INCEIF partners WWF-Malaysia to bring sustainable financing to next level

INCEIF has signed a memorandum of understanding (MoU) with environmental conservation organisation WWF-Malaysia to jointly develop and promote sustainable financing. Both organisations plan to formulate environmental and social sustainability policies, standards and strategies relevant to Malaysia.

Source: INCEIF.

The Paris Agreement and the United Nation Sustainable Development Goals (UNSDGs) are driving convergence in multiple aspects of responsible finance, including sustainable, responsible and impact investing (SRI); environmental, social and governance (ESG); and Islamic finance. Environmental and societal concerns are coming to the forefront of the global discussion, making the INCEIF and WWF-Malaysia partnership apt and timely. 

It is hoped that with WWF-Malaysia’s unique positioning on sustainable finance, informed by its knowhow in science, conservation and environment, combined with INCEIF’s expertise in Islamic social finance instruments, will lead to financial mechanisms which protect and encourage critical ecosystems that form the basis for a sustainable economy and prosperous society.

Professor Dato’ Dr Azmi Omar, INCEIF's President & CEO said: “At INCEIF, we have come to realise that our winning strategy towards promoting the development of Islamic finance is by establishing effective collaborative partnerships. INCEIF is proud to add WWF-Malaysia as one of our partners in the joint effort to build a better society. The collaboration aims to promote the better way financing and investments are made, bringing them in line with international commitments like the UN 2030 Sustainable Development Agenda and its 17 goals.”

The objectives of this collaboration are to strategically develop and promote sustainable financing and to exchange relevant experience, technical advice and analysis on environmental and social sustainability aspirations, policies, standards, strategies and risks relevant to Malaysia. The collaboration with WWF-Malaysia is vital in ensuring the robustness of the Value-based Intermediation Assessment Framework (VBIAF). WWF-Malaysia has the expertise in science, conservation, environment and finance which enables the taskforce to help financial institutions reduce their impact on the natural world and develop financial mechanisms which protect and restore critical ecosystems that form the basis for a sustainable economy and prosperous society.

INCEIF is part of the VBIAF taskforce that was formed to spearhead the strategic development of VBIAF. The taskforce is chaired by INCEIF and co-chaired by the Islamic Banking and Takaful Department of Bank Negara Malaysia (BNM).

At present, especially in Malaysia, the mainstream financial sector does not sufficiently manage ESG risks or incentivise sustainability improvements in key commodity industries, such as the palm oil sector. The finance sector ends up fuelling resource conversion that does not take into account limits on our natural resources and the livelihoods that depend on these resources.

“Islamic finance must take the lead in promoting green finance where responsible and impact financing are being embraced in pursuit of values beyond financial motivation,” Dato’ Azmi said.

According to WWF-Malaysia, the finance sector has a key role to play in achieving the goals of the Paris Agreement and the UN SDGs, as it has the ability to influence business strategies and supply chains, to reduce their threats to the environment and provide financial mechanisms that protect and encourage sustainable ecosystems.

“The exchange of relevant experience and technical advice between WWF-Malaysia and INCEIF, will further our aspirations for Malaysia to be the leader in sustainable finance in Southeast Asia,” said Thiaga Nadeson, Head of Markets and Education, WWF-Malaysia.

To date, INCEIF has been awarded a research grant by the then Ministry of Energy, Green Technology and Water of Malaysia (now known as Ministry of Energy, Science, Technology, Environment and Climate Change) to conduct a comprehensive feasibility study on innovative financing, investment platform and business models for renewable energy and energy efficiency in Malaysia.

INCEIF is also embarking on a research consultancy for the Malaysian Technology Development Corporation (MTDC), a wholly owned institution by Khazanah Nasional, to examine the transformation of technology-based small-medium enterprises (SMEs) from laboratory idea to commercialisation. The findings from the study can be used for policy development by MTDC towards establishing sustainable technopreneurs at the SME level.

INCEIF signs MoU with IFR on Islamic social finance

The International Centre for Education in Islamic Finance (INCEIF) has signed a memorandum of understanding (MoU) with the International Federation of Red Cross and Red Crescent Societies (IFRC) to leverage Islamic social finance opportunities and develop strategies and fundraising tools in support of Red Cross and Red Crescent humanitarian aid programmes.

