As the editor of this Bulletin, I welcome all the readers and contributors with warmth and appreciation. As you know, this is our first issue for the year 2013. For many people, the start of a new year is a time for individual reflection, hopes for the future, and plans for the way forward. Thus this is an appropriate time for the Bulletin to take an opportunity to reflect on the current state of Islamic finance by focusing on the topic; “Goals of Islamic Finance: Profit Maximization or Shari’ah Compliance?” as this issue’s theme. We have attempted to explore the broad spectrum of the issue by discussing “The Extended Meaning of Shari’ah Compliance” in the Islamic banking sector report and “Towards Tightening the Shari’ah Compliance of Equities in Malaysia” in the Islamic capital market sector report. The Takaful sector report discusses the agent-principal relationship in the Takaful industry in Malaysia. An important resolution by the OIC’s International Islamic Fiqh Academy on “The Maximum Profit Margin for Traders” was included to provide juristic insight on this issue’s topic. This time, the Bulletin’s interview section focuses on the ‘History of Islamic Finance’ project, which ISRA researchers are currently engaged in, by presenting some excerpts from the interview they conducted with John Presley, one of the pioneers in the field of Islamic finance, while they were in London for the project. This issue of the Bulletin has a few new features. This issue inaugurates the Student Report, where ISRA internship students are encouraged to harness their Islamic finance knowledge through their write-up in the Bulletin. Lastly, our cover story features ISRA Consultancy Sdn. Bhd., which serves as an important platform for Islamic finance services to further flourish.
We hope that the readers will enjoy and gain valuable input from the Bulletin. Your feedback and suggestions are most welcome. May this year bring more positive and bright prospects into our lives, and may we strive to be better Muslims by practicing Islamic finance according to the Shari’ah.
Shabana M. Hasan
Editor of ISRA Bulletin / Researcher
Can be contacted at [email protected]
