International Sharīʿah Scholars Forum (2020)  69

Start Date : 10th November 2020
End Date : 11th November 2020
Venue : Online
Country : Malaysia
Total participant : 1
Total Interested : 0
Institution : International Shariah Research Academy for Islamic Finance - ISRA
Url : https://if360.isra.my/issf2020

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About This eConference

 

 

Theme: Islamic Finance: Balancing between the Norm and the Exception

 

The International Shari’ah Research Academy for Islamic Finance (ISRA), in partnership with the Islamic Research and Training Institute (IRTI), is organising the 15th International Sharīʿah Scholars Forum (2020) on 10-11 November 2020. The theme of ISSF2020 is "Islamic Finance: Balancing between the Norm and the Exception".

The main objective of this topic is to study deeper the basic principles governing Islamic financial transactions through adherence to Sharīʿah fundamentals and implementation of the fiqh of exceptions without neglecting the spirit of Islamic law (maqāṣid al-Sharīʿah). The platform provides high-level discussion of the parameters related to the fundamental Sharīʿah principles and their practical implementation in modern financial and banking transactions, especially in the main sectors of Islamic finance: Islamic banking, takāful companies and the Islamic capital market. As always, the discussions will be conducted in the spirit of appreciating diversity across key Islamic finance jurisdictions, regulatory policies and guidelines. To that end, the key principles for applying Sharīʿah texts to the real world have been studied, along with their implementations on various institutions of the Islamic financial industry.  The aim is to direct the practices of the industry towards adherence to the spirit of Islamic law while meeting contemporary needs, and to guide innovations and new initiatives for addressing social and economic challenges. In addition, this annual forum aims to provide the audience with a maqāṣidī framework to guide the Islamic financial industry and to promote the balance between adherence to Sharīʿah fundamentals and implementation of the fiqh of exceptions when applying key Sharīʿah principles such as benefit (maṣlaḥah), necessity (ḍarūrah) and  need (ḥājah) to Islamic finance products and services. This is to ensure the stimulation of innovation of products that are compliant with the letter and spirit of Sharīʿah. The platform provides high-level discussion on assessment of the performance of the Islamic financial industry in maintaining balance between the two sides. This assessment extends to an evaluation of the overall performance of Sharīʿah committees in their resolutions and [approval] of products and commercial activities. The opening dialogue addresses Sharīʿah parameters for implementation of the Sharīʿah principles of necessity (ḍarūrah), need (ḥājah) and benefit (maṣlaḥah), which are indispensable in product development.

This two-day forum will comprise the following seven sessions:

  • First session: Preliminary Fundamentals of the Principle of Honoring the Sharīʿah Texts While Implementing the Fiqh of Exceptions in Modern Financial Transactions and Products;
  • Second session: The Principle of Benefit (Maṣlaḥah), Its Sharīʿah Parameters, and Practical Implementation of It in Modern Financial and Banking Transactions;
  • Third session: Sharīʿah Parameters of the Principles of Necessity (Ḍarūrah) and Need (Ḥājah) and Their Practical Implementation in Modern Financial and Banking Transactions;
  • Fourth session: Critical Appraisal of Banking Products Based on the Principles of Necessity (Ḍarūrah), Need (Ḥājah) and Benefit (Maṣlaḥah);
  • Fifth session: Critical Appraisal of Takāful Products and Operations Based on the Principles of Necessity (Ḍarūrah), Need (Ḥājah) and Benefit (Maṣlaḥah);
  • Sixth session: Presentation and Appraisal of Capital Market Products Based on the Principles of Necessity (Ḍarūrah), Need (Ḥājah) and Benefit (Maṣlaḥah);
  • Seventh session/Open dialogue: Towards Sharīʿah Parameters for Implementation of the Principles of Necessity (Ḍarūrah), Need (Ḥājah) and Benefit (Maṣlaḥah) in Modern Islamic Financial Transactions.

After the presentations and rigorous discussions, resolutions will be issued to further shape the balance between the adherence to fundamentals and implementation of the fiqh of exceptions in issuing fatwas/resolutions and developing Islamic finance products to ensure compliance with the letter and spirit of Sharīʿah as well as modern sustainable development goals.



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