The establishment of the International Shari’ah Research Academy for Islamic Finance or more commonly known by its acronym, ISRA, is to promote applied research in the area of Shari’ah and Islamic finance. ISRA act as a repository of knowledge for Shari’ah views or fatwas and undertake studies on contemporary issues in Islamic financial industry. ISRA contributes toward strengthening human capital development in the areas of Shari’ah and provide platform for greater engagement amongst practitioners, scholars, regulators, academicians via research and dialogues, both in the domestic and international environment. Through pioneering research and rigorous intellectual dialogue, ISRA aims to promote innovation and dynamism into new boundaries of Islamic finance. It is envisioned that with greater research and dialogues, mutual respect and recognition would emerge within Islamic financial industry global community. As a part of the International Centre for Education in Islamic Finance (INCEIF), ISRA is able to leverage on the existing infrastructure and facilities as well as to tap on the knowledge, expertise and resources of the academic faculty and post graduate students in INCEIF. To provide input and assistance in the strategic direction of ISRA’s research works, the Council of Scholars, a group comprising of eminent local and international Shari’ah scholars, has been set-up.