Kuala Lumpur, October 30-31 – The International Shariah Research Academy for Islamic Finance organized its eighth annual International Shariah Scholars Forum (ISSF 2013) in collaboration with the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank in Jeddah. The forum was held at The Westin Kuala Lumpur, Malaysia.

This eighth forum treated a very important theme mainly: Shariah Harmonization and Regulatory Consolidation in Islamic Finance: Reality and Outlook. It was attended by world renowned Shariah scholars in the field of Islamic finance. Among the eminent scholars who participated in the forum were:

• Sheikh D. Abdul Rahman al-Atram
• Sheikh Dr. Abdul Sattar Abu Ghuddah
• Sheikh Nizam Ya’quby
• Sheikh Prof Dr. Mohammad Ali Elgari
• Sheikh Dr. Yusuf Tala DeLorenzo
• Sheikh Prof Dr. Mohammad Abdul Razzaq al-Tabtabae
• Sheikh Dr. Mohd. Daud Bakar
• Sheikh Dr. Ibrahim al-Darir
• Sheikh Dr. Abdul Sattar Khuwailid
• Sheikh Dr. Abdul Sattar al-Kattan
• Prof Dr. Saleh Salhi
• Prof Dr. Ashraf Hashim
• Prof Dr. Engku Rabiah al-Adawiyah
• Dr. al-Ayyashi Faddad
• Dr. Mohamad Akram Laldin
• Dr. Sami Suwailim
• Dr Aznan Hasan
• Dr. Said Bouheraoua
• Dr. Abdul Bari Mashal
• Dr. Azman Mohamad Noor
• Dr. Younes Soualhi
• Dr. Ahcene Lahsasna
• Dr. Yazan Atayat
• Sheikh Abdul Qadeer Amor
• Ust. Ahmad Fadlan Yahya

The two-day forum commenced with a recitation of some verses from the Quran followed by welcoming remarks by the executive director of ISRA, Assoc. Prof Dr. Mohamad Akram Laldin and by Dr. al-Ayashi Faddad, Senior Researcher at Islamic Research and Training Institute (IRTI). The key note speech for the first day was delivered by Sheikh Prof Dr. Mohamad Ali Elgari highlighting the prospects and challenges of Shariah harmonization in the Islamic finance industry.

The first day of the event comprised two academic sessions. The first session discussed the harmonization between Shariah Standards and regulatory principles in the Islamic finance industry: Shariah fundamentals and theoretical principles. The second session assessed views of international standard-setting bodies for Islamic finance on fundamentals and principles of Shariah harmonization and regulatory consolidation in the Islamic finance industry.

The second day of the forum started with another keynote speech, delivered by Sheikh Mohd Daud Bakar,Chairman of ISRA’s Council of Scholars, who spoke on Bank Negara Malaysia’s view on Shariah harmonization and regulatory consolidation in the Islamic finance industry. This was followed by three forum sessions.

The first session evaluated contributions of Central Banks to Shariah harmonization and regulatory consolidation in the Islamic finance industry.

The second session assessed contributions of international standard-setting bodies for Islamic finance to Shariah harmonization and regulatory consolidation in the Islamic finance industry

The third session critically discussed Shariah harmonization and regulatory consolidation in Islamic finance: reality and future outlook, with the aim of having an adequate definition for Shariah harmonization and identification of the essential elements to be considered.

At the end of programme, Assoc. Prof Dr. Mohamad Akram Laldin, the executive director of ISRA spelled out the resolutions and recommendations of this year’s forum, which can be summarized as follows:

1. To call on regulators to study the term “harmonization” in a way that Shariah compliance can be realized.
2. To review Shariah standards issued by international standard-setting bodies for Islamic finance for the processes of Shariah harmonization taking into account the necessary factors.
3. To call upon relevant institutions for establishment of an international body tasked with the harmonization of Shariah standards issued by international standard-setting bodies for Islamic finance such as AAOIFI and IFSB.
4. To call upon both ISRA and IRTI to conduct a joint research on harmonization from theoretical and practical perspectives.
5. To call upon central banks to take into consideration the unique nature of Islamic finance and to consider carefully standards and regulations relating to the operation of Islamic banking.

Conference Papers & Slides