Centre of Excellence for Applied Shariah in Islamic Economics and Finance (CASHiEF)

About Us

The Centre of Excellence for Applied Shariah in Economics and Finance (CASHiEF), formerly known as Research Development & Innovation (RDI), is dedicated to fostering a dynamic applied Syariah research ecosystem. The Centre provides essential support and resources to faculty members and researchers, driving groundbreaking research in Islamic economics and finance. CASHiEF’s mission is to ensure precise, practical, and impactful implementation of Shariah (Islamic law) principles across various fields, particularly finance, economics, governance, and legal systems.  

At its core, CASHiEF applies the principles and theories of Islamic financial transactions (muamalat) to advance the objectives of Shariah (Maqasid al-Shariah) in economic development and finance. A key focus is enhancing the Shariah decision-making process by promoting a dynamic, precise, and balanced approach to addressing Islamic finance challenges. To further this vision, CASHiEF also offers specialised academic programmes in Applied Shariah by Research.  

 Through its initiatives, CASHiEF plays a pivotal role in positioning INCEIF University as a leader in research excellence, ensuring that INCEIF University remains at the forefront of innovation and thought leadership in the global Islamic finance industry.

Mission

To advance knowledge and lead applied Shariah research in economics and finance.

To develop skilled talents in applied Shariah research in economics and finance.

To enrich resources of applied Shariah research in economics and finance.

Strategic Objectives

To conduct groundbreaking applied Shariah research through a multidisciplinary approach.

To produce multidisciplinary Shariah leaders through innovative academic programmes (PhD, Master’s, and Micro-Certificate).

To attain the HICoE (Research and Innovation) status within 5 years of establishment.

To enrich resources and references on applied Shariah in economics and finance.

Our Expertise

CASHiEF research initiatives aim to advance applied Shariah research in Islamic economics and finance 

Commissioned Research

National and International Research Grants

Collaborative Research

Fundamental Research

Applied Shariah Research

Provide avenues for the development of groundbreaking research and innovation in Islamic economics and finance

Spearhead and conduct applied Shariah research in Islamic economics and finance

Streamline research management processes and provide strong support for impactful research outputs and deliverables

Propagate harmonisation and mutual respect in Islamic economics and finance practices

Knowledge-Sharing Events

International Shariah Scholars Forum (ISSF) and Muzakarah Cendekiawan Syariah Nusantara (MUZAKARAH) are two flagship events organised by CASHiEF.

ISSF and MUZAKARAH serve as premier international platforms where distinguished Shariah scholars convene to deliberate on critical issues related to Islamic economics, finance, and Maqasid al-Shariah while promoting cooperation and harmonisation within the industry. These events facilitate the exchange of insights and thought leadership on the latest global developments in Islamic finance and economics.

Both ISSF and MUZAKARAH are held annually, with ISSF conducted in Arabic and accompanied by English translation, while MUZAKARAH is conducted in Malay and is hosted on a rotational basis across selected Southeast Asian countries.

Strategic Services

Fundamental and applied Shariah research

Consultancy and strategic networking

Academic programmes, capacity-building, and knowledge-sharing events

Publications and Translation services

Provide avenues for the development of groundbreaking research and innovation in Islamic economics and finance

Spearhead and conduct applied Shariah research in Islamic economics and finance

Streamline research management processes and provide strong support for impactful research outputs and deliverables

Propagate harmonisation and mutual respect in Islamic economics and finance practices

Key Focused Pillars 

Maqasid-Based Economics and Financial System

ISLAMIC ECONOMICS

  • Economic Development and Sustainability
  • Behavioural Economics and Islamic Ethics
  • Maqasid al-Shariah in Economics

ISLAMIC BANKING

  • Value-Based Intermediation (VBI) – Covering ESG, SRI, and SDGs
  • Maqasid al-Shariah and Product Development and Innovation
  • Islamic Banking and Sustainable Finance
  • Digitalisation and Fintech in Islamic Banking

ISLAMIC CAPITAL MARKET (ICM)

  • Product Structuring and Innovation in ICM
  • Shariah-Compliant Private Equity and Venture Capital
  • Maqasid al-Shariah in ICM
  • Digitalisation and Fintech in ICM

TAKAFUL

  • Maqasid-based Sustainability Products
  • Pricing and Underwriting in Takaful
  • Digitalisation and Fintech in Takaful
  • Maqasid al-Shariah and Social Impact in Takaful
  • Value-Based Intermediation for Takaful (VBIT)

ISLAMIC ALTERNATIVE FINANCE

  • Microfinance
  • Blended Finance
  • Islamic Crowdfunding

Impactful Projects

2023

Maqasid Shariah Index (2023)
Dubai Islamic Bank

This research aims to develop a comprehensive Maqasid index to evaluate the compliance of Islamic banks with Maqasid al-Shariah. The index will be adaptable to the evolving Islamic banking and finance industry, ensuring its continued relevance. Additionally, the study seeks to integrate Maqasid indicators with Environmental, Social and Governance (ESG) factors and the Sustainable Development Goals (SDGs) in a manner that is aligned with Shariah principles.

