Strengthening the role of Shariah scholars The Islamic financial landscape today has undergone various transformations and progress over the last 10 years. This transformation can be testified in the increase of global banking assets that had reached nearly USD1.5 trillion, total outstanding sukuk amounting to USD295 billion, Islamic fund assets amounting to USD76 billion as well as the takaful contributions of USD21 billion (Source: IFSB: 1H 2014). In addition, there has been a marked increase in the participation from non-Muslim jurisdictions in Islamic finance, particularly in sukuk issuances, reflecting the increasingly positive reception of Islamic finance among the global community. The sukuk instrument, in particular, is among the most innovative instruments and favoured by governments and multinational corporations. In response to these developments, the role of and the expectation on Shariah scholars will be more challenging in finding solutions to emerging new Shariah issues that require immediate responses from the Shariah fraternity. To me, changes in the Islamic financial landscape should be viewed as a golden opportunity for the Shariah experts to demonstrate the dynamism of the Islamic religion as perpetually modern and evolving through time. Therefore, it is my hope that the role of the Shariah scholars could be further enhanced and not confined solely to only ensuring and monitoring the Shariah compliance aspects. In relation to this, I am also of the opinion that researches and thorough deliberations on Shariah need to consider other fields of disciplines in order for the ijtihad (reasoning) or Shariah decisions to be comprehensive, inclusive and practical.

I would like to cite the following legal maxim:  which means “the law on a matter depends on the perspective on the matter.”  states that “the law may change over time, place and background.” The application of this method is more evident in matters relating to ijtihad where the preservation of the benefit of the society is paramount. I always believe that when the contemporary environment and current reality are taken into consideration in any Shariah research, the ijtihad will be more substantive and mature while not compromising with the principles of Shariah. 2  BIS central bankers’ speeches  It is also important to stress on the need to document the decisions and resolutions of the Shariah in a structured and orderly manner, supported by the richness of the debates in arriving to the decisions. This is integral as a starting point to facilitate discussions among Shariah experts, either domestically and internationally to encourage greater understanding and clarity of this treasure of knowledge. It can also serve to provide guidance and culture of knowledge that can be inherited by future generations. And more importantly, opinions and justifications for a particular deduction must be documented. The spirit of mutual respect within the diversity of Shariah interpretations The third point that I wish to share is fostering mutual respect in dealing with diverse Shariah interpretations. Differences in views and opinions among scholars are inherent in the area of Shariah, particularly in fiqh.