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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