Archive for category Bakri Musa
Islamic Financial Intermediaries
Posted by Kit in Bakri Musa on Monday, 29 August 2011
by Bakri Musa
Malaysia in the Era of Globalization #80
Reform in Islam
Chapter 9: Islam in Malay Life
Trade had been flourishing for centuries in Arabia, immediately before and after the prophet’s time. All that buying and selling, together with the caravan expeditions, could not have taken place without there being a satisfactory financing mechanism. There must had been a system for connecting the owners of money (savers) and the users of cash (investors and traders). Yet despite that flourishing head start and seemingly workable system, Islamic finance later went into decline. It is instructive that the decline in Islamic economics parallels the decline in Islamic civilization.
Today Western financial institutions are preeminent. Western banks and other financial intermediaries did not develop overnight. They have been refined, modified, and strengthened over the centuries. The process continues to this day. Today’s banks are a far cry from what they were a century earlier. The essential ingredient to the success of banks is the faith people have in them. Absent that, not even the strongest institution could survive. All the regulations and innovations in banking serve only one purpose: to strengthen that faith and confidence.
Bank failures and runs on banks were common in America during the depression. Those events are thankfully rare today, in part due to the diligence of the Federal Reserve System and the Federal Depositors Insurance Corporation (FDIC), the regulatory agencies of the federal government, together with strengthened prudential rules on reserves, heightened fiduciary responsibilities, and improved auditing. These refinements have been incremental, each in response to specific problems and crises. Banks still fail today, but thanks to the FDIC, depositors (at least the retail consumers) simply transfer their accounts to another bank without any hitch. The system is by no means perfect, as was painfully demonstrated by the massive Savings and Loans scandal of the 1980s. Read the rest of this entry »
Religious Obstacles To Malay Economic Development
Posted by Kit in Bakri Musa, Islam on Thursday, 25 August 2011
By M. Bakri Musa
Ramadan is a month for reflection. As we reflect we cannot avoid the depressing reality that the Muslim world is overrepresented in all categories of underdevelopment. The pat and often cited reason is the inherent incompatibility of Islam to modern development. When such an explanation is offered by non-Muslims, they can barely conceal their smugness. When asserted by a Muslim, he or she would immediately be dismissed as not fully comprehending the faith, or worse, condemned as an apostate.
Such an “explanation,” its certitude not withstanding, is about as useful as someone telling you, when asked why he is in the hospital, “I am sick.” And if you are still not convinced or betray any doubts, would quickly add, “Very sick!” Not very helpful! If however, the answer were to be, “My bowels are not working,” or, “I have difficulty breathing,” we would then be that much closer to identifying the problem, and thus its remedy.
This Islam-is-the-problem explanation does not even describe the symptom, much less the disease. If indeed there is something inherently deficient with Islam, it still would not explain why the faith thrived during its first four centuries, or why its adherents are increasing and becoming more devout today. And if Islamic practices are deficient, then what and where exactly are those deficiencies so we could address them.
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Malaysia in the Era of Globalization #79
Posted by Kit in Bakri Musa, globalisation, Islam on Monday, 22 August 2011
Chapter 9: Islam in Malay Life
Reform in Islam
Islamic Economics
Dealing With the Concept of Interest
As alluded to earlier, the biggest stumbling block to Islamic economics is the concept of interest. Stripped of its complexities, the issue can be simply reduced thus. When B borrows money ($X) from A, there is a cost involved. Regardless of the terminology, someone has to bear that cost. If at the end of the year B returns to A the same amount of money he borrowed the year earlier, that is $X, he claims to have satisfied the Koranic admonition that he repays his loan at its original amount, nothing more and nothing less. But has B done that?
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Malaysia in the Era of Globalization #78
Posted by Kit in Bakri Musa, globalisation on Monday, 15 August 2011
Chapter 9: Islam in Malay Life
Reform in Islam
Islamic Economics
The success and vitality of the modern economy is based on the availability of credit. It is credit that makes the economic world spin smoothly. “Credit is the vital air of the system of modern commerce,” observed Daniel Webster. “It has done more, a thousand times, to enrich nations, than all the mines of all the world.” A plaque on Wall Street, the heart of American capitalism, declares, “Credit: Man’s Faith in Man.” Credit is predicated on the promise that it will be repaid.
