KUALA LUMPUR, April 30 2012---An agreement to develop education and executive programs in Islamic finance was signed today by the INCEIF and the World Bank.
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 were INCEIF Pro Chancellor Dr. Rozali Mohamed Ali and Bank Negara Malaysia Deputy Governor Dato’ Muhammad Ibrahim. The collaboration, which aims to foster the development and expansion of sustainable and equitable Islamic finance around the world, is focused on four 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.
Mr. Vicary Abdullah said INCEIF's position as a global knowledge leader in the field of Islamic finance would be strengthened with this collaboration.
Dr. Mohieldin emphasized in remarks given at an INCEIF event 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.
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 of 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.
INCEIF was set up as a Global University of Islamic Finance by Bank Negara in 2005. As of April 2012, enrolment had reached 1,930 students from over 70 countries, comprising 1,755 Chartered Islamic Finance Professional (CIFP) students, 67 Masters in Islamic Finance, and 108 PhD candidates 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 experts.
Ms. Baidura Ahmad
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For the World Bank
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The World Bank