strategize on new ideas to ensure quality education for Islamic Finance can truly be brought to the next level where our graduates are recognized globally and relevant in today’s demanding market. The internet and its technologies have made this goal a possibility. Webinars and real time lectures can be live streamed with a fraction of the cost and much less hassle than ever thought before. Apple for instance, has brought iTunes U, where selected free podcast and videos are shared for consumption for a global audience that seeks knowledge in various subjects. Islamic Finance experts and training centers should make a way to ensure that there are such opportunities for a truly global audience to reach us. This will assist to not just promote the fine Islamic Finance Education institutions but at the same time pooling a global base of Islamic Finance enthusiasts that could spearhead and shape Islamic Finance’s digital presence in years to come. Qualifications Framework and Progression Route - is part of this strategy for upgrading the skills and competencies of the existing talent in the industry. It provides a progressive structured route to the acquisition of the relevant knowledge for the different levels throughout the career of the workforce in the industry. IBFIM’s Certified Qualification in Islamic Finance (CQIF) framework was developed to ensure Islamic Finance industry’s capital is comprehensive and holistic in meeting the requirements for all levels. IBFIM is also now the leading Shariah Adviser particularly for the country’s Shariah-based unit trust funds and asset management companies. Overall, IBFIM caters to all four sub-sectors of Islamic finance: banking, takaful, capital market and wealth management. Its services cover almost all spectra of industry needs from training, to Shariah advisory, to consultancy, to knowledge management; each enriches the other. IBFIM is industryowned and Regulator-linked. This is a powerful characteristic that lends credibility to the institute. The next vital step is to consolidate a collaborative framework to foster knowledge sharing and networking for all Islamic Finance education centers. There is a need to leverage on all our expertise,
The pertinent question is “Where is the axis, focal point of reference or so called nexus for Islamic Finance education?” Right now, to the astute observer our state of Islamic Finance education is in disarray. There is no consensus on moving forward. Maybe we have all waited too long and each from the deep sense of responsibility guilt has spurred these efforts in the hope to contribute to the greater good. This is all good but this is not the smartest way forward, we need to strategise. Our task today is to challenge the perception that the Islamic Finance education hub is constricted to just physical structures and make it more abstract as to make it more accessible to further interpretation. When we are able to counter this mental block and perception we will award ourselves with a freedom to be creative in realizing a concept that is mutually beneficial to the whole industry. IBFIM CEO Dato’ Adnan was quoted saying that “We have to run away from constrictive
“We have to run away from constrictive perception that comes from geographical borders and limitations and accept the fact that we have the power to change whatever weaknesses into strengths...”
Besides extensive networking among education and training centres, that will of course refine the quality of our talents for the Islamic Finance industry, we must not forget to foster greater ties still with the industry players itself, which to whom we are supplying our graduates. As the industry moves into greater heights, greater demands for innovations and tactical market understanding is needed, who more able to supply us with this important info apart from the industry themselves. This industry and education ‘osmosis’ relationship is vital and needs to further develop a cohesive blueprint. The industry may need to seriously consider investing in setting up centres for research and developments to elevate further quality of the facilities knowing that the governments can only do so much.
perception that comes from geographical borders and limitations and accept the fact that we have the power to change whatever weaknesses into strengths. We need to corroborate because this is neither a one man nor a one nation show, this is at the end of the day for the greater benefit of global harmony and peace. So much is the potential of a working Islamic financial industry’s future”. Islamic Banking and Finance Institute Malaysia is an industry-owned institute dedicated to producing welltrained, high competence personnel and executives with the required talent in the Islamic finance industry. For more information visit www.ibfim.com
EUMCCI Review 27
Coverage of the EUMCCI Quarterly Financial Panel Discussion and a main feature from IFBIM.