Time For Malaysia To Lead In Research And Innovation In Islamic Economics - INCEIF University
KUALA LUMPUR, June 10 (Bernama) -- INCEIF University has called on Malaysia to lead global research and innovation in Islamic economics, building on its established reputation as a leader in Islamic finance.
INCEIF University president and chief executive officer Professor Emeritus Datuk Dr Mohd Azmi Omar noted that the country must develop an Islamic economic system that grounded in strong values, compassion, and balance—so that prosperity is inclusive and benefits all members of society.
In support of this call, the university has established the Centre of Excellence for Research and Innovation in Islamic Economics (i-RISE).
According to Mohd Azmi i-RISE is aligned with Key Focus Area 6 of the Malaysia International Islamic Financial Centre (MIFC) Leadership Council, which prioritises knowledge advancement, capacity building, and institutional development in Islamic finance.
"i-RISE also fulfils the mandate of MIFC Leadership Council (MLC) Impact Project 7, which calls for the establishment of a Centre of Excellence for Islamic Economics—a collaborative effort between INCEIF University and the MLC," he said during the launch ceremony of i-RISE today.
The centre’s establishment is also a a tangible outcome of the initiative by INCEIF University and the MLC to create an academic research hub aimed at advancing Islamic economics, while bridging it more effectively with Islamic finance, as outlined in the MLC Position Paper 2024.
A key driver behind i-RISE is the Islamic Economics Research and Innovation Fund (IERIF), a strategic initiative under Malaysia’s National Budgets 2024 and 2025.
To date, the Ministry of Finance has disbursed over RM12 million under IERIF in support of high-impact research and academic projects—ranging from micro-takaful solutions for underserved communities to ethical labour market reforms.
Mohd Azmi noted that i-RISE, through IERIF, had fostered a collaborative research ecosystem involving scholars from within Malaysia and abroad, working in partnership with industry, engaging practitioners, and collaborating with regulators.
"We are creating a national platform to advance high-impact research and deliver policy-focused, practitioner-informed outputs— research that does not sit on shelves but shapes lives," he said, adding that 54 projects have been approved under IERIF to date.
To ensure coherence and strategic direction, Mohd Azmi said i-RISE is anchored on five key research pillars, namely equitable economy, environmental sustainability, monetary system and policy efficacy, Islamic finance, and halal economy.
"These pillars guide how we allocate the IERIF — not merely as funding, but as a national research platform with defined priorities, real deliverables, and measurable outcomes. It is a moral question we must answer," said Mohd Azmi.
With its launch, i-RISE joins two other Centres of Excellence under the ISRA Institute, namely the Centre of Excellence for Islamic Social Finance and the Centre of Excellence for Applied Shariah in Economics and Finance, in spearheading pioneering research and policy-driven work in Islamic economics and finance.
-- BERNAMA