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. this will become increasingly important when it involves strategies and positioning of the “ ummah ” in the economic sector. shariah assessments that include input and findings of multiple disciplines as well as variations of insights will provide more added values to a particular shariah research. this effort can be implemented through active involvement of professionals in the bis central bankers ’ speeches process of researching shariah issues. i am confident that through this approach, we will be able to formulate a collective ijtihad that is comprehensive, in comparison to ijtihad that is peripheral and exclusive. in the malaysian context, we have decided to encourage the combined expertise and experience between shariah members and professionals through the shariah committees of islamic financial institutions. in fact, we also encourage qualified shariah scholars to be appointed as members of board of directors at islamic financial institutions, specifically to form a “ bridge ” or point of connection between the board and the shariah committee members, and to allow them to gain greater exposure to the operational situation in the management of islamic financial institutions. the process of knowledge sharing and discussions on shariah as well as on other realms of islamic knowledge among the board members of a particular financial institution will enrich the justifications of a particular deliberation before a decision is made. another key aspect is the importance of shariah scholars to thoroughly understand the impact of ijtihad on the growth of the islamic finance industry and society at large. every ijtihad should always be geared towards fostering harmony and not widening the differential gaps. if a gap exists even in the matter of perception, it may raise doubt and reduce the effectiveness of a shariah decision. in this context, the majority of the

enrolment will commence in june 2006. inceif also offers post - graduate programmes in islamic finance that will include specialised masters and ph. d. programmes in the various islamic finance disciplines. inceif will be governed by the inceif governing council and the professional development panel. the inceif governing council, comprising eminent local and international professors from the academia and industry practitioners, will set the strategic direction and provide visionary global insights on the learning needs of the islamic financial services industry. the professional development panel, with vast experience in the islamic finance industry and academia well represent the authority in academic matters and will have the responsibility for establishing the academic policies of inceif as well as the quality assurance of the cifp and post - graduate programme modules. the academic faculty will include permanent as well as regular visiting professors and scholars - in - residence. inceif will also form strategic alliances with leading local and international learning institutions to complement our pursuit to provide world - class knowledge for the benefit of the industry in particular, and the ummah in general. it is our vision that inceif will one day be an international nucleus for tertiary education in islamic finance, training and research and provide a strong support in the development of islamic financial infrastructure. with the grace of allah, and with the support of the international islamic financial community, it is our hope that inceif will make a meaningful contribution to the future development of islamic finance for the benefit of the ummah. in closing, once again, i would like to express our deepest appreciation to the yang amat berhormat, dato'seri abdullah haji ahmad badawi, prime minister of malaysia for gracing this occasion and for accepting to officiate the launch of inceif.