The MoU was signed at INCEIF’s Kuala Lumpur campus by INCEIF President and CEO Daud Vicary Abdullah, and IFRC’s Under Secretary General for Partnerships, Tan Sri Dr Jemilah Mahmood.

The partnership aims to explore and expand ways through which Islamic social finance can be used as a tool to raise operational finances for national Red Cross and Red Crescent societies to respond to disasters and other crises, reduce vulnerabilities, support healthy and safe living and foster a culture of peace in at-risk communities.

As part of the agreement, INCEIF will undertake research in innovative financial instruments that could assist Red Cross and Red Crescent humanitarian and development initiatives, including the design and development of sukuk social impact bonds, waqf and zakat endowment funds and other mechanisms that make use of obligatory and voluntary faith-based donations. Pilot projects will launch soon in selected countries in Africa, the Middle East and Asia, including Malaysia.

INCEIF will also provide guidance on ways to tap Islamic social finance, connect its alumni network in 80 countries with national Red Cross and Red Crescent societies and advocate for the direct funding of programmes that alleviate suffering, build resilience and promote human dignity. In addition, the MoU includes the development of an IFRC internship programme for INCEIF students.

Dr Jemilah says Islamic social financing has the potential to help address significant financial challenges in meeting the needs of millions of people caught in crises and poverty.

“We are keen to explore innovative ways the Islamic finance sector can work with Red Cross and Red Crescent societies and demonstrate solidarity and principled action to save lives and promote dignity,” Dr Jemilah stated. “We will be eager to see Islamic social finance contribute to strengthening communities and realising the IFRC`s commitment of leaving no one behind.”

“At INCEIF, we realise that it is a winning strategy to promote the development of Islamic finance by establishing effective collaborative partnerships around the globe,” said Daud. “INCEIF is proud to add IFRC to our list of partners, which includes the World Bank, the Islamic Development Bank and the Islamic Financial Services Board. It is an honour for INCEIF to share our expertise and knowledge in Islamic finance to better society through the duty of care, which is the true spirit of Islam.”

INCEIF opens up part two of takaful MOOC

INCEIF has made part two of its Takaful massive open online course (MOOC) available.

Part 2 is about shari'ah principles and the practices underlying takaful, enabling students to determine forbidden elements as well as shari'ah compliance in the insurance business.

The course  instructor is INCEIF subject matter expert on takaful and risk management Ezamshah Ismail, who is also the Dean of School of Professional Studies at INCEIF. He was formerly the CEO of Hong Leong Tokio Marine Takaful and several industry-related institutions including Malaysian Institute of Insurance and the Financial Mediation (formerly known as Insurance Mediation) Bureau.

He holds a Masters degree in actuarial science from Northeastern University in the US and an LLM in business Law from the lnternational Islamic University Malaysia.

Interested?

Join the MOOC. It is self-paced, and free

INCEIF's Masters in Islamic Finance Practice is accreditated by the Malaysian Qualifications Agency

INCEIF has announced full accreditation by the Malaysian Qualifications Agency for both the online and face-to-face study options for its Masters in Islamic Finance Practice (MIFP) programme.

The MIFP was introduced in June 2014 to replace the flagship Chartered Islamic Finance Practice which was first offered by INCEIF in 2006. The MIFP includes courses and modules such as Financial Management, Quantitative Method, Financial and Managerial Accounting and Structuring Financial Requirements. There is one elective paper, Islamic Wealth Planning and Management. Those specific to Islamic finance include:

Economics for Islamic Finance
In this course students develop a critical understanding of the development of Islamic economic and finance theory and become more appreciative of the contributions made by Muslim thinkers. The Quran and sunnah are key referral materials.

Shariah Aspects of Business and Finance

This module consists of three major parts, Islamic Jurisprudence covering the sources of shari'ah, ahkam al-shariah, legal maxims and maqasid al shari’ah; theory of the Islamic contract, covering the general theory of contracts, ahliyyah/capacity, formation of contracts, terms and conditions, performance of contracts. The third part is about compliance, covering hisbah, ijtihad, fatwa, the shari’ah board, and shari’ah non-compliance risk. 

