Faculty of Education, Social Sciences and Law

School of Law

Research Student: Wan Mohd Asnur Bin Wan Jantan

International Framework for Islamic Finance

Photo of Wan Mohd Asnur Bin Wan Jantan

This is a study of international framework for Islamic finance spanning across its global governance structure consisting of various international institutions that promulgate Islamic finance services, standards and product development. The study will analyse the roles played by international institutions such as the Basel Committee, the International Monetary Fund, the World Bank, the Islamic Financial Services Board, the International Islamic Financial Market, the Accounting and Auditing Organisation for Islamic Financial Institutions, etc. and examine whether the existing international framework for Islamic finance impedes or enhances its development. Last but not least, the study seeks to identify, explore and affirm key determinants that would contribute to the development of international framework for Islamic finance and whether the international framework for Islamic finance, as it currently exists, impedes or enhances its development, from de jure and de facto implementation standpoint.

Background

Prior to embarking into Ph.D at Leeds Law School, I worked as Senior Federal Counsel at the International Affairs Division of the Attorney General’s Chambers, Malaysia. My practice area is international law, specialising in international economic law, trade, investment, finance, maritime, international dispute resolution and arbitration, and negotiations.  I worked on investor-State-dispute cases under the International Centre for Settlement of Investment Disputes (ICSID) Arbitration Rules and state-to-state arbitration under the Permanent Court of Arbitration Rules. I was involved in numerous international negotiations such as Malaysia’s Free Trade Agreements and Bilateral Investment Treaties, and multilateral agreements under the auspices of WTO, UNCITRAL and the United Nations. I also worked on developing legal framework to implement ASEAN Single Window and was also a Task Force Member for the ASEAN Enhanced Dispute Settlement Mechanism. I was admitted to the Bar as an Advocate and Solicitor of the High Court of Malayasia in 2008. In 2012, I received LL.M (Legum Magistri) from the University of Pennsylvania Law School (Penn Law) where I studied as J.William Fulbright Scholar and received Outstanding Public Service Award. Whilst doing my LL.M at Penn Law, I studied at The Wharton School of Business and Finance where I graduated with Post-Baccalaureate Diploma in Business and Law. Prior to that, I read law at the International Islamic University Malaysia and was awarded LL.B (Hons) (Second Class Upper) in 2005. 

What motivated me to undertake PhD study?

I have always been passionate about life-long learning and I am ever ready and keen to contribute to the wealth of knowledge through self-immersion into the realm of intellectual rigour of the Ph.D program. With Leeds being one of the best and leading Law Schools in the United Kingdom that produces high impact legal research, I am enthusiastically inspired to render a meaningful contribution to the inter-disciplinary study of this area of law. This contribution would not only be useful to the on-going scholarly works but also practical for industrial compendium and usage. In this regard, Ph.D study to me is not a mere avenue for developing human capital; it is an unparalleled intellectual journey and experience. This experience will augment one’s inquisitive and analytical construct which would steadily bring holistic progress to guided evolution of minds flourishing through profound research and long-term pursuit of scholastic excellence.  It is in the spirit of ‘Iqra (Read) that I embrace this opportunity to pursue a Ph.D with a clear conscience to inculcate wisdom, knowledge-sharing, guidance-seeking, and professional contribution to the dynamic study of this area of law. 

What makes me passionate about my subject?

I firmly believe that this study will contribute significantly to another leading research and scholastic distinction in the area of international banking and finance law in general, and Islamic finance, in particular. I am also inspired to approach this study from the prospect of pragmatic orientation to analyse the sustainability of international framework for Islamic finance. As Islamic finance continues to grow in terms of its universal acceptance, it is timely and relevant that a more coherent and contemporary research be carried out to analyse the trajectory development of international framework for Islamic finance. Despite some success of Islamic banking globally, establishing a common regulatory, legislative, tax, and legal foundation, addressing cost-efficiency and integration issues for all Islamic financial markets are pertinent aspects that need to be examined and improved.  In the wake of the recent financial crisis, the global development in financial world augurs a state of trajectory perspective as to where Islamic finance situates and will evolve in the larger spectrum of conventional finance. Therefore, I believe that the benefits of this study will not only be useful, but expected to be well-shared and appreciated by the academia and the industry. 

What are my plans once I have completed my PhD?

I envision that my Ph.D contribution will positively nurture a promising outlook for many opportunities that are honed to further develop a sustainable framework for international banking and finance, as well as the Islamic finance services and industry.

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