The methodology of calculating zakat and its different applications in Islamic finance institutions (IFIs) and procedures for the recovery of outstanding debts by Islamic banks will be the focus at this year’s annual regional Shariah scholars meeting which starts in Phuket tomorrow (July 3).
The 12th Muzakarah Cendekiawan Shariah Nusantara, the regional Shariah scholar dialogue, is expected to be attended by 210 Shariah scholars from IFIs and other industry stakeholders from Malaysia, Indonesia, Brunei, Singapore and Thailand.
The two-day event is organised by Malaysia-based International Shariah Research Academy for Islamic Finance (ISRA). One of the sessions will deliberate on the inherent differences in the methods of calculating zakat in takaful and retakaful operators to the ones used by IFIs, according to a statement by ISRA.
Further analysis and proposals are expected on the issue of lack of clear enforcement on consistent methods, which has led to institutions employing their own interpretation, it added.
The presenters include Dr Luqman Abdullah, Burhanuddin Lukman and Mohamad Amin Ibrahim from Malaysia; Professor Madya Dr Zakariya Hama from Thailand; Dr Irfan Syauqi Beik, Dr Oni Sahroni and Dr Cecep Maskanul Hakim from Indonesia; and Mohd Kamal Mokhtar and Fazrihan Duriat from Singapore.
The event carries the theme “South-East Asia Islamic Finance: Towards Optimal Implementation of Zakat Calculation and the Debt Recovery Process”. — TMR