Another way to finance

ISLAMIC finance was introduced into the country in the 1970s, and it has since caught on globally.
With this emerging trend, INCEIF or the International Centre for Education in Islamic Finance was established by Bank Negara Malaysia in 2005 to develop human capital and knowledge leadership for the global Islamic finance industry.
INCEIF School of Professional Studies Dean Ezamshah Ismail pointed out that the university aims to accelerate the growth of talent in the Islamic finance industry, both locally and globally.
“We look into Islamic finance aspects such as Islamic banking, Islamic capital market, wealth management, and insurance.
“Our university is specific in direction and strategy – our vision is to be a centre of excellence for Islamic finance bringing top leadership in Islamic finance not only in Malaysia but also globally,” he said.
INCEIF provides three academic programmes – which are Masters in Islamic Finance Practice (MIFP), Master of Science in Islamic Finance (MSc) and PhD in Islamic Finance.
Ezamshah noted that the university has currently 2,000 students from local and some 40 countries – and of the total, 400 of them are studying in the campus.
“Our programme is flexible and allows students to study online – with students required to attend tutorial classes in the campus,” he said, noting that majority of the students are working adults.
He also pointed out that not all who take up these courses need to be from the business background.
When asked about why someone would want to take the courses in INCEIF, Ezamshah replied that it is a long-term investment for the students themselves.
“When you want to invest in an education degree, you would want to better your prospects. If you are a fresh graduate, you hope to get a good job (with a degree).
“The (finance) industry itself is growing and talent is needed,” he said.
He noted that there are people already working towards a better career and promotion through these courses.
“A master's degree is an additional feather in the cap – expanding one's horizons and new skills to better equip one to handle responsibilities,” he added.
He noted that the courses can be completed between one and a half years and three years, depending on the progress of the student.
Ezamshah also refuted the myth that such Islamic finance courses are only undertaken by Muslim students.
“We have about 7% of the students here who are of other faiths... there are students who are from Japan, Korea and UK – countries where Muslim education is not widely practised. Yet, the banks there have sent their staff to study here,” he said.
He noted that this is due to the market drive and industry for the staff to acquire knowledge of Islamic financing.
Aside from being accreditated by the Malaysian Qualifications Agency (MQA), INCEIF is also in the midst of obtaining the Association to Advance Collegiate Schools of Business (AACSB) accreditation, which is the most renowned accreditation association for business schools.
Ezamshah also noted that there are more and more universities providing similar courses as INCEIF.
“It is a growing trend – when we started out, there were not many competitors in the market. But now, we have many universities providing similar Masters courses or PhD in Islamic Finance.
“But having these competitors, would mean that the university is driven to be better... we have to have our nose in front of the pack,” he added.
Ezamshah said INCEIF hopes to continue producing graduates with the knowledge in Islamic financing, create lecturers to teach the core values of the industry and help with policies locally and internationally.