KUALA LUMPUR, 28 May 2024: In its effort to elevate the global Islamic finance industry through high-quality research and publications on Islamic banking and finance, Maybank Islamic Berhad sponsored the English translation of a book by renowned Islamic scholar Dr Yusof Qaradawi titled “The Roles of Values and Ethics in Islamic Economy.”

The book, of which its translation was undertaken by ISRA Research Management Centre, INCEIF University, was officially launched today by Finance Minister 2, Datuk Seri Amir Hamzah on the sidelines of Bank Negara Malaysia (BNM)’s Global Forum on Islamic Economy and Finance.

At the launch were Maybank Group Chairman Tan Sri Zamzamzairani Mohd Isa, Maybank Islamic chairman Dato’ Zulkiflee Abbas Abdul Hamid, INCEIF chairman Tan Sri Azman Mokhtar, Maybank President & Group CEO Dato’ Khairussaleh Ramli, Maybank Islamic CEO Dato’ Muzaffar Hisham and INCEIF University President & CEO, Dato’ Dr Azmi Omar.
Al-Qaraḍāwī is one of the prominent Muslim scholars who has written extensively on Islamic economy, refuting some economic theories of socialism, capitalism and communism among others and suggested Islamic alternatives to them.

One of those works is the just-launched 480 pages book where he examines Islamic values and ethics expected of the producer as well as the significance that Islam attaches to each factor of production vis-à-vis land, capital, labour and entrepreneur. On consumption, he explains the Islamic ethics on judicious use of resources, including spending in a good cause and moderation in consumption of goods.

He analyses Islamic mechanism in ensuring socio-economic justice, avoidance of fraud and exploitation and consideration of the less-privileged ones in economic activities. The roles of the state in ensuring values and ethics in the state’s economic activities and avoidance of economic and financial crimes are also discussed in this book, in the light of Islamic teachings.

Dato’ Muzaffar Hisham said:

“This acclaimed book is a remarkable work by Dr. Yūsuf al-Qaraḍāwī, one of the most renowned and preeminent Muslim scholars. The book presents Dr. Yusuf al-Qaradawi's intellectual ideas and contributions as it serves as a poignant reminder of the profound intersectionality between values and ethics, ESG principles, environmental stewardship and Islamic economy.

It calls upon us to transcend narrow profit motives and embrace a holistic approach to economic decision-making. This is what contemporary academic research demands. I am confident that this effort will make a significant contribution to the Islamic values that uphold the dignity of every individual and the sanctity of our shared planet.”

Prof Dato’ Dr Azmi Omar said:

“As INCEIF University stays on track to become the knowledge leader in Islamic finance, we hope that this book plays a part in enriching the body of authoritative information on Islamic economy, and the wider network of economy built upon shared values of integrity, inclusivity and sustainability.

Islamic finance and its related sectors need to continuously carve their own branding and distinctiveness to provide wholesome value propositions in a world that is increasingly focused on societal and environmental wellbeing. This book is key in putting this message across, particularly among the English-speaking audience as it is comprehensive with lucid clarity on diverse topics.

It offers solutions for troubling economic conditions in Muslim countries for it systematically discusses the unique features and characteristics of the Islamic economy; the impact of values and ethics on production, consumption, distribution, and trade; and the role of the state in the Islamic economy.

Our utmost gratitude to Maybank Islamic for its continued support as INCEIF strives to fulfil our mission be the bridge between academia and industry.”