IslamicFinance.de

Badlisyah Abdul Ghani, president of Chartered Institute of Islamic Finance Professionals, says we need a megabank in every country. Today most jurisdicitons do not have effective infrastructure for Islamic finance, some banks are efficient in their own country, but not in other countries. Megabanks have to be multi-country players.

The Chartered Institute of Islamic Finance Professionals in Kuala Lumpur is going global as it seeks to fill a void of experts with specialties such as insurance and law. The institute aims to increase membership of qualified practitioners to 3,000 in three years, from 400 now, its president Badlisyah Abdul Ghani said. The CIIF, which changed its name and geographical focus in 2015, is in talks with associations and regulators stretching from the Middle East to Indonesia as part of that campaign, he said. CIIF plans to start offering specialized courses next year to address the shortage of professinals, which is hindering development. The Kuala Lumpur-based Finance Accreditation Agency estimates 56,000 more qualified experts will be needed to fill positions in the next five years as growth accelerates.

Malaysia’s Islamic finance industry will continue to grow strongly despite the withdrawal of some Islamic finance-related incentives in Budget 2016.
Chartered Institute of Islamic Finance Professionals (CIIF) president Badlisyah Abdul Ghani said the country’s Islamic financing market has grown positively over the years, attributed to the tax incentives provided for Islamic financing in previous budgets.
“(But now) the Islamic finance no longer requires that assistance to penetrate the market. (Previously) the incentives were there to create the momentum to build nderstanding and acceptance of Islamic finance,” he told a press conference after the launch of CIIF last Friday.
Badlisyah said the CIIF, a professional body for qualified practitioners in the Islamic finance industry, was established following the increasing need for a global reference point for professional talent in the industry, as it expands internationally.