This convocation is significant for the following reasons:
i. It is a culmination of a pioneer program which is unique in its raison detre i.e. to bring forth trained human capital.
ii. It is being held during a financial crisis where even Islamic financial institutions are not spared from the decline of confidence.
iii. It is also a test of how our training in the last one and half years can contribute to weathering this crisis and move Islamic finance forward.
iv. The challenge is daunting indeed. However we can take comfort in the fact that our cohort will remain together through the Association of Islamic Finance Professional of which we are eligible to be members.
The crisis notwithstanding the growing importance of Islamic Finance in the international financial system has caught wide attention and above all, Islamic Finance today, is not just an avenue for the Muslim community to practice their religion, but is indeed a financial alternative for all races, religions and communities in this world. In fact, the universality of its ethical principles had made it possible for people of diverse customs, racial and beliefs across the globe to come in unity via the economic platform.
I, being part of the statistics mentioned, am very proud to be standing here today, as part of the pioneer graduates from the world's first university dedicated to the field of Islamic Finance.
Like many of the audiences here today, I'd stepped into INCEIF with minimal knowledge of Islamic Finance. My understanding of Islamic Finance was basically limited to the prohibition of interest, gambling, alcohol and other related items deemed 'haram' in the commercial and financial business.
Throughout the CIFP program, I was enlightened with the very essence and basic nature of Islamic Finance in almost every aspect of the financial system. Islamic Finance is more than just the prohibition of interest and gambling, it is a financial system that puts forth the presence of fairness and equity in every deals and processes, emphasizes the need for reward to be compensated according to the risks taken (al ghorm bil ghonm) and most importantly of all, the incorporation of humanity and morality in all business dealings, something which is terribly missing in today's financial system. Essentially, the ethical dimension embedded in Islamic finance is universal and contemporarily relevant despite having been divinely revealed 1400 years ago.
The practicum training performed as part of the program requirement had definitely changed my perception on Islamic Finance as a whole. Coupled this with the variety of international students enrolled in the program and the exchange of culture and Islamic Finance practices accompanying it, the experience I had over the past months is truly incomprehensible and the friendship made throughout this period will be truly cherished.
Ladies and Gentlemen: Today, the global financial environment is rapidly changing, competitive and challenging, thus forcing the government, corporate sectors and global investors in Muslims and non-Muslims countries to open up to non-conventional practices and options. Though Islamic Finance has an impressive global following and has gained increasingly prominent role in the global financial system, it still has a long journey to travel before gaining similar recognition accorded to the current financial system. Following this, the importance of human capital development cannot be denied and the support of industry players to this effort of training a true Islamic Finance professional should be encouraged at both the domestic and international level.
On this occasion, let me take this opportunity to congratulate all my fellow graduate brothers and sisters for making it through this CIFP program with great strength and enthusiasm. I would also like to extend my heartfelt gratitude to all the faculty members and management staffs of INCEIF that had assisted, guided and showered me with formal and informal knowledge as well as assistance throughout my tenure and lastly to thank all present for making this convocation a success.
Thank you.
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