Islamic finance needs to expand pool of skilled professionals: CIIF

CIIF signed three MOUs to develop the talent pipeline of the Islamic finance industry.

The Chartered Institute of Islamic Finance Professionals (CIIF) emphasised the global need to expand the pool of skilled professionals as well as a fresh influx of talent for the growth of Islamic finance globally.

Global Islamic Financial Services industry assets are growing at 4% year-on-year (YoY), equivalent to US$3.38t in 2023, according to data from the 2024 Islamic Financial Services Industry (IFSI) Stability report.

This growth makes it essential for Islamic finance professionals to upgrade their knowledge in order to deliver high-quality workmanship and foresight, said Kemal Rizadi Arbi, president of CIIF.

“As skilled human capital is a significant component of growth of the Islamic finance industry, upskilling the workforce with professional qualification and institutionalising this qualification within career development of talents in the industry, is a key element in moving Islamic finance to the next level," he said, speaking at the CIIF’s 3rd Conferment Ceremony for new chartered members held at Kuala Lumpur, Malaysia on 22 November 2024.

During the ceremony, the CIIF also signed multiple memorandum of understandings with the Association of Seniors in Islamic Finance (ARIF), Universiti Teknologi MARA (UiTM), and Enforcement, Leadership, and Management University (ELMU).

The MoU with ARIF aims to foster mutual benefits in the Islamic finance industry through various shared initiatives. This includes knowledge sharing between seasoned professionals and young talents, as well as professional development.

CIIF also signed an MOU with UiTM, with the objective to bridge academic and professional gaps in Islamic finance. UiTM’s educational capabilities will be combined with CIIF’s industry expertise for this.

Meanwhile, the MoU with ELMU focuses on combining efforts to advance professional development and education in governance, Islamic finance and related fields.

CIIF also had a soft launch of its newest certification programme at the event - Professional Certification in Shariah Governance, Risk Management and Audit for Takaful Operators.

The programme aims to equip professionals with the critical knowledge, tools and strategies needed to excel in Shariah governance, manage risks effectively and implement robust audit frameworks specific to Takaful operations. It is set to open for enrollment in the first quarter of 2025.