Demand for skilled talent in Islamic Finance on the rise

  • ISLAMIC finance has witnessed, over the last few years, a remarkable growth at 15 to 20 per cent Compounded Annual Growth Rate (CAGR), emerging as one of the fastest growing financial sectors in the world.
  • The total assets of the Islamic financial industry in 2015 was around US$2 trillion (RM8.3 trillion) and estimated to surpass US$4 trillion by 2020. This industry’s rapid growth undoubtedly creates a huge demand for new expertise.
  • The Human Capital Development Report (2014) revealed that the global Islamic financial services industry requires more than 50,000 new, talented personnel who are well-exposed and trained in syariah finance.
  • The existing pool of Islamic finance practitioners also fall short of meeting the current industry’s needs.
  • Malaysia has taken the lead to foster high-calibre Islamic finance professionals and syariah advisors by introducing several initiatives, notably the establishment of three institutions: The Islamic Banking and Finance Institute Malaysia (IBFIM), a training centre devoted to supply a pool of Islamic finance professional; the International Centre for Education in Islamic Finance (INCEIF), the world’s first and only university dedicated to Islamic finance; and the International Syariah Research Academy for Islamic Finance (ISRA), a research centre established to promote applied Syariah researches in Islamic finance.

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