ECONOMIC AND FINANCIAL DISRUPTIVE INNOVATION FOR ISLAMIC BANKING AND FINANCE (IBF) SUSTAINABILITY

The Speech by Tan Sri Rais Yatim at ICIFE 2nd AGM  was inspiring for IBF ( Islamic Banking and Finance) World.

The Islamic World especially OIC Countries and lead by Malaysia , must forge a new IBF  Identity Framework in promoting Syariah Disruptive Innovation for IBF (s-IBF)  as a viable alternative to the current  global financial chaos brought about ( not just  by oil  market crush ) but  by total reliance on RIBA centric Theory of Economic Progress  since War World 1 , and of course tgat Great Depression.

  INTEREST-based economic activities have been  proven  by  Nobel Prize Winners ,  etc to have  created  a  vacum of economic Black Holes within both  developed and developing regions including 57  OIC Countries.  OECD leaders are now still struggling to find that Financial Holy Grail to lift  EU out of the RIBA darkening  mess.

Under Syariah law, all RIBA  driven IBF endeavours  are prohibited because it is deemed to be a great barrier to true  Open  Economies.

Western World led by Yale, Oxford and Cambridge etc have  acknowledged in secret the pioneering works by Ibn Taimiyyah,  Ibn Khaldun, Al Shatibinomics  and the whole Ahli Sunnah wa Jamaat  who are of the view that the current  World’s Economic and Financial Chaos  ( not forgeting that 1998 crush) must be free from RIBA in order to develope a transparent and dynamic Economic  Ummah for all

As a good working example, the Dinar based concept is a good solution  to the destructive  “printing money problem” within western IBF realm  (where paper monies  are printed with no real assest back up).

It is hope that ICIFE will pioneer a great frontier in pushing for a Syariah Disruptive  Innovation in IBF Education  as a new Green Strategic  solution to present  RIBA Theorem of Destructive  Economic and Financial Progress.

______________________
JEONG CHUN PHUOC
Adj Prof MSU Malaysia
Pioneer advocate in Big Compliance for a Better Business World

By | 2016-02-08T08:56:34+00:00 February 8th, 2016|Categories: Updates|3 Comments

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3 Comments

  1. Khaliq Ahmad February 8, 2016 at 11:13 AM - Reply

    Thanks Prof. Jeong Chun Phuoc for the finest comment as introduction of IBF itself is a diruptive innovation but more importantly the need of the time of ‘Diffusion ‘
    Therefore, communication strategies for rightful market peneteration is inevitable. Until Muslims’ bigger clusters who are caught with abstract poverty get out of the clutches of mighty capitalism. God knows the best….

  2. JEONG CHUN-PHUOC May 12, 2016 at 6:51 AM - Reply

    Thank you Prof dr Khaliq A for your kind comment.

    JEONG C.P.

  3. JEONG CHUN-PHUOC May 12, 2016 at 7:10 AM - Reply

    Perhaps, one strategic driver for IBF Sector commencing 2017, is the adoption and implementation of ‘Diffusion ‘ in the area of FINTECH ROADMAP (2017-2023).

    ICIFE could pioneer this ROADMAP for industrial and sectoral adoption not only for Malaysia but especially for wider DIFFUSION IMPACT FACTOR (‘DIF’) within AEC FRAMEWORK.

    OIC could support this ROADMAP to achieve the goals under the recent 13TH OIC -2016 SUMMIT to concretise UEC (UMMAH ECONOMIC COMMUNITY ) BLUEPRINT.

    JEONG CHUN PHUOC

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