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

6th ISRA-IRTI-Durham University SRD 2016

6th ISRA-IRTI-Durham University SRD 2016

Kuala Lumpur, 31 Oct 2016 – The International Shari’ah Research Academy for Islamic Finance (ISRA) Malaysia; Islamic Research and Training Institute (IRTI-IDB) Jeddah, Saudi Arabia; and Durham Centre for Islamic Economics and Finance (DCIEF), Durham University, United Kingdom successfully organized a one-day Strategic Roundtable Discussion (SRD) at Sama-Sama Hotel, Kuala Lumpur International Airport.

The theme of the 6th SRD 2016 was “Islamic Social Finance: A Holistic Solution to Financial Inclusion and Poverty Alleviation”. Relevant stakeholders comprised of Islamic economists, Shari’ah scholars and industry practitioners attended and contributed to an insightful discussion. The main objective of this roundtable discussion is to search for a holistic solution that integrates financial inclusion to alleviate poverty through Islamic social finance.

This SRD commenced with a brief welcoming address by Prof. Dr. Mohammad Akram Laldin, Executive Director of ISRA, followed by that of Prof. Dr. Nasim Shah Shirazi, Lead Economist at IRTI-IDB.

All the participants of this SRD agreed that Islamic social finance must be directed by Islamic economics to establish social justice that realises equity and financial inclusion. In establishing social justice, it is imperative to include charitable funds such as cash waqf and zakah and to improve their management in order to fulfill their potential for poverty alleviation. In addition, the role of technology is viewed to have high impact in poverty alleviation in both wealth creation and distribution.

The summary of all sessions including ice breakers and moderators are as follows:

First Session: Islamic Social Finance: A Quest for Social Justice
Moderator: Prof. Dr. Ashraf Md Hashim (ISRA)

  1. Prof. Dr. Rosylin Mohd Yusuf (UUM)
  2. Ferdaus Toh Bin Abdullah (Affin Islamic Bank)
  3. Prof. Dr. Mohamed Aslam Haneef (IIUM)
  4. Prof. Dr. Nasim Shah Shirazi (IRTI)
  5. Wan Abdul Rahim Kamil (Securities Commission)

Second Session: Deciphering Pertinent Issues in Islamic Philanthropy
Moderator: Dr. Bello Danbatta Lawal (INCEIF)

  1. Sheikh Datuk. Dr. Mohd Daud Bakar (ISRA Council of Scholars)
  2. Assoc. Prof. Dr. Magda Ismail Abdel Mohsen (INCEIF)
  3. Dr. Bashir Aliyu Umar (ISRA Council of Scholars )

Third Session: Industry Experience in Promoting Islamic Social Finance: Opportunities and Challenges
Moderator: Dr. Akhmad Affandi Mahfudz (ISRA)

  1. Umar Munshi, (Ethis Crowdfunding, Singapore)
  2. N. Imam Akbari (Global Wakaf ACT, Indonesia)
  3. Hamim Syahrum Ahmad Mokhtar (Bank Negara Malaysia)
  4. Daud Vicary Abdullah (INCEIF)
  5. Rahana Abdul Rahman (Amanah Ikhtiar Malaysia)

At the end of the event, the participants agreed on “The KL SRD Resolution 2016” .

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