Kuala Lumpur, 18 November 2009 - International Shari'ah Research Academy for Islamic Finance (ISRA), signed a Memorandum of Understanding (MoU) with Kuwait Finance House (Malaysia) Berhad (KFH-Malaysia) during the opening ceremony of International Shari'ah Scholars Forum 2009 (ISSF'09). The milestone collaboration was made in an effort to undertake the translation project for the Shariah resolutions from the Fatwa and Shariah Supervisory Board meetings of Kuwait Finance House held from its inception in 1977 up to 2009.
A pool of experienced experts from ISRA will combine their knowledge to translate the three decade Shariah Resolutions from Arabic into English. The outcome will then be reviewed and endorsed by a Committee consisting of Shariah scholars as well as business practitioners before being released for distribution to customers, regulators, academicians and other relevant institutions. Compiled according to topics, the original version of the Shariah resolutions in Arabic has already been distributed in Kuwait and Middle East.
"Establised by Bank Negara Malaysia, ISRA is dedicated to promoting applied research in the area of Shariah and Islamic finance. This joint project with KFH-Malaysia provides us with the perfect tool to effectively share developments in Islamic finance over the years and enhance understanding of the Shariah among the Ummah," said Associate Professor Dr Mohamad Akram Laldin, Executive Director, ISRA. "This massive translation project creates a need for more specialists and inspires us to increase our effort to identify and source for even more talents in Islamic finance."
"As the leader in Islamic finance and the first foreign Islamic bank in the country, KFH-Malaysia is committed to create on-going awareness on Shariah-based banking practices. At present, there is a limited source of reference in English available on Islamic financial cases, arising issues and rulings. In fact, this is the first time Shariah resolutions issued by a foreign Islamic bank such as this is being translated in Malaysia. We are honoured to take this initiative with ISRA to reproduce the Shariah resolutions and disseminate the specific Shariah knowledge related to banking and finance to the public," said Sheikh Prof. Dr. Mohammad Abdul Razaq Al-Tabtabae, Chairman of the Shariah Committee, KFH-Malaysia.
The project is fully funded by KFH-Malaysia and expected to be completed within a year.
The ISSF'09 opening ceremony was officiated by Senator Dato' Dr. Mashitah Ibrahim, Deputy Minister at the Prime Minister's Department. The MoU was signed by Associate Professor Dr Mohamad Akram Laldin and Sheikh Prof. Dr. Mohammad Abdul Razaq and witnessed by Senator Dato' Dr. Mashitah Ibrahim and Prof Dr Abd Al-Salam Dawud Al-Abadi, Secretary General, International Islamic Fiqh Academy.
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About International Shari'ah Research Academy for Islamic Finance (ISRA)
The establishment of ISRA by Bank Negara Malaysia (BNM) is to promote applied research in the area of Shariah and Islamic finance. It acts as a repository of knowledge for Shariah views or Fatwas and undertakes 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.
About Kuwait Finance House (Malaysia) Berhad
Kuwait Finance House (Malaysia) Berhad (KFH-Malaysia) commenced operations on 8 August 2005 and is a wholly-owned subsidiary of Kuwait Finance House K.S.C. (KFH). A full-fledged Islamic bank, KFHMB has a paid-up capital of USD500 million and USD100 million in Tier II capital. The Rating Agency of Malaysia has reaffirmed the respective long and short-term general ratings of 'AA2' and 'P1' to KFHMB. KFHMB is the regional headquarters of Kuwait Finance House in the Asia-Pacific, and has seven branches in Malaysia with offices in Singapore and Australia. For further information on the products and services, please contact the Customer Service Centre at +603 2056 7777 or log into the website at www.kfh.com.my.
For media enquiries, please contact:
Raja Zamilia Raja Dato' Seri Mansur
Director, Communications & PR
Kuwait Finance House (Malaysia) Berhad
DL: +603 2055 7898
Mobile: +6019- 286 2944
Fax: +603 2055 7815
E-mail: raja.zamilia@kfh.com.my
Hajjah Rumaizah Dato' Abu Bakar
Head, Media Relations & Communications
Kuwait Finance House (Malaysia) Berhad
DL: +603 2054 7550
Mobile: +6012-6876300
Fax: +603 2055 7815
Email: rumaizah.abubakar@kfh.com.my
© Press Release 2009
