The Islamic Banking and Finance Institute Malaysia (IBFIM), the first training provider in Malaysia accredited by the Finance Accreditation Agency (FAA), is gearing to move forward with improvements in its modules to meet industry demands.
Strengthened with the accreditation, IBFIM expects a wider market reach in various jurisdictions, it’s COO and head of talent development, Mohamad Najib Shaharuddin said.
“As we speak, we are continuously improving our modules to meet the ever changing needs of the industry and the FAA accreditation provides the first kind of global benchmarking of professional qualifications in Islamic finance,” Mohamad Najib said.
The FAA’s recognition of the institute as a registered training provider, will translate into better traction and higher recognition by professionals in the Islamic finance industry.
“Through the benchmarking exercise, future collaborations with IBFIM’s existing and potential partners and affiliates would be facilitated.
This will spur the mutual recognition, transferability and progression routes of qualifications introduced in various jurisdictions, Mohamad Najib said.
The FAA is an international and independent quality assurance and accreditation body supported by Bank Negara Malaysia and Securities Commission Malaysia.
IBFIM said it relied on the professional and sound expertise of the FAA, which has an accreditation panel consisting of international subject matter experts with wide exposures in niche financial areas.
Shaharuddin said the institute’s client base has grown over the years, focusing towards the introduction, development and growth of the Islamic finance industry in Malaysia.
IBFIM’s certifications will be creating more demands in professional certification for individuals, regulatory bodies and industry leaders who are looking towards an applied and industry-based qualification in Islamic finance.
“Let’s take an example of the Certified Qualification in Islamic finance (CQIF). The programme offers a framework and progression route for participants who are undergoing continuous, multi-level and flexible industry-recognised certifications,” Mohamad Najib said.
Among the jurisdictions handled by IBFIM recently were regulators from the Palestinian Banking Authority (PBA), who took up the CQIF courses, and the programme ended well with the regulators having completed the Shariah core level, Shaharuddin said.
In terms of providing a more Shariah technical approach service, IBFIM’s Shariah Advisory role complements the learning initiatives above, and provides consultancy services for new entrants into the Islamic finance market as well as ensuring Shariah compliance support for existing players.
Currently IBFIM is providing consulting services from setting up to the Shariah stock screening and audit.
“The role that we play is quite independent where our advice spans not only the local scenario but we also cater to international organisations such as foreign financial players and regulatory bodies,” the IBFIM COO said.
To further complement the expansion knowledge in Islamic finance, IBFIM’s Knowledge Management Centre (KMC) provides access to literature and references to general and specific areas within Islamic finance.
IBFIM also has 40 titles published through its publication initiative, enhancing the learning experience with reference material for certified qualifications, as well as engaging in translation work of major titles on Islamic finance jurisprudence.
Mohamad Najib said IBFIM is providing secretariat services to the Network of Islamic Finance Training Institutes (NIFTI), which is a loose network of training institutes across the world.
NIFTI is involved in talent development in Islamic finance, and is envisioned to be a reference point providing easy access to information.
IBFIM has a holistic approach to human capital development, believing that Shariah pillars should play an integral part of achieving the business objectives of any organisation.
However, in terms of talent development in the Islamic finance industry, IBFIM is looking towards providing massive roll out in training for the frontliner and professional segment.
“If you look at any human capital model the element of positive human nature plays an integral role be it old or new models. Its Islamic in nature. We should look at providing sustainable yet profitable business for our stakeholders,” Mohamad Najib said.
*This article was published by The Malaysian Reserve. Read the original article here.