In conjunction with the launch, Maybank Islamic also announced a few collaborative initiatives with INCEIF, The Global University of Islamic Finance.
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| Source: INCEIF. |
The SCoE, conceptualised by Maybank Islamic, aims to be the reference point on shari'ah matters and best practices for industry players, regulatory and academic fraternities, and the general public within the areas of shari'ah governance and the Islamic finance industry as a whole, research and education, talent development, thought leadership and community welfare.
The initiative with INCEIF is via Maybank Islamic’s sponsorship of the INCEIF auditorium at a cost of RM1 million, which encompasses a public lecture series, sponsorship of students and a reference book.
Maybank Islamic chairman Dato’ Seri Ismail Shahudin said the public lecture series, which fulfils a thought leadership agenda, will be a biannual event. The first lecture was conducted today by Professor Abbas Mirakhor, who was First Holder, INCEIF Chair of Islamic Finance.
“The other initiatives include developing talent via the the sponsorship of 15 post-graduate Shari'ah Scholars, including three from Asean countries at RM30,000 per student annually – the first by an Islamic bank; and the sponsorship of a reference book titled Shariah Non Compliance Risk & Legal Documentations by INCEIF Associate Professor Dr Ahcene Lahsasna, who is also MIB Shariah committee member,” he said.
Dato’ Seri Ismail said the establishment of SCoE is meaningful for Maybank Islamic not just due to its aspiration to a be a global leader in Islamic finance, but also through the ability to contribute to the development of Islamic finance professionals globally and make Malaysia an Islamic finance centre of excellence.
“Our collaborative initiatives with INCEIF are very much aligned with INCEIF’s objective, that is to address the growing prominence of Islamic finance and developing human capital for the global market,” he said adding that the public can get access to more information on these and other initiatives at a dedicated SCoE website.
Maybank Islamic CEO Muzaffar Hisham said the SCoE is a solid commitment by Maybank Islamic as a leading Islamic bank in the region as it strives to uphold high standards of shari'ah practice in the niche Islamic finance sector.
“Through SCoE and using shari'ah as the basis, Maybank Islamic is committed to continuously provide innovative solutions that can value add in addressing the various economic challenges faced by the community,” he said.
He pointed out that this aligns well with the Islamic Financial Services Act 2013 (IFSA) that is to strengthen shari'ah governance in relation to policies, procedures and operations of Islamic financial institutions.
“We fully embrace the IFSA and we are excited about how it will bring about more innovation in the Islamic finance marketplace,” said Muzaffar.
INCEIF President & CEO Daud Vicary Abdullah said, “INCEIF is honoured to be part of this initiative with Maybank Islamic as with the SCoE - we look forward to improving industry knowledge and raising industry standard where Islamic banking is concerned.
“This proactive and symbiotic collaboration certainly further strengthens INCEIF’s unique position as a university by the industry for the industry. We will continue to be industry-focussed, thus bridging the gap between academia and industry.”