Conservation of the Environment in Islamic Law by Sheikh Dr Yusuf al-Qaradawi

The panellists at the book review forum (from left)… Mr Radzuan Tajuddin, Mr Ismail Hj Abdullah and Prof Ashraf Md Hashim.

 

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)

 

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Ninth ISRA Corner Set Up at IIUM

Guests at the launch of the ISRA Corner get to check out the I-FIKR apps

 

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.

 

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INCEIF University’s 13th Convocation

INCEIF University Chairman of Board of Directors Tan Sri Azman Mokhtar with newly proclaimed Chancellor Tan Sri Nor Shamsiah Yunus.

 

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 

Eighth ISRA Corner Set Up at UiTM Puncak Alam

The launch of eighth ISRA Corner at Tun Abdul Razak Library at UiTM Puncak Alam.

 

Puncak Alam, 16 Nov 2022 – INCEIF University is pleased to announce the launch of the eighth ISRA Corner, a dedicated gathering space for academic materials in Islamic economics, banking and finance, muamalat and halal economics, at one of the country’s oldest university, Universiti Teknologi MARA; specifically, at UiTM Puncak Alam Campus in Selangor.

The one -stop space is located at Tun Abdul Razak Library and provides books, journals, research papers, resources and computers with free access to the ISRA IFIKR platform. Serving the UiTM 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, who was represented by CEO Mr Ahmad Shahriman Mohd Shariff at today’s launch at Puncak Alam, 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.

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 UiTM Deputy Vice Chancellor of Industry, Community and Alumni Network, Prof Dr Mohamad Hariri Hj Abdullah, INCEIF President & CEO Prof Dato’ Dr Azmi Omar.

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 UiTM 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.

 

from left.. Mr Ahmad Shahriman, Prof Dr Mohamad Hariri Hj Abdullah and Prof Dato’ Dr Azmi Omar.

Ends.

Islamic Fintech As Enabler of Financial Inclusion

The 5th International Islamic Fintech Dialogue (IFD) 2022 held on INCEIF University campus with the theme `Digital Finance & Financial Inclusion: Current Practice, Impact and Future Trends’.

 

Kuala Lumpur, 3 Nov 2022 – Digital finance and financial inclusion will continue to intertwine to become a means to an end for both. There have been considerable efforts for digital finance in Islamic finance to close the financial inclusion gap, but much remains to be done, said INCEIF University Board Member Ms Siti Kamariah Ahmad Subki.

She was speaking at the 5th International Islamic Fintech Dialogue (IFD) 2022 held on INCEIF University campus. Themed `Digital Finance & Financial Inclusion: Current Practice, Impact and Future Trends’, IFD2022 was attended by over 100 participants from various countries including from Indonesia, Nigeria and Pakistan.

“Islamic fintech as an emerging industry should take advantage of new technologies, changing demographics and consumer behaviour, strong network effects, regulatory changes, and underserved market segments. And be ready to take the challenge of providing better experience in terms of speed, convenience, ease of use, Shariah compliance and other needs of customers in the Islamic digital

“In a not-so-distant future, we can expect that digital finance will be part of the mainstream, or perhaps even becoming the primary mode of delivery for financial services to the entire country. To achieve the ultimate goal of financial inclusion, everyone from policy makers and regulators to technology developers and providers will need to play their role,” Ms Siti Kamariah said in her Opening Address.

IFD is an annual conference that focuses on the convergence of the Islamic finance and fintech industries. Started in 2017, IFD was one the first few international Islamic fintech gatherings and remains a highly anticipated event in the Islamic fintech calendar specifically, and finance generally.

This year’s dialogue was co-organised by INCEIF University with ISRA Research Management Centre and the main sponsor, Bank Kerjasama Rakyat Malaysia Bhd. The event also received support from the Association of Shariah Advisors in Islamic Finance and RAM Rating Services Berhad.

INCEIF University has continued to play its role in the advancement of Islamic digital finance and financial inclusion, especially in relation to financial inclusion.