 

Ultimately, this research will provide the Islamic banking industry with a strategic tool to prioritise business activities based on the Maqasid index score, enabling banks to align their operations with both Islamic ethical standards and global sustainability objectives. Sponsored by Dubai Islamic Bank, the index is currently under development. It is expected to be utilised by Islamic banks seeking to measure and enhance their compliance with Maqasid al-Shariah.  

2023

Shariah Issues Relating to Resolution of Islamic Banks (2023)

This research explores Shariah issues related to the resolution of non-viable Islamic banks, primarily focusing on the transfer mechanism. It identifies key Shariah considerations that justify the resolution of Islamic banks; investigates how different Islamic banking models affect Shariah treatments in an Islamic bank’s resolution; examines potential Shariah issues arising from the various resolution options for Islamic banks and provides Perbadanan Insurans Deposit Malaysia (PIDM) with relevant solutions to address these issues and facilitate the removal of impediments to a Shariah-compliant transfer of business, ensuring that the Islamic banks are transfer ready.

 

The findings of this research will have a significant impact on Malaysia’s Islamic banking industry, serving as the foundation for PIDM’s proposal to the Shariah Advisory Council of Bank Negara Malaysia on the resolution framework for Islamic banks in Malaysia. 

2023

ESG-i Assessment Framework: Empowering Sustainable and Ethical Growth for Micro, Small and Medium-Sized Enterprises (2023)

The ESG-i Assessment Framework serves as a starting point for MSMEs to navigate complex sustainability frameworks and taxonomies that are incongruent with their operational reality. By incorporating Shariah principles and embracing the Quadruple Bottom Line (QBL) concept—Planet, People, Profit, and Principle—the framework provides a comprehensive blueprint for evaluating sustainability practices among MSMEs.

 

Unlike existing frameworks, the ESG-i Assessment Framework simplifies the criteria for evaluating sustainability practices among MSMEs. It provides them with an assessment tool to comprehend and integrate into their businesses, regardless of their size and scale. The ESG-i Assessment Framework is increasingly crucial as the European Union’s Carbon Border Adjustment Mechanism is set to take effect in 2024, bringing about substantial implications for the Malaysian economy, particularly impacting MSMEs, which contribute over 16 per cent to the country’s exports. 

2023

Developing the Tayyib Framework for Islamic Finance Institutions in Malaysia (2023)

The tayyib concept represents a transformative approach in Islamic finance, elevating it beyond mere Shariah compliance (halal) to reach the heights of socially, environmentally, and economically beneficial (tayyib). It seeks to position Islamic finance as a global leader in ethical and responsible financial practices. Beyond being a national initiative, tayyib calls for global collaboration to integrate its principles across all Islamic financial markets, ensuring that every financial decision aligns with the Maqasid al-Shariah. By operationalising tayyib through collective effort, Islamic finance can fulfil its promise of advancing welfare for all.

2023

Islamic Banking in Malaysia: Past, Present and Future (2023)

This research documents Malaysia’s pioneering role and leadership in the development of the Islamic finance industry, with a particular focus on Islamic banking. It explores the thought processes behind key progressive efforts and improvement initiatives through a series of interviews with eminent figures in Islamic banking and finance, including regulators, Shariah scholars and practitioners from both past and present. This discourse highlights the successful journey of Maybank Islamic, Malaysia’s largest Islamic commercial bank, and its contributions to the overall growth and development of the country’s Islamic banking industry.

2022

Developing Maqasid al-Shariah-based Value-Based Intermediation for Takaful (VBIT) Scorecard (2022)

The Maqasid al-Shariah Scorecard (MSS) for the Malaysian takaful industry aims to provide measurable performance indicators to assess the growth and impact of the industry, aligning it with Maqasid al-Shariah. The initiative follows the launch of Malaysia’s Financial Sector Blueprint (2022–2026) and the Value-Based Intermediation for Takaful (VBIT) Roadmap. The MSS will also solidify Malaysia’s position as a leader in operationalising Maqasid in takaful, benefiting both the industry and vulnerable communities. The scorecard is expected to reinforce ’stakeholders’ confidence in takaful, ensuring resilience and compliance with Shariah principles.

