Category: News

Kuala Lumpur, 26 Sep 2023 – INCEIF University Masters and PhD students, accompanied by Associate Dean Prof Aishath Muneeza and Subject Matter Expert on waqf Assoc Prof Dr Magda Ismail, today made an industry visit to Finterra Technologies, an award-winning Fintech solutions company headquartered in Kuala Lumpur.

The highlight of the visit was an engaging session with Finterra Founder Mr Hamid Rashid who shared his insights on Islamic FinTech, with a particular focus on Blockchain Technology. His presentation was both enlightening and thought-provoking, shedding light on the transformative potential of this technology in the Islamic finance sphere. He also into Islamic Social Finance, emphasising on the innovative concept of Waqf Chain.

The session also included information on career opportunities within the Islamic Social Finance space, which provided the students with valuable information on potential career paths and the skills required to excel in this dynamic field. To illustrate the practical applications of Finterra’s work, Mr Hamid presented a compelling case study on Finterra Global Plantations, showcasing real-world examples of how technology was shaping the future of Islamic finance. He also emphasised the importance of democratisation of Islamic finance, underlining how technology could make Islamic finance accessible to a broader audience.

A lively Question and Answer session followed, where students had the opportunity to delve deeper into the topics discussed, seeking clarification and gaining valuable insights from Mr Hamid.

The industry visits, conducted continuously during the semesters, exemplified INCEIF’s commitment to offering its students with real-world industry exposure and fostering valuable connections within the field. The University has always strongly advocate for active networking between its students and the industry as it acts as the bridge between academia and the corporate world. Such interactions help students understand the practical challenges faced by businesses and enable INCEIF to tailor its curriculum to better prepare students for the job market. Feedback from such visits can be used to enhance the relevance of the education provided by INCEIF.

For students in particular, the visit allowed them to apply their classroom knowledge, provided networking opportunities, and instilled a deeper understanding of compliance and regulation in the Fintech industry. Most importantly, it inspired and motivated them to pursue careers in finance and technology with renewed enthusiasm. Such industry visits play a pivotal role in shaping the future professionals of the financial world, ensuring they are well-prepared to face the challenges and opportunities of the ever-evolving industry.

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Kuala Lumpur, 1 September 2023 – INCEIF University is pleased to announce that it has been accorded the Berdaya Saing (Competitive) SETARA rating by the Ministry of Higher Education Malaysia (MOHE).

The four main criteria for the rating are general, teaching & learning, research and service. MOHE’s Malaysian Quality Evaluation System for University and University College Excellence or SETARA for short, measures the quality of all private and public universities and university colleges, including foreign branch campuses.

According to MOHE, higher education institutions (HEIs) under the Competitive category were those which are capable of competing at a higher level. The HEIs were evaluated and classified in a group of excellent (cemerlang) HEIs.

With the Competitive rating, among the benefits obtained by INCEIF, are as follows:

(a) excluded verification visit for certificate renewal application registration and application for approval international student recruitment;

(b) excluded verification campus visit for application to change/ add/ modify the premises;

(c) application for a course fee rate increase is allowed as requested;

(d) allowed upgrade application;

(e) application for the establishment of a branch is allowed.

In a statement, MOHE said it has changed the rating system for this year from 6 rating scales to only two categories which are Berdaya Saing (Competitive) and Berdaya Maju (Viable). A total of 90 or 86.54 per cent of the 104 HEIs including INCEIF have obtained the competitive results while a total of 14 or 13.46 per cent have obtained viable results for the Integrated Rating of Malaysian Higher Education Institutions (Equivalent) 2022.

The determination of the new categories considered the impact of the COVID-19 pandemic on HEIs management, and seen as one of the fair and realistic approaches as the evaluated data covered the years 2019, 2020 and 2021 which were the years the country was hit by the pandemic.

Achieving a good rating in SETARA will directly impact INCEIF’s mission specifically in strengthening our reputation and academic excellence. Being the only postgraduate university specialising in Islamic finance, this acknowledgment from MOHE will certainly raise confidence among our stakeholders including faculty and staff, existing students as well as partners and prospective students.

Apart from SETARA, in November 2018, INCEIF received full accreditation from AACSB International, joining the top 5 per cent of business schools in the world to be accredited. It is the only Islamic finance university in Malaysia to receive this international accreditation.

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Kuala Lumpur, 1 Sep 2023 – The Finance Minister has approved the appointment of Mr Adnan Zaylani Mohamad Zahid as Bank Negara Malaysia Deputy Governor for a three-year term effective from 1 Sep this year.

