ID Series 3: The Islamic Macroeconomic Model: Moving Towards Riba-free Economy
Kuala Lumpur, 16 March 2023 – How we can vacate the interest rate economy “which in reality is only an administered price with no connection to economic fundamentals. As a result, using the interest rate as a benchmark and/or a monetary policy tool will produce unpredictable results. “
This was the question posed by Dr Mabid Ali Al-Jarhi, Professor of Economics and Finance at the Social Sciences University of Ankara at INCEIF Discourse Series 3 held on campus today. With the topic `The Islamic Macroeconomic Model: Moving Towards Riba-free Economy’, Dr Mabid was joined by commentator Prof Dr Turalay Kenc, INCEIF Faculty Member who was the former Deputy Governor of Central Bank of the Republic of Türkiye.
Dr Mabid is a founding member of the International Association for Islamic Economics, and a Member of the Shariah Board of the Dubai Financial Market.
In his presentation, Dr Mabid suggested that a number of effective development policies be carried out, including streamlining the education system to provide the skills necessary for economy-wide expansion, and to subsidise off- and on-the-job training for the same purpose.
“This would be a result of the heavy involvement of Awqaf in providing education services. Awqaf is expected to be more sensitive to private sector requirements than the government.”
Dr Mabid also suggested tuning the political process to the economic process to marshal support for the development plan, and to mobilise enough resources, while keeping best practices of governance and transparency.
“It must be finally stressed that development policies have a long-run horizon. It is not something that is to be attuned to yearly changes in economic activities. Therefore, it should not suffer or take a back seat for cyclical or seasonal justifications,” he added.
For reference to Dr Mabid’s papers on the above topics, click:
Impactful Research For A Green & Sustainable Future
Semenyih, Selangor 16 Feb – INCEIF University has continued to investigate workable initiatives to incorporate Islamic social finance (ISF) as a solution to address the socio-economic challenges, particularly in the post-pandemic world, and execute workable long-term projects to address poverty among vulnerable groups in society.
INCEIF President & CEO Prof Dato’ Dr Azmi Omar said: “Through impactful research which subsequently generates ideas and gives insights into the core of each challenge or problem, the University continues to look into unlocking the potential of ISF instruments. We want to find ways where these instruments can play an efficient role in addressing the challenges, from as basic as day-to-day survival to complex issues such as climate change.
“Ultimately, we look towards a future where ISF makes a strong case for Islamic finance and is embraced by the world as a practicable and sensible answer in meeting the evolving needs of the people and the planet. This will fulfill the foundation of Islamic finance, the Maqāṣid al-Sharīah, which is to bring benefit to mankind and prevent harm to them,” Dato’ Azmi said during the site visit to the pilot urban farming project at Section 9, Bandar Rinchin.
The project, spearheaded by the University’s Centre of Excellence Islamic Social Finance in collaboration with Maybank Islamic, commenced in late 2021 targeting 60 urban poor in Bandar Rinchin, Semenyih with a minimal investment of RM90,000. The location was chosen due to the readily available land, and effective local network which comprised the local mosque’s committee and Rukun Tetangga members.
A small plot of land measuring 800 sq ft, in the housing area at was turned into an aquaponics area where fish farming facilitates the soilless growing of vegetables through hydroponics. This involves a network of pipes connecting a fish tank, a water pump, and a plant bed where vegetables are planted in gravel as water is pumped through it.
Encouraged by the positive economic and social impact brought by the pilot project, Maybank Islamic plans to spread this initiative and has identified four new sites in two states, Selangor and Kelantan.
“The initiative specifically supports the economic, social, and environmental sustainability of urban farming and we developed it in collaboration with INCEIF as a proof-of-concept for Islamic social finance (ISF) instruments that can help reduce income inequality and poverty,” said Maybank Islamic CEO Dato’ Mohamed Rafique Merican who was also present during the site visit.
He added that the Bank is more than pleased to note that some of the participants have benefited well from the small window of opportunity given to them.
