2nd ISRA Colloquium



The International Shariah Research Academy for Islamic Finance (ISRA) is organizing its 2nd colloquium, which is part of ISRA’s initiative to provide a venue for young scholars in Islamic finance to share their views and exchange their insights on how to develop Islamic finance and move the industry further. The speakers and participants are from all over the world to enable them to share their thoughts and experience in Islamic finance industry. The colloquium will be officiated by the Honorable Governor of Bank Negara Malaysia, Tan Sri Dr.Zeti Akhtar Aziz at Sasana Kijang, BNM on 27 November 2012.

The theme of this year’s colloquium ‘Islamic Finance in a Challenging Economy: Moving Forward’ reflects the challenges to be addressed as well as tasks to be accomplished by Islamic finance in the next stage of its development. Thus, the keynote address is ‘Shariah Compliant Macro-economic Policy’ that will be presented by the distinguished Prof. Dr. Abbas Mirakhor, First Holder INCEIF Chair of Islamic Finance. He arguably discusses the need for ideal Islamic finance paradigm, in which its essential function would be spreading and allocating risk among market participants rather than allowing it to concentrate in the borrowing class. He proposed two risk-sharing instruments as recommended in Islam, namely mu’amalat risk sharing instruments in the financial sector, and redistributive risk-sharing instruments through which the economically more able segment of the society utilizes in order to share the risks facing the less economically able segment of the population.

In conjunction with ISRA Colloquium 2012, ISRA will also inaugurate our latest product, I-Fikr. I-Fikr stands for Islamic Finance Knowledge Repository. It is a comprehensive database reference that stores a wide range of fatwas, articles, books and compendiums on Islamic finance. I-Fikr is in line with BNM’s strategic planning as outlined in the Financial Sector Blueprint 2011-2020, which aims to “enhance Islamic finance knowledge propositions to further strengthen Malaysia’s position in Islamic finance knowledge, education and training.”

“I-Fikr” is expected to advance Islamic finance knowledge and drives for improvements in Islamic financial institutions that will benefit consumers, practitioners, students, academicians, researchers and public generally. The platform promotes rigorous research in the field and contributes to the continuous professional development of Islamic finance industry.

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