Deputy Governor Adnan currently sits on the Board of Directors of INCEIF University.

As Deputy Governor, Adnan Zaylani will oversee the financial markets and development sectors. He will be a member of BNM’s board of directors and continue to serve on various committees of the bank, including the Management Committee, Monetary Policy Committee, Reserve Management Committee, Financial Risk Management Committee, Financial Stability Committee, and Joint Policy Committee.

In a statement, BNM said DG Adnan joined the Bank in 1994 and has a Master of Public Policy from the Blavatnik School of Government, University of Oxford. He also holds a Master of Science in Global Market Economics and a Bachelor of Science in Economics from the London School of Economics and Political Science.

Throughout his 29-year career with BNM, he has been involved in diverse areas of central banking ranging from exchange policy, Islamic finance and financial sector development. He is currently the chairman of the Financial Markets Committee and a Board Member of Kumpulan Wang Amanah Persaraan.

INCEIF congratulates Deputy Governor Adnan on his new appointment and looks forward to his continued leadership.

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Kuala Lumpur, 1 September 2023 – INCEIF University is pleased to welcome Dr John Yip as our latest Adjunct Professor. With over three decades of experience in law, investment banking, and wholesale banking, Dr Yip’s remarkable journey in the financial services industry makes him a significant addition to our Faculty.

Dr Yip, a Malaysian, holds a Doctor of Business Administration (Finance) degree from the Alliance Manchester Business School, the University of Manchester; a Master’s in Business Administration (Finance) degree from the University of Hull; and a Bachelor of Laws (Hons) degree from the National University of Singapore. He has also earned postgraduate diplomas in Shari’a Law, and Islamic Banking & Finance from the International Islamic University of Malaysia, supplemented by an Executive Programme Certificate in Strategic Digital Marketing from the Cambridge Judge Business School and accreditations as a technical analyst, digital marketer, and tax consultant.

Dr Yip’s pivotal role in shaping Islamic finance began with his involvement in the Majlis Ugama Islam Singapura (MUIS) Waqf development financing structure. This innovative financing approach, originated and structured by him, has not only endured rigorous test of time but also emerged as a robust blueprint for waqf development financing in parts of Southeast Asia and the Arab world.

Dr Yip’s rich career spans leadership positions at prominent institutions including First Abu Dhabi Bank, The Islamic Bank of Asia, UOB Asia, The International Investor and RHB Investment Bank. He has excelled in establishing and managing mergers and acquisitions financing teams, pioneering bonds and Sukuk issuances, and consistently delivering innovative financing solutions.

As an Adjunct Professor, Dr Yip’s extensive experience and cross-disciplinary insights will be invaluable in enriching our students’ understanding of Islamic finance. His involvement in ground breaking initiatives, such as the MUIS Waqf development financing structure and Khazanah Nasional’s pioneering Sukuk Wakala issuance structure, bring a practical dimension to INCEIF’s academic offerings.

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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Kuala Lumpur, 8 Aug 2023 – INCEIF University is pleased to announce the appointment of accomplished individuals as Professor of Practice and Adjunct Professors.

INCEIF is delighted to welcome Dato’ Mohammed Hussein as Professor of Practice and looks forward to tap into his remarkable track record in the banking and finance sector. Dato’ Mohammed is currently the Independent Non-Executive Chairman of Credit Guarantee Corporation Malaysia Bhd, Gamuda Bhd, Hap Seng Plantations Holdings Bhd and Syarikat Takaful Malaysia Keluarga Bhd. He is also an Independent Non-Executive Director in Bank of America Malaysia Bhd. In addition, he is the Chairman of Corporate Debt Restructuring Committee (CDRC), sponsored by Bank Negara Malaysia to facilitate the resolution and restructuring of major corporate debts. He was with the Maybank Group for 31 years, where he held various senior management positions including Head of Corporate Banking, Head of Commercial Banking, Head of Malaysian Operations, Managing Director of Aseambankers Malaysia Bhd now known as Maybank Investment Bank Berhad) and Executive Director (Business Group). He is a Fellow Chartered Banker of the Chartered Banker Institute and Asian Institute of Chartered Bankers and attended the Advanced Management Programme (AMP 163) at Harvard Business School, US.

