The Growing Importance of Developing Professionally Qualified Human Capital

Daud Vicary Abdullah President and CEO INCEIF 29 January 2015

© INCEIF2014. © INCEIF 2012.

© INCEIF 2015 International Centre for Education in Islamic Finance (INCEIF) (Company No.718736-K)

AGENDA

1. Setting the scene a. Shortage of talent b. The mandate 2. The Way Forward: Quality 3. Talent Development 4. What’s Next?

© INCEIF2014. © INCEIF 2012.

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Shortage of talent in Islamic Finance

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The perspective IF industry

IF graduates

Qualification not recognised globally

Certification programmes for professionals

Not hiring qualified people

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2012.

Mismatch of jobs

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Our mandate:

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Developing human capital for Islamic Finance.

Malaysia’s aspiration in making the country the world’s Islamic finance marketplace

The need to produce professional talent for the Islamic finance industry

INCEIF is dedicated to the human capital development for the global Islamic financial services industry

What we have done

FAA

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2012.

AACSB

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INCEIF doing our part

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Thus far…. 200

186

180 160 140 120 93

100 80 60 38

40 20

27 18 3

0

Industry Collaborations • Malaysian Takaful Association – Executive Programmes • IFSB-INCEIF Forum on Shari’ah Governance

“Islamic Finance Development Report indicated that 11% of global Islamic finance research output was from INCEIF & ISRA” - Thomson Reuters

Total 365

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2012.

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The way forward

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Quality

Build quality education

• Further research : Islamic Wealth Management & Investment Advisory Services • Classes : Master in Islamic Finance Practice, Master Science in Islamic Finance & Doctor Philosophy in Islamic Finance and Professional Certificates • Focus group : Increase linkages between academia & industry expert

Accreditation & Professional standards • •

FAA AACSB

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2012.

Interoperability

International standards

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Talent Development

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The E.P.L. Concept

Education Enhance expertise ; Wealth Management, Sharia’h and Investment Advisory Services

Perception Encourage right and comprehensive understanding

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2012.

Liquidity

Provide sufficient cross-border Liquidity

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What’s Next?

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Bringing talent up to speed

• •

Joint initiatives with WIEF, IDB and IRTI Collaborate with financial institutions in providing education on Islamic Finance i.e, Prudential BSN Takaful and Etiqa Takaful Berhad

Understand the capabilities of Islamic financial services industry in boosting global economic growth

Mobilise effective international cooperation

Stakeholders need to come together and collectively drive change

Close Coordination

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2012.

Presence in committees i.e, • Global Group in Islamic Finance & Investment (Global IFIG), under the Foreign & Commonwealth Office, UK • University of East London’s Islamic Finance and Banking Advisory • Member of the Steering Committee for The Royal Awards for Islamic Finance • ICLIF Advisory Committee

•

Through joint report “MidTerm of the Ten-Year Framework and Strategies for Islamic Financial Services Industry (IFSI) Development” by IFSB-IRTI-IDB

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There is much to do & Not a moment to lose!

© INCEIF2014. © INCEIF 2012.

Thank You Daud Vicary Abdullah President & Chief Executive Officer INCEIF, The Global University of Islamic Finance Lorong Universiti A , 59100 Kuala Lumpur, Malaysia Tel: Email: Website:

© INCEIF 2015 © INCEIFCentre © INCEIF 2014.for Education in Islamic Finance (INCEIF) (Company No.718736-K) 2015 International

2012.

+603 7651 4000 [email protected] www.inceif.org

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