14th International Shari‘ah Scholars Forum (ISSF2019)
Kuala Lumpur, Oct 31st & Nov 1st, 2019
The International Shari‘ah Research Academy for Islamic Finance (ISRA) with the support of Bank Negara Malaysia (BNM) organised its fourteenth annual International Shari‘ah Scholars Forum (ISSF2019) at Pullman KLCC, Kuala Lumpur, Malaysia.
The theme for ISSF2019 was “Islamic Social Bank: Prospects and Challenges”. The forum hosted numerous world-renowned Shariah scholars, Muslim economists, senior industry practitioners and academicians who shared their invaluable views and experiences on the theme. There were three types of sessions during the forum; the first and second were dedicated to Arabic and English presentations and discussions, while the third type hosted Arabic and English discussions to cater to English-speaking participants.
ISSF2019 was officiated by Yang Berhormat Dato’ Haji Amiruddin Bin Haji Hamzah, Deputy Finance Minister of Malaysia, whilst the two keynote speeches were presented by his Excellency Sheikh Ebrahim bin Khalifa Al-Khalifa, Chairman of AAOIFI Board of Trustees and Datuk Noripah Kamso, Chairman of Bank Rakyat. The closing remarks and vote of thanks were delivered by Sheikh Datuk Dr. Mohd Daud Bakar, President of International Islamic University Malaysia and Chairman of Amanie Advisors and ISRA Council of Scholars.
The panel of Shariah experts and industry practitioners who participated in the forum were:
- Sheikh Dr. Abdul Sattar Abdul Kareem Abu Ghuddah
- Sheikh Prof. Dr. Ali Muhyiddin al-Qaradaghi
- Sheikh Datuk Dr. Mohd. Daud Bakar
- Sheikh Prof. Dr. Mohamad Akram Laldin
- Sheikh Dr. Nizam M.S. Yaquby
- Sheikh Prof. Dr. Muhammad Abdul Razaq al-Tabtabaei
- Sheikh Dr. Bashir Aliyu Umar
- Sheikh Assoc. Prof. Dr. Zulkifli Hassan
- Prof. Dr. Ashraf Md Hashim
- Assoc. Prof. Dr. Said Bouheraoua
- Assoc. Prof. Dr. Muhamed Fairooz Abdul Khir
- Dr. Ismail Khalid Halitoğlu
- Prof. Dr. Abdul Azeez al-Qassar
- Dr. Omar Mustafa as-Shareef
- Dr. Bello Lawal Danbatta
- Dr. Abdelilah Belatik
- Asst. Professor Dr Ziyaad Mahomed
- Assoc. Prof. Dr Aznan Hasan
- Dato’ Abu Ubaidah Kemi
- Prof. Dr. Engku Rabiah Adawiyah Engku Ali
- Mr. Jamil Abbas
- En. Mohd Nazri Chik
- Mr. Khaled Khalifa
- Dr. Tuan Badrul Hisyam Tuan Soh
- Dr. Younes Soualhi
- Dr. Moutaz Abojaib
- Dr. Ahmad Asad Mahmood Ibrahim
- Dr. Mohanad Al Dakash
- Dr. Musa Mustafa Al Qudah
- Dr. Raed Nasry Abu Mounes
- Mr. Yousuf Sultan
- Sheikh Dr. Seyyed Abbas Mousavian
- Dr. Abdul Bari Mashal
- Dr. Ezam Al Enzi
- Assoc. Prof. Dr. Azman Mohd Noor
- Mr. Majid Pireh
- Dr. Abdurrahman as-Saadi
- Dr. Sa’id Adekunle Mikail
The two-day forum commenced with the recitation of some verses from the Quran, followed by welcoming remarks by Prof. Dr. Mohamad Akram Laldin, representing ISRA and the Organising Committee.
The first keynote speech entitled “Islamic Social Banking From a Maqasid Perspective”, was delivered by H.E. Shaikh Ebrahim Bin Khalifa Al-Khalifa. It highlighted the need for Islamic financial institutions to champion social financing in line with both the letter and the spirit of Shariah.
This was followed by a second keynote address delivered by Datuk Noripah Kamso, Chairman of Bank Rakyat. She emphasised the need to have a sustainable finance vision using the global trend of the three ps of the triple bottom line (People, Planet and Progress).
The opening speech was delivered by Yang Berhormat Dato’ Haji Amiruddin Bin Haji Hamzah, Deputy Finance Minister of Malaysia. The opening ceremony also featured the signing of a Memorandum of Cooperation (MoC) between ISRA International Consulting Sdn Bhd (IICSB) and FWD Takaful Berhad.
The forum continued with the first session under the theme “Concept and Components of Social Banking and Social Financing”. The discussion centred on the fiqh characterisation of social banking and finance and fundamental differences between the conventional and Islamic.
The second session hosted a panellist discussion conducted in English which examined the regulatory and supervisory framework for Islamic social bank. The discussion covered special legal and regulatory structures for Islamic social banking services and initiatives of some International Islamic financial standard-setting institutions such as IFSB, CIBAFI and AAOIFI pertaining to Islamic social banking and finance.
The third session then continued with a panellist discussion which explored some successful models of the existing Islamic social banking and finance initiatives in the Muslim world. The discussion revolved around governance, business conducts, business models, social impacts, issues and challenges facing the initiatives, etc.
The second day of the forum started with the fourth session which focused on fintech and Islamic social banking and finance. The discussion addressed the concept of social banking and application of fintech in the social finance sector. It also examined the role of fintech and the need to harness the power of technology and data to strengthening outreach of social banking finance and accessing sustainable financial inclusion. It also analysed fiqh characterisation of smart contract and maqasid dimensions enshrined in fintech.
The fifth session hosted a discussion on some social finance products and instruments such as crowdfunding and qard hasan financing facilities. The discussion stressed the need for integration of the Islamic social finance instruments and fintech to cater to financial inclusion and sustainable ecosystem.
The final session featured an open dialogue with prominent Shariah scholars from key Islamic finance jurisdictions. The panellists addressed some Shariah parameters and issues pertaining to the incorporation of social elements in Islamic banking and finance services. At the end of the session, the panellists proposed solutions and innovative ideas to promote the Islamic finance industry.
Assoc. Prof. Dr. Said Bouheraoua, ISRA’s Director of Research Development and Innovation Department, then presented the resolutions of ISSF2019.
Sheikh Datuk Dr. Mohd Daud Bakar delivered the closing remarks and expressed profound gratitude and appreciation to all the speakers and participants who actively participated in the forum and contributed to its success.