2020

Shariah Endorsement of UNHCR Zakat Fund and Report on Zakat Potential in the Asia Pacific Region (2020)

This project provides an endorsement that the collection and distribution of zakat by UNHCR, the United Nations Refugee Agency, are conducted in accordance with the Shariah, hence allowing Muslims to confidently contribute their zakat to support refugees and displaced persons through this fund.

 

In addition, the project provides a report that analyses the potential for zakat collection in this region. It examines the opportunities and challenges in mobilising zakat funds to support social welfare and humanitarian causes within Asia Pacific, highlighting the ‘region’s capacity to contribute significantly to global zakat resources. 

2020

New Takaful Model for Market Competitiveness (2020)

This new proposed takaful model, developed in collaboration with Hong Leong MISG Takaful (HLMT), adopts the musharakah ta’awuniyyah concept, where both the takaful operator and participants contribute to a mutual fund known as the Musharakah Ta’awuniyyah Fund (MTF). Uniquely designed to uphold the principle of mutual assistance (ta’awun), this model aims to achieve competitive business outcomes.

2020

ASM i-Connect Programme
(2020)

In 2020, INCEIF was appointed by the Academy of Sciences Malaysia (ASM) as the Neutral Entity for the i-Connect Fintech in Islamic Finance Programme (i-Connect). This industry-led collaborative network follows the quadruple helix model, bringing together industry, the research community, government and civil society to drive the development of innovative, home-grown products and solutions through science and technology. INCEIF successfully managed the programme under a three-year contract, which concluded in December 2023.

2022

Urban Farming

This collaborative applied research project between Maybank Islamic Berhad and the Centre of Excellence of Islamic Social Finance empowers the community and provides supplementary income to zakat beneficiaries (asnaf) and B40 income earners.

2023

Social Impact Report: LZNK Towards World Class Zakat Management Agency

The social impact report showcases how Lembaga Zakat Negeri Kedah has made a difference in the lives of beneficiaries, partners and stakeholders, contributing to positive social change in Kedah.

2023

Shariah-Compliant Socio-Economic Sustainability Model for Maahad Tahfiz

This research focuses on developing a sustainable governance and finance model for Maahad Tahfiz, a private religious education institution, hence enhancing its long-term viability and operational effectiveness within the Islamic education sector.

2023

Social Sustainability Impact Report (SSIR) for Majlis Agama Islam dan `Adat Melayu Perak (MAIPk) Asnaf Programme

This SSIR project provides a social impact evaluation on the beneficiaries of MAIPk’s Asnaf Programme in 2023.

2024

Social Sustainability Impact Report of Waqaf An-Nur Socio-Economic Development

This SSIR project enhances Waqaf An-Nur Corporation’s reputational image by showcasing the positive impact of its socio-economic development programmes.

2023

Training for EXCO and Non-EXCO on Essentials in Islamic Banking & Finance and Islamic Social Finance 1.0 and 2.0

This programme provides training on the ‘Essentials in Islamic Banking & Finance and Islamic Social Finance’ to develop expertise and promote a thorough understanding of the disciplines.

2024

Advanced Programme: Islamic Social Finance for Board of Directors

This programme provides high-quality and practical training sessions tailored to the organisation’s needs for talents in Islamic social finance. It is delivered by our experienced Islamic finance experts.

2022

Urban Farming (2022)

This collaborative applied research project between Maybank Islamic Berhad and the Centre of Excellence of Islamic Social Finance empowers the community and provides supplementary income to zakat beneficiaries (asnaf) and B40 income earners.

2023

Social Impact Report: LZNK Towards World Class Zakat Management Agency (2023)

The social impact report showcases how Lembaga Zakat Negeri Kedah has made a difference in the lives of beneficiaries, partners and stakeholders, contributing to positive social change in Kedah.

2023

Shariah-Compliant Socio-Economic Sustainability Model for Maahad Tahfiz (2023)

This research focuses on developing a sustainable governance and finance model for Maahad Tahfiz, a private religious education institution, hence enhancing its long-term viability and operational effectiveness within the Islamic education sector.

2023

Social Sustainability Impact Report (SSIR) for Majlis Agama Islam dan `Adat Melayu Perak (MAIPk) Asnaf Programme (2023)

This SSIR project provides a social impact evaluation on the beneficiaries of MAIPk’s Asnaf Programme in 2023.

2024

Social Sustainability Impact Report of Waqaf An-Nur Socio-Economic Development (2024)

This SSIR project enhances Waqaf An-Nur Corporation’s reputational image by showcasing the positive impact of its socio-economic development programmes.

2023

Training for EXCO and Non-EXCO on Essentials in Islamic Banking & Finance and Islamic Social Finance 1.0 and 2.0 (2023–2024)

This programme provides training on the ‘Essentials in Islamic Banking & Finance and Islamic Social Finance’ to develop expertise and promote a thorough understanding of the disciplines.

