Bank Negara Malaysia announces today the establishment of International Shariah Research Academy for Islamic Finance (ISRA).

The establishment of ISRA is to promote applied research in the area of Shariah and Islamic finance. It will also act as a repository of knowledge for Shariah views or fatwas and undertake studies on contemporary issues in Islamic financial industry. ISRA will contribute towards strengthening human capital development in the areas of Shariah and provide platform for greater engagement amongst practitioners, scholars, regulators, academicians via research and dialogues, both in the domestic and international environment. Through pioneering research and rigorous intellectual dialogue, ISRA aims to promote innovation and dynamism into new boundaries of Islamic finance. It is envisioned that with greater research and dialogues, mutual respect and recognition would emerge within Islamic financial industry global community.

ISRA will be part of the International Centre for Education in Islamic Finance (INCEIF) which would enable the academy to leverage on the existing infrastructure and facilities as well as to tap on the knowledge, expertise and resources of the academic faculty and post graduate students in INCEIF. A Council of Scholars, comprising eminent local and international Shariah scholars will be set up to provide input and assistance in the strategic direction of ISRA’s research works.

Dr. Mohamad Akram Laldin, a renowned Shariah scholar, will be appointed as the Executive Director of ISRA. Dr. Mohamad Akram holds a B.A. Honours Degree in Islamic Jurisprudence and Legislation from the University of Jordan, Amman, Jordan and a Ph.D. in Principles of Islamic Jurisprudence (Usul al-Fiqh) from the University of Edinburgh, Scotland, United Kingdom.

Dr. Mohamad Akram has extensive research experience in the area of Islamic finance and has been actively involved in the global development of Islamic finance by being a member of several Shariah Committees. He has presented many papers related to Islamic banking and finance at domestic and international level and has conducted many training sessions on Islamic Banking and Finance for different sectors. Dr. Mohamad Akram is currently an Assistant Professor at the Kulliyyah of Islamic Revealed Knowledge and Human Sciences of the International Islamic University Malaysia (IIUM). Formerly, he was heading the Fiqh and Usul Department of the same Kulliyyah and assumed the post of the Deputy Dean (Academics) at IIUM. In addition, he served as a Visiting Lecturer at the University of Sharjah, United Arab Emirates.