In July last year, INCEIF was appointed as the Neutral Entity for i-Connect Fintech in Islamic Finance by the Academy of Sciences Malaysia, under the purview of the Ministry of Science, Technology and Innovation or MOSTI. INCEIF is steering the consortium, consisting of 17 Founding Members who represent the industry, academia, government and civil society to catalyse innovations, nurture talent and develop home-grown high-value innovations in Fintech for Islamic finance.

i-Connect is tasked with the role to propel Malaysia to be the global Islamic Fintech innovation hub. By collaborating with MaGIC, ASM, MOSTI and other stakeholders, INCEIF aims to leverage on its collective resources to spur Islamic Fintech innovation in Malaysia and globally. This will enable Malaysia to leverage on new economic opportunities in disruptive innovation and prepare Malaysian industries to enter emerging global markets.

As a thought and knowledge leader in Islamic finance, INCEIF is proud to be part of this national effort. Together, the university looks forward to develop home-grown high-value innovations in fintech for Islamic finance by bridging the gap between R&D and business through knowledge-based innovations.

Another initiative by INCEIF is the I-FIKR platform which offers an eco-system of knowledge sharing and resources related to Islamic economics and financial system. I-FIKR seeks to provide a one-stop digital hub that empowers and connects the Islamic economics and finance ecosystem and creates general awareness and talent development for the industry. The I-FIKR platform is dedicated towards being a central point of reference on Islamic financial literacy.

Ends.

Sultan Nazrin Shah, Royal Patron Of Malaysian Islamic Finance, Officiates INCEIF University’s New Campus

Sultan Nazrin Shah conveying his Inauguration Address at INCEIF University’s new campus launch

 

Kuala Lumpur, 27 October 2022 – Sultan Nazrin Shah today officiated the launch of INCEIF University’s new campus at Jalan Tun Ismail, Kuala Lumpur. Sultan Nazrin was greeted by the newly appointed Chancellor and Pro-Chancellor of INCEIF University, Tan Sri Nor Shamsiah Mohd Yunus (also Governor of The Central Bank of Malaysia / Bank Negara Malaysia) and Tan Sri Dr Mohd Daud Bakar respectively, together with Tan Sri Azman Mokhtar, Chairman of the Board, INCEIF University and Prof. Dato’ Dr Azmi Omar, President and Chief Executive Officer of INCEIF University, on arrival at 2pm.

The new INCEIF University Campus is located at Jalan Tun Ismail, Kuala Lumpur. Measuring 130,000 square feet, the new campus sits on a 1.32 hectares of a quiet area surrounded by greenery within the bustling Malaysia’s capital city of Kuala Lumpur. The campus houses among others the auditorium, classrooms, seminar rooms, computer labs, lounge areas, syndicate rooms, the Knowledge Management Centre and a banquet hall, to name a few. This location which is next to KL’s financial district is in line with Bank Negara Malaysia’s vision to transform the surrounding area into a world-class learning and social centre for business and banking.

Sultan Nazrin Shah, the Royal Patron for Malaysia’s Islamic Finance Initiative and conferred with an Honorary Doctorate in Islamic Finance by INCEIF in 2019 in recognition of his contributions to the growth and development of Islamic finance in the domestic and global financial arena, was gracious enough to deliver the royal address and simultaneously officiate the launch of the new campus.

The landmark event also witnessed the signing of a commemorative plaque by Sultan Nazrin Shah, accompanied by Tan Sri Nor Shamsiah and Tan Sri Azman Mokhtar, to document the historic moment. Sultan Nazrin Shah was also taken to a guided exhibition tracing the early development, history, achievements and the many milestones of INCEIF that has given the university its reputation as the knowledge and thought leader of Islamic finance pioneering in Maqasid Al Shariah, and now the center of excellence in Islamic social finance.

Tan Sri Azman Mokhtar, Chairman of the Board, INCEIF University, said, “Today’s more globalised and digitalised world requires Islamic finance professionals to continuously up-skill themselves to push and expand the frontiers of Islamic finance knowledge and practice. Only with the right talent and values can Islamic finance create an enduring and meaningful impact on society and the economy. As the world’s sole dedicated postgraduate university in Islamic finance, INCEIF University is committed to develop world-class global talent and expertise needed for the industry to realise the Islamic finance aspiration.

