The Muamalat Newsletter Vol. 1 2024

FEM eNewsletter | June 2024 11 learning journey. A Hub for Knowledge Sharing: Hoop into endless potential for learning and collaboration at ISRA Corner. Possibilities are made possible as the corner serves as a springboard for workshops, seminars, and other educational programs, simultaneously fosters a vibrant community of scholars and learners. Unlocking the Potential of I-FIKR: The Islamic Knowledge Repository (I-FIKR) digital platform could bring you deeper into the sea of knowledge. This invaluable resource is readily available at ISRA Corner, all geared to provide you with the latest insights and knowledge at your fingertips. MySIF Blockchain: A Game-Changer for Transparency The ISRA Corner launch was not the only exciting news! The event also unveiled MySIF Blockchain, a groundbreaking collaborative invention by researchers from USIM’s Faculty of Economy and Muamalat and Faculty of Science and Technology. The introduction of MySIF Blockchain was poised to further revolutionise the transparency of collection and allocation of social finance instruments in Malaysia. Under the Islamic finance theme, MySIF Blockchain mainly focuses on the Islamic social finance instruments such as waqf, endowment (zakat), infaq, and micro financing. The innovative MySIF Blockchain platform leverages smart technology to improve the governance of Islamic finance regulatory bodies. With this, the platform also unveils the curtain of transparency on the collection and allocation processes concerning the Islamic social finance instruments such as waqf, zakat, infaq and micro-financing. On another front, its realtime transaction property enables seamless and secure assemblyandchannelingof the Islamic funds comprising zakat, waqf, infaq and micro- financing. This property facilitates smooth transaction with enhanced scrutiny, and ultimately ensures responsible allocations of these Islamic financial resources. Given the reign of digitalisation in the world economy, the launch of ISRA Corner and MySIF Blockchain marks a significant step forward for Islamic finance in Malaysia. This collaborative effort pavesmultiverseways for a future filled with knowledge, transparency, and innovation within the Islamic finance landscape. The researchers, students and industry players are expected to benefit from these two recent developments as the centre represents both the theoretical and practical resources for Islamic finance. If we follow what the West is doing, we will be 20 years behind. But if we embark on something that the West is not interested in doing, we will be 20 years ahead “ “ – Ahmed H. Zewail (Nobel Prize winner in Chemistry) as quoted by Senator Dr. Zulkifli Hasan during the launching ceremony.