ISLAMIC FINANCE INSTITUTIONS INTERNATIONAL CENTRE FOR EDUCATION IN ISLAMIC FINANCE

JUL06 ISSUE9 Print this article It is a well accepted fact that there are not enough experienced Islamic bankers around to meet the needs of such a fast growing industry. Malaysia has a home-grown solution to the problem. Paul McNamara reports The International Centre for Education in Islamic Finance is an initiative from Kuala Lumpur that has the backing, support and patronage of the central bank of Malaysia, Bank Negara Malaysia, and its chairman is Dr. Zeti Akhtar Aziz. According to Dr. Zeti, "To sustain and support the development and growth of the industry, an important prerequisite is the development of the talent and expertise that is needed to drive innovation and to raise the performance of the industry to greater heights. In particular, we must develop the professional expertise that demonstrates discipline in both intellectual leadership as well as in the operational practice." This is the basic thinking that underpins the International Centre for Education in Islamic Finance. Established in 2006 to train Islamic finance professionals in order to address the human capital needs of the industry. Its main focus and objective is to produce high caliber professionals for the global Islamic finance services industry through its certification programmes. "IFP SEEKS TO DEVELOP AN INCREASED AWARENESS AND UNDERSTANDING OF ISLAMIC FINANCE BOTH WITHIN THE MUSLIM WORLD AND IN THE WEST AND IN ORDER TO ACHIEVE THIS IFP RUNS SEMINARS, WORKSHOPS, LECTURES, AND FORUMS ON TOPICS RELEVANT TO ISLAMIC FINANCE." The Certified Islamic Finance Professional (CIFP) programme is the first of its kind and has a comprehensive syllabus divided into three parts. The first part looks at Islamic economics and finance from a theoretical point of view. The second part looks at endowing candidates with practical skills such as structuring corporate financing and issuing Islamic securities. Part three involves an articleship programme that teaches problem solving skills, restructuring exercises, simulation and management games and so on. The CIFP programme can be completed between in a timeframe between 1.5 and 6.5 years. Both banking and Takaful are covered in the programmes and the idea is that graduates will add an extra dimension to the industry. Specialised modules are offered in both banking and Takaful. At present, the academics involved in teaching the programme include: Professor Dato Dr. Sudin Haron who is a renowned academic in Islamic banking and finance Professor Dr. Mohamed Ariff who has a consulting specialisations in finance, taxation, privatisation and the capital markets Professor Dr. Nabil Baydoun who has researched and consulted extensively in the areas of financial management, accounting, auditing and strategic planning Professor Dr. Masudul Alam Choudhury who has written extensively in the areas of Quranic studies, economics, finance and philosophy Professor Dr. Murat Cizakca who has written extensively in the areas of economics, business and finance Professor Dr. M. Shahid Ebrahim who is a researcher in corporate finance and Islamic banking There is a wealth of additional academics and teachers to augment this list. In general, the minimum academic requirement for entry into the CIFP programme is a bachelor's degree, or an equivalent professional qualification. Students with a diploma plus five years working experience in the field are also welcome. All courses are run in English. The learning methodology caters to the needs of working professionals and candidates can pursue the programme using a combination of online and onsite learning including attending optional seminars and tutorials. Academic terms start in both June and December of each year.