Meezan Bank, Pakistan’s first and largest Islamic bank has recently signed a multi-faceted Memorandum of Understanding (MoU) with the International Shari’ah Research Academy for Islamic Finance (ISRA), aimed at jointly expanding the role of Islamic finance through collaborations on various aspects of this field.
As per this MoU, the two organizations shall work on a collaborative arrangement that includes the provision of joint Shariah consultancy services which will cater to the relevant guidelines and regulations for Islamic finance markets. Meezan Bank will also address the major ‘training’ challenge prevalent in the Islamic banking industry by providing technical assistance, in-depth guidance, knowledge and expertise for capacity building and human capital development.
This comprehensive MoU further sets out a clear roadmap for research into the domains of Shariah and Islamic finance that shall be facilitated by exchange of best practices in research and training. Meezan Bank shall also be providing joint services with respect to arrangement of seminars, conferences, workshops and short-term courses.
Commenting on this agreement, Mr. Irfan Siddiqui said: “This MoU recognizes the critical need for addressing the Islamic finance challenges through collaborations and partnerships in order to meet the heightened demand for Islamic banking products and services. Meezan Bank is committed to develop and promote Shariah-compliant finance industry and we are quite hopeful that this agreement will enhance opportunities through increased exposure and knowledge sharing.”
About International Shari’ah Research Academy for Islamic Finance (ISRA)
The International Shariah Research Academy for Islamic Finance, more commonly known by its acronym, ISRA, has been established to promote applied research in the area of Shariah and Islamic finance. It also acts as a repository of knowledge for Shariah views (fatwas) and undertakes studies on contemporary issues in the Islamic financial industry.
Moreover, ISRA contributes to strengthening human capital development in Shari’ah expertise relevant to Islamic finance and provides a platform for greater engagement amongst practitioners, scholars, regulators and academicians via research and dialogue, in both the domestic and international arenas.
As a part of the International Centre for Education in Islamic Finance (INCEIF), ISRA is able to leverage on its infrastructure and facilities as well as to tap on the knowledge, expertise and resources of its academic faculty and postgraduate students. To provide input and assistance in the strategic direction of ISRA’s research, the Council of Scholars, a group comprised of eminent local and international Shariah scholars, has been set up.