We thank Bank Negara Malaysia, who had the foresight to set up a dedicated centre for education and training in Islamic finance which over 16 years has progressed into a full-fledged university. Currently, INCEIF University is among the top 5 per cent business schools in the world as accredited by the Association to Advance Collegiate Schools of Business (AACSB).

INCEIF remains steadfast in our quest to be the knowledge and thought leader in Islamic finance thanks to the combined collaborative efforts among policy makers, Shariah scholars, industry players and academicians. Our sincere gratitude to our partners from the public and private sectors for their continuous support and generosity in the sharing of their expertise, imparting of their knowledge, accepting our students for job placements and contributing to our scholarship fund.”

INCEIF University was set up by Bank Negara Malaysia in 2005 and has been mandated 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 have 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. Today, there are 2,166 INCEIF alumni from over 83 countries around the world. Some are already making meaningful contributions to the advancement of Islamic finance at all levels be it product development, policy framework and implementation, regulation and enforcement, and innovation. INCEIF University’s move to its new and bigger campus is in line with its long-term strategic plan to accommodate an expanded community as the university stays on course to be the knowledge and thought leader in Islamic finance. INCEIF understands that a university is not only a place to pursue the quest for knowledge and skills; it is also a place to nurture the personality of its graduates.

Speech: Inauguration Address by His Royal Highness Sultan Nazrin Muizzuddin Shah at the Launch Of INCEIF University New Campus

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INCEIF University Appoints BNM Governor Tan Sri Nor Shamsiah Mohd Yunus As Chancellor And Scholar Tan Sri Mohd Daud Bakar As Pro-Chancellor

 

Kuala Lumpur, 20 Oct 2022 – INCEIF University today announced the appointment of Bank Negara Malaysia (BNM) Governor Tan Sri Nor Shamsiah Mohd Yunus as the Chancellor of INCEIF University and Tan Sri Dr Mohd Daud Bakar as the Pro-Chancellor.

Tan Sri Nor Shamisah will succeed Tan Sri Dr Zeti Akhtar Aziz, who served as the first Chancellor since 2009.

INCEIF takes this opportunity to thank Tan Sri Dr Zeti for her invaluable contributions and stewardship since INCEIF was established. Her leadership and guidance have contributed to INCEIF’s growth and progress on many levels, particularly on the international financial and regulatory landscape.

Tan Sri Nor Shamsiah assumed office as Governor of BNM on 1 July 2018. As Governor, she chairs BNM’s Board of Directors as well as the Monetary Policy Committee and the Financial Stability Committee. She is also a Council Member of the Islamic Financial Services Board and a Member of the Governing Board of the International Islamic Liquidity Management Corporation.

Pro-Chancellor Tan Sri Daud currently serves as Chairman of the Shariah Advisory Council for Bank Negara Malaysia and the Securities Commission Malaysia. He is also a Shariah board member of international financial institutions and organisations such as Amundi Asset Management (France), Bank of London and the Middle East, Dow Jones Islamic Market Index (New York), Morgan Stanley (Dubai), and Sedco Capital (Saudi Arabia).

A respected Shariah scholar, author and entrepreneur, Tan Sri Daud was recently bestowed the Royal Award for Islamic Finance 2022 by His Majesty the Yang di-Pertuan Agong for his prominent role in shaping the global Islamic finance industry and advancing Shariah thought leadership. He was instrumental in developing the first Shariah standard on gold issued by the Accounting and Auditing Organization for Islamic Financial Institutions. He has written more than 40 books in various genres that shed light on modern scholars’ interpretation of Shariah rulings and its practical application in the Islamic finance industry.

The appointments of both luminaries further strengthen INCEIF’s continued strategic aims and role in developing talent and embarking on applied research & training to become the knowledge and thought leader in Islamic finance. In a time of rapid change and challenges in higher education, amidst a world looking to be more inclusive, resilient and sustainable, INCEIF is set to benefit from their combined wealth of experience in policy-making, finance and Shariah insights.

