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ISRA - The International Shari'ah Research Academy for Islamic Finance

4th International Shari'ah Scholars Forum (ISSF 2009)

4th International Shari’ah Scholars Forum (ISSF 2009)

Kuala Lumpur, December 18-20, 2009 – The International Shari‘ah Scholars Forum on Islamic Finance is an annual event organized by the International Shari’ah Research Academy for Islamic Finance (ISRA) Malaysia. It brings together some of the most prominent scholars of Shariah and Islamic finance from all over the world. The fourth annual meeting was organized in a partnership between ISRA and the Islamic Research and Training Institute (IRTI) with the collaboration of the Department of Fiqh and Usul al-Fiqh of the International Islamic University Malaysia (IIUM). It was held at the Nikko Hotel in Kuala Lumpur, Malaysia, from 1 to 3 Dhul Hijjah, 1430 (18 to 20 November, 2009).

It may be considered as another brick added to the wall of the lofty edifice of Islamic finance currently under construction. It is also a continuation of the collective effort to move research in the problems of Islamic finance from the narrow context of individual research to the broad context of research institutions and international conferences. The goal of this forum is to bring together Shari’ah scholars and IF specialists for the promotion and enrichment of Islamic finance.

It is a good opportunity to exchange experiences, narrow the gap between varying ijtihads and establish strong research links. The conference is also intended to highlight the eminence of Islamic law and how it achieves and safeguards the interests of people with, of course, special focus on the area of financial interests. This conference spotlighted Islamic financial products and discussed their relationship to conventional banking products, in order to open new prospects for their further development. The conference also presented a good opportunity to listen to the concerns of researchers and queries regarding the practice of Islamic finance.

Among the prominent scholars who participated in the forum were:

  • Dr. Abdul Salam Al-Abadi, Secretary General of the International Islamic Fiqh Academy
  • Professor Dr. Mohiuddin Al-Qara Daghi
  • Professor Dr. Abdul-Rahman ibn Salih Al-Atram
  • Professor Dr. Arif Ali Arif
  • Professor Dr. Dato’ Mahmood Zuhdi
  • Professor Dr. Salih al-Zubyani
  • Professor Dr. Muhammad ‘Abdul-Razzaq al-Tabtaba’i
  • Assoc. Prof. Dr. Mohamad Akram Laldin
  • Assoc. Prof. Dr. Yusuf al-Shubayli
  • Assoc. Prof. Dr. Sa’id Bouheraoua
  • Assoc. Prof. Dr. Younus al-Soualihi
  • Assoc. Prof. Dr. Muhammad Amanullah
  • Assoc. Prof. Dr. Isma‘il ‘Ali
  • Assoc. Prof. Dr. Ashraf Hashim
  • Dr. Muhammad Daud Bakr
  • Dr. Sami Ibrahim Al-Suwailem
  • Dr. Ezzedine Khoja
  • Dr. Aznan Hasan
  • Dr. Al-Ayashi Faddad
  • Dr. Muhammad El-Tahir El-Mesawi
  • Dr. Anwar Shu‘ayb
  • Dr. Azman Muhammad Nur

The Forum opened with a recitation from the Holy Qur’an, followed by an address by Assoc. Prof. Dr. Mohamad Akram Laldin, Executive Director of ISRA, in which he welcomed the eminent scholars in attendance. He also called attention to the opportunity for the scholars and researchers to become better acquainted with one another and to cooperate in providing answers to the questions posed by the theme of this year’s Forum, ‘Islamic Financial Products: the Genuine and the Imitation.’

Following this, Dr. Sami Suwailem, Deputy Director of the Islamic Research and Training Institute (IRTI) gave a speech in which he commended ISRA for its distinguished activities in supporting financial studies and research. He also expressed his pleasure on behalf of IRTI at participating in this conference and other events in this blessed country.

Senator Dr. Dato’ Mashitah Ibrahim, Deputy Minister in the Prime Minister’s Office gave a speech expressing her appreciation of the efforts of the organizers of this International Forum and the attention they have given to this vital aspect of life which became the occasion for bringing together a select group of leading Shari’ah scholars and researchers specialized in Islamic finance from around the Islamic world. She explained that the Malaysian government is well aware of the strategic importance of Islamic finance and is confident that its success depends on giving preference to the mentality of communication, cooperation and partnership over the mentality of insularity. This requires cooperation with international actors under a canopy of clear laws and effective strategies. She also touched upon the successes of Islamic finance in the last decade both at the local level and globally.

Dr. Abdul Salam Al-Abadi delivered the keynote lecture on “The Importance of Islamic Financial Products and the Role of Collective Ijtihaad in Developing Them.”

A number of research papers were delivered over the course of the three-day conference. They were as follows:

Conference Papers & Resolution