Research Agreement with the Korean Embassy

Kuala Lumpur, December 28, 2009 – The Embassy of the Republic of Korea to Malaysia and the International Shari’ah Research Academy for Islamic Finance (ISRA) signed a research agreement entitled “Malaysian Islamic Finance and Methods for Introducing Islamic Finance into the Korean Financial Market.”

The research project, to be undertaken by ISRA staff members in the following three months, is very important and timely for the Korean government, which wants to enter this growing industry.

The research will cover the historical development of the Malaysian Islamic financial market, its current status, and future prospects. Focus will also be given to the legal and regulatory framework necessary for the effective functioning of Islamic finance. The research will also briefly elaborate examples from other financial centers taking part in Islamic finance, namely, the UK, Singapore and Hong Kong.

This approach will pave the way and provide necessary inputs for the Korean government to develop the necessary infrastructure for the Islamic financial market. Once the research is completed, it will highlight the steps the Korean Government should undertake and offer the ways forward. It will further strengthen the collaboration between ISRA and the Korean Embassy in the field of Islamic finance.

– Edib Smolo