World Bank and INCEIF Agreement Paves Way for New Islamic Finance Education Programs

 

An agreement to develop education and executive programs in Islamic finance was signed today by INCEIF and the World Bank.


The MoU signing was witnessed by BNM Govenor Tan Sri Dr Zeti Akhtar Aziz (second from left).

World Bank Managing Director Dr. Mahmoud Mohieldin and INCEIF President and Chief Executive Officer Daud Vicary Abdullah signed the Memorandum of Understanding on behalf of their institutions. Also present was INCEIF Pro Chancellor Dr. Rozali Mohamed Ali. The collaboration, which aims to foster the development and expansion of sustainable and equitable Islamic finance around the world, is focused on 4 strategic areas:

  • Sharing of Research – compiling, analyzing and promoting knowledge networks in key sectors of Islamic economics and finance.
  • Strengthening Capacity – helping to build stability in and promote access to Islamic financial services in developing and emerging countries.
  • Sharing of Case Studies – promoting learning from experience in the development of Islamic finance.
  • Sharing of Knowledge – identifying and disseminating sound practices in the Islamic financial services industry, including the regulatory and supervisory environment, the institutional infrastructure, the business practices, and the development of markets.

INCEIF President & CEO Mr. Daud Vicary Abdullah said INCEIF’s position as a global knowledge leader in the field of Islamic finance would be strengthened with this collaboration.

World Bank Managing Director Dr. Mahmoud Mohieldin emphasized in remarks given at an INCEIF Public Lecture Series today that knowledge-exchange among academics, policymakers, and practitioners is essential to developing the Islamic finance sector.  “Knowledge helps deepen financial intermediation, expand financial inclusion, and contribute to financial stability, ultimately improving living standards,” he said.

Islamic finance has grown in recent years, with countries such as Malaysia building Islamic finance ecosystems and ensuring regulatory consistency, as well as building capacity through institutions such as INCEIF.

Contact persons:

 

For the World Bank

Nicole Frost

Communications Manager, Finance

The World Bank

Tel: 1-202-4580511

Email: Nfrost@worldbank.org

 

For INCEIF

Baidura Ahmad

Senior Executive, Marketing & Communications

INCEIF

Tel: 603 – 2781 4034 / 6012-2055022

Email: baidura@inceif.org

 

About the World Bank Group

The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.

About INCEIF

INCEIF was set up by Bank Negara Malaysia in 2005. As of April 2012, a total of 2,141 students from over 50 countries have registered to study INCEIF’s three programmes which are Chartered Islamic Finance Professional, Masters in Islamic Finance, and PhD in Islamic Finance. Since its first convocation in 2009, more than 200 students have graduated from INCEIF.  The university has attracted partnerships with academic institutions and industry practitioners from all over the world, eager to tap into its pool of Islamic finance expert. For more information, please visit www.inceif.org

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