Durham, United Kingdom (UK), April 19th – 20th, 2011 – The International Shari’ah Research Academy for Islamic Finance (ISRA) jointly collaborated with the Islamic Research Training Institute (IRTI) and Durham University (UK) organizing a historical strategic roundtable discussion at Durham University, UK.

The theme of the roundtable event was “Maqasid al-Shariah and Islamic Finance: Current Status and Future Directions”. The event was attended by among the most reputable and respectable Islamic finance scholars in the recent times. In total, there were 21 participants at the roundtable comprising experts in Islamic finance from various fields worldwide. The event was held with the intention of shaping the future direction of Islamic finance by taking into consideration all the various pertinent aspects – Shari’ah, economics and the various current practices of the Islamic finance industry.

The highly regarded names in the Shari’ah world that graced the event included Sheikh Nizam Yakubi, Sheikh Prof. Dr. Husain Hamed Hassan, Sheikh Dr. Abdul Rahman Al Atram, Prof. Dr. Daud Bakar and many others. Reputable Islamic finance practitioners like Dr. Mabid Aljarhi and Mr. Badhlisyah Abdul Ghani were also at the event. They presented papers on “Future Direction of Islamic Finance” and “Maqasid al Shariah and Appraisal of Current Status of Islamic Economics, Banking and Finance” respectively. Famous names in the Islamic economics world like Mr. Iqbal Asaria and Prof. Dr. Monzer Kahf also graced the event with their respectable presence. Mr. Iqbal Asaria presented a paper on “Islamic Finance: Ideals vs. Reality” while Prof. Dr. Monzer Kahf presented a paper on “Maqasid al-Shariah and Appraisal of Current Status of Islamic Economics, Banking and Finance”. The 2-day event witnessed a historical debate and discussion among the world-wide renowned Islamic finance scholars from the various fields.

The welcome addresses were delivered by Assoc. Prof. Dr. Akram Laldin, Executive Director of ISRA, Dr. Layachi Feddad, IRTI – IDB and Prof. Dr. Rodney Wilson, Durham University. After the 2-day event, the three organizations jointly collaborated and presented a memorandum to the 21 participants and audiences presented at the event. This memorandum is also uploaded on ISRA’s website. The moderators for the first and second days of the roundtable were Assoc. Prof. Dr. Akram Laldin and Prof Dr. Habib Ahmed (Durham University) respectively.

The concluding session summarized the whole event and the declaration of memorandum was presented by Assoc. Prof. Dr. Asyraf Wajdi Dusuki (Head of Research Department, ISRA).

DURHAM DECLARATION

Day 1:

Moderator: Assoc. Prof. Dr. Akram Laldin (Executive Director of ISRA)

Session 1: Foundations of Islamic Economics, Banking and Finance (as Envisioned by the Pioneers)

Ice Breakers: Dr. Mehmet Asutay (Durham University), Prof. Dr. Muhammed Elgari

Session 2: Maqasid al Shariah and an Appraisal of the Current Status of Islamic Economics, Banking and Finance

Ice Breakers: Prof. Dr. Monzer Kahf, Sheikh Prof. Dr. Husain Hamed Hassan, Mr. Badlisyah Abdul Ghani (CIMB Malaysia)

Session 3: Islamic Finance: Ideals vs. Reality

Ice Breakers: Mr. Iqbal Asaria, Dr. Abdulazeem Abozaid

Day 2:

Moderator: Prof. Dr. Habib Ahmed (Durham University, UK)

Session 4: Alternative Model for Islamic Economics, Banking and Finance?

Ice Breakers: Mr. Shamsun Anwar (CIMB Malaysia), Sheikh Nizam Yakubi, Prof. Dr. Habib Ahmed

Session 5: Future Direction of Islamic Finance

Ice Breakers: Dr. Mabid Al-Jarhi, Prof. Dr. Mohd Daud Bakar

Session 6: Specific Steps Needed for the Development of Islamic Finance

Concluding Session: Summary and Declaration

Chairperson: Assoc. Prof. Dr. Asyraf Wajdi Dusuki