Shakespeare’s words in Hamlet, “Neither a borrower, nor a lender be: For loan oft loses both itself and friend….” is only true if we do not repay our loans and the gratitude that goes with them. Indeed not repaying our debts can give rise to even worse consequences, as victims of the mafia and triads will testify. Even threats of defaulting can be devastating, as Argentina is now discovering.
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Islamization of Education
Posted by Kit in Bakri Musa, Education, Islam on Monday, 8 August 2011
by Bakri Musa
Chapter 9: Islam in Malay Life
Reform in Islam
There was a time when religion did not have any role in the Malaysian education system. Public schools were completely secular. There were some Christian missionary schools during colonial times, but they did not attract many Malay pupils. Malay parents were fearful that their children would be converted, a not unreasonable anxiety given the proselytizing fervor of those early missionaries. Following independence, religion was still kept out of the schools. There were Islamic schools but these were private, small, and mainly in rural areas. They catered exclusively to children of poor villagers. Their mission too was equally modest: teaching the basic rituals of Islam. Typically they were the one-teacher schools, the madrasah. Not much was expected and not much was delivered. I briefly attended one of them.
In light of the 9-11 attacks, there is much attention paid to the goings-on in these madrasah. They are less educational institutions and more indoctrination centers. They breed the kind of fanatical adherents to the faith – rigid and intolerant – that are the bane of so many Muslim societies. Read the rest of this entry »
Malaysia in the Era of Globalization # 76
Posted by Kit in Bakri Musa, globalisation, Islam on Monday, 1 August 2011
by Bakri Musa
Chapter 9: Islam in Malay Life
Reform in Islam
The Quest For Answers
Present-day Muslims look askance at the sorry state in which the vast majority of our ummah live. Muslim nations, even those well endowed by Allah with abundant rich natural resources, live in abject poverty. Human rights abuses are the norm in many Islamic countries. As painfully noted by Abdullahi An-Naim, the vast majority of Muslims live at a superficial level of both Islam and modern civilization. Although we claim adherence to Islam and exhibit apparent commitment to its ritualistic formalities, we fail to appreciate and live up to its moral and spiritual essence. Likewise most Muslims benefit from modern civilization but have little appreciation of the values and ways of thinking that underlie and sustain those technologies and institutions. Further, many Muslims’ understanding of Western civilization is often reduced to the gaudy simplistic images propagated by Hollywood, and the seamier aspects highlighted by Muslim fundamentalists eager to denigrate the West. Read the rest of this entry »
Malaysia in the Era of Globalization #75
Posted by Kit in Bakri Musa, globalisation, Islam on Tuesday, 26 July 2011
Chapter 9: Islam in Malay Life
Reform in Islam
Confusing Examples For Principles
My main criticism of the traditional ulama is that in their meticulous and detailed studies of the individual verses of the Qur’an and sunnah, they completely miss out on the underlying theme – missing the proverbial forest for the tress.
To Taha, Muslims’ preoccupation between secular and Islamic state is arbitrary and useless. The values of supposedly secular Western societies like gender equality, commitment to basic human rights, abhorrence of cruel and inhumane punishment, the brotherhood of mankind, and participatory democracy are also Islamic values and ideals. That the West has absorbed and claimed these virtues to be its core is no reason why Muslims should not also subscribe to them. If we follow Taha’s message and make the Shari’a compatible with modern values and aspirations, which as we have seen are also Islamic, then the question of secular versus Islamic would not arise.
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Applying Prospect Theory To Ending Affirmative Action
Posted by Kit in Bakri Musa, Economics, NEP, UMNO on Thursday, 21 July 2011
By M. Bakri Musa
An insight of cognitive psychology (that sub-discipline dealing with mental processes like thinking and decision making) is that humans are far removed from the ideal of a rational self-interested Homo economicus (Economic man) when making decisions, contrary to the core assumption of traditional economics.
