By Abdullah Boqus
KUALA LUMPUR, Nov 22 (KUNA) -- Islamic scholars and economic experts praised assigning International Shari'ah Research Academy for Islamic Finance (ISRA) to establish a center to conduct research and professionally design Islamic products.
Speaking to KUNA, ISRA Executive Director Mohamad Akram Laldin said the establishment of the center, which will be supervised by the International Islamic Fiqh Academy, needs the support and cooperation of bodies concerned with Islamic economy.
He pointed out that designing Islamic products related to debt will be among ISRA's priorities as 70 percent of transactions in Islamic banks are based on debt.
For his part, Secretary General of the International Islamic Fiqh Academy Dr. Abdulsalam Al-Abbadi told KUNA that it was very important for the Islamic economy to design new products.
Finding and designing Islamic products would help the Islamic economic system in facing new economic and financial challenges through ways that are compliant with the Islamic Shari'ah (law), he noted.
Malaysia recently hosted the 4th International Shari'ah Scholars Forum which was entitled "Islamic Financial Products: Originality or Replication of Conventional Banking".
The forum which concluded on Friday was attended by scholars including Al-Abbadi and head of the Fatwa and Shari'ah department of Kuwait finance House (KFH) in Malaysia Dr. Mohammad Abdulrazzak Al-Tabtabai.(end) aab.ris KUNA 221125 Nov 09NNNN