London, December 12, 2011 -The International Shari’ah Research Academy For Islamic Finance (ISRA) in collaboration with the Institute of Islamic Banking and Insurance London (IIBI) conducted a one-day conference in London. The event was sponsored by SNR Denton and jointly organised by IIBI and ISRA. The theme of the conference was “Form and Substance in Islamic Finance – Challenges, Problems and The Way Forward”. The workshop was attended by participants from Germany, France, Luxembourg, Switzerland, UAE, Malaysia, Nigeria and London, local Shari’ah scholars and officers, legal practitioners, academicians and post-graduate students in Islamic finance.

In total there were 120 participants. The welcoming remarks were delivered by Richard de Belder, Partner, SNR Denton, UK and Assoc. Prof. Dr. Asyraf Wajdi Dato’ Dusuki, Head of Research Affairs, ISRA while keynote address was presented by Lord Mohamed Sheikh, Chairman Iqra Ethical plc and Vice-Chairman of Associate Parliamentary Group on Islamic Finance, UK.

Session 1: The form over substance debate

Panel Speakers:

1. Richard Thomas OBE, Chief Executive O cer, Gatehouse Bank
2. Dr. Bashir Aliyu Umar, Special Advisor to the Governor on Non-Interest Banking, Central Bank of Nigeria, Nigeria
3. Dr. Mehmet Asutay, Director, Durham Centre for Islamic Economics and Finance, Durham University, UK
4. Nick Foster, Senior Lecturer in Commercial Law, School of Oriental and African Studies, University of London, UK

Moderator: Richard de Belder, Partner, SNR Denton, UK

Session 2: How disputes can highlight the ‘form over substance’ issue

Panel Speakers:

1. Richard de Belder, Partner, SNR Denton, UK
2. Sheikh Muddassir Siddiqui, Partner, SNR Denton, UAE
3. Madzlan Mohamad Hussain, Partner, Zaid Ibrahim & Co., Malaysia

Moderator: Prof. Mahmood Faruqui, Senior Advisor, Bank of London and the Middle East, London, UK

Session 3: Shari’ah Risk management and Shari’ah Governance mechanisms: The Journey so far

Panel Speakers:

1. Sheikh Haytham Tamim, Shari’ah Scholar, Europe Arab Bank, UK
2. Bilal Khan, Shari’ah Scholar, UK
3. Dr. Mohamed Fairooz Abdul Khir, Reseacher, ISRA, Malaysia
4. Dr. Bashir Aliyu Umar, Special Advisor to the Governor on Non-Interest Banking, Central Bank of Nigeria, Nigeria

Moderator: Dr. Asyraf Wajdi Dato’ Dusuki, Head of Research Affairs, ISRA, Malaysia

Session 4: The Way Forward

Panel Speakers:

1. Prof. Mahmood Faruqui, Senior Advisor, Bank of London and the Middle East, London, UK
2. Sheikh Muddassir Siddiqui, Partner, SNR Denton, UAE
3. Abdullah Haron, Assistant Secretary General, Islamic Financial Services Board (IFSB), Malaysia
4. Trevor Norman, Director – Islamic Finance & Funds group, Volaw Trust Company, UK
5. Mushtak Parker, Editor, Islamic Banker

Moderator: Professor Dr. Habib Ahmed, Sharjah Chair in Islamic Law and Finance, Durham University, UK