Two factors weigh heavily when we make decisions, given a set of alternatives. One, we are loss averse; that is, we magnify the value of a potential loss and minimize the potential gain even if the two are quantitatively the same. The other is that how those alternatives are framed very much influences our decision.
Although these insights refer to individual decision-making processes, nonetheless they can be extrapolated to the societal level, on how we collectively make decisions. This has relevance to the central wrenching issue dividing our Malay community today, on whether to continue or do away with affirmative action.
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Malaysia in the Era of Globalization #74
Posted by Kit in Bakri Musa, globalisation on Monday, 18 July 2011
Chapter 9: Islam in Malay Life
Reform in Islam
Islam is fortunate in that right from the very beginning it has a tradition of revival and reform. A tradition of the prophet has it that Allah will send every so often unto each ummah those who will renew the faith. Implicit in this hadith is the recognition of a community’s dynamism. The great Muslim reformists of the 19th and early 20th Centuries were handicapped because their native lands were under Western colonization. Many were necessarily consumed with the battle to free themselves from colonialism and by association, Western influences.
They understandably regarded the West as an enemy of Islam. Nonetheless despite such burdens, reformists like Muhammad Abduh of Egypt and Pakistan’s Muhammad Iqbal were able to forge a new understanding and insight into Islam. While many reformists of his time were consumed with the futile effort of trying to bring Islam back to its glorious past, Iqbal was forward looking. He rightly distinguished between the eternal and immutable principles of the Quran on the one hand, and those laws, regulations, and practices that were the products of human interpretation.
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Malaysia in the Era of Globalization #73
Posted by Kit in Bakri Musa, globalisation on Friday, 15 July 2011
Chapter 9: Islam in Malay Life
Shari’a in a Plural Society
The issue of the Islamic state is needlessly consuming the energy of many Malaysians, Muslims and non-Muslims alike. It is also the platform of the Islamic Party (PAS), its reason for being. Yet when challenged on the specifics, PAS is sorely unprepared. Surely after championing the issue for the past half a century, its leaders should have a pretty clear idea of their goals. If by Islamic state they mean one based on the ideals of justice and morality of the Quran, then all Muslims and many non-Muslims would agree. But if they want a state based on the Shari’a (Islamic law) in its current form, many Muslims and certainly all non-Muslims would demur.
The Shari’a took three centuries to formulate and consumed the best intellectual talent of the Muslim world at the time. Although based on the Qur’an and sunnah (ways of the prophet), the Shari’a remains the creation of mortals and as such, carries all the imperfections implicit in such endeavors. For Muslims to ascribe to it the reverence and perfection reserved only for the Quran means that we ascribe those very same qualities to the mortals who crafted the Shari’a.
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The Wisdom of the Students
Posted by Kit in Bakri Musa, Education on Thursday, 7 July 2011
In a remarkable display of professorial prowess, University of Malaya Vice-Chancellor Ghauth Jasmon recently engaged his students in a two-hour dialogue on what it would take to make their university great. With humility, pedagogical skills, and great stage presence, he enthralled his audience while imparting an important message. They in turn were not at all shy in telling him the challenges they faced. It was truly a dialogue, not the usual one-way pedantic pronouncements.
Those students had a clear message not only for their Vice-Chancellor but also the country’s leaders and policy makers: Listen to us!
The session was even more remarkable as it was held after lunch, typically siesta time in the tropics. Anyone who has faced a classroom of students at that time of day knows how difficult it is to get their attention. Yet there they were – professor and students – intellectually engaging each other, interspersed with frequent cheers and laughter.
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Malaysia in the Era of Globalization #72
Posted by Kit in Bakri Musa, globalisation on Monday, 4 July 2011
Chapter 9: Islam in Malay Life
Authoritative Versus Authoritarian Ulamas and Scholars
Then there are such irrelevant issues as who can and cannot partake in these debates. There are those ulamas and scholars who feel that only they are qualified enough to partake in such heavy issues. There rest need merely follow their dictates. They are not so much authoritative as much as authoritarian, to use Khalid El Fadl’s words.
