Kuala Lumpur , March 19, 2013- The International Shari’ah Research Academy for Islamic Finance (ISRA), in collaboration with Association of Islamic Banking Institutions Malaysia (AIBIM), jointly organized a half-day thematic workshop on ISRA Research Paper No. 45 entitled “Critical Appraisal of the Rahn-Based Islamic Microcredit Facility”.

The workshop was held at Bank Muamalat Malaysia Berhad’s Training Room which discussed the Shari’ah issues associated with the proposed new structure as a viable alternative to the current structure of rahn-based Islamic microcredit facility. In total, there were approximately 50-60 people attended the workshop, comprising of representatives from the Shariah and Product departments of 12 banks, 5 representatives from the central bank of Malaysia, and other representatives were from YAPEIM and KPDNKK.

The workshop was emceed by Dr. Syahida Abdullah. It started with a recitation of verses from the Holy Qur’an, followed by welcoming and introductory remarks by Assoc. Prof. Dr. Mohamad Akram Laldin, the Executive Director at ISRA. The research paper was presented by Ustaz Mohd Bahroddin Badri, and moderated by Dr. Mohamed Fairooz Abdul Khir. The research paper was then reviewed and commented by 3 Discussants from IIUM, namely Assoc. Prof. Dr. Azman Mohd Noor, Dr. Zaharuddin Abd Rahman and Ustaz Wan Rumaizi Wan Husin and 1 practitioner En. Zulkafli Abu from Bank Rakyat. Many constructive comments and feedback were received from the panelists and participants in order to further develop and strengthen the proposed structure. At the end of the workshop, Assoc. Prof. Dr. Asyraf Wajdi Dato’ Dusuki, Head of Research Affairs gave the closing remarks and thanked all the participants, presenters and committee members for making the event a success.