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KUALA LUMPUR, 26 October 2024 – INCEIF University today celebrates the graduation of its latest cohort of graduates comprising 117 students from 25 countries, including from Malaysia, India, South Korea and Thailand, who are graduating from the PhD, Masters and Professional Certificate in Islamic Finance programmes.
The graduates received their scrolls from INCEIF University Chancellor Tan Sri Nor Shamsiah Mohd Yunus at the university’s 15th convocation held at Sasana Kijang.
The diversity of INCEIF students is not confined to geographical boundaries as they are also from different faiths, and diverse academic and professional backgrounds. In addition, INCEIF’s syllabus and programmes are also adopted and adapted by international partners. This demonstrates Malaysia’s global leadership in Islamic finance from the perspective of human capital development.
INCEIF’s reputation as a leader in Islamic finance education is underscored by the global impact of its alumni, who hold significant roles in leading financial institutions, regulatory bodies, and global organisations such as The World Bank.
INCEIF President & CEO, Professor Emeritus Dato’ Dr. Azmi Omar, in his speech at the convocation, said “We are delighted to see our students and alumni consistently recognised on various platforms for their contributions. Their expertise in Islamic finance, the halal economy, and sustainability – among others – has put them in significant roles across industries and regions.
“Allow me to highlight some of our alumni. Zuhursho Rahmatulloev from Uzbekistan, a CIFP graduate, has co-founded several innovative fintech companies, including Alif Bank in Tajikistan and AlifX in the UAE. From Indonesia, Jovitania Soediro, MIFP Class of 2022, is part of the pioneering team at CIMB Niaga in Jakarta, where she contributes to strengthening the bank’s ability to manage climate-related financial risks. Associate Professor Dr. Irum Saba of IBA Karachi, a CIFP and PhD graduate of INCEIF, holds the distinction of being the first Pakistani woman to serve on multiple international Shariah Advisory Boards across Southeast Asia and the Middle East.”
In Dubai which remains among the world’s top 10 financial centres, a number of INCEIF alumni of various nationalities including from Morocco, Syria and India are employed or headhunted to hold good positions at regulatory bodies and financial institutions. INCEIF alumni have taken on decision-making roles in major financial institutions, launched innovative fintech start-ups, and contributed to standard-setting & policy-making global organisations. This further solidifies INCEIF’s reputation as a global leader in Islamic finance education.
INCEIF continues to collaborate with policy makers, scholars, and industry players to develop relevant curricula and in-demand executive training, faculty members who are recognised as thought leaders, and innovative and applicable research.
One of INCEIF’s collaborations was acknowledged as a new blended finance innovation at this year’s inaugural Global Forum on Islamic Economics and Finance, organised by Bank Negara Malaysia under the patronage of the Ministry of Finance Malaysia. Projek Hasan, a collaboration between INCEIF, Lembaga Zakat Negeri Kedah, MIFC Leadership Council and Association of Islamic Banking and Financial Institutions Malaysia, used zakat initiatives to elevate the socioeconomic conditions of asnaf in Kedah in a smart large-scale paddy project.
In furthering the aspirations of Ekonomi Madani and the 2024 Malaysian national budget programmes, INCEIF took the initiative this year to establish a centre of excellence for policy and innovation in Islamic Economics. This is in addition to the existing Centre of Excellence in Islamic Social Finance.
This latest initiative has already received a much welcome boost. Last Friday, when tabling Budget 2025 at Parliament, Prime Minister Datuk Seri Anwar Ibrahim who is also Minister of Finance, announced the generous allocation of RM10 million to INCEIF and the International Islamic University Malaysia to jointly advance research in Islamic economics. This will significantly enhance the understanding and application of the universal values of Islamic economics, and expand its application in current policymaking. INCEIF is committed to utilise this allocation to lead impactful & policy-focused research, strengthen our academic programmes, and develop innovative solutions that align with the just and fair principles of Maqasid Al-Shariah.
INCEIF continues to receive positive feedback from our industry partners on the Action Based Learning (ABL) course within our MBA (Sustainable Business), MSc in Islamic Finance, and Masters in Islamic Finance Practice programmes. ABL offers students valuable opportunities to collaborate directly with industry practitioners and policymakers, helping them build critical thinking and interpersonal skills while exploring real-world challenges in banking, social finance, and beyond.
Among the notable ABL projects are:
- a published report which analysed the growth of emerging Islamic Fintech in Southeast Asia. This initiative was in collaboration with Alami Institute, an Indonesian fintech start-up based in Jakarta.
- a customised risk management framework for Terengganu Incorporated Sdn Bhd, specifically tailored to address Shariah non-compliance and operational risks.
The research arm, ISRA Research Management Centre, has been appointed by Malaysian Takaful Association to develop a Maqasid-based VBIT Scorecard for the Takaful industry in Malaysia. The scorecard measures the values and impacts of the operation and activities of the Malaysian Takaful operators, that hinges on the betterment of the community and environment in line with the Maqasid Shariah requirements, and VBIT expectation.The university continues to partner with policymakers, industry experts, and scholars to advance curricula and research in Islamic finance.
In furthering the aspirations of Ekonomi Madani and the 2024 Malaysian national budget programmes, INCEIF took the initiative this year to establish a centre of excellence for policy and innovation in Islamic Economics. This is in addition to the existing Centre of Excellence Islamic Social Finance. The Islamic Economics centre will lead impactful and policy-focused research and develop innovative solutions to address economic and financial issues based on Maqasid Al-Shariah.
This latest initiative has already received a much welcome boost. Last Friday, when tabling Budget 2025 at Parliament, Prime Minister Datuk Seri Anwar Ibrahim who is also Minister of Finance, announced the generous allocation of RM10 million to INCEIF and the International Islamic University Malaysia to jointly advance research in Islamic economics, that will significantly enhance the understanding and application of the universal values of Islamic economics.
This year, INCEIF reinforced its commitment to nurturing future talent in the Islamic finance industry by launching the Islamic Finance Future Leaders Boot Camp. This annual programme is designed to equip high-achieving final-year students from local universities with the essential skills needed to lead the industry forward, by undergoing mentorship from seasoned industry experts and INCEIF faculty. They receive practical insights into ethical leadership and responsible decision-making, ensuring a robust pipeline of future leaders ready to drive sustainable growth and innovation.
Through these efforts, INCEIF remains a pillar of innovation, research, and human capital development in the Islamic finance sector globally.
Caption: INCEIF University Chancellor Tan Sri Nor Shamsiah Mohd Yunus (in blue robe) PCEO Professor Emeritus Dato’ Dr Azmi Omar (in red robe) posing with some of the graduates at INCEIF’s 15th Convocation.