More experts on Islamic finance needed
Show me the money: A Malaysian central bank staff counts a stack of money at the central bank in Kuala Lumpur in this file photo. A Malaysian official said growing interest on the Islamic finance industry has strengthened demand for Islamic finance professionals. Picture: EPA
Sunday, June 15, 2008
THE uptrend in the Islamic financial services industry has created a significant demand for Islamic finance professionals, particularly individuals who are well-versed in Syariah as well as equipped with the latest industry practices and knowledge, Higher Education Minister Mohamed Khaled Nordin said Thursday.
According to Bank Negara projections, by 2010, there would be a need for about 11,600 trained personnel and professionals in Islamic finance, and this figure comprised 31 per cent of the total trained professionals in the banking sector, he said.
He said this when launching the Masters in Islamic Finance programme at the International Centre for Education in Islamic Finance, here.
Currently, there are 3,778 students in areas relating to Islamic banking and Islamic finance in public institutions of higher learning in Malaysia, whereas professionals who had majored in Islamic finance only total 745 in the market.
"Those are the specialised, working in the sector. Syariah experts as at 2007 figured around 120 in the whole country," he said.
Mohamed Khaled said though the centre was still new, with just three years of experience, it was believed that the institution could achieve the target of being the national centre of excellence in Islamic finance and banking, and in realising the government's aim of becoming an education hub in the region.
Hence, he said, it was hopeful that the centre, as a private institution of higher learning, would be able to produce graduates who were well-equipped to pursue their careers not only to meet demand locally but also beyond Malaysia's shores.
Besides this new Masters in Islamic Finance Programme, the centre, set up by the central bank in 2006, is also offering the Chartered Islamic Finance Professional and the PhD in Islamic finance programmes. Bernama
According to Bank Negara projections, by 2010, there would be a need for about 11,600 trained personnel and professionals in Islamic finance, and this figure comprised 31 per cent of the total trained professionals in the banking sector, he said.
He said this when launching the Masters in Islamic Finance programme at the International Centre for Education in Islamic Finance, here.
Currently, there are 3,778 students in areas relating to Islamic banking and Islamic finance in public institutions of higher learning in Malaysia, whereas professionals who had majored in Islamic finance only total 745 in the market.
"Those are the specialised, working in the sector. Syariah experts as at 2007 figured around 120 in the whole country," he said.
Mohamed Khaled said though the centre was still new, with just three years of experience, it was believed that the institution could achieve the target of being the national centre of excellence in Islamic finance and banking, and in realising the government's aim of becoming an education hub in the region.
Hence, he said, it was hopeful that the centre, as a private institution of higher learning, would be able to produce graduates who were well-equipped to pursue their careers not only to meet demand locally but also beyond Malaysia's shores.
Besides this new Masters in Islamic Finance Programme, the centre, set up by the central bank in 2006, is also offering the Chartered Islamic Finance Professional and the PhD in Islamic finance programmes. Bernama
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