21 February 2025
The Islamic Bank of Thailand (ibank), in collaboration with Shoraka Group, recently hosted a special training session on Tawarruq, a key Islamic financial instrument, to enhance industry understanding and prepare for its implementation in Thailand.
Held at the Kamphan Thong Room, Ministry of Finance, the training was inaugurated by Dr. Thaweelap Rittapirom, Director and President of the Islamic Bank of Thailand (ibank), alongside Datuk Mohd Hasnul Ismar Mohd Ismail, Chairman of Shoraka Group. The “Application of Tawarruq in Islamic Banking” session provided valuable insights into Tawarruq’s principles, distinguishing features, and role in Islamic financial transactions. (on February 19, 2025)
Enhancing Knowledge and Adopting Global Best Practices
Tawarruq is widely utilized in Malaysia and the Middle East, and this training aimed to provide financial professionals with a deeper understanding of its structure and compliance with Shariah principles. Participants also explored the application of Islamic Fintech solutions, particularly the Shoraka Al-Amin (SAA) platform, which is used by leading financial institutions to facilitate Shariah-compliant transactions.
The session also presented key findings from the Islamic Finance Development Indicator (IFDI) Report, which highlighted the sector’s 11% growth in 2023, reaching $4.925 trillion in total assets. The industry is expected to expand further, reaching $7.528 trillion by 2028. The report underscored the significant contributions of Iran, Saudi Arabia, Malaysia, the UAE, and Kuwait, with Malaysia recognized as a global leader in Islamic finance development.
Insights from Industry Experts
The training featured renowned experts in Islamic finance, including:
- Mr. Wan Risaydi Wan Mamad Sufi, Acting CEO, ISRA Consulting
- Ustaz Mohd Bahroddin Badri, Principal Consultant, ISRA Consulting
- Datuk Mohd Hasnul Ismar Mohd Ismail, Chairman, Shoraka Group
- Mr. Zulkeflee Mohamad Nor, CEO, Shoraka Global Resources Sdn Bhd
Also in attendance were Tunku Dato Ahmad Burhanuddin Tunku Datuk Seri Adnan, Advisor to Shoraka Group, and Asst. Prof. Dr. Maroning Saleaming, Chairman of Shariah Advisor, ibank, shared insights on the development of Malaysia’s Islamic banking ecosystem over the past 60 years and its role in shaping the global Islamic finance industry.
The event welcomed over 80 participants, including ibank Board of Directors and executives, Amanah Leasing PLC leaders, and representatives from key regulatory agencies such as the Fiscal Policy Office, the Bank of Thailand, and the Securities and Exchange Commission.
Supporting Thailand’s Islamic Finance Growth
This initiative reflects ibank’s commitment to expanding knowledge, strengthening regulatory understanding, and advancing the adoption of global Islamic financial practices. The Bank continues to support the development of a robust and modern Islamic finance sector in Thailand, aligning with international standards.
