Thought Leadership
The Royal Award for Islamic Finance (RAIF)

The Royal Award for Islamic Finance (RAIF) recognises individuals who have excelled in advancing Islamic finance globally through their outstanding contribution and achievement in the Islamic financial services industry. Themed “Honoring Islamic Finance Excellence” this year, the Award focuses on the individual's personal contribution and its impact towards the development and advancement of Islamic finance.

An independent international seven-member jury, chaired by former Chairman of the World Islamic Economic Forum Foundation, Tun Musa Hitam, will select a deserving individual to be the sixth recipient of The Royal Award. One of the main criteria in the selection of The Royal Award is the individual’s innovative and pioneering work in Islamic finance. The nominee should also possess exceptional leadership attributes and be widely acknowledged within the Islamic financial services industry.

In conjunction with The Royal Award 2022, an addition of two new prizes have been introduced to further promote the development of Islamic finance globally: the Emerging Leader Prize and the Impact Challenge Prize.

The Emerging Leader Prize recognises and celebrates young international talent who have made outstanding contributions to the advancement of innovative ideas in Islamic finance. The Prize is open to individuals aged 40 and below, who have served in their area of expertise in Islamic finance for at least five years.

The Impact Challenge Prize aims to bring greater recognition to digital and innovative solutions based on Islamic finance principles or Islamic finance enablers, which can improve the economic and social resilience of financially impacted communities globally.

Further information on all categories, including global nominations and challenge applications can be found online at

The closing date for all nominations and challenge applications is 25 March 2022.

RAIF is jointly organised by the Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM).

SC-OCIS Strategic Collaboration
SC-OCIS Roundtable
The collaboration between the Securities Commission Malaysia (SC) and the Oxford Centre for Islamic Studies began in 2010. The overall objective is to facilitate a more informed debate and greater levels of research while providing clarity and certainty on the process of articulating and systematically approaching Islamic finance issues.
This shared aim has culminated in the successful and well-regarded SC-OCIS Roundtable, a strategic platform for intellectual discourse among scholars, industry practitioners, regulators, intermediaries and investors alike to bring about greater awareness and understanding on topical issues relating to Islamic finance globally. The inaugural event was held in Kuala Lumpur in March 2010.
The strategic collaboration between the SC and OCIS is also aimed to achieve the following objectives:
  • Share innovative practices of the conventional financial industry and translating the Islamic finance vision into actions to facilitate paradigm shifts towards a more sustainable development;
  • Encourage a robust debate and dialogue on topical issues and challenges faced in integrating Islamic finance into the mainstream;
  • Stimulate continuing debates on emerging issues in Islamic finance;
  • Promote networking of individuals, institutions and organisations committed to international financial reform for a more secured financial market and economy; and
  • Contribute to the body of knowledge, particularly in the Islamic capital market.
The outcomes of the Roundtable discussion and insights from diverse participants are integrated into the SC’s development efforts such as facilitating the development of waqf in Malaysia.

