| Azlan Othman |
A SEMINAR to highlight Islamic financial institution practices and to true extent of Syariah-compliant contract and legal documentations that should also be fair and equitable to consumers will be held at 2.30pm this Saturday at the Jubilee Hall of Universiti Islam Sultan Sharif Ali (UNISSA).
Invited speaker Professor Dr Mahmood Mohamed Sanusi, Professor of Faculty of Business and Management Sciences, mentioned at a press briefing yesterday there have been misrepresentations and a lot of unclear information that have been documented.
Prof Dr Mahmood, a lawyer who has 30 years of experience in Islamic finance, especially in Malaysia, will present his paper entitled ‘Does the Islamic Finance Institutions Customer Need Consumer Protection?’
“A lot of cases, in thousands, have been reported against financial institutions in Malaysia. A lot of cases, too, have been left unreported. People would go to the court as they see injustice,” he said.
“I don’t want Islamic financial institutions in Brunei Darussalam to fall into the same mistake, as it concerns the Muslim Ummah who would think it as Syariah-complaint which, in fact, it is not. In the seminar, I will highlight reported cases in Brunei, although there is only a few.
“We will try to reform this institution in Brunei before it gets serious. We have to ask (what is) the root cause of the problem. It is our duty as academicians to correct whatever is wrong in practice. But it is the authorities concerned that must resolve this problem as there are the regulators,” he added.
The upcoming seminar, the first of its kind to be organised by UNISSA’s Faculty of Business and Management Science, will be open to the students of UNISSA as well as other universities and colleges, officers and staff, bank personnel, interested parties and members of the general public.