Kuala Lumpur – INCEIF recently organised two short courses for participants of the Malaysian Technical Cooperation Programme (MTCP). The courses were the Fundamentals of Islamic Finance and the Business of Islamic Banking which were held con-currently on 24-28 Sep 2018.
A total of 13 participants from Maldives, Kazakhstan, Vietnam, Bangladesh, Sudan and Oman took part in the courses. The participants are senior officials of government department related financial management as well as those from regulatory bodies overseeing conventional/Islamic financial institutions. The Fundamentals of Islamic Finance programme basically introduced and developed the participants’ understanding of the fundamentals of Islamic finance. Whereas, the Business of Islamic Banking programme aim to develop current understanding and upskill participants in Islamic banking which currently makes up approximately 80% of assets in Islamic finance.
“According to the ICD-Thomson Reuters Islamic Finance Development Report 2017, Islamic finance assets are expected to grow to US$ 3.8 trillion by 2022. With this projected growth, it is critical that a country’s talent pool is equipped with the right skillset to support this progression. Programmes organised by INCEIF for MTCP are a blend of academically sound theory, trends in industry practice and market requirements”, said Assistant Prof Dr Ziyaad Mahomed, Associate Dean and Director Executive Education & e-Learning at INCEIF.
Through interactive lectures and direct engagements with subject matter experts on Islamic finance, participants were exposed to underlying paradigm of Islamic finance such as Shariah, made to understand the global appeal of Islamic finance, and introduced to the major components and various instruments available in the industry.
Apart from classroom discussions, participants had the opportunity to know more about Malaysia’s government policies with a visit to the Ministry of Foreign Affairs. They also had the chance to visit the Islamic Financial Services Board (IFSB) which 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.
The history of the MTCP Programme dates as far back to the First Commonwealth Heads of States (CHOGM) Meeting in Sydney in February 1978, where the idea was first conceived. The Malaysian Technical Cooperation Programme was officially launched on 7 September, 1980 at the Commonwealth Heads of State Meeting in New Delhi, India, to signify Malaysia’s commitment to South-South cooperation, in particular Technical Cooperation among Developing Countries. In line with the spirit of South-South Cooperation, Malaysia through the MTCP shares its development experiences and expertise with other developing countries. The programme forms part of the commitment of the Malaysian Government towards promoting technical cooperation among developing countries, strengthening of regional and sub-regional cooperation, as well as nurturing collective self-reliance among developing countries.
As a knowledge leader in Islamic finance, INCEIF is honoured to be part of the government’s initiatives to share the nation’s expertise in Islamic finance with other developing countries. The university has been organising the short courses on diverse topics on Islamic finance since 2016.