IslamicFinance.de

Amid an ongoing severe global healthcare crisis some research institutions and scientific entities are wondering if and how the world will change after the virus has eventually subsided. A new report issued last week is shedding light on the anticipated fundamental changes of the corporate world in terms of economic and social sustainability. The report is entitled "Islamic Finance and the SDGs: Framing the Opportunity" and is released as the first edition of the new "Thought Leadership Series" by the Islamic Finance Council UK (UKIFC) in partnership with the International Shariah Research Academy for Islamic Finance. The report states that the Islamic finance industry could play a key role in contributing to achieving the SGDs formulated by the United Nations. The UKIFC acknowledges that Islamic finance institutions are just at an early stage of engagement with the SDGs. Steps to be taken were therefore an improvement in understanding of how any given organization can effectively engage with the SDGs.

At least five years later than initially supposed, Saudi Arabian and Malaysian Islamic finance experts start again their efforts to create common regulations for scholars. Together with its Middle Eastern counterpart, the Malaysian International Shariah Research Academy for Islamic Finance has started its work on guidelines which will be targeted at the number of boards on which scholars can sit to reduce conflicts of interest. Also, an institution aiming to provide global accreditation will be established. Thus, the industry's need to boost confidence and improve transparency can be met.

Bernama reported on 26 March that Bank Negara Malaysia announced the establishment of the International Shariah Research Academy for Islamic Finance (ISRA) to promote applied research in the area of Sharia and Islamic finance. It will also act as a repository of knowledge for Sharia views or fatwas and undertake studies on contemporary issues in Islamic financial industry. ISRA will be part of the International Centre for Education in Islamic Finance (INCEIF).

A Council of Scholars, comprising local and international Syariah scholars will be set up. Dr Mohamad Akram Laldin will be appointed as the executive director of ISRA.

Source: http://www.bernama.com.my/bernama/v3/news_lite.php?id=322895