In his paper which he delivered at the Harvard Law School IFP Conference in Cambridge, Massachusetts, he highlighted the past East-West linkages in Islamic Trade and Commerce going back over a thousand years.
He called for a new era of cooperation between Islam and the West as the Muslim majority countries go through this unprecedented period of protest against the past policies of exploitation, injustice, and indifference towards the plight of the masses.
Dr. Awan presented his research findings based on data collected from on-site visits to Egypt, Jordan, Lebanon, Iraq, Turkey, Bahrain, Saudi Arabia, UAE, Kuwait, Qatar, Oman, Malaysia, Indonesia, Pakistan, and Bangladesh. He demonstrated how introduction of Islamic Finance instruments especially Sukuk are having a stabilizing influence in these divergent economies, operating in different political and economic environments. He blamed governmental corruption and excessive centralized control of all productive resources of the economy in a few hands as the primary reason for Arab Spring protests and the demands for change. Even after toppling of several unpopular governments and their dictators, people have not seen any change in their daily life of economic inequity and injustice. Newly installed governments, though more aware of the power of popular revolt, are still struggling to find practical ways to give people a greater sense of participation and empowerment.
“This requires denationalization and privatization of the military and central government owned enterprises that have concentrated the economic resources in the hands of select few,” Dr. Mahmud Awan, said.
Highlighting the examples of Malaysia and United Arab Emirates, Dr. Awan showed how the creation of Sukuk ownership certificates and structured securities can lead to broad public ownership of previously government owned assets.
“Western banks, mutual funds, asset management companies, and other financial institutions can participate in this new growth opportunity by participating in the floatation of new fixed income securities from Muslim majority countries. Islamic banks will have a much better chance of strengthening their balance sheets and maximizing their liquidity and treasury management opportunities by participating in these innovative Sukuk structures,” emphasized Dr. Awan.
Dr. Mahmud Awan is the Chairman of the Board of Global Studies Institute, a non-profit research organization devoted to the study of global issues dealing with international finance and security matters. Located at Techman Center in Charlton, Massachusetts, it is funded exclusively by private contributions.
Dr. Mahmud Awan is a Legal Scholar and Economist of International repute who has served in senior management positions at several public sector and private sector organizations in the United States and abroad. He is presently serving as President/CEO of Techman International LLC, a management consultancy organization specializing in technology management, research and development, and strategic planning. He was previously Chairman of the Board at Technical Communications Corporation, a NASDAQ company involved in manufacturing of secure communications products and served as the President/CEO of Regional Technology Corporation, an organization affiliated with Economic Development Council of Springfield, Massachusetts. He has been a Corporate Director of several public companies focused on high technology business sectors. He has been the Chief Academic Officer and Dean of the Faculty at INCEIF Global University in Malaysia. He has also served in the past as the Presidential Adviser to Government of Pakistan. He has directed several GSI research projects in the Middle East, Europe, Asia, Latin America, and Africa, and serves on the Board of several civic organizations in the United Sates that are devoted to world community service.
Dr. Awan received his Ph.D. in Economics from Clark University in 1976. He received his LLB law degree from Punjab University before receiving his LLM degree from Boston University Law School in Boston, Massachusetts. He is a practicing attorney specializing in Constitutional Law, Islamic Law of Finance and International Law. He is a member of the International Bar Association and the American Trial Lawyers Association (AAJ). He has been a Professor of Business Law and Finance at several American and foreign Universities including the National University of Sciences and Technology (NUST) Pakistan, where he served as the Professor Emeritus. He is a globally recognized trainer of Sharia scholars and serves as the Sharia Adviser for several banks and Takaful companies in Malaysia and elsewhere.