2024

Advanced Programme: Islamic Social Finance for Board of Directors (2024)

This programme provides high-quality and practical training sessions tailored to the organisation’s needs for talents in Islamic social finance. It is delivered by our experienced Islamic finance experts.

Research Experts

Assoc. Prof. Dr. Mohamed Fairooz Abdul Khir

A Brief Introduction

Associate Professor Dr. Mohamed Fairooz currently serves as the Director of the Centre of Excellence in Islamic Social Finance (CoEISF) and is also an Associate Professor at the International Centre for Education in Islamic Finance (INCEIF) before joining INCEIF University. He served the ISRA Institute as a researcher and Head of the Islamic Banking Unit for more than six years. Prior to joining ISRA, he served at the Centre for Foundation Studies, International Islamic University (IIUM), for eight years as a lecturer at the Department of Islamic Revealed Knowledge and Human Sciences. Apart from serving INCEIF, he also serves as a member of Shariah Advisory Council (SAC) of Securities Commission Malaysia, member of Fatwa Committee of Perak (Ahli Jawatankuasa Fatwa Negeri Perak), member of Perak Islamic Religious Council & Malay Customs (Majlis Agama Islam dan Adat Melayu Perak-MAIPk), Chairman of Board Shariah Committee to CIMB Islamic Bank, Chairman of Shariah Committee to Zurich Takaful Malaysia Berhad (ZTMB) and Independent Non-Executive Director of Zurich Takaful Malaysia Berhad. He is also the Chairman of the Shariah Committee to Co-op Bank Pertama. He is also the chairman of the Shariah Committee for Co-op Bank Pertama. He is currently a member of Shariah Advisory Committee for Tabung Haji.

Prior to joining Zurich Takaful Malaysia Berhad (ZTMB), he served as a Shariah Committee member of MNRB Holdings Berhad (Takaful Ikhlas Berhad and Malaysian Reinsurance Retakaful Division-MRRD). He was also the Chairman of the Shariah Committee of Agrobank for nine years. He is also a registered Shariah adviser with the Securities Commission, Malaysia, for the Islamic Unit Trust Schemes and Islamic Securities (Sukuk).

As researcher, he involves actively in research related to Islamic finance, amongst others are Ibra’ and Its Implementation in Islamic Banking from the Perspective of Maqasid al-Shariah, Parameter of Hiyal (Legal Stratagem) in Islamic Finance, Personal Financing: An Alternative to Bay’ al-‘Inah, Fatwa in Islamic Finance: A Comparative Study Between Malaysia and GCC and Book on Islamic Legal Maxims and Their Application in Islamic Finance. He has presented many academic papers at various conferences, both locally and overseas.

  • Shariah Compliant Socio- Economic Sustainability Model for Private Maahad Tahfiz (Etiqa)
  • Social Sustainability Impact Assessment Report for MAIPk Asnaf Programme (Etiqa)
  • Training for EXCO and Non EXCO on Essentials In Islamic Banking & Finance and Islamic Social Finance (1.0) & (2.0) Maybank Group
  • Publications in Islamic Capital Market and Islamic Social Finance for SCOE’s website
  • Publication on waqf “Waqf as a Socioeconomic and Philanthropic Instrument: Past, Present, and Future (KUIP)
  • 3rd International Conference on Islamic Economics 2024 (3rd ICONIE 2024) 24th – 25th April 2024 (Physical & Online), Hotel Holiday, Sarajevo, Bosnia & Herzegovina
  • Baitulmal Community Financing I-Madina and Pasar Komuniti I-Madina

Books

  • Abdul Khir, M. (in press, 2022). Analysis of Lending Interest Rate and Economic Activities in Malaysia. 5th ISM International Statistical Conference 2021 (ISM-V): Statistics in the Spotlight: Navigating the New Norm.
  • Abdul Khir, M. (2022). ‘Ajaib al-Makhluqat wa Gharaib al-Mawjudat 2nd Floor.
  • Abdul Khir, M. (2022). Pembayaran Zakat atas Talian. PEMBANGUNAN LESTARI MASYARAKAT: KESEJAHTERAAN UMMAH DI ERA DIGITALUUM.
  • Abdul Khir, M. (2022). Islam and Leadership. Understanding Islam. Department of Islamic Revealed Knowledge, Centre for Foundation Studies, IIUM.

Teaching responsibilities:

  • Dr. Fairooz lectures and supervises Masters students and supervises PhD projects within the field of Shariah and Islamic Finance.