It reminds me of the bad old days of imperious doctors who behave like Gods; their utterances and decisions cannot be challenged, least of all by the laity. Thank God, those days are gone. Today physicians fully engage their patients and they in turn participate fully in decisions affecting themselves. The seeking of second and alternate opinions is now standard practice.
Take the issue of Islamic scholars, another very contentious one. Much of the confusion and the ensuing controversies revolve around the different meanings of basic terms. I can best illustrate this by using the example of surgical scholars. In the academic department I was once associated with, among my colleagues were a veterinary doctor, a biochemist, and an engineer. In standing, pay and prestige, these professors of surgery were no different from the other “operating” professors of Read the rest of this entry »
Attracting the Best To Teaching
Posted by Kit in Bakri Musa, Education on Thursday, 30 June 2011
Early this year the US Department of Education, together with OECD and the Asia Society, convened a summit of education ministers, master teachers, and union leaders from 15 countries. The theme was on attracting, training and retaining the best teachers. Those were no ordinary countries participating; their students had consistently excelled in the Program for International Student Assessment (PISA).
America has some of the finest private and public schools, while its colleges and universities regularly dominate anybody’s list of the best. Yet there was US Education Secretary Duncan sponsoring this symposium and its opening speaker. That reflects the seriousness with which American leaders and policymakers consider education. It also shows their humility and commitment to learn from the best. I long for such traits in our leaders and educators.
The core assumption of the summit is that you cannot have excellent schools without excellent teachers. “Great teachers are not just born that way,” Secretary Duncan noted in his opening remarks. “It takes a high-quality system for recruiting, training, retaining, and supporting teachers over the course of their careers to develop an effective teaching force,” he continued.
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Malaysia in the Era of Globalization #71
Posted by Kit in Bakri Musa, globalisation on Monday, 27 June 2011
Chapter 9: Islam in Malay Life
Religion must act as the lights do in a car, and not as the brakes do.
—Abdolkarim Soroosh, Contemporary Iranian Philosopher
Islam is Malaysia’s state religion. It permeates all aspects of Malaysian life, for Muslims and non-Muslims alike. In this chapter I will examine the impact of Islam on law, education, and economics. These are the three major areas that have the greatest impact on the ability of Malaysians generally and Malays in particular at meeting the challenges of globalization.
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Improving The Odds For Our Disadvantaged Students
Posted by Kit in Bakri Musa, Education on Thursday, 23 June 2011
Students from a disadvantaged background face many challenges; thus it is not a surprise that they lag academically. This has always been true and accepted as normal. The consequence to this acceptance is that the students’ disadvantaged background becomes too ready an excuse for teachers and policymakers not to address the issue of widening educational achievement gap, blaming instead such factors as poverty and lack of parental involvement.
While those are relevant, there is much that schools, teachers and policymakers can do to turn disadvantaged students into “resilient” ones. A recent OECD study, Against The Odds. Disadvantaged Students Who Succeed in School, (PDF) confirms this. “Resilient” students, as defined by the study, are those from a disadvantaged socio-economic background relative to students in their country, and attain high scores by international standards.
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Malaysia in the Era of Globalization #70
Posted by Kit in Bakri Musa, globalisation on Monday, 20 June 2011
Chapter 8: Culture, Institutions, and Leadership
Lack of Checks and Balances in Malaysian Leadership
One unhealthy trend in the Malaysian leadership is the increasing concentration of power and the consequent absence of checks and balances. Invariably this leads to the lack of accountability and potential abuse. It is not so much that power tends to corrupt and absolute power corrupts absolutely, as Lord Acton had put it, rather we do not have a system that prevents the inherently corrupt from becoming powerful.