The Scholar-in-Residence (SIR) programme is a joint initiative between the Securities Commission Malaysia (SC) and the Oxford Centre for Islamic Studies (OCIS), and is an outcome of the annual SC-OCIS Roundtable. SIR was set up following a resolution made at the SC-OCIS Roundtable on Islamic finance, and has received global response from various jurisdictions, representing the diversity and worldwide acceptance of Islamic finance.
Under this programme, selected academician or practitioners of Islamic finance will take up residence at OCIS, to conduct applied research on a contemporary topic in Islamic finance and Islamic capital markets.
  • Past Scholars
    • 2012/2013:
      • Scholar: Dr Amir Shaharuddin, Malaysia
      • Research Topic: Harmonizing Shariah Rulings in Islamic Finance: Issues, Ways and Challenges
    • 2013/2014:
      • Scholar: Dr Valentino Cattelan, Italy
      • Research Topic: Performing God’s Will in Market Economy: Islamic Contract Law, Fiqh and the Law of Islamic Finance
    • 2014/2015:
      • Scholar: Dr Adam Ng, Malaysia
      • Research Topic: Risk Sharing and Social Impact Partnerships
    • 2015/2016:
      • Scholar: Arshad Mohamed Ismail, Malaysia
      • Research Topic: Developing the Corporate Bond and Sukuk Market in Malaysia: Broadening the Credit Profile
    • 2016/2017:
      • Scholar: Dr Salman Syed Ali, Saudi Arabia
      • Research Topic: Promoting Equity-based Islamic Finance: Micro Considerations Risk, Control and Choice of Islamic Financial Contracts
    • 2017/2018:
      • Scholar: Dr Siti Raihana Hamzah, Malaysia
      • Research Topic: Empirical Analysis of Risk Shifting and Risk Sharing in Bonds and Sukuk
    • 2018/2019:
      • A. Scholar: Dr Lee Siew Peng, Malaysia
        • Research Topic: The Integration of ESG screens to Shariah-compliant Companies for Sustainable Development
      • B. Scholar: Dr Hashim Jusoh, Malaysia
        • Research Topic: An Exploratory Study on the Adoption of a Shari’ah-compliant Stock Index Futures in the Malaysian capital market
    • 2019/2020:
      • Scholar: Dr Tarik Akin, Turkey
      • Research Topic: Is Risk-Sharing Asset-Based Redistribution a Viable Solution to tackle Wealth Inequality?
    • 2020/2021
      • Scholar: AbdulKader Thomas, United States
      • Research Topic: The Right to Start Over: Shariah, Sustainability & Bankruptcy Reform
    • 2021/2022
      • Scholar: Shabnam Mokhtar, Malaysia
      • Research Topic: Dissecting Sustainability and Impact Investing: An Empirical Analysis
  • Publications
  • Related Link

SC-World Bank Programmes
A collaboration between the Securities Commission Malaysia (SC) and The World Bank to provide platform for sharing of views and knowledge on topical themes relevant to the Islamic finance and the Islamic capital market (ICM), as well as recommendations moving forward.
With the objective of fostering the growth of Islamic finance and the ICM, the programme aims to focus on how to best deploy Islamic finance and ICM, and to identify the relevant policy, legal, regulatory and institutional interventions necessary to further develop the industry.

ICM Innovation Roundtable Series
The ICM Innovation Roundtable Series congregate key relevant stakeholders to deliver forward-looking perspectives and insights that will be an important impetus to innovative solutions in the Islamic capital market. It serves as a platform for exchange of ideas and views covering various themes on ICM, especially on new growth segments such as impact investment and Islamic social finance.
Impact Investment Roundtable Series
The Impact Investment Roundtable Series was initiated as a continuous deliberation from the 10th SC-OCIS Roundtable in 2019, with the aim to gather subject matter experts to discuss the way forward and formulate the foundations needed to strengthen and grow the Impact Economy ecosystem in Malaysia. There were three series segregating distinguished group of stakeholders to address the demand, supply and intermediaries’ segments of the ecosystem.
  • Past Events
    Impact Investment Roundtable Series 2020:
    • Intermediaries:
      • Date: 3 August 2020
      • Theme: Building an Impact Investment Ecosystem: The Role of Islamic Capital Market Intermediaries in Impact Capital Intermediation
    • Supply:
      • Date: 25 August 2020
      • Theme: Achieving Sustainability and Profitability: Businesses Driving the Demand for Impact Capital
    • Demand:
      • Date: 18 September 2020
      • Theme: What’s Next for Sustainable and Responsible Investment: The Impact Imperative
    Each session congregated approximately 40 local and international attendees from various sectors including the government, regulators, corporate organisations, social enterprises, business incubators and accelerators, university-led entrepreneurship centres, intermediaries, capacity building organisations and non-governmental organisations.
about the SC
The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

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