The International Shari’ah Research Academy for Islamic Finance (ISRA) and Thomson Reuters, the world's leading provider of intelligent information for businesses and professionals today launched an inaugural joint publication on “Islamic Commercial Law Report 2016”.
The Islamic Commercial Law Report 2016 was launched by the Deputy Minister, Prime Minister’s Department YB Senator Dato’ Dr Asyraf Wajdi Dato’ Dusuki at the International Shari’ah Scholars Forum (ISSF), organised by ISRA and the Islamic Research and Training Institute (IRTI) in Westin Hotel, Kuala Lumpur on 3 November 2015.
The Islamic finance industry has witnessed exponential growth over the last three decades, and has become one of the fastest growing segments of the global financial industry with estimates of the current market size ranging from USD1.66 trillion to USD2.1 trillion. One key factor that has contributed to this progressive development is the flexible nature of Islamic commercial law, which has imbued Islamic finance with the same core characteristic of flexibility, as the legal maxim says: “the original ruling in Islamic financial transactions is permissibility”.
Nonetheless, a comprehensive legal ecosystem which delves into all dimensions of Islamic finance industry remains underdeveloped. There is scarcity in the resources which can be a quick and easy reference to the industry professionals without Shari’ah background. Also, there is little link between research and activities of academics and practitioners.
To address this challenge, ISRA―an international research entity under the patronage of the Central Bank of Malaysia (BNM), in collaboration with Thomson Reuters―a reputable global knowledge provider, proudly present the inaugural Islamic Commercial Law Report 2016, which highlights key areas, frameworks and approaches that are fundamental in shaping the development of a well-structured Islamic finance industry. The Report is intended to be an annual publication assessing the key issues and trends in Islamic commercial law for the broader Islamic finance industry.
Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters, said: “Despite being one of the fastest growing segments of the global financial services industry, with assets in excess of $1.8 trillion, the legal ecosystem around the industry remains underdeveloped. There are no resources for the industry to learn from the activities and innovations that are happening in different parts of the world. And there is little link between the research and activities of academics and practitioners. To play a small role in addressing this challenge, Thomson Reuters is proud to present the first Islamic Commercial Law Report, in collaboration with our partners, the International Shari’ah Research Academy for Islamic Finance (ISRA).”
The report covers key areas including Shari’ah governance, Shari’ah standards and recent trends and fatwas. It provides practitioners with an annual guide to navigate the Islamic legal system and enhance the intellectual discourse of Islamic law into public policy moving towards actionable and productive outcomes. The Report also highlights the latest innovations in Islamic finance structuring, interpretations of Shariah law and innovation in Islamic legal thought. This will ensure that stakeholders are up to date with the latest innovation and development in this space, and will help in highlighting the impact of these developments in modern society.
The rigour in the output of the Report will be of tremendous benefit to regulators, policymakers, Islamic finance professionals, practising lawyers and barristers, researchers and academicians.
To read more about the report, please visit, http://www.zawya.com/ifg-publications/
INTERNATIONAL SHARI’AH RESEARCH ACADEMY FOR ISLAMIC FINANCE
The International Shari'ah Research Academy for Islamic Finance (ISRA) was established by the Central Bank of Malaysia on 26 March 2008, as an initiative to promote applied research in the areas of Shari'ah and Islamic finance. ISRA also acts as a knowledge repository for matters related to Shari'ah and fatwas (resolutions) in the Islamic finance industry. ISRA provides a platform enabling the largest possible number of practitioners, Shari’ah scholars, regulators and academics to participate, both locally and internationally, in pioneering research, serious discussions and creative thinking in order to help Islamic finance realize the objectives for which it was originally established. More information about ISRA is available on its website at www.isra.my.
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