INCEIF also welcomes Mr Hamidi A. Razak, the Chief Risk Officer at Bank Muamalat Malaysia Bhd, as an Adjunct Professor. At the bank, he plays a crucial role in overseeing and managing its risk-related activities. Prior to joining Bank Muamalat, he was the Assistant Vice President, Financial Risk Management, at Bursa Malaysia, and before that, he was with BNM. With nearly 14 years of experience in the banking industry, focusing on risk management, Mr Hamidi has carved the expertise in safeguarding financial institutions against potential risks and uncertainties. He holds BSc (Actuarial Science) from National University of Malaysia and Master in Business Administration (with Distinction) from University of Malaya.

Former BNM Assistant Governor Mohd Adhari Belal Din has also been appointed as an Adjunct Professor. Currently, he holds two significant positions in the field of human resources and banking. He serves as the Chairman of the HR Panel at the Asian Institute of Chartered Bankers, where he contributes to shaping HR practices and policies within the banking industry. He is also a Director of OMNIA Advisory. With an impressive career spanning 26 years, Mr Mohd Adhari has held various leadership and consulting roles in the realm of human capital management and organisational development. During his tenure as Assistant Governor, he played a pivotal role in formulating and implementing human capital strategies and policies, to ensure a competent and engaged workforce within the central bank. He graduated with the Bachelor of Arts in Psychology from University of Michigan College of Literature, Science, and the Arts, US; which has provided him with a strong foundation of human capital management and organisational development.

INCEIF faculty members, who are globally respected among the Islamic finance and sustainability sphere, 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 and policy makers, provides INCEIF students with strong mentoring relationships and opportunities for professional development.

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Kuala Lumpur, 2 Aug 2023 – Today marked the 50^th anniversary of Tun Dr Ismail Abdul Rahman’s passing. At the time of his death in 1973, he was Malaysia’s second Deputy Prime Minister and was serving as Acting Prime Minister as Prime Minister Tun Abdul Razak Hussein was abroad for an official duty.

In appreciation of his past contributions and to educate the young generation on his role in developing the nation, the government has organised the ‘Memperingati Negarawan Tun Dr Ismail Al-Haj – Tonggak Perpaduan Negara’ (Commemoration of Statesman Tun Dr Ismail Al-Haj – the Pillar of National Unity) ceremony. The event was held today at Dataran Merdeka in conjunction with the 2023 National Month celebration.

In media reports and books including his autobiography ‘The Reluctant Politician: Tun Dr Ismail and His Time’, Tun Dr Ismail has been described by his contemporaries and those who had come across him professionally or personally as a man who stood by principles.

Tun Dr Ismail was among the important figures who conceived the five principles of Rukun Negara when Malaysia faced its darkest episode of racial riots on May 13, 1969. Rukun Negara, which was declared on Aug 31, 1970 by the fourth Yang di-Pertuan Agong Tuanku Ismail Nasiruddin Shah when Tun Dr Ismail held the position of Home Affairs Minister, was timely as it became a source of unity.

Tun Dr Ismail was also seen as an icon of unity because he often reminded Malaysians regardless of race and religion to get along with each other to create mutual understanding. The three elements that he emphasised in strengthening unity were inter-ethnic relations, getting to know each other and understanding each other’s cultures. (Source: Bernama)

In the late 1950s, while holding the position of Ambassador and Permanent Representative of the United Nations, Tun Dr Ismail wrote to the then Prime Minister Tunku Abdul Rahman Putra Al-haj to urge the government to establish a Central Bank to increase the confidence of foreign investors towards the level of economic stability in then Malaya. In his letter to Tunku, Tun Dr Ismail stated that the Central Bank was one of the symbols of independence. As long as the Bank has not been established, this meant that nation was still not independent financially. (Source: eJournal UM)

With our campus located along a street named after such an illustrious historical figure, let’s aspire to live up to Tun Dr Ismail’s legacy of unity, principled steadfastness and giving your best, always.

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Kuala Lumpur, 26 July 2023 – INCEIF University is honoured to host Dr Omar Suleiman, one of the most eloquent scholars in our time, on campus today. He delivered a public lecture on `Islam and Inequality: What economics and finance can do from an Islamic perspective’.

Dr Omar, who was on a speaking tour in Malaysia, is the Founder and President of the Yaqeen Institute for Islamic Research in Texas, and a Professor of Islamic Studies at Southern Methodist University, US. His research and writing focused on a wide range of topics related to Islamic theology, spirituality and contemporary issues.

