PUTRAJAYA, May 16 (Bernama) — A Trainer Reference Manual which uses the standard shariah code as its basis, will be developed to create a potential talent pool for the Islamic finance industry, said Bank Negara Malaysia (BNM) Deputy Governor, Shaikh Abdul Rasheed Abdul Ghaffour.
He said BNM, industry specialists and academics, were working together to develop the manual to widen the knowledge reach in Islamic finance, and which goes beyond the financial system to the academic sector.
Abdul Rasheed said BNM was also working to translate the shariah standard code to other languages such as Arabic, Malay, French and Turkish, to spread the knowledge and understanding of the key principles of the shariah contract as applied to Islamic finance.
He said this when officiating the 11th Regional Islamic Scholars Dialogue here today.
Abdul Rasheed said suggested cooperation among shariah scholars and policy makers of various nations to ensure that policies developed, adhered to regional and international shariah aspects while being introduced at specific platforms such as the Shariah Regulators Forum.
He added that there should be greater efforts undertaken to create more platforms or mediums to provide space to shariah scholars to adopt new ideas.
“Improvement to the shariah standard code should also take into consideration the current factors in the market and opinions of finance experts and regional shariah professionals ,” he added.
Abdual Rasheed said a suitable approach was needed to ensure the views of scholars at the regional level was taken into consideration in creating global standards and fatwas.
“There are an estimated 150 local shariah advisors who are also in the Islamic finance industry.
“The numbers will be bigger when combined with the more than 200 regional shariah scholars. Therefore, we need to join forces and use the advantage effectively,” he added.