Australia’s Assistant Treasurer Senator Nick Sherry today launched a book published by Zaid Ibrahim & Co (ZICO) entitled “Demystifying Islamic Finance – Correcting Misconceptions, Advancing Value Propositions”.

Guests from the financial services sector, the legal fraternity and the media, witnessed the ceremony of the book launch together with Dato’ Dr Nik Norzrul Thani, Chairman of ZICO; Mr Nik Mohamed Din Nik Musa, Deputy Director of Malaysia International Islamic Financial Centre (MIFC) Promotion Unit; Mr Madzlan Hussain, Partner of Zaid Ibrahim & Co and author of publication Demystifying Islamic Finance; Mr Lim Kar Han, Partner, Zaid Ibrahim & Co in charge of the firm’s Australian operations; Mr Kelvin Ng, Partner, Zaid Ibrahim & Co; Dr Aida Othman, Partner, Zaid Ibrahim & Co and Director of ZI Shariah Advisory Services; and Mr Paul Davies, Australian Representative for ZI Shariah Advisory Services.

Demystifying Islamic Finance was conceptualised through ZICO’s research and experience in serving the Islamic finance industry. It will provide a useful overview of Islamic Finance, particularly to enlighten new markets who are interested in introducing Islamic Finance to their financial services sector, it will offer a basic understanding of issues related to Islamic finance and aims to dispel inaccurate and unfounded misconceptions.

The publication is intended to fill this knowledge gap, raise public awareness of Islamic finance and promote opportunities for Islamic finance generally. This 44-page publication addresses the misconceptions about the industry in a simple, candid and reader-friendly response to frequently asked questions on Islamic Finance. It is authored by Madzlan Hussain, a well-travelled practising Islamic finance lawyer with over 12 years of active engagement in the industry, especially during his tenure with the Islamic Financial Services Board. Madzlan was particularly responsible for overseeing the development of prudential framework for corporate governance practices for all segments of Islamic financial services.

Demystifying Islamic Finance identifies 15 most frequent misconceptions and 10 main value propositions of Islamic finance. It highlights, among other things, that Islamic finance is not a mere replica of conventional finance. It also negates the notion that Islamic finance is superior and immune from unethical practices. The publication emphasises that Islamic finance is practical for stakeholders who wish to add depth to their financial system; enhance diverse product offerings and widen their customer base.  In consequence to this, it shares the belief that the Islamic Finance opportunity will amplify avenues for investment and capital raising.

The publication is fully supported by the Malaysia International Islamic Financial Centre (MIFC), which was set up by the Central Bank of Malaysia to promote Malaysia as a major hub for international Islamic finance.

For full text of Senator Sherry’s speech at this event, please click here.

To download the publication, please click Demystifying Islamic Finance: Correcting Misconceptions, Advancing Value Propositions.