The Next Generation of Islamic Asset/Cash Management
Michael Damian Billy, Managing Partner
Econophy Capital Advisors
Who will provide the dynamics for an 'idea system' that creates and innovates the processes in 2011 and beyond?
While there have been formal discussions held within the Islamic ﬁnance community over the past year regarding product development, acceptable investment practices and execution applications, several key issues remain to be primary topics for exploration. The most critical is, who will take on the leadership role and for what purpose?
One prominent international Shariah advisor to the Islamic ﬁnance industry who is providing a catalytic perspective is Dr Muhammed Elgari of Saudi Arabia. Elgari is the ﬁrst prominent scholar to emphatically call for a scientiﬁc approach to Shariah compliance.
This follows a similar call by another prominent Shariah scholar, Sheikh Esam Ishaq of Bahrain, for those Shariah advisories serving the Islamic finance industry to be regulated.
Elgari advises fellow Shariah advisories to adopt a scientiﬁc method in reaching their deliberations on Islamic ﬁnance. "To be respected," said Elgari, "Shariah scholars should follow scientiﬁc methods to reach their conclusions. We have seen many mistakes where declarations have been issued. Only the correct resolutions will prevail. Shariah is not a group of infallible people. It is a science. It requires methodology, and resolutions require peer review and market consultation."
Of equal importance regarding momentum and innovation is what component or participant of Islamic ﬁnance will build upon his foundational guidance to create an 'idea system' to exist and ﬂourish?