Foreword

First and foremost, I would like to seize this opportunity to extend my heartiest congratulations to Dr. Ahcene Lahsasna for writing this book. The timing of this publication is all the more relevant as Dr. Lahsasna encapsulates seismic past and present events, such as the 1997 Asian Financial Crisis and the 2008 global financial crisis.

We at Maybank Islamic are truly and deeply honored to be associated with this publication, which will prove to be instrumental in adding depth to the debate on Sharī`ah advisory in Islamic finance.

Maybank Islamic’s aspiration to become a global player in the industry is backed by the Sharī`ah Center of Excellence. The initiative aims to serve not only as a comprehensive and practical source of reference to the Islamic finance and banking industry but also to legal, regulatory, and academic institutions and contribute to the debate and development of the industry.

Islamic finance has made bold and progressive strides by endeavoring to reach beyond domestic and regional borders to become an increasingly important component of the global financial system. Consumers, sovereigns, and corporations at large are benefiting from the advantages of Sharī`ah-compliant banking solutions. It is therefore imperative, given the industry’s broad appeal and increasing popularity, that Islamic financial institutions adhere to Sharī`ah principles by virtue of a sound, consistent, and clear governance framework.

With the implementation of the Islamic Financial Services Act 2013 in May of that year in Malaysia, central governance has been consolidated into a single legislative framework. Such legal strength and certainty will surely allow Malaysia’s Islamic finance and banking sector to flourish in a responsible, ethical, and progressive manner while equipped with the tools to face the new complexities, uncertainties, and sophistication of the years to come.

—Muzaffar Hisham

Chief Executive Officer

Maybank Islamic