INCEIF University Chairman of the Board of Directors Tan Sri Azman Mokhtar, in his Opening Remarks at the lecture, said the challenges facing the economics and financial world currently could be summarised around inequality – in all its manifestations be it income wealth, opportunities, access etc. – and sustainability in terms of over excess.

“We do live in financial times. A lot of things are financialised,” Tan Sri Azman said. Therefore, finance was just as important as technology, politics and others. Right at the core was faith, and how do we make the link between the (Islamic) faith with its message of just, fairness & inclusion, and these important elements in our lives, he added.

In his lecture, Dr Omar said the (financial & economics) systems had become more complex over time, but if one were to analyse the simple rules and civilizational values which transformed that particular society at that particular time, the take-away lessons transcended events and time. Scholars were able to look back in time at the original context of the incident as reference when making their pronouncements.

Citing a hadith by Prophet Muhammad SAW, “Whoever deceives us is not one of us”, Dr Omar said we should look at the primary modes of deceptions which existed today within finance, contracts and transactions. “How do we start to rework those so that the receiving end is less susceptible to being manipulated or exploited. Just as we often resort or deferred to the aims of Maqasid Al Shariah to promote certain types of welfare and well-being, it is also important to look at incidents of prohibition in the spirit of why these prohibitions happened.”

Dr Omar said it was indeed a financial world. “We have to think in deeper ways of where specifically that we are able to demonstrate superiority of the Islamic ethics in specific areas, akin to the acupuncture method of treatment where we target specific points to heal specific problems. When you are able to demonstrate the beauty of Islam in certain areas, perhaps you can provide a more beneficial and wholesome model as (viable) proof to people around the world. The objective minds can appreciate every prohibition in Islam, and its legislation,” he added.

Reducing poverty, inequality and exploitation are at the heart of Islamic finance and economy.

Citing hadith scholar Imam Nawawi’s writing on poverty, Dr Omar said: “Muslims should be just as dedicated to eradicating poverty in the world as they are to eradicating khufur (disbelief) in the world.”

A Muslim should strive to eradicate the material evils such as poverty and inequality as these evils could lead to, “all sorts of spiritual evils detriments,” he added.

Dr Omar also took questions from the audience, both on-site and online. Among the on-site audience were Securities Commission Malaysia Chairman Dato’ Seri Awang Adek Hussin, former Minister of Finance II Tan Sri Nor Mohamed Yakcop and Mrs Nurul Izzah Anwar, Co-head of the Secretariat to the Advisory Committee to the Finance Minister.

For the full lecture, click https://shorturl.at/cfuTU

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Kuala Lumpur, 24 July 2023 – INCEIF University today conducted a Masterclass on Sustainability which was attended by 26 participants from among industry players, energy experts, academia and university students.

The one-day Masterclass provided an overview on sustainability & its concept, UN’s Sustainable Development Goals, ESG and Pathways to Net Zero and more. Participants were exposed to the relevant regulations and trends, their implications for businesses and the importance of sustainability to the ‘people and planet’.

The Masterclass was facilitated by Tan Sri Abdul Wahid Omar, Mr Bilal Parvaiz and Prof Dr Zulkarnain Muhammad Sori, who are experts in their respective fields. They shared their insights and experiences on how sustainability can be integrated into business practices and strategies.

Tan Sri Wahid, who is INCEIF’s Professor of Practice, is the Chairman of Bursa Malaysia Berhad. He is regarded as one of the most accomplished corporate leaders in Malaysia having successfully led as CEO three major organisations in infrastructure development (UEM Group 2001 – 2004), telecommunications (Telekom Malaysia 2004 – 2008) and financial services (Maybank 2008 – 2013). He served as Group Chairman of Permodalan Nasional Berhad (PNB), Malaysia’s largest fund management company, from August 2016 to June 2018 following completion of his term as a Senator and Minister in the Prime Minister’s Department in charge of Economic Planning from June 2013 to June 2016.

Mr Bilal Parvaiz is Executive Director & Head of Islamic Corporate, Commercial & Institutional Banking at Standard Chartered Saadiq Berhad. He is also responsible for regional coverage of Saadiq in the ASEAN markets. He also leads the Halal360 initiative and is the country champion for Sustainable Finance. He played an instrumental role in originating and concluding landmark transactions across GCC, South Asia and ASEAN, including market firsts such as world’s first ESG Islamic Collateralised Commodity Murabahah transaction and Sustainable Islamic Supplier Finance. He holds a certification in Sustainable Finance from Frankfurt School of Finance & Management and the Sustainability Leadership Programme at the University of Cambridge.

