INCEIF & ISRA Campus Official Opening
20th June 2012
The Raja Muda of Perak, Raja Dr Nazrin Shah having a photo session with the INCEIF lecturers at the launching of the new campus. From left: Prof. Dr. Abbas Mirakhor, Mr Daud Vicary Abdullah, and Tan Sri Dr Zeti Akhtar Aziz. From right: Dr Rozali Mohamed Ali and Royal Prof Ungku Abdul Aziz.
INCEIF Chancellor Tan Sri Dr Zeti Akhtar Aziz, who is the Governor of Bank Negara Malaysia, and Pro-Chancellor Dr Rozali Mohamed Ali were also in attendance together with financial industry captains.
In his welcoming address at the ceremony, INCEIF President & CEO Mr Daud Vicary Abdullah said: “INCEIF and ISRA look forward to a future that would place emphasis on achieving global recognition by upholding quality in all aspects of our deliverables; be it programme content, teaching quality or advisory services.”
Both INCEIF and ISRA will continue to be industry-focused, thus bridging the gap between academia and industry, and working towards achieving the global standards in Islamic finance education, training and research.
“In some ways the stage has already set for our debut as a global standard bearer. INCEIF is already collaborating with the Islamic Financial Services Board (IFSB) and international policy makers and advocates such as The World Bank and The Islamic Development Bank, towards a global certification for Islamic finance education and training.
“This new campus has already inspired us all to do better, and gives us the desire to move forward to achieve higher goals for the benefit of all our stakeholders. We would also like to take this opportunity to record our appreciation to Great Eastern Takaful and CIMB Islamic Bank for their financial contributions toward the betterment of two classrooms. As ever, there is much to do and not a moment to lose. ,” Mr Daud added.
INCEIF, which is the acronym for International Centre For Education In Islamic Finance, was set up in 2005 by Bank Negara Malaysia with a mission to elevate and advance knowledge in Islamic finance by developing future leaders for the global industry.
In June 2006, INCEIF was awarded university status by the Ministry of Higher Education becoming the first university in the world dedicated to Islamic finance. The university started with 54 students including 9 international students for the flagship programme, the Chartered Islamic Finance Professional or CIFP. Today INCEIF students come from nearly 80 different countries and are pursuing three programmes which are the CIFP, the Masters in Islamic Finance and the PhD either on campus or online distance learning.
As at June 2012, there are over 2,200 INCEIF students, pursuing INCEIF programmes and the top 6 countries on the list are students from Bahrain, Indonesia, Malaysia, Pakistan, Somali and Yemen.
Since the first convocation in 2009, 289 graduates have obtained Islamic finance certification from INCEIF programmes. Of these, 265 are Chartered Islamic Finance Professional graduates; 21 for Masters in Islamic Finance and 3 for PhD in Islamic Finance. Over 80 per cent of these graduates have returned to the market whilst the remaining are pursuing studies.
The diversity of INCEIF students is not confined to geographical boundaries as they are also from different faiths and different academic and professional background. In addition, INCEIF’s syllabus and programmes are also adopted and adapted by international partners in South East Asia, Europe and the Middle East. This demonstrates Malaysia’s global leadership in Islamic finance from the perspective of human capital development.
In 2008, ISRA was established to promote applied research in the areas of Shariah and Islamic finance. ISRA has been instrumental in providing platforms for greater engagement amongst practitioners, scholars, regulators and academicians via research and dialogue, locally and internationally. ISRA aims to promote innovation and dynamism into new boundaries of Islamic finance.
Together, INCEIF and ISRA have become internationally recognised names where Islamic finance education, training and research are concerned.