Shariah Rules in Islamic Financial Transactions
This module aims to guide students to analyse the application and mechanism of the most widely used shari'ah principles/transactions in Islamic finance such as muḍarabah, murabahah, baiʾ bi thaman ajil / baiʾ muajjal, salam, istisnaʿ, ijarah, baiʾ al-ʾinah, tawarruq, hawalah, kafalah, wakalah, wadiah, and rahn. The module will cover the concept of each contract along with their types, pillars, terms and conditions to ensure shari'ah compliance in execution and application. 

Ethics and Governance
This course is designed to provide an understanding of the framework in which ethical principles are linked with the practices of corporate governance in a market-based economy. This course will cover conventional and Islamic perspectives to the concepts of corporations as legal entities and how they ought to be regulated, guided, and led. 

Accounting for Islamic Finance
The course begins with a discussion of accounting in the Islamic and conventional perspectives. A comparative study of financial statements of Islamic financial institutions, prepared under AAOIFI and IFRS standards, is carried out to distinguish differences and relevance and to evaluate their “Islamicity”.

Islamic Insurance
The course examines risk from the Islamic perspective and ways of mitigating it in accordance with shari'ah. It discusses the various takaful business models, products and the key operational process of takaful.

Islamic Banking Practices
This course will examine the shari'ah principles that are entrenched in Islamic banking and Islamic banking operations. This course will also discuss the legal and regulatory aspects of Islamic banking and recent developments in this industry.

Risk Management for Islamic Financial Institutions
The objective of this course is to equip students with the fundamentals of risk management in finance. Special emphasis will be accorded towards risk management in Islamic financial institutions.

Islamic Capital Market
This course is designed to equip students with the working knowledge of the structures of the instruments and regulatory and shari’ah frameworks of Islamic capital markets within a dual-banking environment.

Financial Services Marketing
The course aims to equip students with the foundation of marketing principles which covers the core concepts of marketing, the marketing process, the environmental scanning and the marketing mix. This is further deliberated to the application of shari'ah principles and rules in ensuring that the financial services marketing upholds shari'ah values.

Shariah Issues in Islamic Finance
This module discusses major shari’ah issues debated in the Islamic finance industry. It covers the major aspects of Islamic finance including banking, capital market, takaful, wealth planning and management.

Shariah Audit and Compliance
This module focuses on the degree of shari'ah compliance in the Islamic financial institutions in the marketplace. The module covers different aspects of shari'ah audit including the concept, the process, shari'ah requirements and legal requirements.

Commercial Law and Legal Documentation for Islamic Financial Services
The course covers basic knowledge about the requirements of legal documentation for Islamic financing facilities and services and how these differ from documentation from conventional loans. 

Ezamshah Ismail receives award from Malaysian Takaful Association

Source: INCEIF. INCEIF School of
Professional Studies Dean Ezamshah Ismailreceiving the Tokoh Ilmuwan Takaful 2015 award
from Dato’ Muhammad Ibrahim, Bank Negara
Malaysia Deputy Governor. Looking on is MTA
Chairman Ahmad Rizlan Azman.

INCEIF School of Professional Studies Dean Ezamshah Ismail was awarded the Tokoh Ilmuwan Takaful 2015 (Takaful Scholar 2015) by the Malaysian Takaful Association in recognition of his contribution to the growth and development of the Malaysian takaful industry.

Ezamshah first got interested in the insurance industry when he was part of the pioneer batch of students enrolled for the Diploma in Actuarial Science at University Technology Mara in 1974, when little was known about the subject. He went on to complete his degree in Mathematics at Penn State University and subsequently, Masters in Actuarial Science at Northeastern University in the US. He was later employed by one of US’s largest actuarial consulting firms in New York City before returning to Kuala Lumpur to be the Country Head where he engineered a merger with another international practice to form one of Malaysia’s successful actuarial consultancy firms.

Ezamshah was also previously President of the Life Insurance Association Malaysia and the first President of the Malaysian Financial Planning Council (MFPC). He was instrumental in developing the Shariah Registered Financial Planning qualification in MFPC.

Ezamshah will soon be publishing his latest research on application of the trust concept for takaful. His published works include Takaful: Realities and Challenges, Takaful Broking and Operational and Actuarial Aspects of Takaful.