“We believe that such project can provide low-wage earners not just the opportunity to learn new or polish hidden skills but at the same time help them generate additional source of income for their families by selling their excess produce. A sustainable urban farming can not only enable communities to grow food independently but it can potentially provide opportunities for employment, entrepreneurship and social cohesion.”
Dato’ Mohamed Rafique added that Maybank Islamic was hopeful that this initiative would serve as a catalyst and assist local small businesses in creating a pathway for everyone to become more involved in sustainable farming.
“Maybe in the future we can even see more young people delving into this and become successful agrotechpreneurs and break out of the B40 community,” he said.
Maybank Islamic is now allocating a zakat fund of RM260,000 to expand this programme to the second phase which would benefit more than 120 participants at 2 sites in Kelantan and another two in Selangor.
One of the successful participants of the Bandar Rinchin project is Puan Norazlita Haliman, 46 who runs a food-based business from home but now her main source of income comes from selling ikan keli (catfish) from the six ponds she has at home. Recently, she expanded to provide downstream products from her produce such as Nasi Lemak Ikan Keli Berlado, which receives good order from the community.
According to her, her supplementary income from these activities can be up to RM1,600 a month.
Other participants are earning an additional RM80 to RM120 a month from selling the vegetables like ladyfinger, Brazilian spinach, tomato cherries, red spinach, coriander, water spinach, and celery. Sales from the fish pond can reach RM500 a month with the profits shared equally among the participants.
They also participated in selling the produce via the Anjung Murni Platform weekend sale with a supplementary income (self-consumption & sale) averaging between RM90 and RM210 monthly.
The First-of-its-kind ESG Islamic Framework In The Making
Kuala Lumpur, 15 Feb 2023 – The first-of-its-kind environmental, social and governance (ESG)-Islamic framework (Ficus ESG-I Framework) which enables businesses to comply with four key parameters – people, planet, profit and principle or Quadruple Bottom Line 4Ps, is in the making.
“The objective of the framework is to prepare small and medium enterprises (SMEs) and start-ups to fully comply with the three main concepts of Shariah principles, ESG and sustainable growth”, said Ficus Capital Co-Founder & Managing Director Hidayat Abdullah.
Ficus Capital, a Shariah-compliant venture capital management firm registered with the Securities Commission Malaysia, plans to introduce the Ficus ESG-I Framework to guide local businesses, especially business start-ups and SMEs to comply with the objectives of Shariah (Maqasid) and investment ethical standards.
INCEIF University, through its ISRA Research Management Centre, is collaborating with Ficus Capital to seek feedback and ideas from various stakeholders, regulators, ecosystem developers and governments in developing the Ficus ESG-I Framework.
To kickstart this, the Ficus ESG-I Roundtable was held at INCEIF Campus today where industry players, scholars and regulators gathered to exchange views, provide feedback and share industry practices in strengthening the Ficus ESG-I Framework.
INCEIF PCEO Prof Dato’ Dr Azmi Omar said INCEIF University remained committed in its role to bridge the gap between academia and industry, particularly in working on impactful and practicable projects that would eventually be applicable and adopted by the industry.
“We are pleased to collaborate with Ficus Capital and other industry partners in elevating the Islamic finance industry to the next level. This level of synergy between academia and industry practitioners is extremely needed to facilitate greater growth and development of the industry.
“We hope that this Roundtable will serve as a platform to further enhance the proposed Ficus ESG-I Framework. Valuable inputs and feedback gathered during the roundtable will be used by Ficus Capital and INCEIF University to jointly publish a White Paper on the framework, which will assist SMEs and start-ups towards full compliance with the ESG criteria and Islamic principles via a practical and gradual approach or tadarruj“, added Dato’ Azmi.
