KUALA LUMPUR, March 23 ― Perak’s Sultan Nazrin Muizzuddin Shah today told Islamic financial scholars and ulama to “think futuristically” in order to be current with contemporary developments.
He said they can act as “institutional game-changers” in helping Islamic finance grow, but must leave their “ivory towers” and become more involved in the industry.
“They, the ulama and the scholars, are in the best position to act as institutional game-changers through their research... Thinking strategically and futuristically is, after all, expected in other disciplines, from information technology to business to public policy to science and engineering.
“And so it should be no different in Shariah scholarship as well, if we are serious about transforming the Islamic finance landscape to become better and more impactful for the whole of society,” he said in his speech at a book launch here.
Sultan Nazrin added that no industry was immune to “social evolution”, making it necessary for these scholars to make the effort to produce relevant financial products.
He also said that it was important to inform the public more on the role of Shariah advisors in finance as their endorsement of an institution meant that it complied with the Islamic beliefs.
“Therefore, every endorsement by Shariah advisors is an assurance to the public that the institution in question is acting in accordance with religious tenets,” Sultan Nazrin added.
He was speaking at the launch of “Shariah Minds in Islamic Finance” book by Datuk Dr Mohd Daud Bakar today.