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| Source: ISRA. |
The International Shari’ah Research Academy for Islamic Finance (ISRA) and Thomson Reuters, the provider of information for businesses and professionals, have launched an inaugural joint publication, Islamic Commercial Law Report 2016 at the International Shari’ah Scholars Forum (ISSF), organised by ISRA and the Islamic Research and Training Institute (IRTI) in Kuala Lumpur on 3 November 2015.
The Islamic finance industry has witnessed exponential growth over the last three decades, and has become one of the fastest growing segments of the global financial industry with estimates of the current market size ranging from US$1.66 trillion to US$2.1 trillion. One key factor that has contributed to this progressive development is the flexible nature of Islamic commercial law, which has imbued Islamic finance with the same flexibility, characterised by the legal maxim “the original ruling in Islamic financial transactions is permissibility”.
However, a legal ecosystem covering all dimensions of Islamic finance remains underdeveloped. There are few quick and easy references to the industry professionals without shari’ah background. Also, there are few links between research and activities of academics and practitioners.
To address this challenge, ISRA―an international research entity under the patronage of the Central Bank of Malaysia (BNM), in collaboration with Thomson Reuters―present the Islamic Commercial Law Report 2016, which highlights key areas, frameworks and approaches that are fundamental in shaping the development of a well-structured Islamic finance industry. The report is intended to be an annual publication assessing the key issues and trends in Islamic commercial law for the broader Islamic finance industry.
Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters, said: “Despite being one of the fastest growing segments of the global financial services industry, with assets in excess of US$1.8 trillion, the legal ecosystem around the industry remains underdeveloped. There are no resources for the industry to learn from the activities and innovations that are happening in different parts of the world. And there is little link between the research and activities of academics and practitioners. To play a small role in addressing this challenge, Thomson Reuters is proud to present the first Islamic Commercial Law Report in collaboration with our partners, the International Shari’ah Research Academy for Islamic Finance (ISRA).”
The report covers key areas including shari’ah governance, shari’ah standards and recent trends and fatwas. It provides practitioners with an annual guide to navigate the Islamic legal system and enhance the intellectual discourse of Islamic law into public policy. The report also highlights the latest innovations in Islamic finance structuring, interpretations of shariah law and innovation in Islamic legal thought. This will ensure that stakeholders are up to date with the latest innovation and development in this space, and will help in highlighting the impact of these developments in modern society.
Interested?
Read more about the publication
Read the Suroor Asia blog post about resolutions from ISSF 2015
posted from Bloggeroid