INCEIF, ISRA Consulting and CIIF signed a Memorandum of Understanding dated 1 April 2022 to signify the commitment of all parties in capacity building of talents for the Islamic Finance industry thus addressing the demands of the industry
KUALA LUMPUR, 1 April 2022 – INCEIF University, 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 University was established by Bank Negara Malaysia in 2005 to contribute towards 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, that 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 development of talents in Islamic finance and supporting 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 University, 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 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 University 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 develop and execute 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.
About INCEIF
NCEIF University was set up by Bank Negara Malaysia in December 2005 to develop human capital and knowledge leadership for the global Islamic finance industry. Apart from its academic programmes, which are PhD in Islamic Finance, Industrial PhD, MBA (Sustainable Business), Masters of Islamic Finance Practice, Executive Masters in Islamic Finance, MSc in Islamic Finance and Professional Certificate in Islamic Finance, INCEIF also offers customised executive training programmes and industry-focused applied research in line with its vision to be the knowledge and thought leader in Islamic finance, through ISRA Research Management Centre and consulting subsidiary ISRA Consulting.
INCEIF syllabus is structured with inputs from industry players to bridge the gap between academic knowledge and industry experience. INCEIF faculty members, who are globally respected among the Islamic finance academia and industry, have a combined wealth of experience and diversity. The faculty, coupled with continuous support from the industry, provides INCEIF students with strong mentoring relationships and opportunities for professional development.
In 2020, INCEIF received 4-Star Recognition MyRA, implemented by the Ministry of Higher Education Malaysia (MOHE) to measure, among others, the research and innovation capabilities of universities. In 2019, INCEIF was ranked Very Competitive (5-Star) by MOHE’s Malaysian Quality Evaluation System for University and University College Excellence or SETARA for short. SETARA measures the quality of all private and public universities and university colleges, including foreign branch campuses.
In November 2018, INCEIF received full accreditation from AACSB International, joining the top 5 per cent of business schools in the world to be accredited. It is the only Islamic finance university in Malaysia to receive this international accreditation.
For more information, please visit www.inceif.org
About the Chartered Institute of Islamic Finance Professionals (CIIF)
Established in 2015, the CIIF is a professional body for qualified practitioners in the Islamic finance industry. Its primary mandate is to set standards for professional education and qualifications in Islamic finance for its members, and to regulate its members through the Code of Ethics and Standards of Professional Conduct.
The CIIF is also mandated to spur the professionalisation of the Islamic finance industry by collaborating with industry associations, regulators, government agencies, education and training providers, and other relevant stakeholders through its professional qualifications and certifications, continuing professional education, and other relevant activities and initiatives. Through its professional standards and qualification programmes, including its flagship Chartered Professional in Islamic Finance (CPIF), the CIIF aims to create value and prestige for the profession by equipping its members with knowledge, skills and competencies that are relevant to the industry and having its professional qualification as an industry benchmark.
A key component of the CIIF is the requirements for its members to undergo mandatory Continuing Professional Development (CPD), designed to empower its members by providing them with the opportunities to keep abreast with cutting edge developments and knowledge in Islamic finance, as well as to up-skill their capabilities towards becoming highly competent professionals. In achieving this, members of the CIIF are expected to become highly coveted talents both locally and internationally.
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