case for transforming takāful from corporation to mushārakah ta`āwuniyyah model”. 9th International Conference on Islamic Economics and Finance. 23-25 April. Doha, Qatar.

“Sharī‘ah issues in retakāful. 9th International Conference on Islamic Economics and Finance. 23-25 April. Doha, Qatar.

“Can alternative dispute resolution mechanisms resolve Islamic finance disputes in Malaysia?” International Conference on Management, Education and Social Sciences Research. 04-05 April. Karachi, Pakistan.

“Liquidity management of Islamic banks: the evidence from Malaysian practice”. Sydney International Business Research Conference. 17-19 April. Sydney, Australia.

“Diminishing partnership practice of Islamic financial services providers: the case of Australia”. UBDSBE Seminar Presentation. 13 January. Universiti Brunei Darussalam, Bandar Seri Begawan, Brunei.

“The potential of zakah in redistributing economic justice and poverty alleviation: a case study of Bangladesh”. International Conference on Development of Social Enterprise and Social Business for Eradication of Extreme Poverty and Street Begging. 19-20 December. Chittagong, Bangladesh.


2014

“Corporate social responsibility (CSR) initiatives of Islamic banks: empirical evidence from Bangladesh”. 1st Sharjah International Conference on Islamic Finance. 5-6 November. Sharjah, UAE.

“Musharakah ta‘awuniyyah: exploring an alternative to the application of the doctrine of tabarru‘ in takaful”. 2nd ASEAN International Conference on Islamic Finance. 12-14 November. Yogyakarta, Indonesia.

“The nature of retakaful: risk sharing or transferring risks?” 11th Harvard University Forum on Islamic Finance -Takaful and Alternative Cooperative Finance: Challenges and Opportunities. 25-27April. Massachusetts: USA.

“Developments and challenges in legal infrastructure of sukuk: a cross country analysis”. 6th IFSB Legal Seminar on Innovation in Sukūk Securitisation and Islamic Hedging Instruments: Developments and Challenges. 25 March. Bandar Seri Begawan, Brunei.


2013

“Sharī‘ah scholars, ijtihad and decision making in Islamic finance”. International Seminar on Usul Fiqh 2013, 23-24 October. Kuala Lumpur, Malaysia.

“Status of qawl al-sahabi, vis-a-vis its importance and application in modern Islamic finance”. International Seminar on Usul Fiqh 2013. 23-24 October. Kuala Lumpur, Malaysia.

“Role of zakah in poverty alleviation through re-distributive justice”. World Universities Islamic Philanthropy Conference 2013. 04-05 December. Kuala Lumpur, Malaysia.

“Regulatory impediments to Islamic finance: the UK and Australia compared”. 2nd International Conference on Islamic Economics & Economies of the OIC Countries. 29-30 January. Kuala Lumpur, Malaysia.

“An exploratory study of Islamic housing finance market: a case of the UK”. 2nd International Conference on Islamic Economics & Economies of the OIC Countries. 29- 30 January. Kuala Lumpur, Malaysia.

“The legal implications of ‘fatwa shopping’ in the Islamic finance industry: problems, perceptions and prospects”. 2nd International Conference on Islamic Economics & Economies of the OIC Countries. 29-30 January. Kuala Lumpur, Malaysia.

“How ‘Sharī‘ah compliant’ is Islamic banking”. Sharī`ah Economics Conference 2013. 09 February. Hannover, Germany.


2011

“Corporate social responsibility in Bangladesh: the role of Islami Bank Bangladesh Limited”. 6th Quality Conference in the Middle East – Innovation based Competitiveness and Business Excellence. 30 January - 02 February. Dubai, UAE.

“Dispute resolution in Islamic finance: a case analysis of Malaysia”. 8th International Conference on Islamic Economics and Finance. 19-21 December. Doha: Qatar.

“A critical analysis of musharakah mutanaqisah (MM) practice by the Islamic financial services providers: the case of Australia”. 1st International Conference on Banking and Finance Perspectives. 13-15 April. Famagusta, North Cyprus.

