IslamicFinance.de

According to Professor Datuk Dr Azmi Omar, President of the International Centre for Education in Islamic Finance (INCEIF), it is necessary to address millennials, as they constitute a significant proportion of the Malaysian population. Therefore, Islamic banks must be smart enough, in either that they create another subsidiary, a virtual bank, or roll out more of their services in terms of virtual applications. He added that virtual Islamic banks will attract millennials, but not everyone will go for digital banking. It is an alternative. In March this year, BNM governor Datuk Nor Shamsiah Yunus said the central bank had had some preliminary discussions with a few banks, with virtual banks overseas. In its report on Islamic Banking Moody's noted that Malaysia planned to issue new virtual banking licenses by end-2019. This could increase competition for deposits, especially among Islamic banks with weaker deposit franchises.

A Memorandum of Understanding (MoU) was signed by Malaysia’s Applied Research and Development Centre MIMOS and the International Centre for Education in Islamic Finance (INCEIF), to develop a blueprint for an Islamic finance-based investment technology platform. The MOU was signed by INCEIF President Dato' Dr Azmi Omar and MIMOS President Ahmad Rizan Ibrahim. Under the MOU, the two institutions will collaborate in research and development, in particular the areas of Big Data Analytics, Deep Learning and Fintech. Further, INCEIF and MIMOS may also cooperate in field-testing, technology transfer and commercialisation of technological products.

The growth of the global Islamic finance has provided a niche market with solutions through a well-defined Islamic ethos. Unfortunately, Islamic finance has been criticised for having diverted from its core principles of socio-economic empowerment. As a model, Islamic finance has advocated the narrative of a sharing economy through risk-sharing and fairness. However, the growth of Islamic finance has been witnessed primarily in wealthy nations without equally impacting those that are less fortunate. International organisations such as the International Federation of Red Cross and Red Crescent Societies (IFRC) and United Nations Development Programme (UNDP) are now actively considering Islamic finance solutions. In terms of sukuk, the era of the 'Green' Sukuk is upon us. With regards to research, the International Centre for Education in Islamic Finance (INCEIF) initiated a whole unit dedicated to Social Finance.

The Financial Inclusion and Islamic Finance Forum is scheduled to take place in Kuala Lumpur between the 11th and 16th of November. The event is hosted by the IFSB, a Malaysia-based standard-setting organization that issues guiding principles for banking, capital markets and the insurance sectors. The other host is the International Centre for Education in Islamic Finance, a university also based in Malaysia and centered around the Islamic finance industry. The standard fees to attend are USD 1,200 if registering by November 2, 2016, and USD 1,500 if registering after.

A memorandum of agreement (MOA) for a capacity building initiative of the private sector in the field of Islamic finance was signed between the Islamic Corporation for the Development of the Private Sector (ICD) and the International Centre for Education in Islamic Finance (INCEIF).
The MOA was signed by ICD’s CEO and General Manager Mr. Khaled Al-Aboodi and INCEIF President and Chief Executive Officer Mr. Daud Vicary Abdullah.
As a result of the agreement, the ICD will counterpart the INCEIF-implemented program Charted Islamic Finance Professional (CIFP) participants learning experience through its corporate attachments within ICD and its investee companies globally, with its reputable regional partners and within the IDB Group.