A group of 19 Executive MBA students from the University of Hawaii at Manoa in Honolulu today got a better understanding of the Islamic Finance as practiced in Malaysia and worldwide following a presentation on an overview of Islamic Finance delivered by Prof. Dr. Shamser Mohamad Ramadlilli Mohamad, Professor of Finance and Accounting at INCEIF and Mrs Hakimah Yaacob, Researcher at INCEIF’s research arm, ISRA (International Shariah Research for Islamic Finance).
Mrs Hakimah (left) and Prof Shamsher at the presentation.
Today’s visit was the third by Executive MBA students from the university, following the first in 2010 and another visit last year.
Mrs Hakimah spoke on the success of the Malaysian Islamic Finance system with emphasis on the legal framework. During the briefing, Prof Shamsher also elaborated on the programmes offered by INCEIF. After the presentation, both of them took questions from the group which was headed by Dr. Jack Suyderhoud, Professor of Finance and Economics at the Department of Financial Economics & Institutions, University of Hawaii at Manoa. The group was also accompanied by Mr Grant Kim, Associate Director, Pacific Asian Management Institute at the university.
The group was in Kuala Lumpur for a four-day study tour which is part of its 29th annual Asia Field Study. The objective of the Asia Field Study is to prepare students for a professional career in international business. The goal is for students to develop an awareness of the interconnected components of the global economy, be sensitive and able to adapt to each of the unique cultures and business practices. The six-week course provides students with a unique opportunity for in-depth analysis and first-hand observation of the real world of Asian business.
The programme began with background briefings from U.S. Commercial Attaches at each country, followed by site visits to marketing/advertising firms, financial firms, retail outlets, manufacturing plants, and NGOs. Prior to departure for Asia, the students received a ten day orientation on the cultural, social, economic, and political environments of the companies and industries to be studied.
The 19 students came from a diverse background that included US Navy and Army officers, bankers and a buyer from American retailer Macy’s. Kuala Lumpur was one of the stops in the group’s South East Asian study tour that included Tokyo, Shanghai and Ho Chi Minh City. In Kuala Lumpur, the group also visited, among others, the American Chamber of Commerce, the Malaysian Palm Oil Board and a palm oil plantation.
Hawaii has one of the lowest Muslim populations in the USA. However, due to the subprime crisis which began in the USA in 2008 and went on to affect global economies, more Americans are curious to find out about alternative financial systems including Islamic finance.