Prof Dr Aishath Muneeza Acknowledged For Her Contribution To The Maldivian Capital Market
Maldives, 13 Feb 2023 –The Capital Market Development Authority (CMDA) of Maldives has acknowledged Prof Dr Aishath Muneeza, Associate Dean, Students & Internationalisation at INCEIF’s School of Graduate and Professional Studies, as one of the personalities who has contributed to the success of the Maldivian capital market establishment and development.
Prof Aishath’s accomplishment was acknowledged at a special ceremony held to celebrate CMDA’s 17th anniversary in Maldives recently. Among the recognition awards presented at the ceremony was for Prof Aishath for her, “unabating efforts since the inception of Islamic capital market in Maldives in 2011 up until now to develop it,” CMDA said in a statement.
A Maldivian, Prof Aishath was first appointed in May 2011 as a member to represent the private sector on the Capital Market Shariah Advisory Committee of CMDA. Until December 2022, she served as the chairman of the Capital Market Shari’ah Advisory Committee. In early 2011, as CMDA adopted its vision to develop an Islamic capital market (ICM) parallel to the conventional capital market, Prof Aishath was appointed as the Islamic Finance Consultant & Head of Islamic Capital Market Development Section.
In her capacity as the Islamic Finance Consultant, Prof Aishath was instrumental in steering projects for the establishment of the Islamic equity market and the sukuk market in Maldives. She extensively assisted the processes of establishing the Capital Market Shariah Advisory Council with the mandate to advise the CMDA board of directors on ICM matters and the processes for screening and approving Shariah compliant securities that are listed or in the process of being listed on the Maldives Stock Exchange. She was among the professionals who pioneered ICM in Maldives.
In January 2012, Prof Aishath assumed the position of Head of Legal Affairs and Corporate Governance Department. The main function of the department was to monitor compliance of listed companies to the corporate governance code of CMDA and to encourage voluntary adoption of the code by private companies who were potential future issuers of securities. She played a vital role in implementing CMDA’s corporate governance goals. Additionally, in 2013, CMDA’s Board appointed her as the designated lawyer to represent the organisation in the courts.
All the corporate sukuks listed so far in Maldives are structured by Prof Aishath, and she has been appointed as the Shariah Advisor for those issuances, CMDA added in the statement.
Prof Aishath’s work towards ICM capacity building is also commendable. She was instrumental in establishing CDMA’s collaboration with foreign training institutes including with INCEIF. It was with her assistance that INCEIF’s Master of Islamic Finance Professional Programme was introduced in Maldives and a number of Maldivians undertook the programme and graduated. She also facilitated other programmes and provided reports, course materials and teaching guides to create awareness as well as to build capacity in Islamic finance in Maldives. She initiated the Islamic Capital Market Bulletin as a quarterly report released to the market to create awareness of ICM developments during the initial stages.
INCEIF University joins CDMA in congratulating and acknowledging Prof Aishath’s invaluable contribution towards the development of the ICM in Maldives specifically and the world in the general. She has not only contributed for the practical development of ICM in the country, but has also contributed immensely for the development of its Islamic finance industry.
“Today, Prof Aishath is also an inspiration to the young generation and is the only female professor of Islamic finance in the country,” said CMDA.
Prof Aishath, who joined INCEIF in 2017, is acknowledged as of one of the founders of the Islamic finance industry in Maldives. She was a driving force behind the setting up of a number of institutions offering Islamic finance in her country. As a policy maker, attorney and also an academician who has tirelessly fought for the sustainable development of Islamic finance in her country, she is a role model and a mentor for women who aspire to develop a career in Islamic finance.
INCEIF, which aims to be the knowledge and thought leader in Islamic finance, has always prided itself as a university that emphasises on close relationship between academia and industry. This latest acknowledgment of a faculty member is an invaluable achievement towards bridging the gap between academics and industry.
INCEIF C-suite On BNM’s Shariah Advisory Council
25 Jan, 2023, Kuala Lumpur – Congratulations to Prof Dr Ashraf Md Hashim, CEO of ISRA Consulting (the consulting subsidiary of INCEIF University) on his appointment as the new Chairman of Shariah Advisory Council (SAC) of Bank Negara Malaysia.
