Global Standardisation In Islamic Finance Practice Vital, Says Ahmad Husni

PETALING JAYA -- The standardisation of Islamic finance practices across various jurisdictions is vital in today's market to promote effective global investment flows, Deputy Finance Minister I Datuk Ahmad Husni Hanadzlah said Tuesday.

Such a move is also timely to ensure compatibility of Islamic finance products and instruments, he added.

"Such standardisation is best addressed by each market player, especially those with both domestic as well as international operations," he said in his keynote address at the launch of the CIMA Certificate in Islamic finance here.

According to Ahmad Husni, Malaysia sees many opportunities to accelerate the building of a global Islamic finance industry through establishing a global network that links traditional international financial centres such as between the Middle East and the Far East.

"Malaysia is committed to working closely with other Islamic financial centres to achieve this vision," stressed.

On the need for a global human capital development programme in Islamic finance, Ahmad Husni pointed out that the responsibility for this lies not only with the regulatory authorities but also with the financial institutions within the industry.

"Proper development of human capital assets is indeed a recipe for success for any Islamic financial institution (but) one must invest in the human capital pool to attract talents today and benefit from its developments tomorrow," he said.

The CIMA certificate was jointly developed by the Chartered Institute of Management Accountants and the International Institute of Islamic Finance. This certificate is the first global qualification in accountancy in Islamic finance.

The certificate's programme comprises four modules - Islamic commercial law, Islamic banking & takaful, Islamic capital markets & instruments, and accounting for Islamic financial institutions.

Students can complete these modules in two to six months, depending on prior experience.