ISRA - The International Shari'ah Research Academy for Islamic Finance

The International Shariah Research Academy for Islamic Finance (ISRA) in partnership with the Islamic Research and Training Institute (IRTI), is organising the 16th International Shariah Scholars Forum (2021) on 6-7 October 2021 correspondent with 29 Safar & 1 Rabi’ al-Awwal 1443 A.H. The theme of ISSF2021 is “Islamic Finance and Fiqh of Crisis Management“

The main objective of this topic is to study deeper the basic principles governing fiqh of crisis management through the adherence to Shariah fundamentals and fiqhi issues and cases without neglecting the aspect of spirit of Islamic law (Maqasid al-Shariah). The platform provides high level discussion of Shariah parameters related to the crisis management and the practical implementation of relevant Shariah concepts in resolving effects of crisis and pandemic in economic and financial sectors especially in the main sectors of Islamic finance, namely Islamic banking, Takaful companies and Islamic capital market. As always, the discussions will be conducted in the spirit of appreciating diversity across key Islamic finance jurisdictions, regulatory policies and guidelines. To that end, the key principles for applying fiqh of crisis management and their applications will be examined to guide various applications of the Islamic financial institutions (IFIs) with the aim of directing the practices of IFIs towards the adherence to spirit of Islamic law,  restoration of contractual balance, actualisation of justice and fairness between the transacting parties while still meeting contemporary needs and streamlining innovations and new initiatives to address economic and social challenges of crisis and pandemic. In addition to the above, this annual forum aims to provide audience with revisiting products and operations of the Islamic financial industry and integration of its main sectors to applying relevant Shariah principles on managing effects of financial crisis by eliminating or reducing them  while complying with statutory and regulatory requirements as well as policy documents, guidelines and prudential guidelines guiding from regulatory bodies and standard-setting bodies.

The platform provides through high level discussion on review of products and operations of the industry to restore contractual balance and actualise justice between the transacting parties as well as the assessment of the overall performance towards the relevant Shariah resolutions and standards and Shariah compliance of the products and commercial activities. The opening dialogue addresses Shariah parameters which are indispensable for crisis management and revisiting products and operations of Islamic finance.

This two-day forum will comprise the following seventh sessions:

• First session: Preliminary Fundamentals of Fiqh of Economic and Financial Crisis in Modern Financial Transactions and Products;
• Second session: Evidence and Cases of Crisis and Fiqh of their Implementation in Contractual Relationships in Modern Financial and Banking Transactions;
• Third session: Role of Regulatory Institutions and Standards-setting Institutions in Managing Economic and Financial Crisis;
• Fourth session: Integration of Main Sectors of the Islamic Finance Industry and its Impact on Crisis Management;
• Fifth session: Revisiting Operations and Products of the Islamic financial industry and Fiqh of Crisis Management;
• Sixth session: Shariah Solutions to Exit from Economic and Financial Crisis;
• Seventh session/open dialogue: Towards Shariah Parameters for Crisis Management and Revisiting of Islamic Finance Operations and Products;

After the presentations and rigorous discussions, resolutions will be issued to further guide crisis management and revisit operations and products of Islamic finance while strengthening Shariah compliance and role of Shariah committee and promoting product and operational innovations in line with letters and spirit of Shariah as well as modern sustainable development goals.