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, jointly launched an inaugural publication titled the Islamic Commercial Law Report 2016.
The report was officially launched by the Deputy Minister of the 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), held at Westin Hotel, Kuala Lumpur on 3 November 2015.
The Islamic finance industry has experienced exponential growth over the past three decades and has become one of the fastest-growing segments of the global financial industry, with current market size estimates ranging from USD1.66 trillion to USD2.1 trillion. One of the key drivers of this development is the flexible nature of Islamic commercial law, which embodies the principle that “the original ruling in Islamic financial transactions is permissibility.”
However, a comprehensive legal ecosystem covering all dimensions of the Islamic finance industry remains underdeveloped. There is a scarcity of resources that can serve as quick and accessible references for industry professionals without Shariah backgrounds. In addition, the linkage between academic research and industry practice remains limited.
To address these challenges, ISRA, an international research entity under the patronage of Bank Negara Malaysia (BNM), in collaboration with Thomson Reuters, presents the inaugural Islamic Commercial Law Report 2016. The report highlights key areas, frameworks, and approaches fundamental to shaping a well-structured Islamic finance industry. It is intended to be an annual publication that assesses key issues and trends in Islamic commercial law for the broader Islamic finance industry.
According to Nadim Najjar, Managing Director for the Middle East and North Africa at Thomson Reuters, despite the industry being one of the fastest-growing segments of global financial services—with assets exceeding USD1.8 trillion—the surrounding legal ecosystem remains underdeveloped. He emphasised the lack of consolidated resources for learning from global innovations and the limited connection between academic research and industry practice. The collaboration aims to help bridge this gap by providing structured insights through the report.
The report covers key areas including Shari’ah governance, Shari’ah standards, and recent trends and fatwas. It serves as an annual guide for practitioners to navigate the Islamic legal system and enhances intellectual discourse on Islamic law in public policy toward actionable outcomes. It also highlights innovations in Islamic finance structuring, interpretations of Shariah law, and developments in Islamic legal thought, ensuring stakeholders remain informed of emerging trends and their societal impact.
The rigorous output of the report is expected to benefit regulators, policymakers, Islamic finance professionals, legal practitioners, researchers, and academicians by providing valuable insights and supporting informed decision-making in the industry.
To learn more about the report, visit: http://ifikr.isra.my/other-articles/-/other-articles/getPublicationDetail/6919 or http://www.zawya.com/ifg-publications/
