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Kuala Lumpur, 10 June 2025 — Malaysia further cemented its global leadership in Islamic economics today with the official launch of the Centre of Excellence for Research and Innovation in Islamic Economics (i-RISE) by Prime Minister YAB Dato’ Seri Anwar Ibrahim. The launch took place during the high-level forum “Reshaping the Future: Islamic Economics for a Humane and Sustainable World,” hosted by INCEIF University and its research arm, ISRA Institute, at Sasana Kijang, Bank Negara Malaysia.
i-RISE joins two other Centres of Excellence under ISRA Institute—the Centre of Excellence for Islamic Social Finance (CoEISF) and the Centre of Excellence for Applied Shariah in Economics and Finance (CASHiEF)—in spearheading pioneering research and policy-focused work in Islamic economics and finance.
The forum gathered prominent policymakers, regulators, scholars, and industry leaders with a shared mission to promote a values-based economic paradigm rooted in ethics, justice, and sustainability—principles aligned with the maqasid al-Shariah.
The launch of i-RISE marks a major milestone in advancing Islamic economics as a practical and transformative solution for today’s global challenges. More than just a research centre, i-RISE aspires to be a national and global platform for innovation, thought leadership, and multisectoral collaboration.
A key catalyst behind i-RISE is the Islamic Economics Research and Innovation Fund (IERIF), a strategic initiative under Malaysia’s National Budgets 2024 and 2025. To date, the Ministry of Finance has disbursed over RM12 million in support of high-impact research and academic initiatives ranging from micro-takaful solutions for underserved communities to advancing ethical reforms in the labour market.
Speaking at the event, INCEIF University’s President & CEO, Professor Emeritus Dato’ Dr Azmi Omar, emphasised: “i-RISE is not just a name, it is a movement. It will convene scholars, practitioners, and policymakers to make Islamic economics visible, relevant and transformative on a global scale.”
Earlier, a high-level Fireside Chat titled “Empowering Society Through Humane Economics: A Multisectoral Commitment and Role” featured panellists Tan Sri Azman Mokhtar, Chairman of INCEIF University Board of Directors and the MIFC Leadership Council; Mr Adnan Zaylani Mohamad Zahid, Bank Negara Malaysia Deputy Governor; and Tan Sri Abdul Wahid Omar, recipient of the 2025 Saleh Kamel Award for Islamic Economics. The session was moderated by Professor Emeritus Dato’ Dr Azmi Omar.
In her welcoming remarks, Dr Marjan Muhammad, Deputy President Research of ISRA Institute, INCEIF University, stated: “i-RISE embodies our commitment to a values-driven economic model that uplifts human dignity and advances shared prosperity. Rooted in Islamic principles of justice, compassion, and social responsibility, this initiative is more than a centre—it is a movement to reframe how we think about economics in service of the common good.”
As INCEIF celebrates its 20th anniversary, the launch of i-RISE affirms the university’s continued role as a global knowledge leader in Islamic finance and economics. The event concluded with a walkabout exhibition showcasing IERIF-funded research projects aligned with national development goals and global sustainability targets.
Click here to read the full speech by INCEIF University President & CEO, Professor Emeritus Dato’ Dr Azmi Omar, and here to read the welcoming remarks by Dr Marjan Muhammad, Deputy President Research, ISRA Institute.
ENDS