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Objectives Islamization of islamic finance and knowledge. Reconstruction of Islamic Economics. Preparation of manpower to serve as vanguard for Islamization of both knowledge and economy. Teaching of modern economics, Islamic economics and Islamic banking and finance at undergraduate, graduate and postgraduate levels. To conduct and promote research on theoretical issues in Islamic economics, banking, finance and insurance as well as on practical problems facing the economies of Muslim countries. To serve as a data bank for scholars, researchers and policy makers in the field of Islamic economics, banking, finance and the economic problems of different Muslim countries. To create awareness through training courses for planners, policy makers, financial managers, bankers, and the masses in the society. To solve specific problems by providing consultancy services in economics banking and finance. To develop into a unique character and a distinctive position in the Muslim world, through blending modern economics, Fiqh and Islamic economics. Information Services Compliance with the Shari’ah requirements calls for an organisational structure that includes information flow and channels of communication as well as operating procedures and controls that reflect the values and objectives of the Islamic morality and business ethics. The integrity of Islamic banking and Islamic insurance relies on the quality of its Shari’ah compliance policies and procedures as well as education and training of all the staff to effectively support products and services that promote an alternative financial system based on Islamic banking and Islamic insurance practices. The aim of the Institute’s information services is particularly directed towards organisations, large and small; * to gain access to advice on governance, policy, operations and controls that focuses on Shari’ah compliance issues * to support the sustainable growth of business by providing advice to assist in their choice of Islamic financial products and services and to identify training requirements * to develop and strengthen the Shari’ah governance structures by providing advice on transparency, accountability, integrity and ethical conduct, so addressing the expectations of stakeholders', staff and clients The Institute is dedicated to providing value-added assurance and information services in a collaborative, responsible and responsive manner. The focus of the Institute’s information services is on evaluating Shari’ah Compliance issues and intended to provide assurance that the objectives are being met in the following key areas: * Organisational Structure: evaluate the corporate structure, policy and values of the organisation as well as reporting on the nature of its relationship with the Shari’ah Supervisory Boards * Operating Procedures and Controls: evaluate existing systems and processes advising on any gaps in implementing Shari'ah requirements including risk mitigation and asset management as well advising on the performance and efficiency of independent of Shari’ah Audit functions * Product Design and Services: evaluate existing products and services advising to what extent these comply with Shari’ah requirements as well as increase visibility through effective marketing strategy that emphasise the ethical principles behind every financial product and service * Training and Executive Development: evaluate continuing training needs that will support Shari’ah-compliant products and services and advise on tailor-made training programmes to enhance the multidisciplinary disciplines and professional skills of the staff at all levels * Information Reporting Systems: evaluate management participation in control self-assessment initiatives to reinforce the Islamic finance objectives in all areas of operations and sustain a high level of transparency, accountability, integrity and ethical conduct The Institute is well placed and experienced to obtain advice for financial institutions and assist in establishing a credible system for the conduct of business in conformity with the provisions of the Shari’ah. The Institute uses recognised consulting procedures and practices in dealing with clients' requirements.

The Institute's vision is to contribute to the progress and application of Islamic finance by delivering superior information that build insights and enable advancement in Shari'ah compliant products and services as well as breakdown barriers between organisations drawing attention to the economic well-being of society. While the concepts and practices dates back centuries and even pre-date Islam, the modern Islamic financial products and structures are receiving increasing attention for growing businesses practices with even a greater potential of appealing to the large ethically-minded communities among the world population.

Involvement in the work of the Inst itute does not assume prior commitment to the approach but does take for granted interest in the inter-relations among human beings as individuals and organisations. The economy broadly conceived and issues of governance. The Institute is well positioned to collaborate with leading academic institutions to make original contributions to the effort, though change must come from the leadership and stakeholders of the financial services industry who will have to set aside their commercial self-interests by contributing to new initiatives to build a better economic society founded on the principles of socio-economic justice.

The Institute aims to focus on tw o key research themes of international focus and appeal:
(i) Finance
(ii) Governance and Accountability

Research Areas in Finance

Historically, the focus of this research area has been one of theoretically-informed empirical research particularly in asset pricing. However, past financing practices adopted by early traders and merchants where money was not regarded as a commodity, and the global diversity of such practices, have not been sufficiently analysed. Research by the Institute will broadly be categorised in the following way:

(i) Financing and lending practices in the pre-Islamic and Islamic periods
(ii) Benchmarking and interest rate
(iii) Derivatives and credit risk structures
(iv) Asset pricing, securitisation and capital markets
(v) Marketing policy and initiatives
(vi) Training policy for Executive Development and accountability

Research Areas in Governance and Accountability

Historically, questions being asked of corporate reporting practices have served to examine the reporting of financial performance and assessing, in particular, accountability associated with the scale of earnings' smoothing, the variability of Earnings per Share disclosures and the significance of analysts' earning forecasts. However, there is considerable potential on the moral and ethical principles on which Islamic finance is based that should mark every financial service.

Independent supervisory boards staffed by religious scholars to develop finance practices and oversee operations have implications on standard auditing; practical application of business-risk based audit methodologies; governance and accountability effects of audit committees; the development of accounting and auditing practices.

There is also considerable potential for research designed specifically to be of use in assisting organisations promoting standards in Islamic finance practice worldwide and improving the marketing and implementation of Shari'ah compliant financial services. In a changing world, the challenge will be in adopting new ideas and the implementation of new systems, techniques and practices, while conforming to the fundamental principles and an emphasis on the social and economic behavioural objectives.

The Institute will focus on the following areas of research:

(i) Business and corporate objectives of Islamic
(ii) Shari'ah Governance and the Moral Balance Sheet
(iii) Accountability of Shari'ah Scholars
(vi) Shari'ah Audit modelling
(v) Information Systems and Shari'ah compliance
(vi) Training policy for Executive Development and accountability