The Islamic resurgence of the late 1960s and early 1970s awakened many Muslim thinkers and scholars to the realization that the capitalist system does not conform to Islamic foundations. Because the backbone of capitalism is riba (interest)—which is strictly prohibited by the Al-Quran and Hadith—they recognized that the Islamization of the economy could only begin once interest was abolished. Consequently, discussions surrounding the establishment of interest-free banks gained significant momentum. The Mit Ghamr Local Savings Bank in Egypt, established in 1963, is widely considered the pioneer of the modern Islamic banking system. Today, the industry has grown to include approximately 459 commercial Islamic banks worldwide, managing total assets of USD 2.0 trillion.

We are profoundly grateful and indebted to the pioneering classical scholars who laid the groundwork for this field. Notably, Sami Hassan Homoud’s seminal work, Islamic Banking: The Adaptation of Banking Practice to Conform with Islamic Law (1985), and Muhammad Nejatullah Siddiqi’s eye-opening book, Banking Without Interest (1983), were foundational. Additionally, the first textbook tailored to the academic requirements of higher learning institutions, Islamic Banking System: Concepts & Applications, was authored by Sudin Haron and Bala Shanmugam (1997). Since then, a vibrant generation of young researchers has contributed numerous publications to the field.

Although many frontiers of Islamic banking knowledge have been explored and the industry is now considered mature, we firmly believe that vast areas of Islamic economics remain to be discovered. This conviction aligns with Surah Luqman (31:27) of the Al-Quran, which states: "And if all the trees on earth were pens, and the sea (were ink), with seven more seas added to it, the words of Allah would not be exhausted. Indeed, Allah is Almighty, All-Wise." This verse serves as our primary motivation for establishing ASIANIER.

We envision ASIANIER as a premier platform where professionals, scholars, and students of Islamic economics can exchange ideas, seek new knowledge, and disseminate information on every aspect of the discipline. We aim to counter the critical narrative that Islamic economics—particularly in banking and finance—merely copies conventional banking frameworks. Therefore, with the blessing of Allah SWT, ASIANIER aspires to be a catalyst for new knowledge and a hub that attracts promising young scholars, offering them the opportunities and environment needed to polish their talents and become future leaders in the field.

Wassalam

Professor Dato’ Dr Sudin Haron
General Director