Also graduating are five of the nine Maybank Islamic scholarship recipients, who received scholarships to study Masters in Islamic Finance Practice at INCEIF. The scholarships represent part of a dedicated programme by Maybank Islamic to invest in the future of Islamic finance and Islamic banking, which includes rising talent within the markets it currently operates – Malaysia, Indonesia and Singapore.
The graduation ceremony takes the number of INCEIF alumni to 1,078. INCEIF alumni have gone on to participate in or lead significant Islamic finance initiatives. Three INCEIF alumni contributed in the successful issuance of the US$1.5-billion dual-tranche Malaysian government sukuk.
Often in collaboration with its sharia’h research arm, ISRA – the Islamic Sharia’h Research Academy for Islamic Finance – INCEIF’s pursuit of global excellence continues to transcend the classroom. In his address at the convocation ceremony, INCEIF President & CEO Daud Vicary Abdullah said INCEIF is on track to obtain the Association to Advance Collegiate Schools of Business (AACSB) accreditation, which is the most renowned accreditation association of business schools.
INCEIF also announced that the World Bank has renewed its collaboration with the university for a further five years to focus on research in the field of risk sharing and poverty alleviation – two pivotal areas that have shaped global finance in recent times. Islamic finance is taking a lead to redress imbalances, ensure a fair, free and competitive banking culture and by providing a working framework for a risk-sharing financial system.
Daud, said: “The university’s programmes continue to expand our global footprint, and well beyond traditional shores. The increased participation of non-Muslim jurisdictions reflects the positive acceptance of Islamic finance among the global community.”
The global Islamic finance industry has witnessed a global resurgence over the past decade, with total assets currently estimated at US$2.1 trillion*. These investments largely take place on a cross-border basis, reinforcing the need for stronger trade and investment linkages, and regulations, between jurisdictions. Ernst & Young estimates that Islamic banking assets will grow by an average of 19.7% a year through to 2018 across the six most important markets for Islamic finance (QISMUT countries) – Qatar, Indonesia, Saudi Arabia, Malaysia, the UAE and Turkey**.
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| Source: INCEIF. From left, INCEIF Chancellor, Tan Sri Dato’ Sri Dr Zeti Akhtar Aziz, INCEIF President and CEO, Daud Vicary Abdullah and INCEIF President’s Award winner Mohamed Aslam Mohamed Iqbal. |
“In partnership with ISRA, INCEIF is playing an instrumental role in laying new foundations for governance and cross-market connectivity, most recently at the Global Ethical Finance Forum where we led panel discussions on developing a financial system that supports sustainable economic development using Islamic finance to provide the ethical framework for banking,” added Daud.
Asked about the immediate future for INCEIF and the Islamic finance industry, Daud announced the launch of its Endowment Fund on 4 November to attract the support of everyone who shares the university’s vision for the industry’s future.
*The Asset Global Finance Summit: Propelling Islamic Finance to the Global Stage
**Ernst & Young: World Islamic Banking and Competitiveness Report 2014