While the inherent strength of Islamic finance has contributed to its viability and resilience, foundations for the sustainability of Islamic finance need to be continuously strengthened. Various stakeholders should understand the Shari’ah principles that determine Islamic finance and the application of these principles in Islamic financial services, products and instruments; as well as the various Islamic modes of investment, financing and risk mitigating alternatives. The full comprehension of these fundamental principles is achievable through comprehensive study and research.
In line with this, the Research Development & Innovation Department (RDI) is dedicated to conduct high impact and cutting-edge research that is crucial for the development of Islamic finance industries (IFIs) and thus working towards fulfilling ISRA’s mission and vision to be ‘the premier Shari’ah research centre in Islamic finance’. The department, through its rigorous research, high quality training and workshops and constant collaboration and interactions with regulators, practitioners and academicians, has been able to maintain a solid presence and relevance in the Islamic finance industry, i.e. the banking, capital market and takaful sector.
As such, the RDI has initiated different types of highly insightful and intuitive research on Islamic finance, emphasizing strongly on Shariah fundamentals and principles. This is done as means to dissimilate knowledge and awareness about Shariah within the Islamic industry and among the stakeholders; particularly the regulators, industry practitioners and the public at large. Each research thoroughly unravels the Shariah issues on the topic, while also highlighting Shariah perspectives of it.
ISRA’s Research Development & Innovation Department (RDI) has established dedicated units that cater to the demands of the research and development (R&D) from different sectors within Islamic finance industry.
Currently there are four (4) Units under ISRA’s Research Development & Innovation Department (RDI):
- Islamic Banking Unit
- Islamic Capital Market Unit
- Takaful Unit
- Fatwa and Translation Unit