Congratulations are also in order for Datuk Prof Dr Mohamad Akram Laldin, Executive Director of ISRA Research Management Centre (the research department of INCEIF University) on his reappointment as a member of the SAC.
The 9-member SAC, which also includes existing SAC member Dr Marjan Muhammad, Director, Research Quality Assurance and Publications of ISRA Research Management Centre, is the highest authority for the ascertainment of Islamic law for Islamic financial business in Malaysia. The SAC is central in promoting Shariah certainty and sustaining public confidence in the Islamic finance industry. It also advises the Bank on Shariah issues relating to Islamic financial businesses, activities or transactions of the Bank. The rulings of the SAC serve as a reference for Islamic financial institutions in ensuring their business operations comply with Shariah principles. The rulings may also serve as a reference for the courts and arbitrators.
For the full article, https://www.bnm.gov.my/-/reappointment-sacbnm-members-2023
INCEIF University & GlobalSadaqah Collaborate to Set Up EduSadaqah
23 Dec, 2022, Kuala Lumpur – INCEIF University is committed to creating a legacy in Islamic finance by ensuring its programmes, and by extension, its scholars and graduates, stay on the forefront of the industry. Our key building blocks are focused on developing top quality faculty members and students, an in-demand curriculu, and industry driven research set amidst modern facilities. Similarly, all education providers of Islamic finance knowledge are on the same path.
In view of this commitment, INCEIF University has collaborated with award-winning global platform GlobalSadaqah to set up a crowdfunding platform, EduSadaqah, specifically for Islamic finance educational providers to raise funds to support their causes and activities.
EduSadaqah aims to provide a secure and reliable option for Islamic finance education providers to raise funds for various causes including for scholarships to deserving students and to upgrade facilities, purchase new equipment and technology. Through the platform, educational institutions are able to connect with donors, alumni, and community members who are looking to support their endeavours.
At the launch held virtually, ISRA Research Management Centre Executive Director Datuk Prof Dr Mohamad Akram Laldin said education was a fundamental right, and it was the society’s collective responsibility to ensure that every child has access to quality education.
“However, the reality is that not everyone has the same opportunities when it comes to education. Some may face financial barriers, while others may live in areas with limited educational resources. crowdfunding has become a popular way for individuals and organisations to raise funds for a variety of causes and projects as it allowed for contributions of small amounts of money towards a common goal with the potential to make a significant impact.”
Datuk Akram cited crowdfunding as having the potential to revolutionise the way educational institutions fundraise their projects and initiatives.
“By harnessing the power of the internet and social media, education providers can engage a wider community of donors and supporters to fund their causes, including alumni, parents, students, and community members. However, there are only a few crowdfunding platforms that cater specifically to the needs and values of the Muslim community. Islamic crowdfunding such as EduSadaqah, allows individuals and organisations to raise funds for specific projects or causes in a way that is compliant with Islamic principles,” Datuk Akram added.
Ethis Group Managing Director Umar Munshi, who represented GlobalSadaqah, said: “… the world is looking for solutions, and we know we have solutions in Islamic finance. What we need is more talent to bring these solutions to humanity, InShaAllah. So hopefully this step with EduSadaqah will be a milestone to bring forward Islamic finance as an industry for humanity.”
By using the EduSadaqah platform, educational institutions can reach out to a wider audience. All educational institutions offering Islamic finance programmes are encouraged to join EduSadaqah to further publicise their needs and initiatives to potential donors and supporters. By joining, the institutions will directly contribute towards the creation of future leaders and innovators in Islamic finance who will push for an ethical agenda underlined by Shariah in the financial landscape specifically, and the world in general.
EduSadaqah is initiated in part with the Islamic financial literacy app, I-FIKR, to help direct its members to the crowdfunding platform. I-FIKR members and the public are welcomed to donate to the various campaigns on the EduSadaqah platform.
