Islamic Finance

The IFSB and INCEIF renew MOU for collaboration on global capacity development and awareness-promotion activities in the Islamic financial services industry

| 09 July, 2018

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9 July 2018, Kuala Lumpur, Malaysia –The Islamic Financial Services Board (IFSB) and INCEIF – The Global University of Islamic Finance renewed an agreement to facilitate international cooperation between the two organisations to undertake relevant activities relating to global capacity development and awareness promotion in the Islamic financial services industry.

The IFSB Secretary-General, Dr. Bello Lawal Danbatta and INCEIF President and Chief Executive Officer Professor Dato' Dr. Azmi Omar signed the third Memorandum of Understanding (MoU) on behalf of their institutions, in Kuala Lumpur, Malaysia this evening.

This mutual co-operation aims to strengthen the efforts of the two institutions in promoting an exchange of information, undertaking research, development, training and education in the Islamic financial services industry. Under this MoU, the cooperation between the IFSB and INCEIF include the following areas of cooperation:

  • Joint research and publication on various areas of utmost priority concerning the Islamic financial services industry.
  • Mutual staffdevelopmentand exchange programme by providing the opportunity for IFSB Secretariat to access INCEIF resources and for INCEIF students, the opportunity for a short attachment at the IFSB.
  • Joint organisation of training and awareness programmes including among others: conferences, seminars, workshops, roundtables and other trainings (including custom-designed learning and training programmes).
  • Cooperation in providing technical assistance to IFSB member countries to facilitate the implementation of the IFSB Standards and to assist in building the necessary financial infrastructure for development of a sound and stable Islamic financial services industry.

Over the period of the previous MoUs, which were signed in 2012 in Istanbul, Turkey and 2015 in Almaty, Kazakhstan respectively, the IFSB and INCEIF successfully held a series of twelve Executive Forums (EF) covering a wide range of pertinent topics on Islamic Finance as part of its activities relating to capacity building and awareness promotion in Islamic finance.

The IFSB-INCEIF Executive Forums on Islamic Finance aim to provide a platform for the industry’s global leaders to discuss selected emerging issues facing the global Islamic financial services industry, emphasising on issues related to supervision and prudential regulation, both at the national and international levels, harnessing experiences of a distinguished pool of global experts, academics and practitioners.

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NOTE TO EDITOR:

About the Islamic Financial Services Board (IFSB)

The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.

The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.

For more information about the IFSB, please visit www.ifsb.org.

About INCEIF

INCEIF was set up by Bank Negara Malaysia in 2005 to develop human capital and knowledge leadership for the global Islamic finance industry. Apart from its academic programmes, which are Masters of Islamic Finance Practice, MSc in Islamic Finance, PhD in Islamic Finance and Professional Certificates in Islamic Finance, INCEIF also offers customised executive programmes and industry-focused applied research in line with its vision to be the knowledge and thought leader in Islamic finance.  

INCEIF syllabus is structured with inputs from industry players to bridge the gap between academic knowledge and industry experience. INCEIF faculty members, who are globally respected among the Islamic finance academia and industry, have a combined wealth of experience and diversity. The faculty, coupled with continuous support from the industry, provides INCEIF students with strong mentoring relationships and opportunities for professional development.

Since 2015, INCEIF’s research has been ranked 1st in Malaysia amongst the higher education institutions in the Research Papers in Economics (RePec) rankings.  We are also the only institution to have the research of five professors recognised by RePec, among the top 30 academics in Malaysia.  We are ranked 40th in Asia as a university.  Within the Financial Economics & Finance Department category, defined by REPEC, we are ranked 30th in the world.

For more information, please visit www.inceif.org.