BNP Paribas-INCEIF CIWM co-launch booklet on socially responsible investing

Source: INCEIF. From left: INCEIF Deputy President (Academic), Professor Datuk Syed Othman Alhabshi, BNP Paribas Malaysia chairman Dato’ Abdullah Mat Noh and Director of the MIFC Promotion Unit Nik Mohd Din at the launch of the SRI booklet during the Managing Risks in Islamic Finance Industry symposium organised by CIWM.

The BNP Paribas – INCEIF Centre for Islamic Wealth Management (CIWM) has launched a booklet about socially responsible investing (SRI) titled SRI (Sustainable Responsible and Impactful) & the Case for Islamic Funds. The SRI booklet is a joint effort between CIWM and the Malaysian International Islamic Financial Centre (MIFC) to raise awareness on the inextricable link between sustainable and shari'ah compliant investments. 

The booklet has three sections: 

Foundation and growth of investing through principles
Investors' increasing attraction for the SRIs
The case of emerging markets, Islamic investments and the Malaysian option

The key objective of this publication is to create awareness on shared SRI and Islamic finance value propositions and develop a global interest for SRI sukuk. It also seeks to support business engagements in securing SRI mandates and environmental, social and governance-based business. 

Record number of students graduate from INCEIF

INCEIF – The Global University of Islamic Finance – has hosted the graduation of a record 248 students at its seventh convocation, the largest cohort since its inception in 2007. Of the 248 graduates, 12 received PhDs in Islamic Finance, 35 are Masters in Islamic Finance (MIF), 25 are Masters of Science in Islamic Finance (MSc IF), 76 are Masters of Islamic Finance Practice (MIFP) and 100 are Chartered Islamic Finance Professionals (CIFP).

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**.

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.

Daud said INCEIF is keen to focus on building its reputation as a global thought leader in Islamic finance. The Thomson Reuters Islamic Finance Development Report indicated that 11% of global Islamic finance research output was from INCEIF and ISRA.

“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

INCEIF to add new session of popular Time Series Econometrics workshop

Due to the overwhelming response, INCEIF’s Centre for Research and Publication has decided to hold a second Time Series Econometrics Workshop on campus on 29 to 30 September.

The first two-day workshop was conducted by the Dean of the School of Graduates, INCEIF, Professor Mansor Ibrahim.

The fully-subscribed workshop focussed on the application of econometrics as a tool to address empirical issues in Islamic banking and finance. It was attended by executives from financial institutions, and lecturers and PhD candidates from the local universities.

Attendees gave positive feedback after the workshop. “Professor Mansor covered the theories behind econometrics well. The understanding of theories leads to a proper application of the econometric techniques. The proper application of the techniques is important, as the more proper the techniques, the more precise the results would be. I really appreciate the workshop when it comes to theoretical coverage of econometrics. Professor Mansor also covered the use of the software, which allows the participants to immediately apply the knowledge they got from the workshop. From an industry perspective, these techniques are useful as a tool to support a decision making,” said bank executive Arshad Nuval Othman, who works at an Islamic bank.

Associate Professor Dr Lean Hooi Hooi from the School of Social Sciences (Economics Program) at a Malaysian university said: “Professor Mansor is a knowledgeable and resourceful person. He helped us to understand these few topics which are very important especially for the latest econometrics development skills.”

Interested?

Contact INCEIF about the workshop

*Pictures from INCEIF

ICIFE recognises INCEIF for research efforts and written reports

Source: INCEIF. ICIFE President Professor Dr Khaliq Ahmad (right) with Dr Magda of INCEIF, who won the Best Written Report award.

The International Council of Islamic Financial Educators (ICIFE) has given INCEIF their award for Best Research Efforts. INCEIF was selected from 15 local universities which are offering Islamic finance academic programmes at their respective universities.

Associate Professor Dr Magda Ismail, an INCEIF faculty member, won the Best Written Report award.

ICIFE was set up by the Malaysian government to increase and maintain the professionalism of the educators in Islamic finance field at the national and international level.

INCEIF congratulates Dato’ Muzaffar Hisham

Source: INCEIF. Dato' Muzaffar.

INCEIF has formally congratulated Dato’ Muzaffar Hisham, an INCEIF Professional Development Panel member, on his recent conferment of the ‘Darjah Indra Mahkota Pahang’ which carries the title ‘Dato’ from the Sultan of Pahang, DYMM Sultan Haji Ahmad Shah Al-Musta’in Billah Ibni Almarhum Sultan Abu Bakar Riayatuddin Al-Mu’adzam Shah.