EduSadaqah hopes to foster a sense of community and collaboration within the education providers as stakeholders of the Islamic finance industry in coming together to support crucial initiatives and causes for the development of Islamic finance globally.
*Catch the launch of EduSadaqah here https://www.facebook.com/isra.my/videos/529938102519798/
MTA and INCEIF University Collaborate to Develop Maqasid-based Scorecard for the Malaysian Takaful industry
Kuala Lumpur, Wednesday, 7 December 2022 – The Malaysian Takaful Association (MTA) today announces the launch of pioneering industry-driven research in collaboration with INCEIF University, to develop a Maqasid-based scorecard for the Malaysian Takaful industry.
MTA and INCEIF University, through its research arm ISRA Research Management Centre, will develop a Maqasid al-Shariah Scorecard (MSS) that has workable and measurable performance indicators, taking into consideration the industry’s pain point. These indicators would be use to chart the progress and impact of the industry’s growth and development.
At the event to launch the MSS collaboration held at INCEIF, MTA Chairman Mr Elmie Aman Najas said 2022 was a significant year for the industry as it embraced the launch of Bank Negara Malaysia’s Financial Sector Blueprint (FSB) 2022-2026 in January, and the industry’s Value Based Intermediation for Takaful (VBIT) Roadmap in October. Both frameworks set out the strategic direction, aspirations and initiatives to be achieved by the industry within the next two to five years.
In his speech, Mr Elmie said the scorecard could be “the first of its kind in the world developed for an industry”. Disclosing that while all the initiatives identified by the VBIT Roadmap would bring benefit to the industry, society and country, MTA acknowledged that “there was a distinct need to connect all these initiatives to the spiritual aspect of VBIT.
“This connection is critical as the acceptance of Takaful as an alternative to conventional insurance is predominantly due to it being Shariah-compliant in nature, which by default, suggests its compliance to Maqasid al-Shariah,” he added.
INCEIF University Board of Directors Chairman Tan Sri Azman Mokhtar said INCEIF’s strategic collaboration with MTA would offer the Takaful industry with a much-needed instrument in realising the true spirit of Maqasid al-Shariah.
“In particular, the development of the first-of-its-kind scorecard will help to identify the key performance indicators and their desired outcomes in line with the intrinsic values of Islamic finance as outlined by BNM. This will further enhance the impact measurement instruments needed by the Takaful industry in Malaysia.”
For the Takaful and Retakaful operators, the scorecard will benefit them in many ways including facilitating the achievement of Maqasid compliance through strategic planning, enhanced decision-making, advanced reporting and full transparency. The scorecard is a measurement tool to demonstrate and validate VBIT based on Maqasid al-Shariah and set a clear distinction between conventional insurance and Takaful in terms of value proposition and product differentiation.
This in turn would enhance the stakeholders’ confidence and satisfaction in Takaful/Retakaful value proposition, ensuring that the operators are able to handle financial shocks and remain resilient. Also, of importance, the initiative would showcase Malaysia as a global leader in operationalising Maqasid in Takaful and Retakaful products and services.
MTA envisions that the MSS would enable the Takaful industry to accurately measure their business and non-business performance based on well-defined KPIs, clear targets and timelines. It would also facilitate Maqasid al-Shariah compliance and enhance decision-making, strategic planning, advanced reporting and better transparency.
As such, this research specifically aims to:
- develop a scorecard to measure VBIT in light of Maqasid al-Shariah;
- identify the key performance indicators (KPIs) for the scorecard;
- introduce risk-weighted indicators underlying the scorecard for Takaful; and eventually
- measure the impact of the Maqasid al-Shariah based VBIT scorecard on selective Takaful business lines, offerings and products.
The joint effort will support the VBIT aspirations that accompany the potential growth of the Takaful industry in Malaysia. In this regard, the scorecard goes beyond measuring successful initiatives, rather it would elevate the measures to identify the impact of such initiatives including how well the initiatives are carried out and to what extent they have helped vulnerable communities.