Supervision information:

  • Co-Supervisor: PhD Thesis:

    • 2021: Yousuf Sultan
    • 2021: Wan Muhammad Asyraf Wan Mohd Fadzli

  • Co-Supervisor: PhD Thesis:

    • 2022-2023: Mohd Asyadi Bin Redzuan.

Assoc. Prof. Dr. Ziyaad Mahomed

A Brief Introduction

Associate Professor Dr. Ziyaad Mahomed stands as a distinguished Shariah Advisor, extending his expertise to over eight boards of Islamic financial institutions on an international scale. Notably, he holds the esteemed position of Chairman of the HSBC Amanah Shariah Board in Malaysia, underscoring his influence in shaping Shariah compliance within the financial sector.

Dr. Ziyaad’s research and consultancy efforts have left an indelible mark on the global Islamic finance landscape. His focus on innovating Takaful products and models spans diverse regions, including South Africa, Nigeria, Mauritius, and Malaysia. His leadership in numerous consultancies has been instrumental in the development of Islamic Banking windows and the evolution of Takaful in various countries, with notable contributions to the UK, Maldives, Nigeria, and Kazakhstan, among others.

Currently assuming the role of Associate Dean of eLearning programmes at INCEIF, Dr. Ziyaad is at the forefront of educational innovation. His commitment to advancing knowledge delivery is evident in his leadership of a team responsible for designing cutting-edge eLearning programmes. Furthermore, his leadership extends to spearheading the development of a new Master’s online degree, employing the latest methodologies in eLearning.

His multifaceted role includes active participation in creating both VBI (Value-Based Intermediation) and VBiT (Value-Based Takaful) in Malaysia, showcasing his pivotal role in shaping ethical financial practices. As a Shariah Advisor on multiple international boards, Dr. Ziyaad’s influence transcends borders, contributing significantly to developing and adhering to Shariah principles in Islamic finance. His unwavering commitment to advancing education and ethical financial practices positions him as a key figure in the global Islamic finance arena.

He intends to focus on Islamic social finance, Shariah issues & innovation, fintech and Sukuk, amongst other research areas.

  • Urban Farming 2.0 (Maybank Islamic)
  • Essential Islamic Banking, Islamic Finance and Islamic Social Finance (Maybank Group)
  • Publication on waqf book “Waqf as a Socioeconomic and Philanthropic Instrument: Past, Present, and Future” – KUIP

Books

  1. Taking Islamic Finance Education to New Heights, INCEIF Refinitiv Islamic Finance Knowledge Outlook Report 2020. Bahrain.
  2. Maximizing Social Impact through Waqf Solutions. Malaysia. World Bank, INCEIF and ISRA (2019)
  3. Malaysia as a Global Fund Administration Hub. (Volume 1) BNP Paribas Centre for Islamic Assets and Wealth Management. INCEIF, Malaysia.
  4. SRIs & the Case for Islamic Investment Funds, BNP Paribas Centre for Islamic Wealth Management, INCEIF, Malaysia.
  5. Malaysia as a Global Hub for Fund Administration. (Volume 1) BNP Paribas Centre for Islamic Assets and Wealth Management. INCEIF, Malaysia.

