Kuala Lumpur, June 28– This day marks yet another milestone for International Shari’ah Research Academy for Islamic Finance (ISRA). It pushed boundaries of the Islamic financial services industry even further with the release of the World’s first textbook on Islamic finance. What was a dream of many Islamic finance stakeholders until recently, ISRA managed to convert into a reality.

This textbook is a result of a dedicated work by 34 writers amongst academicians and practitioners who are experts in various fields in Islamic finance, working intensively on this project for about one and half year. As stated by Mohamad Akram Laldin, Executive Director of ISRA, this project was patronized by Bank Negara Malaysia (BNM) and fully sponsored by Cagamas Berhad, the National Mortgage Corporation.

The task of coming up with this textbook was given to ISRA, as a research academy established by BNM to meet the needs of the rising Islamic financial industry – not only in Malaysia but also worldwide. Although there are a growing number of books on Islamic finance, there was no textbook that was as comprehensive and meeting international standards as this textbook, Islamic Financial System: Principles and Operations. The keynote address was given by Y.B. Dato’ Saifuddin Abdullah, Deputy Minister of Higher Education II, who also officially launched the textbook.

The event started with a welcoming remark from Executive Director of ISRA, Assoc Prof Dr Mohamad Akram Laldin. Other respected VIPs attended the events were:

• Encik Bakarudin Ishak, Assistant Governor, Bank Negara Malaysia
• Yang Berbahagia, Dato’ Owee Sang Kuang, Special Adviser, Bank Negara Malaysia and Chairman, Cagamas Berhad
• Dr. Rozali Mohamed Ali, Chairman, International Centre for Education in Islamic Finance (INCEIF) Governing Council
• Mr. Steven Choy, President and CEO, Cagamas Berhad

During the event, the textbook was also presented to the academic and industry representatives. For academic the textbook was presented to Dato’ Agil Natt, President and CEO, International Centre for Education in Islamic Finance (INCEIF) and for financial institution it was presented to Dato’ Haji Mohd Redza Shah Abdul Wahid, President, Association of Islamic Banking Institutions Malaysia (AIBIM).

The textbook consists of nineteen chapters divided into six parts covering all areas of the Islamic finance. The targeted audience is the postgraduate students of Islamic finance programmes worldwide, although it can be used for undergraduate studies as well. It may also serve as an excellent reference to those who are directly involved in the Islamic finance industry amongst the diverse market practitioners.

The book will be distributed to all universities teaching Islamic finance programmes in Malaysia and the rest of the world. It is hoped that this textbook will become the main reference when it comes to teaching Islamic finance courses. With this milestone, ISRA strengthened its position as the Premier Research Centre in Islamic finance and also showed the commitment and leadership position of Malaysia as a leading centre for Islamic finance as well.