The collaboration was made in an effort to undertake the translation project for the Shari’ah resolutions from the Fatwa and Shari’ah 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 Shari’ah Resolutions from Arabic into English. The outcome will then be reviewed and endorsed by a Committee consisting of Shari’ah 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 Shari’ah 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 Shari’ah 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 Shari’ah 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 Shari’ah-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 Shari’ah 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 Shari’ah resolutions and disseminate the specific Shari’ah 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,DeputyMinister 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.