The scorecard aims to ensure that the initiatives should, as much as possible, bring the benefits of Maqasid al-Shariah to the communities they serve. The MSS is also hoped to build a clear demarcation between conventional insurance and Takaful in terms of value proposition, product differentiation and real impact, thereby enhancing stakeholders’ confidence, perception and satisfaction in the industry and its offerings.
INCEIF University has always strives to be the bridge between academia and industry, be it in its teaching, research, and executive training programmes, to translate the knowledge gained in classrooms and gleaned from textbooks into real, adaptable industry-focussed solutions.
Conservation of the Environment in Islamic Law by Sheikh Dr Yusuf al-Qaradawi
5 Dec, 2022, Kuala Lumpur – INCEIF University’s research arm, ISRA Research Management Centre, and Maybank Islamic recently organised a joint forum to review the newly published translated book of the late Sheikh Dr Yusuf al-Qaradawi. The book, originally written in Arabic titled Ri‘ayat al-Bi’ah fi Shari‘at al-Islam, was translated into English with the title, Conservation of the Environment in Islamic Law.
First published in 2001, the book comprises six main chapters covering the Islamic foundation of environmental conservation, problems and threats, and the Islamic strategy to protect the environment. The translated English version enables the book to reach a wider global audience, beyond the Arab-speaking world, particularly given the global appeal of the sustainability agenda.
As an institution of higher learning with a focus on postgraduate studies in Islamic finance, INCEIF University seeks to contribute towards the collective efforts in ensuring that the industry is more authentic to the true spirit of Islamic law and uphold the objectives of Shariah (Maqasid al-Shariah) of doing good to people and the planet. The publication of Sheikh al-Qaradawi’s book is one of the testaments of this effort.
During the forum held on campus on 28 November, panellist Mr Radzuan Tajuddin who is a Consultant with World Bank Group Malaysia, said in response to the global environmental imbalances, “Qaradawi’s thoughts on ‘Islamic Green New Deal’ serves as a credible framework for greening the Islamic finance, in building the capacity to mobilise green capital for financing and investing in environmental conservation activities. Qaradawi has indeed laid down the foundation for a high-level environmental sustainability and framework to preserve human well-being’.
Another panellist, Prof Ashraf Md Hashim who is CEO of ISRA Consulting said: “Islamic references on the environment in English language is scarce. This book is excellent because it provides prescriptions from both the theoretical Islamic guidelines (Quran and hadith) and practical examples of how Islamic civilisation historically treated threats to the environment.”
Panellist Mr Ismail Hj Abdullah, President & CEO of International Green Trends Cockpit, said “The Quran and Sunnah, which are a complete guide for humans as caliphs, have incorporated the key principles of environmental conservation. Therefore, we need to learn and understand what has been outlined in both sources of the Shariah and apply those teachings into practise.”
INCEIF University has always strives to be the bridge between academia and industry, be it in its teaching, research, and executive training programmes, to translate the knowledge gained in classrooms and gleaned from textbooks into real, adaptable industry-focussed solutions. As a proponent of Islamic finance, the university remains steadfast in the belief that Islam and Islamic finance have the capacity and inspiration to be the solution as a mercy to mankind (Rahmatan lil alamin). Islamic finance must endure as the catalyst in promoting the real economy which in turn serves the interest for a just and progressive society.
Prophet Muhammad SAW said: ‘The world is beautiful and verdant, and verily God, be He exalted, has made you His stewards in it, and He sees how you acquit yourselves.’ (Sahih Muslim, hadith no. 2742)
Ninth ISRA Corner Set Up at IIUM
Kuala Lumpur, 1 Dec 2022 – INCEIF University is pleased to announce the launch of the ninth ISRA Corner, a dedicated gathering space for academic materials in Islamic economics, banking and finance, muamalat and halal economics, at the International Islamic University Malaysia (IIUM) in Gombak.
