12 August, 2016, Kuala Lumpur – In line with the spirit of South-South Cooperation, Malaysia through The Malaysian Technical Cooperation Programme (MTCP) has bene sharing its development experiences and expertise with other developing countries.
The programme forms part of the commitment of the Malaysian Government towards the promotion of technical cooperation among developing countries, strengthening of regional and sub-regional cooperation, as well as nurturing collective self-reliance among developing countries.
INCEIF is proud to be the institution of choice for MTCP for customised Islamic finance training. For two years running, INCEIF has conducted short courses on IF in Kuala Lumpur for participants from developing countries under the MTCP initiative.
The latest was for a four-day training programme (9-12 Aug) which introduced the essential concepts and principles relating to Islamic finance, inclusive of banking and capital markets products. Programme facilitators, who comprised subject matter experts from among INCEIF faculty, shared their knowledge and experience with the 17 participants.
Ministry of Foreign Affairs’ Principal Assistant Secretary at the Department of Multilateral Affairs, Mr Beh Ching Chye said: “Today we successfully concluded another cohort of training programme under The Malaysian Technical Cooperation Programme (MTCP). This effort signify Malaysia’s commitment to South-South Cooperation, in particular technical cooperation among developing countries.
“For Islamic finance in particular, MTCP has been collaborating with INCEIF because we believe the university has the expertise and experience based on the strength of its faculty members as well as its strong line to Bank Negara Malaysia and the industry players.”
The short courses help participants to define the vocabulary of IF and connect the dots between Islamic Law, Islamic Jurisprudence and their impact on financial market applications. They get to compare and contrast how various Islamic toolkits are applied in practice in Islamic finance.
Islamic legal maxims on capital market, equities, Sukuk and Takaful are introduced and analysed. Different Islamic instruments are explained, and their critical differences to conventional products are highlighted.
Participants of the programmes conducted by MTCP are expected to make a significant contribution to their own countries on their return from Malaysia.
“Therefore it is imperative that the knowledge gained here could be used as tools and adapted to spearhead the development of Islamic finance in their respective countries. This is certainly in line with the spirit of South-South Cooperation, where Malaysia through the MTCP shares its development experiences and expertise with other developing countries. Such training also promote stronger bilateral cooperation with the countries,” Mr Beh added.
INCEIF Deputy President Operations, Mr Dzalin Ayub said it was an honour for INCEIF to be part of the Malaysian Government’s efforts in promoting bilateral relationship.
“As a university and provider of executive programmes on IF, INCEIF realises that our duty in sharing our IF knowledge and expertise goes beyond the Malaysian shores. We are happy to contribute towards the development of the IF industry in the participant’s respective country.
“Participants would hopefully be able to apply or adapt the course content in their own organisations. This is because the course made extensive use of team exercises and real-life scenarios and problems to ensure participants grasp the core rules of different Islamic tools,” Mr Dzalin said.
A participant from Kazakhstan, Mr Duman K. Nurbayev who is Vice Chairman of SK Leasing JSC, said: “The programme is good because it was delivered by knowledgeable faculty members. INCEIF should also consider expanding the duration of the programme in future. Even though I now have a better idea of what constitutes IF, there are still other aspects of the industry that I could certainly benefit from.”
Mrs. Lamya Ibrahim, Project Manager at Maldives’s Ministry of Economic Development, said: “The contents discussed were relevant to my current workload. I can’t wait to apply them back home, and share the knowledge gained here with my organisation.”
Mr Ezekiel Gechuki Manyara, Senior Economist, at Kenya’s Ministry of Development & Planning, said: ‘’After listening to the latest development of IF in Malaysia, I am really impressed with the innovation and the speed of product development and acceptance for IF products and services in Malaysia. We also get to hear directly from industry players on issues and challenges in the industry, all of which are priceless knowledge because you just can’t compare real-life situations with text book contents.”
With the continued interest in IF globally which is generating tremendous interest and demand for education on the various components of IF, INCEIF expects to conduct more customised executive programmes in the near future, with the MTCP as well as with other institutions.