Islamic Finance Pool of Professionals Needed to Respond Islamic Finance Challenges

Chartered Institute of Islamic Finance Professionals (CIIF) has highlighted that it foresees a larger group of professional talents are needed globally to respond to new set of challenges brought upon by the current wave of technological innovations that are happening in the financial services industry worldwide.

In addition, fresh pool of talents are also needed to fill new gaps and roles arising from the growing demands for ethical and sustainable finance offered by Islamic Finance.

This statement was made during the CIIF’s 2nd Conferment Ceremony for its new Chartered Members that took place recently at Connexion Conference & Events Centre, Kuala Lumpur.

With the Global Islamic Financial Services Industry assets growing by 11.3% (year-on-year), which is equivalent to a total estimated worth of USD 3.06 trillion in 2021, YBhg. Datuk Badlisyah Abdul Ghani, President of CIIF said that having the right and insightful knowledge is essential for Islamic Finance professionals to deliver high quality service to stakeholders.

“As Islamic Finance professionals, we have the responsibility and accountability to make this industry and the organisation that we serve within this industry great. In effect, we must embrace knowledge, and we need to embrace it with the highest integrity possible in the service of mankind as reflected in the CIIF’s core values,” Dato’ Badlisyah Abdul Ghani remarked.

In this day and age where the world is changing, upskilling of the workforce is key according to Dato’ Badlisyah.

“The challenges that we face may look the same on the surface but lose its similarity across time. It gets harder that some even say the world has gone through a tipping point of no return when it comes to climate change,” he continued.

“In addressing this tipping point, integrity in carrying out our responsibilities is key. Integrity is not just about being honest, but giving the right solutions to clients,” Dato’ Badlisyah advised further.

Meanwhile, the Chief Executive Officer of CIIF, Dr Azura Othman highlighted that the role of Islamic Finance has become more eminent than ever during the ceremony.

“Islamic Finance professionals need to be further equipped with advanced knowledge and skills, instilled with greater capabilities to face different sorts of challenges from all corners. Our promise is to continue providing the best quality programmes and qualifications for all members and students in responding to the economic transformation, requirements and progression throughout their careers. By this, we aim to expand our footprint internationally
which will pave the way for global mobility of our members,” Dr Azura Othman said in her speech.

According to Dr Azura, CIIF places great importance in partnerships and collaborations and to date, the CIIF has embarked on collaborations with institutions such as Bank Rakyat, which saw more than 50 candidates completing their professional qualification and elevated to Chartered Members, and with FWD Takaful that has brought immense benefits and high impact to the capacity building of talents for the Takaful industry.

The Ceremony saw 121 new members conferred as Chartered Members of the Institute, with 51 members attaining it through undergoing the Chartered Professional Islamic Finance (CPIF) programme and 70 members through the Chartered Fast-Track Master Class (CFM).

The signing of a Memorandum of Understanding (MoU) with Universiti Utara Malaysia and a Collaboration Agreement with FWD Takaful also took place at the ceremony. The MoU aims to pave a closer connection between institution of higher learning with the industry, as well as to encourage and promote cooperation in the areas of professional development of graduates, accreditation of Islamic finance programmes and facilitation of various activities including industry advisory services related to Islamic finance. The collaboration with FWD Takaful will see technological enhancement of the learning experience of CPIF candidates and more professionally qualified talents in the takaful industry.

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