As CEO of Maybank Islamic, Dato’ Muzaffar and the bank have been supportive of INCEIF’s initiatives to develop high calibre Islamic financial services professionals, INCEIF noted. The bank has offered scholarships for Malaysians and Indonesians, where Maybank Group has operations, to study at INCEIF, a university of Islamic finance. It has also contributed towards the upgrade of INCEIF’s auditorium on campus which was named Maybank Islamic Auditorium in honour of its RM1.5 million sponsorship.

Dato’ Muzaffar’s conferment is a testament of his invaluable contributions towards the development of the Islamic financial service industry, in Malaysia and globally. "All of us at INCEIF wish him the very best for the future and may the bank and him continue to extend the support to INCEIF in our quest to contribute towards the betterment of the industry," the organisation said in a statement.

IFSB, INCEIF renew cooperation agreement

The Islamic Financial Services Board (IFSB) and INCEIF – The Global University of Islamic Finance have renewed an agreement to facilitate international cooperation between the two organisations to provide relevant activities relating to capacity building and awareness promotion in Islamic finance. The Memorandum of Understanding (MoU) was signed on the sidelines of the 12th IFSB Summit in Almaty, Kazakhstan on 19 May.

This mutual co-operation aims to strengthen the efforts of the two institutions in promoting an exchange of information, undertaking research, development, training and education in the Islamic financial services industry. More specifically, the MoU identifies the following areas of cooperation between the IFSB and INCEIF: 

• Jointly exploring and undertaking various research issues concerning Islamic financial services industry. 
• Providing reciprocal staff development and exchange programmes. 
• Building awareness among the industry players through jointly conducting learning and awareness programmes including among others: conferences, seminars, workshops, roundtables, trainings (including custom-designed learning and training programmes). 
• Cooperating in providing technical assistance to facilitate the implementation of the IFSB standards and to assist in building the necessary financial infrastructure for development of a sound and stable Islamic financial services industry. 

Under the first MoU, signed in 2012, the IFSB and INCEIF successfully held a series of six Executive Forums (EF) covering topics in Islamic finance. The IFSB-INCEIF Executive Forums on Islamic Finance aim to provide a platform for industry’s global leaders to discuss emerging issues facing the global Islamic financial services industry with an emphasis on issues related to supervision and prudential regulation at the national and international levels.

The next Executive Forum on Islamic Finance, themed Building Momentum for Islamic Liquidity Management, will be held 3 to 4 June 2015 in Kuala Lumpur, Malaysia.

IFSB and INCEIF 7th Executive Forum to educate, further Islamic finance progress

The Islamic Financial Services Board (IFSB) and the INCEIF - The Global University of Islamic Finance are organising the seventh Executive Forum (EF) on Islamic Finance on 3 and 4 June 2015. The IFSB-INCEIF EF Series aim to provide a platform for global leaders in Islamic finance to discuss emerging issues facing the global Islamic financial services industry. 

The EF, to be held at Sasana Kijang, Kuala Lumpur, Malaysia, emphasises supervision and prudential regulation at national and international levels. Themed Building Momentum for Islamic Liquidity Management the EF will surface new insights through panel sessions, discussion groups, and practical case studies on the interactions between internal liquidity and external funds (e.g. profit-sharing investment accounts and sukuk).

The EF will also compare current conventional and Islamic overviews of liquidity risk management and discuss the challenges in building a resilient and robust liquidity risk management framework in the future. New developments in the regulatory landscape, with a special focus on the emerging liquidity risk management requirements, such as the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR), are on the agenda as well.

The current speaker list includes:

• Azahari Abdul Kudus, Chief Treasurer, KFH Malaysia 
• Daud Vicary Abdullah, President and CEO, INCEIF 
• Ijlal Alvi, Chief Executive Officer, International Islamic Financial Market 
• Abdullah Karatas, Manager, Investments, Islamic Development Bank 
• Professor Dr Merouane Lakehal-Ayat, Adjunct Professor, INCEIF 
• Prasanna Seshachellam, Director, Supervision, Dubai Financial Services Authority, UAE 

Next steps? 