As the only full-fledged Islamic finance university with full accreditation from AACSB International, a global association providing quality assurance to more than 900 accredited business schools worldwide, INCEIF is well-positioned to nurture talent to meet the industry’s need as a premier institution of higher learning.

ISRA Consulting Acknowledged As Best Islamic Consultancy Firm For 4th Consecutive Year

 

Kuala Lumpur, 14 Oct 2022 – ISRA Consulting, the consulting subsidiary of INCEIF, is voted as the Best Islamic Consulting Firm for the fourth year in a row in an international poll conducted by leading Islamic finance news portal, Islamic Finance News (IFN).

ISRA Consulting defended its Best Islamic Consultancy Firm title with 21% of the

votes, followed by IBFIM (20%) and Amanie Advisory (11%). The IFN Service Providers Poll is unique in its recognition of the vital role that third parties and service providers play in smoothing the path for Islamic finance and setting the benchmark for its ongoing quality, consistency and creativity by supporting the underlying operations that are crucial to its success.

2022 is a record year for the IFN Service Providers Poll as it saw a 70% year-onyear surge in voter participation. Over 8,800 votes from industry practitioners, investors and corporates were received from all over the world, the highest number of votes cast in the poll’s 17-year history. This year also has been most exciting for contenders as it was particularly hypercompetitive, compelling reigning champions to fight tooth and nail in defence of their titles as rivals fought valiantly narrowing the margin to victory by a mere hair’s breadth, IFN said.

ISRA Consulting has prepared Islamic finance related acts and guidelines for a number of countries and central banks and conducted Shariah review and audit exercise. In over a decade, it has built a strong network both locally and globally with its strategic alliances as a group under INCEIF and ISRA (International Shari’ah Research Academy for Islamic Finance) as well as its affiliation with Bank Negara Malaysia.

ISRA Consulting CEO Prof Dr Ashraf Md Hashim said: “First and foremost, Alhamdulillah. I am also taking this opportunity to thank all our clients around the globe that have given us the opportunity to serve them. The award also goes to all IC staff for their hard work, and the INCEIF and ISRA staff at large for all their support. Indeed, the award has reminded us to never rest on our laurels, and work harder to always deliver the best, InShaAllah.”

 

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INCEIF Strengthens Its Line-up of Professor of Practice

 

Kuala Lumpur, 3 Oct 2022 – INCEIF University is pleased to announce that Bursa Malaysia Bhd Chairman Tan Sri Abdul Wahid Omar will continue his appointment as our Professor of Practice for another term, with immediate effect.

Tan Sri Wahid, who is a Visiting Fellow at the Oxford Centre for Islamic Studies in UK, was first appointed as Professor of Practice in March 2020 and completed the term on 1 October 2022.  He is acknowledged as one of the most versatile corporate leaders in Malaysia having led four major organisations in the development of infrastructure, telecommunications, financial services and investment management.

As Professor of Practice, Tan Sri Wahid shares his invaluable knowledge and experience with INCEIF students and faculty members through numerous channels. He is a co-instructor in a number of courses including Sustainability Management and Investment and the MBA Sustainable Business programme. INCEIF looks forward to his continued inputs in the development of our curriculum and syllabus.

Tan Sri Wahid is a Fellow of the Association of Chartered Certified Accountants (ACCA, UK), the Institute of Chartered Accountants in England & Wales (ICAEW) and the Malaysian Institute of Accountants (MIA).

INCEIF is also pleased to welcome Mdm Suri Hanim Mohamed as Professor of Practice effective 1 Oct 2022. With over 20 years’ senior leadership experience in setting up and managing new Islamic banking business units, she is well versed in the areas of strategic planning, stakeholder engagement, regulatory compliance as well as sales & marketing.

Recognised as a versatile and innovative professional with wide professional network covering government, regulators as well as banks and financial institutions, she was acknowledged as the 46th Most Influential Women in Islamic Business & Finance during the 3rd Womeni Award 2020 organised by UK‐based think tank, Cambridge IFA.

