KUALA LUMPUR (March 21): The lack to entry info and information on Islamic finance is seen as one of many key challenges confronted by researchers within the discipline as a consequence of inadequate sources to replace the trade and develop its progress additional.
In accordance with Monash College professor and advisor Prof Paresh Kumar Narayan mentioned this was because of the lack of curiosity proven by the Islamic establishments in disclosing their info and information.
“They (Islamic establishments) want to present entry to the info for us to do strong analysis. So the query is, in contrast to typical finance, why are the Islamic monetary establishments fearful (of revealing info) or hiding their information?
“And if the Islamic monetary establishments usually are not keen to offer the info, that in itself places a query mark on the sustainability of Islamic finance,” he mentioned throughout a panel dialogue on “Reimagining Capitalism and the Position of Islamic Fnance at Maybank Islamic Bhd’s inaugural digital International Join Discussion board on Monday (March 21).
Subsequently, Paresh Kumar mentioned one space that the Islamic finance practitioners can concentrate on is creating databases which might be readily obtainable as a result of this could set up a analysis tradition that talks in regards to the robustness of the trade.
Concurring with him, Islamic Growth Financial institution vice chairman finance and chief monetary officer Dr Zamir Iqbal mentioned the Islamic finance trade is at a stage the place it’s going by means of some form of stagnation when it comes to analysis.
“That’s the reason individuals really feel that there’s nothing new coming from the trade.
“If you happen to attempt to replicate some research purely primarily based on Islamic finance (however) you do not have the obtainable information, and even in case you have the info, it’s sort of contaminated or it generally do not serve that function,” he mentioned.
The three-day international thought management digital convention, themed “Driving Sustainable Influence By Islamic Finance”, which began on Monday, goals to uncover the methods for corporations and organisations to adapt to the present and future challenges and empower them to take actions that may result in constructive long-term impacts.