15TH INTERNATIONAL SHARI’AH SCHOLARS FORUM 2020 (ISSF2020)

May 6, 2021

The International Shari’ah Research Academy for Islamic Finance (ISRA) has successfully organised the 15th International Shari’ah Scholars Forum 2020 (ISSF2020) on the 10th – 11th November 2020 virtually. The theme of ISSF2020 is “Islamic Finance: Balancing between the Norm and the Exception”. The main objective of this topic is to study deeper the basic principles governing Islamic financial transactions through the adherence to Shariah fundamentals and the implementation of fiqh of exceptions without neglecting the aspect of the spirit of Islamic law (Maqasid al-Shariah). This edition of ISSF also featured translations into 3 languages for participants: English, Bengali and French.

ISSF2020 was officiated by YB Senator Datuk Dr. Haji Zulkifli Mohamad Al-Bakri, Minister in the Prime Minister’s Department (Religious Affairs). The first keynote speech was delivered by His Honourable Sheikh Prof. Dr. Koutoub Moustapha Sano, Secretary General, International Islamic Fiqh Academy of Organisation of Islamic Cooperation (IIFA-OIC).

There were seven sessions in the ISSF2020 comprising scholars from around the globe. The first session began with a presentation of “Preliminary Fundamentals of the Principle of Honoring the Shariah Texts While Implementing the Fiqh of Exceptions in Modern Financial Transactions and Products. The second session featured the topic The Principle of Benefit (Maslahah), Its Shariah Parameters and Their Practical Implementation in Modern Financial and Banking Transactions” and the first day closed with the third presentation on Shariah Parameters of Principles of Necessity (Darurah) and Need (Hajah) and Their Practical Implementation in Modern Financial and Banking Transactions”.

The second day of ISSF2020 kicked off with the keynote speech by Sheikh Datuk Dr. Mohd Daud Bakar, Chairman of the ISRA Council of Scholars and the second keynote speech was delivered by Sheikh Dr. Sami Ibrahim Suwaelim, Director General of Islamic Research and Training Institute (IRTI). The event was continued with the fourth session, Critical Appraisal of Banking Products Based on the Principles of Necessity (Darurah), Need (Hajah), and Benefit (Maslahah). The fifth session topic is the Critical Appraisal of Takaful Products and Operations Based on the Principles of Necessity (Darurah), Need (Hajah) and Benefit (Maslahah). In the afternoon, ISSF2020 continued with the Presentation and Appraisal of Capital Market Products Based on the Principles of Necessity (Darurah), Need (Hajah) and Benefit (Maslahah), and Open Dialogue session on Towards Shariah Parameters for Implementation of the Principles of Necessity (Darurah), Need (Hajah) and Benefit (Maslahah) in Modern Islamic Financial Transactions. The program ended with a conference resolution presentation and closing remarks by Assoc. Prof. Dr. Said Bouheraoua.

ISSF2020 DAY 1 : Welcoming Remark