The one -stop space is located at Dar al- Hikmah Library and provides books, journals, research papers, resources and computers with free access to the ISRA IFIKR platform. Serving the IIUM community, the project is generously sponsored by CIMB Islamic Bank.
The ISRA Corner project, first launched in 2018 at Universiti Utara Malaysia in Sintok, Kedah, will hopefully enrich knowledge resources in Islamic economics and finance.
CIMB Islamic, represented at the launch by its Regional Head of Shariah Advisory & Governance Mr Ahmad Suhaimi Yahya, was supportive of the project because the initiative was in line with the bank’s vision to be part of the betterment of the community. In this instance, to provide benefits to students and lecturers particularly in the fields related to Islamic finance.
IIUM is the third university chosen by CIMB Islamic for the sponsorship of the ISRA Corner after Universiti Kebangsaan Malaysia in Bangi and Universiti Teknologi MARA in Puncak Alam, Selangor. The bank’s sponsorship allows the ISRA Corner to be utilised free of charge by university residents. With the availability of this facility as one of the main reference materials, it would enable more students and lecturers to gain access to up -to -date information and quality knowledge of Islamic finance.
Also present at the launch was IIUM Chief Information Officer Prof Dato’ Dr Norbik Bashah Idris, IIiBF Deputy Dean, SD & Community Engagement Asst Prof Dr Nur Farhah Mahadi and INCEIF Deputy President Operations Dr Syahmi Mohd Karim.
In his remarks at the launch, Dr Syahmi said the ISRA Corner initiative was INCEIF’s show of gratitude and appreciation to IIUM for adopting textbooks published by the university’s research arm, ISRA Research Management Centre.
The textbooks used for IIUM’s banking and finance courses are:
- Islamic Economics: Principles & Analysis
- Islamic Financial System: Principles & Analysis
- Islamic Capital Market: Principles & Practices
- Islamic Legal Maxims and Their Application in Islamic Finance
The ISRA Corner Initiative is an on-going initiative by INCEIF to share the knowledge and experience related to Islamic finance with local and foreign institutions of higher learning. Other universities which are hosting the ISRA Corner include Universiti Islam Sultan Sharif Ali Brunei in Bandar Seri Begawan, Brunei; Politeknik Nilai in Negri Sembilan; and University Malaysia Kelantan in Pengkalan Chepa, Kelantan.
The initiative would also assist in enriching the collection of publications in Islamic finance and economics in university libraries for the benefit of the IIUM community, especially through I-FIKR. Among the benefits is the access to I-FIKR translation of 2,775 contemporary fatwas (from Arabic to English) related to Islamic banking and finance. The number of fatwas increases from time to time.
INCEIF is also grateful to CIMB Islamic for its participation as the university values the bank’s expertise and experience as a much-welcomed knowledge to the academic world. Therefore, the knowledge produced in universities would be more than mere rhetoric and ideas. Instead, the skills and knowledge should be usable and applied by the industry. Students at the 3 sponsored universities are given the opportunity to undergo industrial training at the bank.
INCEIF University’s 13th Convocation
KUALA LUMPUR, 26 November 2022 – The 13th Convocation of INCEIF University held today at Sasana Kijang, Bank Negara Malaysia, witnessed the graduation of Class 2022 with a total of 99 graduands from 28 countries including Afghanistan, Japan, Kazakhstan, Kenya, Hungary, United Kingdom and United States. The top five nationalities are Malaysia, Indonesia, Pakistan, Somalia and Nigeria. This takes the number of INCEIF global alumni to a total of 2,320 from over 83 countries, as at 26 November 2022.
This year, the ceremony witnessed the inaugural graduation of graduates from a programme introduced by INCEIF University in 2020 at the beginning of the height of the global pandemic, Masters in Business Administration. Designed for working professionals seeking to further explore a career in Islamic finance, the multifaceted MBA programme imparts comprehensive knowledge in many core areas of the current industry including data analytics, sustainability and innovation, strategic planning and sustainability in management and investment.
