INCEIF UNIVERSITY

The 11th ISRA Corner Set Up at USIM

Nilai, Negeri Sembilan, 11 June 2024 – Deputy Minister in the Prime Minister’s Department (Religious Affairs), Senator Dr Zulkifli Hasan officiated the 11^th ISRA Corner at the Library of Universiti Sains Islam Malaysia (USIM) today.

INCEIF was represented at the event by ISRA Consulting Acting CEO Mr Wan Rizaidy W Mamat Saufi. ISRA Consulting is the consulting subsidiary of INCEIF while ISRA Research Management Centre is the research arm of the university.

In his speech, Mr Wan Rizaidy said: “ISRA Corner is an on-going initiative by INCEIF to share the knowledge and experience related to Islamic finance with local and foreign institutions of higher learning. Our thanks to USIM for graciously hosting ISRA Corner on your campus. We are also grateful to CIMB Islamic Bank, which has been our sponsoring partner in this initiative from 2021. “

As a university that aimed to bridge the gap between academia and industry, INCEIF valued the bank’s expertise and experience as a much-welcomed knowledge to the academic world. Through such partnerships, the knowledge developed and produced in universities would be more than mere rhetoric and ideas. Instead, the skills and knowledge should be usable and applied by the industry, Mr Wan Rizaidy added.

In his welcoming speech, Vice Chancellor Prof Dato’ Ts. Dr Sharifudin Md Shaarani said that the establishment of ISRA Corner was an initiative to enhance knowledge related to Islamic finance and increase resources for Islamic financial education. It also served as a platform for implementing programmes, workshops, seminars, and other activities.

“ISRA Corner helps to improve access to the latest information on Islamic finance through a digital repository platform called the Islamic Finance Knowledge Repository (I-FIKR). Additionally, ISRA Corner provides a collection of printed materials such as books, journals, and other publications from INCEIF University,” he added.

The ISRA Corner project, first launched in 2018 at Universiti Utara Malaysia in Sintok, KedahOther universities which are hosting the ISRA Corner include Universiti Islam Sultan Sharif Ali Brunei in Bandar Seri Begawan, Brunei; Politeknik Nilai in Negri Sembilan; and University Malaysia Kelantan in Pengkalan Chepa, Kelantan.

Today’s set-up is the fifth ISRA Corner to be sponsored by CIMB Islamic Bank. CIMB Islamic has been supportive of the project as the initiative was in line with the bank’s vision to be part of the betterment of the community. In this instance, to provide benefits to students and lecturers particularly in the fields related to Islamic finance. The bank’s sponsorship allows the ISRA Corner to be utilised free of charge by the respective university community. With the availability of this facility as one of the main reference materials, it would enable more students and lecturers to gain access to up -to -date information and quality knowledge of Islamic finance.

At the same event in USIM today, the Malaysia Islamic Social Finance (MySIF) Blockchain was also launched. MySIF Blockchain is a product of technological innovation developed jointly by researchers from USIM’s Faculty of Economics and Muamalat (FEM) and the Faculty of Science and Technology (FST), in collaboration with industry partners. This project focuses on Islamic social finance instruments, including waqf, zakat, sadaqah, infaq, and microfinance.

“In the context of Malaysia’s dynamic and rapidly growing economy, technology plays a crucial role in managing and governing Islamic financial systems. Artificial Intelligence (AI), for example, has accelerated digital transformation in various sectors, including education and Islamic finance. At the university level, collaboration between the private sector and academic institutions is key to increasing revenue and financial sustainability. Through this collaboration, universities can access funding, technological expertise, and broader research opportunities, thereby preparing everyone involved to face the challenges of the modern world,” said Senator Dr Zulkifli Hasan in his officiating speech.

The MySIF Blockchain platform, which uses a smart contract system, is capable of enhancing the governance of Islamic social finance institutions and the transparency of the collection and distribution processes of Islamic social finance instruments. With a real-time transaction system, all transactions of zakat, waqf, sadaqah, infaq, and microfinance collections and distributions can be monitored and scrutinized directly and transparently.

The programme, led by the FEM, USIM Library, and the Islamic Finance and Wealth Management Institute USIM, is expected to bring positive benefits and impact to the country in general and to USIM in particular.

Ends.