Chapters in books

  1. Mahomed, Z. (2022). Assessing Financing for Healthcare Infrastructure in Sub-Saharan Africa: Can Islamic finance assist? Edward Elgar.
  2. Mahomed, Z., Akinlaso, M., and Mohamad, S. (2022). Reactivating Abandoned Infrastructure Development in Nigeria: Considering the Islamic Finance Option. Edward Elgar.
  3. Mahomed, Z. and Hydara, M. (2022). Applying an Integrated Islamic Social Finance Model for Women Farmer Empowerment in The Gambia. Edward Elgar.
  4. Mahomed, Z. (2022), “Modelling Effective Zakat Management for the ‘Stans’ of Central Asia and Establishing Pandemic Resilience”, Hassan, M.K., Muneeza, A. and Sarea, A.M. (Ed.) Towards a Post-Covid Global Financial System, Emerald Publishing Limited, Bingley, pp. 143-159. https://doi.org/10.1108/978-1-80071-625-420210008
  5. Ma’ruf, A., Mahomed, Z., Mohamad, S. (2021). Sustainable Finance and a Sharī’ Analysis of Environmental, Social and Governance (ESG) Criteria. Title: Islamic Sustainable Finance. IGI Publication. (Expected Publication: 1 st Quarter 2021).
  6. Mahomed, Z., Unal, I., Mohamad, S. (2021). Funding the Refugee Crisis in Turkey: A Case for Social Impact Sukuk. Book Title: Impact of COVID-19 on Islamic Social Finance. Routledge.
  7. Ali, M., Oravampurath, H., & Mahomed, Z. (2020). Social Impact Sukuk for Migrants: An Innovative Solution, Handbook of Research on Theory and Practice of Global Islamic Finance. IGI Global.
  8. Akinlaso, I. M., Adediran, I. O., Diallo, A. K., & Mahomed, Z. (2019). A future beyond digital identity. Fintech in Islamic Finance: Theory and Practice, 76.
  9. Zada, N., Lahsasna, A., Mahomed, Z., & Saleem, M. (2017). Islamic Finance Insolvencies under Secular Bankruptcy Laws:A Casey Study of Arcapita Bank under US Chapter 11, Islamic Banking:Growth, Stability and Inclusion (pp. 24). Palgrave.
  10. Shamsher, M., Mohamed, Z., & Kamil, N. (2017). Islamic Banking Business of Conventional Banks: Transition from Windows to Islamic Subsidiaries, In Mohamed Ariff (Ed.), Islamic Finance in Malaysia: Growth & Development (pp. 86-114). Pearson Malaysia Sdn. Bhd.
  11. Mahomed, Z. (2017). Islamic Capital Market: Sukuk, Islamic Finance : The New Normal (pp. 19). RAM Holdings Berhad.
  12. Mahomed, Z., Ariff, M., & Shamsher, M. (2017). Wealth Effect of Sukuk Issuance Announcement in Two Markets, In Mohamed Ariff and Shamsher Mohamad (Eds.), Islamic Wealth Management: Theory and Practice (pp. 225-245). United Kingdom: Edward Elgar Publishing Limited UK.
  13. Mahomed, Z. (2017). Zakat in Islamic Wealth Management, In Mohamed Ariff and Shamsher Mohamed (Eds.), Islamic Wealth Management – Theory and Practices(pp. 363-380). United Kingdom: Edward Elgar Publication.
  14. Mahomed, Z., Shah, E., (2016) Islamic Money Market Instruments, (‘Islamic Financial System, Principles & Operations’), ISRA

Teaching responsibilities:

  • Conducting research, lecturing to Masters and Doctoral students and supervising students all in the following specialisations:
    1. Islamic law of contract
    2. Usul ul Fiqh
    3. Shariah Rules and Issues
    4. Shariah Aspects in Business and Finance
    5. Islamic Social Finance
    6. Islamic Capital Markets
    7. Risk Management

Supervision information:

  • Dr. Ziyaad Mohamed lectures and supervises Masters students and is happy to supervise PhD students in any area relevant to his work on Islamic law of contract, Usul ul Fiqh, Shariah Rules and Issues, Shariah Aspects in Business and Finance, Islamic Social Finance, Islamic Capital Markets and Risk Management.

Assoc. Prof. Dr. Magda Ismail Abdel Mohsin

A Brief Introduction

Assoc. Prof. Dr. Magda Ismail Abdel Mohsin is a distinguished faculty member at INCEIF University, known as The Global University of Islamic Finance. As a Subject Matter Expert in Social Finance, with a focus on zakat, waqf, and qard-hassan, Dr. Magda Ismail has made significant contributions to the field of Islamic economics and finance.

She intends to focus on Islamic social finance, Shariah issues & innovation, fintech and Sukuk, amongst other research areas.

  • Publication on waqf book “Waqf as a Socio-economic and Philanthropic Instrument: Past, Present, and Future” – KUIP
  • Social Sustainability Impact Assessment Report for Waqaf An-Nur (Socio- Economic development – DanaWAN)

Books

  • “Alternative Financial Instruments to Riba and Their Roles in the Distribution and Redistribution of Wealth” (UM Press, 2024).
  • “Application of Zakat: From Classical and Contemporary Perspective” (World Scientific, 2023).
  • “The Institution of Waqf: An Innovative Financial Tool for Socioeconomic Development” (Pearson Malaysia Sdn. Bhd., 2020).
  • “Financing the Development of Old Waqf Properties” (Palgrave Macmillan, 2016).
  • “Corporate Waqf: From Principle to Practice” (Pearson Malaysia Sdn. Bhd., 2014).
  • “Cash Waqf: A New Financial Product” (Pearson Malaysia Sdn. Bhd., 2009).
  • “Role of Zakat in Responding to COVID-19 Pandemic in Muslim Populated Countries” (2022).
  • “New Frontiers for Cash-Waqf Models for Socio-Economic Development” (2022).
  • “The Development of Waqf in Sudan for Sustainable Development” (2022).
  • “Economic and Social Impacts of Sovereign Sukuk” (2020).
  • “Smart Waqf City for Education – An Experience in Darussalam Gontor, Indonesia” (2020).