While at MUFG Bank (Malaysia) Berhad, Suri Hanim successfully led the team in growing the bank’s Islamic finance assets to US$1.451 billion (30% of the bank’s total assets) with revenue generated from Islamic banking valued at US$17.3 million in 2016 from US$5 million Islamic finance assets with generated revenue valued at US$75,000 in 2011.

As the Islamic Banking Director at Bank of Maldives PLC, she spearheaded the full spectrum of managing the Islamic arm of the bank to position Islamic banking business to be the main Islamic key player in Maldives and South Asia region.

Suri Hanim holds a Master in Islamic Financial Practice from INCEIF and a Bachelor of Arts (Honours) in Accounting, University of Portsmouth, UK.

Apart from Tan Sri Wahid and Suri Hanim, INCEIF’s other Professor of Practice is Datuk Mohd Nasir Ahmad who is Chairman of CIMB Group Holdings Berhad, CIMB Bank Berhad and CIMB Bank PLC Cambodia. He is also Chairman of Malaysian Accounting Standards Board and a member of the Financial Reporting Foundation.

INCEIF faculty members, who are globally respected among the Islamic finance academia and industry, have a combined wealth of experience and diversity with areas of expertise in – among others – Shariah, sustainability and fintech. The faculty, coupled with continuous support from the industry, provides INCEIF students with strong mentoring relationships and opportunities for professional development.

 

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Revitalising Waqf: Role of Islamic Finance

Panel discussion on Revitalising Waqf: Role of Islamic Finance.

 

Penang, 27 Sep 2022 – A structured waqf which is managed professionally, disclosed transparently and regulated through enabling frameworks offers unlimited potential to reduce the economic burden on  the financially vulnerable. It would also be a much welcomed viable tool in a world looking to recover from the incessant environmental and socio-economic shocks brought about by a pandemic, wars and climatic disasters, according to panellists at a discussion on waqf.

`Revitalising Waqf: Role of Islamic Finance’ was one of the topics discussed at the World Islamic Economic Foundation (WIEF) Roundtable Penang 2022. The panel was moderated by INCEIF University’s Assist Prof Dr Ziyaad Mahomed from the Centre of Excellence in Islamic Social Finance, who briefly shared the historical contribution of awqaf. Societal reliance on waqf extended across religious, medical, education and scientific development. Dr Ziyaad was joined by other panellists including Dr Shamsiah Abdul Karim, Executive Director of Pergas Investments in Singapore; Mdm Sharifatul Haniza, Executive Director of Islamic Capital Market Development at the Securities Commission Malaysia; and Mr Rosidi Hussain, CEO of Wakaf Pulau Pinang.

In a post pandemic world which continues to face the consequences of climate change and financial & economic instability, policy makers and multilateral organisations require an urgent, circular approach to the revitalisation of waqf which has a historical record of great success. For a start, panellists indicated that the same challenges have prevailed over the last two decades: need for professional waqf asset management, need for an enabling waqf framework with broader definitions and the need for reliable data and information frameworks. One suggestion was that a centralised national database of waqf assets was required to enhance public trust, monitor development and grant funding access to waqf development.

The panellist also touched on potential for broader application of istibdal (substitution) and an increased awareness of waqf potential beyond mosques, schools and cemeteries. Another concern raised in the discussion was the leakage of waqf assets due to management challenges. International examples were provided were waqf assets were illegally occupied or potentially converted into private assets. Moving forward,  waqf innovation using crowdfunding, loyalty based donor strategies, cash waqf linked sukuk, and blockchain driven waqf databases are expected to be the game changers for the globally vulnerable and potential beneficiaries.

The theme for the WIEF Roundtable Penang 2022 is `Economic Rebound: Transforming The Future’. In his keynote speech when opening the Forum, Penang Yang Dipertua Negeri Tun Ahmad Fuzi Abdul Razak said Malaysia should look at potentially attractive sectors, such as Islamic finance, the halal ecosystem, regional high-end tourism, ecotourism and medico-tourism to grow the economy post pandemic.

Dr Ziyaad Mahomed (right) with Tun Ahmad Fuzi Abdul Razak