Prof Zulkarnain is Associate Dean (Academic) of School of Graduate & Professional Studies and Professor of Accounting/Auditing at INCEIF.  He is a Chartered Accountant registered with the Malaysian Institute of Accountants. During his 30 years in financial education and financial advisory industry, he was involved in wide variety of research and consultancy projects in accounting, auditing, governance, entrepreneurship and finance areas. He is currently serving as a member of the Standards Review Taskforce of the Malaysian Qualification Agency which evaluates and revises the Islamic Finance and Muamalat Standards. He was a Visiting Scholar at the Istanbul Sabahattin Zaim University (funded by Erasmus+, EU) & the Asian Accounting Finance & Business Research Unit, Cardiff University (funded by Universiti Putra Malaysia). Prior to joining the academia in 2000, he served the industry in various capacity i.e. accountant/auditor/finance manager in trading, transportation and services industry. He has published in various reputable journals and served as editor at local and international journals.

Based on the feedback from the participants, who were engaged in lively discussions with the facilitators and each other, the Masterclass was a success. They  expressed their appreciation for the opportunity to learn from the experts and network with other professionals.

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Alor Star, Kedah, 19 July 2023 – Heartiest congratulation to INCEIF University Pro-Chancellor Tan Sri Dr Mohd Daud Bakar on being conferred the esteemed Tokoh Maal Hijrah award by the State Government of Kedah in conjunction with the state-level Maal Hijrah celebration.

He received the award from Sultan Kedah, Sultan Sallehuddin Sultan Badlishah.

A native of Kedah, Tan Sri Daud is an internationally respected Shariah scholar and author, and recently, the owner of the Kedah Darul Aman FC football club.  Over the years, he has received numerous recognitions at the local and international levels for his contributions in advancing Shariah thought leadership in Islamic finance. In 2022, he was bestowed The Royal Award for Islamic Finance 2022 by the King of Malaysia, Yang di-Pertuan Agong Sultan Abdullah Sultan Ahmad Shah.

Tan Sri Daud is a Shariah board member of international financial institutions and organisations such as Amundi Asset Management (France), Bank of London and Middle East, Dow Jones Islamic Market Index (New York), Morgan Stanley (Dubai), and Sedco Capital (Saudi Arabia). He was also instrumental in developing the first Shariah standard on gold issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). His multi-disciplinary knowledge has helped bridge the application of Shariah principles in modern Islamic finance, leading to further advancement of the industry.

Read about the news here:

https://bernama.com/en/general/news.php?id=2208003

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Jakarta, 15 July 2023 – The Action Based Learning (ABL) team, led by Associate Dean of the School of Graduate and Professional Studies Prof Dr Zukarnain Muhamad Sori, recently made an exploratory to Indonesia.

The primary objective of the visit, on 10 to 14 July 2023, was to hold preliminary discussions with potential collaborators in Jakarta and Bogor for consultancy projects under the ABL course. Among the organisations met were Otoritas Jasa Keuangan, Global Halal Centre Bogor, Alami Institute, PT Bank Tabungan Negara (Persero) Tbk and Islamic Relief Indonesia.

These potential partners showed strong interest in the ABL projects particularly in expanding in the areas of halal economy, Islamic fintech and sustainability.

The team also had a casual catch up with INCEIF students and alumni in Jakarta and Bogor. Indonesia is one of INCEIF’s main foreign markets due to its close proximity to Malaysia and the fact that the country is home to over 200 million Muslims.

The ABL course is part of the curriculum for full-time students from INCEIF’s Masters in Islamic Finance Practice, Master in Islamic Finance programmes and MBA (Sustainable Business). The course provides students with the opportunity to translate their academic-based knowledge into action by solving business issues through active exploration of real-world problems. Students consult with these organisations on pressing issues of strategic importance, providing substantive analysis and recommendations for projects in the area of trend & behaviour analysis, marketing, business strategy and sustainability.

This pragmatic approach requires students to use diverse skills, including analytics, critical thinking, problem-solving, collaboration, and communication. Nearly 40 organisations, including financial institutions, fintech companies, government agencies, non-governmental organisations & government-linked companies, have participated in this course since ABL’s inception in 2019.

As a university, the opportunity to collaborate with the industry is invaluable, particularly for students as they are placed in real situations to prepare them to thrive in the dynamic world.

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