Kuala Lumpur, November 3-4 - The International Shariah Research Academy for Islamic Finance organized its tenth annual International Shariah Scholars Forum (ISSF 2015) in collaboration with the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank in Jeddah. The forum was held at the Westin Hotel, Kuala Lumpur, Malaysia.
The main theme for ISSF 2015 was “Strengthening the Global Connectivity of the Islamic Finance Industry: Reality and Prospects”. The forum was attended by numerous world-renowned Shariah scholars, senior industry practitioners and academicians who shared their views and experiences regarding the theme. Among the scholars who participated in the forum were:
The two-day forum commenced with a recitation of some verses from the Quran followed by welcoming remarks by the executive director of ISRA, Prof. Dr. Mohamad Akram Laldin and by Dr. al-Ayashi Faddad, Senior Researcher at the Islamic Research and Training Institute (IRTI). The keynote speech for the first day was delivered by Sheikh Prof Dr. Mohamad Ali Elgari highlighting the urgency to strengthen the global connectivity of the Islamic finance industry.
The forum continued with the first session. The theme for this session was “The Shariah Framework and the Global Connectivity of the Islamic Finance Industry”. The topic of the papers presented was “Closing the Gaps between Differing Shariah Rulings: Achievements and Challenges”.
In the afternoon, Yang Berhormat Senator Dato' Dr. Asyraf Wajdi Bin Dato' Dusuki, Deputy Minister in The Prime Minister’s Department (Religious Affairs), officially opened the ISSF 2015 and launched the ISRA-Thomson Reuters Islamic Commercial Law Report 2016.
The opening ceremony was followed by the second session of ISSF which dealt with the legal and regulatory framework and the efforts of local and international bodies in strengthening the global connectivity of the Islamic finance industry. The speakers in this session discussed the roles of Bank Negara Malaysia, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the International Islamic Liquidity Management Corporation (IILM).
The second day of the forum started with the second keynote speech, delivered by Sheikh Dr Hussain Hamed Hassan on “Structuring Islamic Financial Products: Developments and Prospects”. The speech was then followed by the third session of ISSF, which focused on the research and training framework in strengthening the global connectivity of the Islamic finance industry. The roles and experience of IRTI, ISRA and INCEIF were discussed in this session.
The fourth session dealt with the framework for developing products to strengthen the global connectivity of the Islamic financial industry.
The final session was an open dialogue with the scholars. In this session, the panellists further discussed the prospects and challenges in the global connectivity of the Islamic finance industry.
At the end of the programme, Sheikh Dr al-Ayyashi Feddad, representing IRTI, the co-organiser of ISSF 2015, read out the resolutions of this year’s forum. This was followed by the closing remarks of Prof Dr Mohamad Akram Laldin, the executive director of ISRA, who expressed his heartfelt gratitude and sincere appreciation to those who contributed to the success of the forum.
The resolutions of ISSF 2015 are as follows:
First: Regarding ISSF itself:
Second: Regarding Differing Fatwas and Their Effect on Strengthening the Global Connectivity of the Islamic Finance Industry
Third: Regarding Research Institutes on Islamic Economics and Islamic Finance
Fourth: Regarding Products
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