Adding another distinctive factor to the ceremony, the 13th Convocation also marked the first convocation for the newly appointed INCEIF University Chancellor, Tan Sri Nor Shamsiah Mohd Yunus who is the Governor of Bank Negara Malaysia; and Pro Chancellor Tan Sri Dr Mohd Daud Bakar, a Shariah scholar.
Of the 99 graduates who received their scrolls from the Chancellor, 11 graduands received their PhD in Islamic Finance; 54 – Masters in Islamic Finance Practice; 22 – MSc in Islamic Finance; 6 – Executive Masters of Islamic Finance; 4 – Chartered Islamic Finance Professional and 2 – Masters in Business Administration. Joining them were 58 recipients of the Professional Certificate in Islamic Finance. The diversity of INCEIF graduates affirms the university’s role in developing world-class talent for the global Islamic financial services industry and reinforces Malaysia’s position as the global hub for the industry.
Tan Sri Azman Mokhtar, who is the Chairman of INCEIF Board of Directors, and Professor Dato’ Dr. Mohd Azmi Omar, INCEIF President & Chief Executive Officer, were also present at the ceremony.
In his speech at the convocation, Professor Dato’ Dr. Mohd Azmi Omar congratulated the Class of 2022 and mandated, “No matter your chosen path in the immediate future, now more than ever, we have an earnest duty in advancing the cause of Islamic finance in all forms. As the world undergoes incessant environmental, geopolitics and socio-economic shocks, the next wave of Islamic finance has to continue putting forth its focus on achieving the Maqasid al-Shariah; prevention of harm and attainment of benefit. Islamic financing and investment decision must be judged based on ‘Adl and Ihsan (justice and excellence) which will drive the environment, social good and governance agenda that are pertinent today. Islamic finance is finance for all communities and societies”.
He also recorded his appreciation to those whose contributions have made it possible for INCEIF to reinforce its hardware and software to keep up with the pace demanded by the industry – the latest of which is the move into the new campus at Jalan Tun Ismail, in the heart of Kuala Lumpur city centre.
In acknowledgment of their academic excellence, the recipients for the 13th Convocation President’s Award are:
- PhD in Islamic Finance – DR. PRIYONGGO SUSENO, INDONESIA
- MSc in Islamic Finance – AZMY MAHBOT, MALAYSIA
- Masters in Islamic Finance Practice – JOVITANIA SOEDIRO, INDONESIA
Introduced for the first time at INCEIF 11th Convocation in 2019, the Book Award was given to graduates who excelled in selected domain of knowledge, as follows:
- Banking – JOVITANIA SOEDIRO, INDONESIA (MIFP
- Capital Market – AZMY MAHBOT, MALAYSIA (MSc in Islamic Finance)
- Shariah – UMME ROOMAAN SOOFIE, SOUTH AFRICA (MSc in Islamic Finance)
INCEIF University was set up by Bank Negara Malaysia in 2005 and has been tasked to develop and nurture talent and experts in the Islamic financial services industry. Known to be the only university in the world dedicated to Islamic finance, it aims to be the knowledge leader in Islamic finance through providing excellent teaching, research and thought leadership – bridging both academia and industry. Since welcoming its first cohort of students in June 2006, INCEIF has evolved into a premier higher education institution. From the early days of offering a single online professional qualification, the university has expanded its offerings to include 3 PhD programmes, 5 Masters programmes, 2 professional programmes as well as industry-focused applied research, consulting and advisory services. With over 2,000 alumni from more than 80 countries, the alumni have made meaningful contributions to the advancement of Islamic finance at all levels be it product development, policy framework and implementation, regulation and enforcement, and innovation.
Speech by President & CEO Prof Dato’ Dr Azmi Omar
@12.40pm, 26 Nov 2022, Auditorium, Sasana Kijang