Kuala Lumpur, September 18-19, 2012 – The annual International Shari‘ah Scholars Forum (ISSF 2011) was organized by the International Shari‘ah Research Academy for Islamic Finance (ISRA) of Malaysia, in collaboration with the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IBD) in Jeddah. The forum was held at the Sasana Kijang, Kuala Lumpur, Malaysia on 18-19 September 2012.

This seventh forum deal with a very important theme: Governance of Shari’ah Boards: Reality and Future Prospects and was attended by eminent Shari’ah scholars in the field of Islamic Banking and Finance. Among the eminent scholars who participated in the forum were:

• Sheikh Dr. Abdul Rahman al-Atram
• Sheikh Dr. Abdul Sattar Abu Ghuddah
• Sheikh Nizam Ya’qubi
• Sheikh Essam Ishaq
• Sheikh Mohammmad Ali Elgari
• Sheikh Dr. Mohd Daud Bakar
• Prof. Dr. Ashraf Md Hashim
• Dr. al-Ayashi Faddad
• Dr. Mohamad Akram Laldin
• Dr Aznan Hasan
• Dr. Said Bouheraoua
• Dr. Mohammad Abdul Razzaq al-Tabtabae
• Dr. Younes Soualhi
• Dr. Engku Rabiah al-Adawiyah
• Dr. Azman Mohamad Noor

The two-day forum commenced with a recitation of du’a, followed by welcoming remarks by the executive director of ISRA, Assoc. Prof. Dr. Mohamad Akram Laldin and Professor Dato’ Dr. M. Azmi Omar Director General Islamic Research and Training Institute (IRTI), Islamic Development Bank. The keynote speech for the first day was delivered by Sheikh Dr. Abdul Rahman Al-Atram, highlighting Major Challenges of Governance of Shari’ah Boards.

The first day of the event comprised two academic sessions. The first session discussed the foundation and principles of governance as well as its impact on Shariah Board practice. The second session assessed the ground reality and industry perception of the Shariah board.

The second day of the forum started with another keynote speech, delivered by Sheikh Dr. Mohd Daud Bakar, Chairman of ISRA’s Council of Scholars, who gave an Overview of the Shariah Governance framework in Malaysia. This was followed by three forum sessions.

The first session deliberated on the Role of International Organizations in Regulating the Governance of Shari’ah Board Practice.

The second session discussed the reports Issued on Governance of the Practice of Shari’ah Supervisory Boards. The last session was an open dialogue on future prospects for Shariah board members.

At the end of programme, Dr al-Ayashi Faddad spelled out the resolutions and recommendations of this year’s forum, which can be summarized as follows:

• To develop an academic and practical project in the form of an analytical and applied study of the governance of Shari’ah boards;
• To welcome any suggestions and recommendations on how to make this project workable.

Conference Papers