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KUALA LUMPUR, 23 April 2026 – INCEIF University and the Suruhanjaya Koperasi Malaysia (SKM) have officially entered into a Memorandum of Agreement (MoA) to strengthen Shariah governance and operational standards across Malaysia’s cooperative sector.
The exchange of the MoA was led by Professor Emeritus Dato’ Dr Mohd Azmi Omar, President and Chief Executive Officer (CEO) of INCEIF University, together with SKM Chief Executive Officer Noor Afifah Abdul Razak. The ceremony was witnessed by YB Encik Steven Sim Chee Keong, Minister of Entrepreneur Development and Cooperatives, and SKM Chairman, Lt Gen (Rtd) Datuk Ahmad Norihan Jalal at Menara Berkembar Bank Rakyat.
The partnership focuses on the development of i-CORES (Islamic Cooperative Shariah Guidelines), a framework designed to provide practical Shariah-compliant pathways for governance and finance. Supported by the Islamic Economics Research and Innovation Fund (IERIF), i-CORES aims to bridge the current gap where only a small proportion of Malaysia’s more than 16,000 cooperatives utilise formal Shariah structures.
Following the MoA, Professor Emeritus Dato’ Dr Mohd Azmi Omar also participated in the exchange of a Letter of Intent (LoI) with the Institut Koperasi Malaysia (IKMa), represented by its Chief Executive Officer, Datuk Mohd Ali Mansor. This collaboration focuses on research and human capital development, ensuring that cooperative personnel are equipped to effectively implement the i-CORES framework on the ground.
By standardising Shariah oversight, this joint initiative helps ensure that cooperative dividends and income remain ethical and sustainable. The move aligns with the MADANI Economy framework, reinforcing the cooperative sector’s role in the national economy while maintaining Malaysia’s position as a global leader in Islamic finance.
