IslamicFinance.de

Perak’s Sultan Nazrin Muizzuddin Shah 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. 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.

The Sultan of Perak, Sultan Nazrin Muizzuddin Shah, has graciously consented to be the Royal Patron for Malaysia’s Islamic Finance Initiative. On behalf of the Malaysia International Islamic Financial Centre (MIFC) executive committee, the central bank said under the patronage of Sultan Nazrin, it was envisaged that Malaysia’s Islamic finance marketplace would continue to further strengthen the goodwill and strong bilateral relationships the country has established with other nations. Sultan Nazrin obtained a B.A. in Philosophy, Politics and Economics from the University of Oxford and a Ph.D. in Political Economy and Government from Harvard University.