Register

Email ifsb_sec@ifsb.org with questions

Maybank Islamic Shariah Centre of Excellence launched

Maybank Islamic’s Shariah Centre of Excellence (SCoE), the first such initiative in the country by a financial institution, was officially launched today by Bank Negara Governor Tan Sri Dato’ Sri Dr Zeti Akhtar Aziz.

In conjunction with the launch, Maybank Islamic also announced a few collaborative initiatives with INCEIF, The Global University of Islamic Finance.

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.”

Chartered Institute of Arbitrators and INCEIF announce course on Islamic finance & banking

The Chartered Institute of Arbitrators (CIArb) and INCEIF-The Global University of Islamic Finance have signed a MoU  to deliver courses on alternative dispute resolution (ADR) in Islamic finance and banking.

Source: INCEIF. INCEIF President and CEO Daud Vicary Abdullah signed the MoU on behalf of INCEIF while CIArb was represented by Chartered Arbitrator and Chair of the CIArb Malaysia Branch, Catherine Chau. 

The collaboration was announced on the sidelines of Global Islamic Finance Forum 2014, a biannual forum that offers a unique networking opportunity for regulators, industry practitioners, business leaders and shari'ah scholars. 


The collaboration between INCEIF and CIArb is focused on expanding the range of dispute resolution options available in Islamic finance. With the rise of the global Islamic financial services industry, this partnership is timely in facilitating the resolution of future commercial opportunities. 

The courses in Islamic Finance for Arbitrators will provide professional Arbitrators with the theory, the case law and the tools necessary to understand and settle financial, commercial and contractual disputes which arise within the framework of Islamic banking and finance.

To kickstart the collaboration, CIArb and INCEIF will conduct a short course, Certificate in Islamic Banking & Finance Arbitration, from 25 October to 1 November 2014 in Kuala Lumpur, Malaysia. The eight-day course is designed to provide a thorough understanding of the practices and procedures of Islamic banking and finance and the role of arbitration within it.

The course will cover:

• Shari'ah – Foundations for Islamic banking & finance
• The Islamic financial system with emphasis on Islamic banking & finance
• Financial infrastructure of Islamic banking & finance
• Islamic banking & finance products and services
• Legal documentation for Islamic banking & finance products for arbitrators
• International arbitration and its related components as a form of dispute resolution.

The course will be conducted by faculty from CIArb and INCEIF. The Course Directors will be Profesor Dr Nayla Obeid, FCIArb, Chartered Arbitrator, Chair of CIArb’s Board of Trustees, CIArbs’s Trustee for the Middle East and Indian Sub-Continent, and Founding Partner, Obeid Law Firm, together with Professor Dr Saiful Azhar Rosly, Director, Consulting & Executive Programmes at INCEIF.

Other subject matter experts include:

1. Professor Rashda Rana, Barrister & Arbitrator and Chair of the CIArb Education & Membership Committee
2. Associate Professor Dr Ahcene Lahsasna, Deputy Director for Centre of Research and Publication, INCEIF
3. Adjunct Professor Mohamed Ismail Shariff, INCEIF
4. Professor Dr Mohamed Wahab, MCIArb and Head of International Arbitration, Zulficar Partners
5. Professor Adnan Amkhan Bayno, FCIArb and Head of Chambers, Mena Chambers

Dr Comair-Obeid said: “Given the rapidly growing market for Islamic finance and the significant increase in confidence in  arbitration as the preferred mechanism for resolving both financial and commercial disputes, arbitrators trained in the fundamental principles of Islamic finance are fast becoming a market commodity.

“More and more financial institutions are providing an expanding range of financial products and services compliant with Islamic banking regulation and the basic tenets of shari'ah law. In order for arbitrators and ADR practitioners to be fully equipped to deal with disputes that arise therein, training in the fundamentals of Islamic banking and finance has never been more important globally.”

CIArb Director General Anthony Abrahams said: “The joint initiative between CIArb and INCEIF to train and educate arbitrators, practitioners and bankers in arbitration presents a world leading course aimed at resolving Islamic banking disputes. As this style and culture of financing grows into a major force within global banking so the mechanism for settling differences becomes of paramount importance."


INCEIF CEO Daud Vicary Abdullah said: “INCEIF is delighted to be partnering with CIArb in this landmark agreement to develop education and competency in the legal arbitration profession. With the rapid global growth of Islamic finance, it is vital that practitioners are well equipped with robust and consistent education to enhance their competency.”