“The case of Australia: assessing the practice of diminishing partnership (DP) by the Islamic financial services providers”. 2nd Annual Middle East Public Private Partnership. 06-07 February. Abu Dhabi, UAE.


2010

“The impact of global financial crisis on Islamic financial sectors: opportunities of Islamic finance to tap into the Australian market”. International Research Conference on Global Financial Crisis and the Resilience of Islamic Financial Services. 13 December. Kuala Lumpur, Malaysia.

“Regulation and supervision of Islamic financial services providers (IFSPs): a case study of Australia”. 4th International Conference on Islamic Banking and Finance: Risk Management, Regulation and Supervision. 4-6 April. Khartoum, Sudan.

“Islamic finance in Australia: the potential problems and prospects”. 7th International Conference. The Tawhidi Epistemology: Zakat and Waqf Economy. 06-07 January. Selangor, Malaysia.


2009

“Housing finance of Australian Islamic financial services providers (IFSPs): an empirical analysis from Sharī‘ah perspectives”. 1st International Conference on Islamic Economics and Economies of the OIC Countries. 28-29 April. Kuala Lumpur, Malaysia.


2008

“Regulation of Islamic finance in Australia: challenges and opportunities, MCFS Symposium - Islamic Financial Services: What Role for Australia?” 21 November. Melbourne, Australia.

“Regulatory challenges and opportunities: a case of Australia”. Islamic Banking and Finance Symposium: Ethics and Financial Practice in Global Perspective. 20 November. Melbourne, Australia.

“Islamic banking: a case analysis from Bangladesh”. Islamic Banking and Finance Symposium: Ethics and Financial Practice in Global Perspective. 20 November. Melbourne, Australia.

“Legal and regulatory issues of Islamic finance industry: the evidence from the UK and Australia”. 6th International Islamic Finance Conference. 13-14 October. Kuala Lumpur, Malaysia.

“Islamic microfinance: evidence from Australia”. 6th International Conference on Islam and the World System, Unity of the Sciences. 14-15 January. Chittagong, Bangladesh.


2007

“Sharī‘ah-based banking: evidence from Bangladesh”. 2nd Islamic Economics Conference: Comprehensive and Balanced Development among Islamic Countries: Cooperation, Opportunities & Challenges. 17-19 July. Kuala Lumpur, Malaysia.

“Islamic micro and medium sized enterprises (MMEs) finance: the case study of Australia”. 1st International Conference on Inclusive Islamic Financial Sector Development. 17-19 April. Brunei.


2006

“Legislations and issues on Islamic banking in Bangladesh”. 1st International Forum on Islamic Economics, Finance and Business for Young Scholars. 18-20 April. Langkawi, Malaysia.

“Legal and regulatory issues of Islamic finance in Australia”. INCEIF Islamic Banking and Finance Educational Colloquium 2006. 03-05 April. Kuala Lumpu,: Malaysia.


2005

“The adoption of the UK finance bill proposals on Islamic finance into Islamic banking in Australia”. 12th Global Finance Conference. 27-29 June. Dublin, Ireland.

“The monetary valuation of time in Islamic finance”. 12th Global Finance Conference. 27-29 June. Dublin, Ireland.


2004

“Time value of money: Islamic perspectives”. International Seminar on Financial Management from an Islamic Perspective. 21-23 December. Dhaka, Bangladesh.

“Islamic banking in Bangladesh: legal and regulatory issues”. 6th Harvard University Forum on Islamic Finance. 08-09 May. Massachusetts, USA.


Manuscripts Submitted/Accepted for Oral Presentations

“Evaluation of takāful operators’ efforts in realising maqasid al-Sharīʿah: evidence from Malaysia”. 3rd International Islamic Monetary Economics and Finance Conference. 8-9 November, 2017. Surabaya, Indonesia.

“A critical appraisal to key money in Islamic finance”. Islamic Monetary Economics and Institutions: Theory and Practice 2017. 1-2 November, 2017. Male, Maldives.

“Liquidity management and financial performance: the case of Malaysian Islamic banks”. Islamic Monetary Economics and Institutions: Theory and Practice 2017. 1-2 November, 2017. Male, Maldives.

