Kuala Lumpur, September 20, 2012 – The International Shariah Research Academy for Islamic Finance (ISRA), in collaboration with the Islamic Research and Training Institute (IRTI) and Durham University, jointly organised a one-day strategic roundtable discussion at Lanai Kijang.

This second roundtable aimed at gathering different stakeholders – among others, reputable Shari’ah scholars, Islamic economists and practitioners of the Islamic financial industry, to discuss risk sharing in Islamic finance by highlighting its essence and significance and, thus, seek a remedy for the modern global financial crisis.

The event commenced with a brief welcoming address from Assoc. Prof. Dr Mohammad Akram Laldin, the Executive Director of ISRA, followed by brief talks by Prof. Dato’ Dr. Azmi Omar, Director General of IRTI, and Prof. Dr. Habib Ahmed, representing Durham University.

Immediately after, the first session, chaired by Assoc. Prof. Dr. Asyraf Wajdi Dusuki, began with the presentation of a paper by renowned Islamic economist, Prof. Abbas Mirakhor, on “Risk Sharing: The Operational Essence of Islamic Finance”. Then three icebreakers, namely, Sheikh Nizam Yaquby (Bahraini Shariah Advisor), Dr Khawla al-Nobani (Managing Partner of Dirayah Islamic Financial Advisory Services, Jordan), and Mr. Rafe Haneef (CEO of HSBC Amanah Malaysia), commented on Prof. Mirakhor’s paper and shared their viewpoints.

After the lunch break, there was an open discussion session moderated by Prof. Dr. Habib Ahmed in which many Shari’ah scholars and economists debated the issue of risk sharing and its significance in Islamic finance.

At the end, the participants agreed on the following Kuala Lumpur Declaration:

KUALA LUMPUR DECLARATION