Consider that Mahathir is not only the chief executive (Prime Minister) of the country; he is also the leader of his party, chairman of a number of government corporations, as well as being the finance minister! With the lack of an effective system of checks and balances, such a structure is a set up for either spectacular achievement given a competent, honest and humble leader, or the destruction of the country given a lesser mortal.
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Economic Development Reverses Brain Drain
Posted by Kit in Bakri Musa, Brain drain on Thursday, 16 June 2011
A recent World Bank Report concludes that Malaysia risks jeopardizing its economic development if it does not ameliorate its “brain drain” problem. The Bank singles out the country’s affirmative action program as a major contributor to the problem.
Brain drain, as the Bank rightly acknowledges, is a universal problem. For the Bank to conclude as it did, it must present comparative international data showing that Malaysia’s problem is worse off than those without similar affirmative action programs. Alas, this is precisely the glaring deficiency of the report, its lack of comparative data.
The Report nonetheless contains a wealth of valuable data. However, as the information sage Edward Tufte observed, nature’s laws are causal; they reveal themselves by comparison and difference. This absence of comparisons makes the report’s conclusion not credible.
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Malaysia in the Era of Globalization #69: Culture, Institutions, and Leadership
Posted by Kit in Bakri Musa on Monday, 13 June 2011
By Bakri Musa
Chapter 8: Culture, Institutions, and Leadership
Leadership
Leadership to a society is what wings are to planes. Without wings planes will not fly, and without leaders there will be no society. Wings also define the limits on the performances of the plane. Early planes had double stacked wings, the biplanes, which effectively doubled the lift at low speed. But with stronger engines and thus greater speed, that design became very limiting as the drag factor increases rapidly at higher speed. Thus new models are introduced with a single pair of wings but fitted with adjustable curved flaps at the leading and trailing edges that could be extended at low speed (as at takeoff and landing) to effect maximum lift, and then retracted at high speed to reduce drag. This flexibility in shape enables the wings to function efficiently at both low and high speed. With the development of jet engines and even faster planes, even this design has limitations, and soon gave way to the backswept wings (still with flaps) that gave even better lift/drag ratio. With supersonic jets, the design is further improved with the delta wings that could be retracted to further reduce drag at super mach cruising speed. With the extreme speeds of rockets and missiles, wings are essentially irrelevant, reduced to tiny flaps at the tail end.
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Longing For A Free Mind (Concluding Piece)
Posted by Kit in Bakri Musa on Thursday, 9 June 2011
Q&A (Cont’d) Contemporary Leaders
Q13: We have leaders who surround themselves with opulence while millions of our citizens are mired in poverty. Should Nik Aziz (leader of the opposition PAS) who lives modestly be the more appropriate model? Further, should a leader sacrifice everything – his career, wealth and family life – for the sake of the nation?
A13: Although I do not care for opulence, I have no problem with those who do, including our leaders. In fact I prefer that our leaders be rich. In that way when they assume power they would not look upon that as an opportunity to enrich themselves. Also, the world being what it is, wealth is often a measure of your success and talent, and I want successful and talented leaders. I am here assuming that the wealth is not inherited or acquired though illicit means. I am only against leaders using the public treasury to enrich or indulge themselves. If it is their money I could not care less if they have gold toilet faucets or travel in luxury jets, as with California Governor Schwarzenegger.
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Malaysia in the Era of Globalization #68
Posted by Kit in Bakri Musa, globalisation on Monday, 6 June 2011
Chapter 8: Culture, Institutions, and Leadership
The Blight of Broken Families
I am appalled and saddened at the statistics on the family, especially among Malays. The number of teenage marriages is truly obscene. These young girls are not ready for motherhood. Think of the potential for personal growth thwarted by such early marriages. Malaysia must enact a minimum age of at least 18 for marriage. The divorce rates too are horrifying. These are actual divorces and do not include such cases of de facto divorces, that is, when Malay husbands simply abandon their wives or take on multiple wives. When one examines the structure and dynamics of such abandoned families, they are no different from divorced households. The children of families of multiple wives are just as neglected as if the father had divorced their mother.
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