Teaching responsibilities:

  • Dr. Magda lectures and supervises Masters students and supervises PhD projects within the field of

Supervision information:

  • Co-Supervisor: PhD Thesis:

    • 2020-2021: Mohamed Ayaz Mohamed
    • 2020-2021: Ahmad Hidayat

  • Committee Member:

    • 2024-2025: Seminar and Conference Committee
    • 2023-2024: Scholarship Committee

  • Student Advisor:

    • 2020-2021: Kasful Khairi/APEL (C)
    • 2020-2021: Siti Qadariah/APEL (C)

  • Thesis Assignments

  • Internal Examiner: PhD Thesis:

    • 2020-2021: Nor Hazila Ismail

Hj. Abdul Rahman Mohd. Yusoff

A Brief Introduction

Hj. Abdul Rahman Mohd. Yusoff is currently a Teaching Fellow at INCEIF University. He has been the lecturer for the post-graduate professional studies programme, namely MIFP, CIFP, and PCIF, since 2018. Specifically, the courses he covers include Structuring Financial Requirements, Financial Services Marketing, Islamic Banking Practices, and Risk Management. He is also the Deputy President of the Chartered Institute of Islamic Finance Professionals (CIIF) since 2017. He was previously with OCBC Al-Amin Bank Berhad (OABB) in the Commercial Banking Department in 2008 and subsequently headed the Shariah Department from 2013 to 2019. His last position with OABB was as the Head of Islamic Product & Business Development until his retirement in October 2021.

He started at the senior level in the banking industry in 1986 in various managerial positions in Retail, Commercial, and International Banking. He had also been posted as Assistant General Manager in the Hong Kong branch from 1997 to 2001 until he left CIMB in 2005. Subsequently, he joined a few other financial institutions, including Bank Islam Malaysia Berhad and CagamasBerhad. Hj. Abdul Rahman has contributed actively to the Islamic Finance Industry as a module writer, moderator, reviewer, trainer, and guest speaker with IBFIM, KUIS, UPM, UiTM, etc., at various seminars, workshops, and training. He is also the subject-matter expert in Islamic Banking Practice, Shariah Governance, Shariah Risk Management, and Shariah Audit & Compliance.

He is currently an Associate Research Fellow with IRCIEF. Hj. Abdul Rahman is a graduate of Master of Science in Islamic Finance (MSc.) and Chartered Islamic Finance Professional (CIFP) from INCEIF University and has an MBA from Morehead State University, Kentucky, USA, and a Bachelor of Science (BSc.) majoring in Finance from Indiana State University, Indiana, USA. He is a qualified member who carries the respective professional accreditations titles, namely CPIF (Chartered Professional in Islamic Finance), CSP (Certified Shariah Practitioner), and MIM-CPT (Malaysian Institute of Management – Certified Professional Trainer).

He intends to focus on Financial Services Marketing (Masters), Islamic Banking Practice (Masters), Islamic Banking Practices (MBA), Islamic Banking Practices (Masters), Risk Management for Islamic Banks (MBA), Risk Management in Banks (Masters), Risk Management in Islamic Financial Institutions (Masters), Risk Management in Islamic Financial Institutions (Doctoral), Risk Management of Islamic Financial Institutions (Masters), Structuring Financial Requirement (Masters), and Structuring Financial Requirements (Masters).

  • Training for EXCO and Non EXCO on Essentials In Islamic Banking & Finance and Islamic Social Finance (1.0) Maybank Group

Teaching responsibilities:

  • Haji Rahman lectures and supervises Masters students and supervises PhD projects within the field of Financial Services Marketing (Masters), Islamic Banking Practice (Masters), Islamic Banking Practices (MBA), Islamic Banking Practices (Masters), Risk Management for Islamic Banks (MBA), Risk Management in Banks (Masters), Risk Management in Islamic Financial Institutions (Masters), Risk Management in Islamic Financial Institutions (Doctoral), Risk Management of Islamic Financial Institutions (Masters), Structuring Financial Requirement (Masters) and Structuring Financial Requirements (Masters).

Supervision information:

  • Haji Rahman lectures and supervises Masters students and is happy to supervise PhD students in any area relevant to his work on Financial Services Marketing (Masters), Islamic Banking Practice (Masters), Islamic Banking Practices (MBA), Islamic Banking Practices (Masters), Risk Management for Islamic Banks (MBA), Risk Management in Banks (Masters), Risk Management in Islamic Financial Institutions (Masters), Risk Management in Islamic Financial Institutions (Doctoral), Risk Management of Islamic Financial Institutions (Masters), Structuring Financial Requirement (Masters) and Structuring Financial Requirements (Masters)

Professor Dr. Aishath Muneeza

A Brief Introduction

Professor Muneeza is a professor and the associate dean for students and internationalisation at INCEIF University in Malaysia, which is renowned as the global University of Islamic Finance. She has an extensive career, having served as the first female Deputy Minister of the Ministry of Islamic Affairs in the Maldives, Deputy Minister of the Ministry of Finance and Treasury in the Maldives, and Head of Islamic Finance at the Capital Market Development Authority of the Maldives.

