H.E. Prof. Koutoub Moustapha, Secretary General of the Academy, held a closed scientific session with the Shariah Supervisors of Islamic banks and financial institutions in Malaysia at the headquarters of the Securities Commission, on Friday 11 Shawal 1445, corresponding to 26 April 2024, at the Central Bank in Kuala Lumpur, Malaysia.

His Excellency started the session by renewing his thanks to the Securities Commission for allowing this meeting with the Shariah supervisors of Malaysia’s Islamic banks and financial institutions to discuss with them the significant and emerging issues and questions that encounter Shariah supervision and consultancy in Islamic banks and financial institutions to in this era. On this occasion, His Excellency praised the coordinating and organizational role of the Central Bank of Malaysia in this field, noting the successful organizational and regulatory measures taken by the Central Bank of Malaysia about twenty years ago, where it issued a historic decision that prevented one person from being a Sharia supervisor in more than one bank or financial institution at the same time. This had a significant impact in allowing the largest number of qualified Sharia scholars to join Sharia supervisory boards in banks and Islamic financial institutions, which attracted a generation of young scholars to both Islamic economics and economy. His Excellency also explained that there is an urgent need for coordination and communication between Sharia boards and committees to avoid contradictions and inconsistencies in fatwas and Islamic jurisprudence. To this end, His Excellency suggested creating a forum, club, or syndicate for Sharia boards and committees like what is known as unions and clubs for doctors and engineers to emphasize the importance of coordination between them.

His Excellency discussed several questions with the participants and analyzed the issue of the sale of debt, which represents the most critical disagreement between Islamic banks and financial institutions in Malaysia and the rest of the Muslim world. His Excellency highlighted that the Academy has issued different resolutions on some forms of selling debt and that there are other forms of selling debt for which the Academy has yet to issue a resolution. His Excellency called for the periodic revision of fatwas, considering the developments and changes occurring in modern financial contracts and transactions.

His Excellency concluded the session by expressing his great pleasure and happiness at Malaysian youth’s enthusiasm for Islamic economics in general and Islamic banking and finance in particular. Their apparent desire to benefit from and learn from other expertise and competencies from all over the world promises a bright future for Islamic economics. His Excellency prayed for success and guidance for all of them.