Legal practitioners are urged to always be ahead of the curve in order for them to discharge their roles responsibly and effectively. This is especially important in the new environment created under the Islamic Finance Services Act (IFSA).
The president of the Association of Islamic Banking Institutions Malaysia (AIBIM) Datuk Mohd Redza Shah Abdul Wahid says the liberalisation of legal sector under the amendments of the Legal Profession Act 1976 and the Legal Profession Rules 2014 will also significantly benefit the Islamic banking industry as it gives more options for banks to choose and retain best legal experts.
“IFSA which came into force in 2013, allows the Islamic banks to diversify their product offerings and opens new opportunities to Islamic banks to venture into new business areas. This is surely an avenue to achieve 40% of the market share by 2020,” he adds.
Mohd Redza was speaking at the AIBIM Law Seminar 2017 held in Lanai Kijang, Kuala Lumpur today and yesterday.
He notes that Malaysia's Islamic finance marketplace is well known for its comprehensive regulatory, supervisory, Shariah and legal framework. Local lawyers should seize this opportunity and learn from their foreign peers to further drive the development of the Islamic finance industry and to push for the adoption of Malaysian law as “the law of reference” for any dealings and settlements with international counterparties.
Therefore, he stresses that AIBIM is determine to explore the possibility of organising more of similar programmes in an effort to strengthen the understanding of Islamic Finance in Malaysia.
AIBIM Law Seminar 2017 (ALAS 2.0) which has received an overwhelming response from legal practitioners nationwide, is a 2-day programme organized by Association of Islamic Banking Institutions Malaysia (AIBIM) to equip the legal fraternity with current knowledge on practical aspects of dispute resolution in Islamic finance facilities.
ALAS 2.0 was officiated by Tan Sri Zulkefli bin Ahmad Makinudin, President of the Court of Appeal Malaysia and supported by Bank Negara Malaysia with the presence of the Deputy Governor Abdul Rasheed Ghaffour.
AIBIM was established in 1996 as the Association of Interest Free Banking Institutions Malaysia. Currently, AIBIM has 27 member banks. The organisation promotes sound Islamic banking system and practice in Malaysia; represents interest of members locally and abroad; provides advice and assistance to members pertinent in the development on Islamic banking and finance at local, regional and global level; coordinates human capital development initiatives, and promotes public awareness.
