INCEIF, its subsidiary ISRA International Consulting Sdn. Bhd. (ISRA Consulting); and the Chartered Institute of Islamic Finance Professionals (CIIF) today signed a Memorandum of Understanding (“MoU”) to signify the commitment of the organisations in capacity building of talents in the thriving Islamic Finance industry.
INCEIF was established by Bank Negara Malaysia in 2005 to contribute toward the global development of human capital, talents and professionals required to support the future growth and development of the global Islamic financial industry.
ISRA Consulting provides consultancy, advisory, and customised training to regulatory bodies, central banks and financial institutions around the world. In the interval, the CIIF was established in 2015 as a professional body for Islamic finance practitioners through the Islamic Finance Profession Charter, which was signed by the Association of Islamic Banking Association (AIBIM), Malaysia Takaful Association (MTA), and Malaysian Investment Banking Association (MIBA), to provide a platform for continuous professional development and build a culture of professionalism and ethics in Islamic finance.
Accordingly, it is a common goal of both INCEIF and CIIF to provide a key platform for the development of talents in Islamic finance and support the capacity building agenda for the industry by setting academics and professional standards to drive the next phase in Islamic Finance human capital development in Malaysia and the world.
Through the MoU, INCEIF, ISRA Consulting, and CIIF will undertake activities relating to the development of future talent in the Islamic Finance industry focusing on, but not limited to, the following aspects:
- Academic cooperation and exchanging educational resources and joint organisation of learning programmes;
- Joint research and publication in the Islamic financial services industry;
- Training, advisory and consulting; and
- Joint activities of collaboration on any potential areas of common interests relevant to enhancing knowledge and raising competency in Islamic Finance
INCEIF President & Chief Executive Officer, Prof Dato’ Dr Azmi Omar represented INCEIF at the MoU signing ceremony while ISRA Consulting was represented by Deputy CEO Dr Muhammad Syahmi Mohd Karim, and CIIF by CEO Dr Azura Othman.
Dato’ Dr Azmi Omar said, “INCEIF as a thought and knowledge leader in Islamic Finance is honoured to share our expertise in this national agenda. This collaboration will pave the way for increased awareness and knowledge sharing on Islamic finance and provide a platform for networking for INCEIF alumni and CIIF members, discourses, and thought leadership on Islamic finance practices”.
With a respectable membership base that has grown positively over the past 6 years, CIIF together with its training partners is poised to shape the future leaders in Islamic Finance and build a sustainable pipeline of talents to grow the industry. “The CIIF is committed to constantly developing and executing strategies to provide the necessary platform and tools for current practitioners and new talents to develop high-level skills and competence in the industry. As the industry evolves, so has to be the talents that drive the industry. This is crucial as we hope to address the demands of the booming industry”, said Dr Azura Othman.
This demand was accelerated with the adoption of digital technology in financial services which is expected to facilitate a wider reach for Islamic Finance inclusion. In 2020, the Islamic fintech market in OIC countries was valued at US$49 billion. This is projected to grow at a compounded annual growth rate of 21% to US$128 billion by 2025. As such, this initiative to expand the pool of Islamic Finance professionals and build talents within the industry will help Malaysia realise its goal of becoming an Islamic fintech hub for ASEAN and a training ground for future Islamic Finance experts.
