Riaz Ansary

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Islamic Legal Maxims & Their Application in Islamic Finance (2nd Edition, 2020)

All praise is for Allah, and may Allah bless our master, Prophet Muhammad, and bestow peace upon him and upon his family and Companions and whoever follows his guidance. By the grace of Allah, ISRA was able to publish Islamic…


Corporations and the United Nations’ Sustainable Development Goals

RIAZ ANSARY Research and Innovation Department International Shariah Research Academy for Islamic Finance (ISRA) [email protected]   ABSTRACT   The main unit for organizing economic activity in the world today is the corporation. No other form of organization has come close…

Event Papers

Sale with the temporary exclusion of usufruct: A critical examination of its use in financing home purchases

Purpose This paper aims to investigate sale with the temporary exclusion of usufruct, a format debated in classical Islamic jurisprudence. More specifically, it examines the application of this sale format in the diminishing partnership arrangement used by American Finance House…

Journal (English)

Accepting Deposits in Islamic Banking Operations: Sharīʿah Issues and General Parameters

EXECUTIVE SUMMARY Accepting Deposits in Islamic Banking Operations: Shariah Issues and General Parameters   Acceptance of deposits is one of the most significant activities of an Islamic banking business, along with acceptance of money for investment and provision of financing…

Research Paper

Utilisation of Zakah and Waqf Funds in Micro-Takaful in Malaysia: An Exploratory Study

Micro-takāful is a Sharīah-compliant mode of protection for poor and underserved communities against risks and misfortunes. Regular takāful is business-oriented and targets participants with financial capabilities. Micro-takāful, on the other hand, is dedicated to low-income groups that are partly or…

Research Paper

Islamic Finance and Sustainable and Responsible Investment (SRI): An Ethical Dimension

EXECUTIVE SUMMARY The immoral behaviour of some conventional bankers in the lead-up to the Global Financial Crisis of 2007-2008 focused public attention on the social costs of marginalizing ethical considerations in the financial system. Islamic finance garnered substantial positive publicity…

Research Paper

Islamic Financing Using the Format of a Sale with the Exception of the Usufruct: An Applied Study of the Products of American Finance House LARIBA

The research comprises an introduction and six sections followed by a conclusion containing the most important results. The introduction provides a definition of Islamic financing using the format of a sale with the exception of the usufruct. This term refers…

Research Paper

Fiqhī views on bayʿ wa salaf and qard -based Islamic banking deposit accounts in Malaysia

Purpose – Islamic banks are obliged to carry out transactions that only comply with Islamic commercial laws. Malaysia has been championing the Sharīʿah-based banking system, and so, continuous improvement on the compliance level of the institutions offering Islamic financial services…

Journal (English)

Historical Root of Islamic Finance in Malaysia From The Pre-Islamic Era Until 1983

This book cosists of five chapters. The five chapters of this book will give readers a complete picture of the primary developments in the emergence and use of Islamic finance in Malaysia over seven centuries, as well as show the…


The Desire for Financial Security as a Contributor to Systemic Instability

The human desire for security is innate, and the desire for financial security is an important part of that. Savers would like to see their savings remain intact until the time of need, but beyond that they would like to…


Debt from Shariah and Economic Perspectives: Concepts, Issues and Implications

Stakeholders in the Islamic finance industry have been debating the relative importance of debt-based and equity-based financing for decades. Islamic economists generally advocate a shift toward equitybased instruments while some Sharīʿah advisors and practitioners defend the existing reliance on debt-based…

Research Paper

Zakah on Non-Current Bank Debts: Evaluation of the Theoretical Framework

In the name of Allah, Most Merciful, Ever- Merciful Although the issue of zakāh on non-current banking debts has been repeatedly treated by fiqh councils and in zakāh conferences, the final word on it has not yet been spoken. That…

Research Paper

Gharar in the Crude Palm Oil Futures Contract: A Critical Analysis of the Resolution of the Malaysian Securities Commission Shariah Advisory Council—Part I

Until 2007, Malaysia was the largest producer and exporter of palm oil and palm oil products in the world. It still accounts today for 39% of world palm oil production and 44% of world export. Malaysia’s contribution to the palm…

Research Paper

Islamic Legal Maxims and Their Application in Islamic Finance

ISRA’s Islamic Legal Maxims and Their Application in Islamic Finance is one of the most comprehensive compilations of Islamic legal maxims available in English. The most important feature of this book is that it explains each maxim in a way…



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Inside Islamic Finance - Episode 2 (IRP 101 with Dr. Mahadi Ahmad)

Join Dr. Riaz Ansary and Dr. Mahadi Ahmad discuss ISRA's Research Paper: "Bay' wa Salaf: An Analysis of Fiqhi Views and Contemporary Islamic Banking Practices" in the second episode of Inside Islamic Finance. Our new web series explores selected ISRA…

Mahadi Ahmad, Riaz Ansary

Inside Islamic Finance - Episode 3 (IRP 112 with Prof. Dr. Younes Soualhi)

IRP: 112 - Islamic Finance Law and Regulations in Malaysia: A Macro Maqasidic Approach

Youness Soualhi, Riaz Ansary

Inside Islamic Finance - Episode 4 (IRP 81 with Sheikh Dr. Riaz Ansary)

Debt from Shariah and Economic Perspectives: Concepts, Issues and Implications Authors: Hafas Furqani, Mohamad Akram Laldin, Riaz Ansary, Said Adekunle Mikail, Tawfik Azrak   Read paper...

Riaz Ansary, Said Adekunle Mikail

Inside Islamic Finance - Episode 5 (IRP 95 with Dr. Said Adekunle Mikail)

Join Dr. Riaz Ansary and Dr. Said Adekunle Mikail discuss ISRA's Research Paper: "Utilisation of Zakah and Waqf Funds in Micro-Takaful in Malaysia: An Exploratory Study" in the fifth episode of Inside Islamic Finance.  

Riaz Ansary, Said Adekunle Mikail