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Kuala Lumpur, 31 December 2024 – Effective 1 January 2025, the ISRA Research Management Centre (ISRA RMC) has been rebranded as ISRA Institute to better reflect its expanded scope and strategic direction.
INCEIF Deputy President Research, Dr Marjan Muhammad, said “The adoption of the term ‘Institute’ underscores ISRA’s evolving role as a comprehensive hub for academic excellence and applied research in Islamic economics and finance. ISRA Institute aims to bolster its global reputation and leadership in Islamic economics and finance by offering innovative solutions, cutting-edge policy-focused research, and academic programmes that help talent development and capacity building.”
This transformation marks a significant milestone as ISRA Institute broadens its offerings to include academic programmes, research initiatives, and training services, with the establishment of two new Centres of Excellence (CoEs) under its umbrella:
- CoE for Applied Shariah in Economics and Finance (CASHiEF); and
- CoE for Research and Innovation in Islamic Economics (i-RISE).
These are in addition to its first CoE for Islamic Social Finance, which was set up in 2022.
CASHiEF will spearhead both fundamental and applied research related to the dynamic, pragmatic and precise implementation of Shariah principles across the Islamic economics and finance domains. CASHiEF will also advocate for the implementation of robust maqasidic frameworks to ensure that the Islamic financial and economic systems adhere to the ultimate objectives of the Shariah. Through its future offerings of new academic programmes in applied Shariah in economics and finance, CASHiEF aims to produce the next generation of Shariah scholars who possess a solid foundation to implement Shariah rulings and issue balanced and accurate fatwas.
i-RISE, meanwhile, will advance policy-focused and innovative research in Islamic economics that could assist the Government of Malaysia in formulating actionable measures for the benefit of the rakyat, as aspired by the Ekonomi Madani framework. In addition, i-RISE will facilitate the achievement of the MIFC Leadership Council’s key focus areas: elevating knowledge, capacity building, and institutional development. i-RISE will also oversee the management and implementation of the Islamic Economics Research and Innovation Fund (IERIF), established with the RM20 million allocation provided by the Government in the Malaysian Madani Budget 2024.
The establishment of these CoEs will provide a pathway for the achievement of the High Impact Centre of Excellence (HICoE), a programme initiated by the Ministry of Higher Education to promote research excellence within higher education institutions in specific niche areas.
Research is a cornerstone of any academic institution. As INCEIF University seeks to ensure its research works are topical, industry-relevant, and impactful, ISRA Institute puts the university on track as the bridge between academia and industry. Through applied research projects, INCEIF University continues to investigate workable initiatives to incorporate Islamic economics, finance and social finance as the solution to address the socio-economic challenges. It will not only address the dilemmas of the post-pandemic world but also execute workable long-term projects to address poverty among vulnerable groups in society.
Historical Background of ISRA Institute
The International Shari’ah Research Academy for Islamic Finance (ISRA) was established in 2008 to promote applied Shariah research in Islamic finance. After consolidation with INCEIF University in 2021, ISRA was named the ISRA Research Management Centre. ISRA has won the Best Islamic Research Firm award numerous times from many international organisations since its establishment in 2008. The awards highlight ISRA’s increasing dominance in the research space and its ongoing contribution to industry knowledge. Recognised as an influential international research institution in Islamic finance, ISRA Institute will continue to drive high impact and cutting-edge research.