Based on my experience as the Chairman of the National Fatwa Council, the way we operate and make decisions nowadays is different. As the world is growing in complexity, the decision making in any organization must be based on facts and sound research findings. ISRA is exploring a new area in Islamic finance, high prestige and contemporary research in Shari‘ah and finance. This is a novel and fresh effort in Malaysia, and I think there are not many focused efforts similar to this outside Malaysia. If ISRA blends three vital ingredients in its operation – high calibre researchers, opportunity to work with the industry and focus on the applied issues in the market – ISRA can contribute to the systematic development of the Islamic finance industry globally.
As ISRA’s operation is not focused only on Malaysia, the global Islamic finance industry will benefit from its findings as well. There are at least two avenues where ISRA can help. Firstly, ISRA can help identify the current hurdles and hindrances in the industry and explore practical approaches to resolve those issues. This would be in the short run. Secondly, ISRA can also help in the long term development of the industry. ISRA may help in assessing information on where the industry is currently at and where we should be. What are the gaps that need to be filled for the industry to advance? This is some of the most vital information needed to chart the future of this young industry. What is unique about ISRA is its ability to blend the theoretical and practical aspects of Islamic finance. This is what we need to move forward…”
