Kuala Lumpur – September 5, 2013 – A thematic workshop was organised on the “Application of the International Financial Reporting Standards (IFRS) in Islamic Financial Transactions: A Highlight of Some Shari’ah Issues”. This workshop was jointly organised by International Shari’ah Research Academy for Islamic Finance (ISRA), in collaboration with Association of Islamic Banking Institutions Malaysia (AIBIM).

The purpose of the workshop is to bring together stakeholders, namely Shari’ah scholars, Islamic bankers, financiers, accountants, auditors and academicians to deliberate on the prospective ISRA’s research paper. In line with the theme of the workshop, the sixty workshop participants came from over nineteen institutions of Takaful, banking, finance, audit, accounting including academic establishments.

The workshop was emceed by Bro Ibraheem Musa Tijani of ISRA. It began with du’a recitation by Bro Mohammad Mahbubi Ali of ISRA followed by welcoming notes by Assoc. Prof. Dr. Mohamad Akram Laldin, ISRA’s Executive Director. The discussion session started with the presentation of the research paper by the author, Dr Zurina Shafii of University Sains Islam Malaysia. An expert panel of discussants followed the paper presentation with Dr Marjan Mohammad of ISRA moderated the discussion session. The panellists were Encik Badlisyah Abdul Ghani of CIMB Islamic and Encik Ahmad Nasri Abdul Wahab of KPMG as well as Dr Syed Musa Alhabshi of IIUM Institute of Islamic Banking and Finance. They have critically reviewed the research paper and critically deliberated the Shariah issues as raised in the paper. The session was later opened to the floor for any questions and comments which session has entertained the participants with interesting and thought-provoking debates. The session was later closed with the presentation of tokens of appreciation by Dr Marjan Mohammad to the presenter and discussants. Taking into consideration of the comments and views of those attended the workshop, ISRA will be publishing the research paper this year insyaAllah.