“Can gross domestic products growth link instrument be used as a benchmark for Islamic monetary policy”? Islamic Monetary Economics and Institutions: Theory and Practice 2017. 1-2 November, 2017. Male, Maldives.

“Opportunities and challenges of waqf in Bangladesh: the way forward for socio-economic development”. Research Workshop on Revival of Waqf for Socio-Economic Development. 4-5 November, 2017. Dhaka, Bangladesh.

“Accountability of awqaf management: an analysis from Islamic legal perspectives”. Research Workshop on Revival of Waqf for Socio Economic Development. 4-5 November, 2018. Dhaka, Bangladesh.

“Search for real economy foundations of Islamic economy: can GDP growth link instrument be used for Islamic monetary policy? Accepted for presentation at the 12th ICIEF: The 12th International Conference for Islamic Economics and Finance. 25-28 March, 2018. Makkah, Saudi Arabia.

“Transaction cost: the economising role of Islamic institutions”. Accepted for presentation at the 12th ICIEF: The 12th International Conference for Islamic Economics and Finance. 25-28 March, 2018. Makkah, Saudi Arabia.


2. RESEARCH CONTRIBUTIONS

2.1 Research Grant/Funding

2017: Universiti Brunei Darussalam Conference Grant (BND 5,000) Istanbul Sabahattin Zaim University, Turkey.

2015: Universiti Brunei Darussalam Conference Grant (BND 5,000) Sakarya University in Sakarya, Turkey.

2014: International Sharīʿah Research Academy for Islamic Finance Conference Grant (RM30,000), Harvard University in Cambridge, USA.

2014: International Sharīʿah Research Academy for Islamic Finance Conference Grant (MYR 10,000) for paper presentation. The 6th IFSB Seminar on Legal Issues in the Islamic Financial Services Industry in Brunei Darussalam.

2013: IRTI and IIUM Best Paper Presentation Award (MYR 2,000) in Islamic finance stream at the 2nd International Conference on Islamic Economics & Economies of the OIC Countries in Kuala Lumpur, Malaysia.

2011: Hamdan Bin Mohammed Smart University Conference Grant (AED 8,000) for paper presentation. ICBFP`2011 in Famagusta.

2005: University of Western Sydney Conference Scholarship (AUD 5,000) under Higher Degree Research Support Scheme Global. Finance Conference, Trinity College, Dublin.

2004: University of Western Sydney Postgraduate Research Grant (AUD 3,000). Harvard University in Cambridge.


Research Funding in Progress

“Rapid, simple and sensitive detection of porcine and other animal species using lateral flow dipstick”. Concept note submitted (July 2017) to UBD for Competitive Research Grant (CRG) through Faculty of Sciences for BND 60,000 research grant.

“Ethical and Socially Responsible Finance: The Way Forward for Bruneian Islamic Finance Industry”. Concept note to be submitted (July 2017) to UBD for Competitive Research Grant (CRG) through UBDSBE for BND 21,220 research grant.


2.2 Postgraduate Students

PhD Thesis Supervision

My supervisory role: Principal Supervisor
Name of student: Ssemambo Hussein Kakembo
Title of thesis: Analysing the Role of Islamic Microfinance as an Ethical Alternative to Poverty Alleviation Among Muslims in Uganda
Date commenced: March 2017
Date of anticipated completion: 2020


Theses Examination

Name of university Department Thesis Year of examination Type of examination
Universiti Teknologi MARA Faculty of Accountancy Doctoral thesis 2017 External
Universiti Brunei Darussalam School of Business and Economics Masters thesis 2016 Internal
Victoria University, Australia School of Social Sciences and Psychology Doctoral thesis 2014 External
La Trobe University, Australia School of Economics and Finance Doctoral thesis 2013 External

Student Advisor

2010 - 2012: Acted as academic advisor of 120 students, School of Business and Quality Management at Hamdan Bin Mohammed Smart University, Dubai.

Supervisor: Project Paper

2015 - Present: Supervised 10 Internship project papers as Supervisor at UBD School of Business and Economics, Universiti Brunei Darussalam.

2013 - 2015: Supervised 112 Internship project papers as Supervisor, INCEIF, The Global University of Islamic Finance, Kuala Lumpur, Malaysia.

