INCEIF launches its Masters in Islamic Finance Programme

The growing demand for more Islamic finance professionals has led the International Centre for Education in Islamic Finance (INCEIF) to offer another Islamic finance programme, the Masters in Islamic Finance. INCEIF already holds the distinction as the only global university dedicated to Islamic finance, offering its flagship programme, the Chartered Islamic Finance Professional (CIFP) and the PhD in Islamic Finance.

The programme shall be the impetus for pushing the boundaries of knowledge in Islamic Finance and the launching of the Masters programme also marks another progressive and positive step towards realising the government's objective of making Malaysia THE education hub.

Launched by the Minister of Higher Education Dato' Seri Mohamed Khaled Nordin, the event was also graced by Tan Sri Dr Zeti Akhtar Aziz, the Governor of Bank Negara Malaysia and other dignitaries including university vice-chancellors as well as chief executive officers of the financial institutions.

The growing demand for more Islamic finance professionals has led the International Centre for Education in Islamic Finance (INCEIF) to offer another Islamic finance programme, the Masters in Islamic Finance. INCEIF already holds the distinction as the only global university dedicated to Islamic finance, offering its flagship programme, the Chartered Islamic Finance Professional (CIFP) and the PhD in Islamic Finance.

The programme shall be the impetus for pushing the boundaries of knowledge in Islamic Finance and the launching of the Masters programme also marks another progressive and positive step towards realising the government's objective of making Malaysia THE education hub.

Launched by the Minister of Higher Education Dato' Seri Mohamed Khaled Nordin, the event was also graced by Tan Sri Dr Zeti Akhtar Aziz, the Governor of Bank Negara Malaysia and other dignitaries including university vice-chancellors as well as chief executive officers of the financial institutions.

Minister of Higher Education Dato' Seri Mohd Khaled Nordin and Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz with the 12, out of the total 14, Masters in Islamic Finance students.

INCEIF offers two Masters programmes, the Masters in Islamic Finance by Research and the Masters in Islamic Finance by Coursework and Dissertation. The Masters in Islamic Finance by Research is aimed at candidates with experience in the financial services industry, whose pursuit of the degree will lead to creation of new products, development of new structures and resolution of outstanding problems.

The Masters in Islamic Finance by Coursework and Dissertation, on the other hand, is designed to produce graduates with in-depth exposure to various components of coursework in Islamic finance, before they are allowed to conduct their research. The research output is intended to expand the horizon of new products or services for the Islamic financial services industry.

The Masters programme is supported by experienced faculty members including Prof. Dr Hamzah Ismail, Head of Graduate Studies, Prof Datuk Dr. Syed Othman Alhabshi, Head of Takaful Department; Prof Dr. Saiful Azhar Rosly, Head of Islamic Banking Department; Prof Dr. Murat Cizakca, Professor of Comparative Economic History, Prof Dr Syed Abdul Hamid AlJunid, Head of Islamic Financial Market Department and Prof Dr Zainal Azam Abdul Rahman, Head of Shariah Department.

In his welcoming remarks, INCEIF's Governing Council Chairman Dr Rozali Mohamed Ali noted that INCEIF's CIFP programme is meant for the professional who wishes to practice Islamic Finance whereas the masters and doctoral programmes in Islamic Finance are targeted for those who are academically inclined. The masters and doctoral programmes create core competencies in research and development, and this helps strengthen the course offerings in the CIFP. Without research and development, the CIFP would be drawing upon knowledge with expired shelf-life. With outputs from research seminars in the masters and doctoral programmes, the CIFP can be improvised to enable the incorporation of the most current ideas or the most prevalent practices.

Highlighting on the importance of the recognition by other universities, Dr Rozali mentioned on the recently sealed collaboration between INCEIF and the University of Reading, UK.

In August this year, the University of Reading will launch its MSc in Investment Banking and Islamic Finance, where part of the courses would be from INCEIF's CIFP Part I and the students would spend one term at INCEIF Campus. Students who complete the INCEIF component courses successfully can apply for exemptions from the CIFP Part 1 modules in addition to the Masters degree awarded by the University of Reading. This is a first for INCEIF and Reading and indeed, in the world, as students will be taught by faculties from the two universities. It is also unique in the sense that students will be able to spend one term studying at INCEIF campus in Kuala Lumpur.

At the launch, Dato' Seri Mohamed Khaled presented INCEIF offer letters to candidates. A total of 14 places are offered, of which three are for foreigners, namely one from Sudan and two from Nigeria. The foreigners are expected to be based in Kuala Lumpur for the duration of their Masters programme.

The Minister of Higher Education also witnessed the mock cheque presentation by Dato' Mohd Hussin Abdul Hamid, Director of EONCAP Islamic Bank to Dr Rozali for the INCEIF Fisabilillah Trust Fund.

The INCEIF Fisabillilah Trust Fund was established by INCEIF in 2007 to be primarily funded with zakat payables from generous benefactors including financial institutions and corporate bodies. Applications for the Fund are vetted by The Fund?s Scholarship Committee. The Fund will go towards deserving students to pursue INCEIF programmes which are the Chartered Islamic Finance Professional, the Masters in Islamic Finance and PhD in Islamic Finance, from all countries irrespective of race, gender and nationality. It is used strictly for the provision of scholarship, course fees, allowances, and insurance, wherever applicable. The Fund will be utilised in accordance with Syariah principles.

Today's contribution of RM200,000 from EONCAP Islamic Bank is the Bank's second contribution towards the Fund. As of today, 70 students have benefited from the Trust Fund and INCEIF will continue to disburse financial aids to deserving students to pursue courses at INCEIF.