Kuala Lumpur, MALAYSIA – 3 November 2015– INCEIF – The Global University of Islamic Finance – today launched the INCEIF Endowment Fund (IEF) to invest in and sustain the university’s growth as a world-leading knowledge centre for talent development in Islamic finance. The endowment fund will serve as a platform on which the university’s increasingly significant role in shaping the future of the global Islamic Finance industry can be maintained for generations to come. The fund’s role as a catalyst for INCEIF’s sustained growth is expected to help meet the increasing industry demand for high-calibre Islamic finance and banking professionals over the next decade, and ensure the rapid adoption of industry developments in response to a fast-changing global market.
Attending the event, His Royal Highness Sultan Nazrin Muizzudin Shah, Sultan of Perak, officially launched the IEF logo to mark the establishment of the fund. Also present was Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz, who is the Chancellor of INCEIF. Speaking at the event, Tan Sri Dr Zeti, said: “The inspirational journey undertaken by INCEIF has within a relatively short history of the industry led to a dynamic transformative force in shaping the landscape of human capital development for Islamic finance. The success of INCEIF is indeed a celebration itself and a reason for us to pay tribute to the leaders of INCEIF and industry stakeholders present tonight whom have provided undivided support to INCEIF. The milestones and achievements of INCEIF is a culmination of various collective wisdoms that have charted the path of INCEIF. In a decade, INCEIF has had the opportunity to have experienced individuals ranging from prominent academicians, industry practitioners and subject matter experts as members of its Governing Council.
“INCEIF also leverages on the vast wealth of experience of its academic faculty members, with the largest pool of Islamic finance experts under one roof with over a thousand years of combined experience. With a faculty of such strength, INCEIF has been able to provide its students and graduates with value added insights and perspectives, in particular for their research programmes. The strategy taken by INCEIF to foster close collaborations with various institutions of higher learning has also strengthened efforts in areas of curriculum development, research, exchange of ideas and information as well as resources in Islamic finance.”
INCEIF President & CEO Mr. Daud Vicary Abdullah paid tribute to INCEIF’s “meteoric” progress to date. He also paid tribute to its now 1,078-strong alumni taking up positions across markets and jurisdictions, and new international partnerships and applied research, which together have been “transformational” to the industry’s development. Reflecting on specific INCEIF alumni success stories, from as far and wide as Malaysia to Moscow and Kazakhstan to Korea, Mr. Daud also highlighted INCEIF’s 5-year partnership with the World Bank in the field of risk-sharing and poverty alleviation, and most recently its MoU with Japan’s KEIO University, signed on 3rd November at the WIEF. The MoU with Keio University is the latest of INCEIF’s strategic partnerships with world-class academic institutions, which also includes Antwerp Management School and Lahore University of Management Sciences (LUMS).
He also spoke about INCEIF’s work in applied research, gaining recognition as the number 1, for the last 6 consecutive months, in the Research Papers in Economics (REPEC) rankings for Malaysia. In promoting the significance of research, he paid tribute to INCEIF’s sister organisation, ISRA, whereby a recent Thompson Reuters report published in December 2014 on the Islamic economy indicated that 11% of the world’s accredited and referenced output in research is attributable to INCEIF & ISRA. INCEIF is also on track to obtain the Association to Advance Collegiate Schools of Business (AACSB) accreditation, which is the most renowned accreditation association of business schools, and includes revered institutions such as Harvard Business School and MIT Sloan School of Management.
Mr Daud, added: “The establishment of this endowment fund will help INCEIF to continue our journey, attracting and then retaining the very best in human capital. We are capable of increasing our global reach through the increasing diversity of our students, through the quality of their education and through the development of leading-edge research in areas such as risk-sharing and anti-fragility. INCEIF has been identified as a Malaysian initiative, which has become global.”
The IEF is an investment in human capital, giving opportunity for Islamic finance talents to instil ethical values in the financial world. The endowment will create a legacy, benefitting students and the faculty, year after year. It will invest in 4 key areas – students, curriculum, faculty and research – with an impetus on creating student scholarships, new chairs, research and infrastructure development.