Institute of Islamic Banking and Insurance

IIBI and the International Shari'ah Research Academy for Islamic Finance(ISRA) signed a memorandum of understanding (MoU) at a one-day Islamic finance conference in London, titled ‘Managing Shari’ah Risk through Shari’ah Governance’.

ISRA was established by Malaysia’s central bank, Bank Negara Malaysia (BNM), as a repository of knowledge for Shari’ah fatwas and part of the International Centre for Education in Islamic Finance (INCEIF). It also promotes applied research and undertakes studies on contemporary issues in the Islamic finance industry.

The organisations will work on areas of mutual interest in Islamic finance to further the knowledge in Shari’ah rulings as well as other aspects, particularly with regard to translation and fatwa collection.

‘ISRA is playing a very proactive role to promote applied research in the area of Shari’ah and Islamic finance, and the strength of our relationship will benefit the industry as whole,’ stated Mohammad A. Qayyum, IIBI director general.

Dr Mohammad Akram, ISRA executive director, added: ‘We are pleased to sign this agreement and look forward to working with the IIBI – the only organisation of its kind in Europe, in furthering the research as well as other activities intended for promotion of Islamic finance.’