IRCIEF Leads Requirement Study Workshop for Sadaqah Instrument in Banking Industry Based on the Principles of Shariah

HORIZON – Buletin KUIS, Oktober 2014, Edisi 8

By: Ms Surianom Miskam (IRCIEF), KUIS

International Research Centre for Islamic Economics and Finance (IRCIEF) KUIS had organized a Requirement Study Workshop for Sadaqah Instrument in Banking Industry Based on the Principles of Shariah on 20 October 2014 and it was attended by 38 participants among academicians and members from the banking and finance industry in Malaysia. This workshop was the first step to realize the hope of the recipient of The Royal Award for Islamic Finance 2014, Dato’ Dr Abdul halim bin Ismail who was also the founder of Bank Islam Malaysia Berhad to introduce Sadaqah as a product of Islamic banking. This hope was first expressed in his speech at the Global Islamic Finance Forum (GIFF) 2014 on 3 September 2014.

This workshop was opened by KUIS Rector, Associate Professor Dato’ Dr Abdul Halim bin Tamuri, and it was followed by a special tawjihat from Dato’ Dr Abdul halim bin Tamuri on Sadaqah as a product of Islamic banking. In the same program, Bank Islam Malaysia Berhad donated RM30,000.00 for their zakat on business to KUIS to be distributed among those deserve. The check was presented by Encik Mohd Nazri bin Chick on behalf of Bank Islam Malaysia Berhad to KUIS Rector.
An exchange-of-ideas session was held and it was moderated by Encik Wan Rumaizi bin Wan Husin. The session was organized by grouping the participants according their areas of specialization namely Shariah, Law, Economics, Accountancy, Banking and Finance, and Operations. At the end of this session, IRCIEF Director Dr Latifa Bibi came up with the following resolutions based on input from the participants:

  1. IRCIEF intends to become the center for the sharing of knowledge related to Sadaqah as a product of Islamic banking by bringing academicians and their industry counterparts together.
  2. IRCIEF welcomes any interested party to present their working paper/ proposal to conduct a study related to Sadaqah and IRCIEF will try to secure the funds needed from any relevant organization.
  3. IRCIEF will organize seminars and conferences on Sadaqah in order to set the platform for academicians and members of the industry to exchange ideas and opinions on how to develop Sadaqah as a banking product.

It is hoped that this workshop will kick-start studies on the establishment of Sadaqah House in Islamic banking system in Malaysia. IRCIEF wishes that this Sadaqah House will be established in banks in the future.

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