Need for more Islamic finance experts

KUALA LUMPUR

The uptrend in the Islamic financial services industry has created a significant demand for Islamic finance professionals, particularly individuals who are well-versed in Syariah as well as equipped with the latest industry practices and knowledge, Higher Education Minister Datuk Seri Mohamed Khaled Nordin said today.

According to Bank Negara (BNM) projections, by 2010, there would be a need for about 11,600 trained personnel and professionals in Islamic finance, and this figure comprised 31 per cent of the total trained professionals in the banking sector, he said.

He said this when launching the Masters in Islamic Finance programme at the International Centre for Education in Islamic Finance (INCEIF), here.

Currently, there are 3,778 students in areas relating to Islamic banking and Islamic finance in public institutions of higher learning in Malaysia, whereas professionals who had majored in Islamic Finance only total 745 in the market.

“Those are the specialised, working in the sector. Syariah experts as at 2007 figured around 120 in the whole country,” he said.

Mohamed Khaled said that though the INCEIF was still new, with just three years of experience, it was believed that the institution could achieve the target of being the national centre of excellence in Islamic fin inance and banking, and in realising the government’s aim of becoming an education hub in the region.

Hence, he said, it was hopeful that the INCEIF, as a private institution of higher learning, would able to produce graduates who were well-equipped to pursue their careers not only to meet demand locally but also beyond Malaysia’s shores.

Besides this newl Masters in Islamic Finance (MIF) Programme, INCEIF, set up by BNM in 2006, is also offering the Chartered Islamic Finance Professional (CIFP) and the PhD in Islamic Finance programmes.