She has also been a member of the Islamic Fiqh Academy (National Fatawa Council of the Maldives), the first chairman of the Hajj pilgrimage fund at Maldives Hajj Corporation Limited, and the chairman of Maldives Center for Islamic Finance Limited. The government of the Maldives established the latter to position the country as the hub of Islamic finance in South Asia. Professor Muneeza has played key roles as an Islamic finance consultant, contributing to developing the first Shariah-compliant Islamic microfinance scheme in the Maldives.

Furthermore, she has served as the Shariah Advisor for structuring all corporate sukuk offerings in the Maldives and private sukuk and Islamic treasury instruments for the Maldivian government. Professor Muneeza was a consultant involved in drafting the legal framework for the country’s Islamic capital market. Since 2013, she has been a registered Shariah Adviser with the Maldives Capital Market Development Authority, specialising in structuring Islamic capital market products. She is also a registered Shariah Adviser at the Securities Commission Malaysia.

From 2011 to 2022, Professor Muneeza chaired the apex Shariah Advisory Council of the Capital Market Development Authority of the Maldives. She currently serves as the chairperson of various in-house Shariah advisory committees and is a member of the Board Shariah Committee of CIMB Islamic, Malaysia, and Munich Re. Additionally, she is a member of the Public Interest Monitoring Consultative Committee (PIMCC) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Professor Muneeza is an elected executive committee member of the Bar Council of the Maldives.

Academic Qualification

Ph.D. International Islamic University of Malaysia (IIUM), 2013.
Title: Title: “Legislative conflict facing Islamic banking in Malaysia”
LL.M. International Islamic University Malaysia (IIUM), 2010.
LL.B (Hons) International Islamic University Malaysia (IIUM), 2009.

Professor Muneeza is specialising in structuring Islamic capital market products.

  • “Islamic Social Finance Masterclass” at the Global Forum on Islamic Economics and Finance (GFIEF 2024) 27th May 2024
  • Training for EXCO and Non EXCO on Essentials In Islamic Banking & Finance and Islamic Social Finance (1.0) Maybank Group
  • 3rd International Conference on Islamic Economics 2024 (3rd ICONIE 2024) 24th – 25th April 2024 (Physical & Online), Hotel Holiday, Sarajevo, Bosnia & Herzegovina

Books

  • Application of Zakat From Classical and Contemporary Perspective World Scientific.
  • Islamic Finance in Eurasia: The Need for Strategic Change Edward Elgar.
  • Application of Hire Purchase Under Shirkah
  • Al-Milk (HPSM) in Islamic Banking and Finance: A Shariah Analysis Palgrave Macmillan.
  • Sadaqa House: Inspiring ‘adl and ihsan in the realm of Islamic Banking.
  • Islamic Social Finance: Law and Practice in Malaysia Springer.
  • Alternative Financial Instruments To Riba And Their Roles In The Distribution And Redistribution Of Wealth. Kuala Lumpur, Malaysia: Universiti Malaya Press.
  • COVID-19 and Islamic Finance Cambridge University Press.
  • Islamic Finance in Africa: The Prospects for Sustainable Development Edward Elgar Publication.
  • The institution of waqf: an innovative financial tool for socioeconomic development. Malaysia: Pearson.

Teaching responsibilities:

  • Doctoral:

    • Seminar in Shariah

  • Masters:

    • Commercial Law and Legal Documentation for Islamic Financial Services
    • Commercial Law and Legal Documentation for Islamic Financial Services
    • Islamic Capital Market
    • Shariah Audit and Compliance
    • Shariah Rules and Issues

  • MBA:

    • Audit and Compliance
    • Islamic Capital Market
    • Islamic Capital Market

Supervision information:

  • Co-Supervisor: PhD Thesis:

    • 2023: Randi Swandaru

  • Supervisor: PhD Thesis:

    • 2021: Yousuf Sultan

Dissertation Assignments

  • Co-Supervisor: PhD Thesis:

    • 2022: Siti Abi binti Othman
    • 2022: Bilkis Lawal Shuaibu

Thesis Assignments

  • Supervisor: PhD Thesis:

    • 2020: Mohamed Ayaz Mohamed Ismail (ID1300029)

For enquiries and information

Please contact [email protected] | +603 – 7651 4223