2010 - 2012: Supervised 12 Internship project papers as Supervisor, eSchool of Business and Quality Management at Hamdan Bin Mohammed Smart University, Dubai.


Jury Board: Member

International Research, Invention and Innovation Exhibition 2014 (IRIIE), International Islamic University Malaysia

Assessor, Faculty Member Promotion 2014, International Islamic University Malaysia.


2.3 Services to Research

Editor: Academic Peer Reviewed Journal

2010 - 2016: International Journal of Excellence in Islamic Banking and Finance, UAE, (International) - Editor

Editor: Associate Editor

2013 - Present: Australian Journal of Basic and Applied Sciences, Jordan. (International) – Senior Editor

2013 - 2015: ISRA International Journal of Islamic Finance, Malaysia. (International) – Co-editor


Editorial services

2017 - Present: Journal of Philanthropy – Editorial Advisory Board (EAB) Member

2016 - Present: Shirkah Journal of Business and Economics – EAB Member

2016 - Present: Journal of Islamic Law and Judiciary – EAB Member

2014 - Present: International Journal of Islamic Thoughts – EAB Member

2014 - Present: Journal of Islamic Economics, Banking and Finance (Scopus, ABS, ABDC) – EAB Member

2014 – Present: International Journal of Islamic Thoughts – EAB Member

2012 - Present: Australian Journal of Basic and Applied Sciences (Scopus) - Senior Editor

2010 – Present: International Journal of Excellence in Islamic Banking and Finance - Founding Editor

2010 – 2017: Humanomics: The International Journal of System and Ethics (Scopus) – EAB Member

2010 – Present: Journal of Islamic Accounting and Business Research (Scopus) – EAB Member

2009 – Present: International Journal of Islamic and Middle Eastern Finance and Management (Scopus) – EAB Member

2009 – Present: The Open Law Journal – EAB Member


Reviewer: Ad Hoc Reviewer for a Journal

2016 - Journal of King Abdulaziz University: Islamic Economics (International)

2015 - Present: Deakin Law Review, Australia (International)

2010 - Present: University of New South Wales Law Journal, Australia (International)

2009 - Present: Islamic Economic Studies, Saudi Arabia (International)

2009 - Present: Review of Islamic Economics, UK (International)

2009 - Present: African Journal of Business Management, South Africa (International)

2008 - Present: American Journal of Islamic Social Sciences, USA (International)

2007 - Present: Thunderbird International Business Review, USA (International)


3. RESEARCH RECOGNITION

3.21 Peer recognition

Keynote Address

“Can alternative dispute resolution mechanisms resolve Islamic finance disputes in Malaysia?” International Conference on Management, Education and Social Sciences Research. 04-05 April, 2015. Karachi, Pakistan

“Sharī‘ah scholars, ijtihad and decision making in Islamic finance”, International Seminar on Usul Fiqh 2013, 23-24 October, 2013. Kuala Lumpur, Malaysia.

“Problems of Islamic banking in Bangladesh”, Seminar of Islamic Economics Research Bureau Bangladesh. 09 January. Dhaka, Bangladesh.


Invited Speech

“Developments and challenges in legal infrastructure of Sukuk: a cross country analysis”. 6th IFSB Legal Seminar on Innovation in Sukūk Securitisation and Islamic Hedging Instruments: Developments and Challenges. 25 March. Bandar Seri Begawan, Brunei.

“Islamic banking: the evidence from Bangladesh”, International Islamic University Chittagong (IIUC). 31 December, 2001. Chittagong, Bangladesh.

“Islamic microfinance in Australia”, BIBF (Bahrain Institute of Banking and Finance). 17 May, 2006. Manama: Bahrain.


CONSULTANCY

I have recently been appointed as Honorary 'Sharī‘ah Audit Executive' of Islamic Bank of Australia, the first Australian owned fully functional Islamic bank project in Australia under the Islamic Financial Services Australia (IFSA).

My consultancy also includes the following, among others.

Journals' Editorial Advisory Board Member

2017 - Present: Journal of Islamic Law and Judiciary, Bangladesh
2016 - Present: Shirkah Journal of Economics and Business, Indonesia
2014 - Present: International Journal of Islamic Thoughts, Bangladesh
2014 - Present: Journal of Islamic Economics, Banking and Finance (Scopus), Bangladesh
2010 – Present: Humanomics: The International Journal of System and Ethics, UK (Scopus)
2010 – Present: Journal of Islamic Accounting and Business Research, UK (Scopus)
2009 – Present: International Journal of Islamic and Middle Eastern Finance and Management, UK (Scopus)
2009 – Present: The Open Law Journal, USA
2008 – Present: Global Islamic Finance Magazine, UK

Ad Hoc Reviewer for Peer Reviewed Refereed Journals

2016 - Journal of King Abdulaziz University: Islamic Economics (Scopus)
2015 - Present: Deakin Law Review, Australia (ABDC)
2010 – Present: University of New South Wales Law Journal, Australia (ABDC)
2009 – Present: Islamic Economic Studies, Saudi Arabia
2009 – Present: Review of Islamic Economics, UK
2009 – Present: African Journal of Business Management, South Africa
2008 – Present: American Journal of Islamic Social Sciences, USA
2007 – Present: Thunderbird International Business Review, USA (Scopus)


Industry, Institute, or Organisation Collaboration

I have active collaboration with Islamic finance industry since 1997. I have been invited as speaker by Islamic Research and Training Institute (IRTI) of Islamic Development Bank (IsDB), Jeddah at many international conferences held in Brunei, Bangladesh, Malaysia, Sudan, Nigeria, Qatar, Saudi Arabia and Indonesia. I have also been invited by Islamic Financial Services Board as keynote speaker at the 6th IFSB Seminar on Legal Issues in the Islamic Financial Services Industry held in Brunei in 2014. I have also been engaged by International Sharī‘ah Research Academy for Islamic Finance (ISRA), Khazanah Nasional, and Securities Commission (SC) Malaysia as coordinator of a book publication project entitled 'A Textbook on Sukuk' which is published in 2017.


INDUSTRY EXPERIENCE

June, 2016 – Present: Sharī‘ah Audit Executive, Islamic Bank Australia Project, Sydney, Australia

July, 1998 – Present: Chairman, Sharī‘ah Supervisory Board, Islamic Cooperative Finance Australia Limited, Sydney, Australia

November, 1997 - July, 2000: Islamic Legal Advisor, Bangladesh Islamic Centre of NSW Inc., Sydney, Australia

March, 1997 - November, 1997: Sharī‘ah Supervisor, Islami Bank Bangladesh Limited, Bangladesh


SOCIAL, ECONOMIC, or ACADEMIC BENEFITS

I have gained plethora of experience in meaningful community engagement and partnership initiatives beginning from my work as Executive Director of an NGO in Bangladesh, an ongoing Advisor of Bangladesh community organisation (Bangladesh Islamic Center Inc.) living in Sydney and my current role as Advisory Board Chairman of 2 community welfare organisations in Sydney, namely the Australian Muslim Welfare Center Inc. and Islamic Cooperative Finance Australia Limited. Besides, I have championed Islamic finance in Australia. My research on the subject is the first landmark contribution to Australian Islamic finance in terms of its regulation and the Sharī‘ah compliance of its current practice. Given the recommendations I have made in my groundbreaking work on Theory and practice of modern Islamic finance: The case analysis from Australia, the Australian government is now taking serious steps to promote Islamic finance as an opportunity for Australia to access offshore capital pools from the Middle East and Asia to finance domestic investment needs. In response to Dr Ahmad's recommendations, Australia is now also planning legislative changes to provide a level playing field for Islamic finance products. His contributions have greatly helped nurture Islamic finance in Australia.

In recognition of my reputation and contribution to research in the Australian Islamic finance industry, I was approached by the NSW Department of Premier and Cabinet to help introduce laws in Australia in order to create a level playing field for Islamic and non-Islamic finance. Along with many others in this field, my pioneering efforts during the last 20 years have resulted in wider acceptance for Islamic finance and it is hoped that the relevant regulatory bodies in Australia will introduce independent Islamic finance regulations in the near future.