The Chartered Institute of Islamic Finance Professionals (CIIF) emphasised the global need for an expanded pool of skilled Islamic finance professionals to address the rapid growth and the emerging challenges driven by inflationary pressures, geopolitical tensions, banking sector stresses, and advancements in technological and digitalisation among others, within the financial services sector. Additionally, a fresh influx of talent is essential to meet the growing demand for ethical and sustainable financial solutions offered by Islamic finance while closing the gaps. This insight was underlined during CIIF’s 3rd Conferment Ceremony for its newly conferred Chartered Members, held on Saturday at Sasana Kijang, Kuala Lumpur.

With the Global Islamic Financial Services Industry assets growing by 4% year-on-year (YoY), which is equivalent to a total estimated worth of USD3.38 trillion in 2023¹, Mr Kemal Rizadi Arbi, President of CIIF, said that continuous quest for knowledge upgrade is essential for Islamic finance professionals to deliver high-quality workmanship and foresight that would contribute back to the industry greatly.
 
“This ceremony not only celebrates individual achievements but also showcases the power of collective commitment to talent development. We are inspired by corporations and organisations that have gone beyond the ordinary to elevate their workforce, demonstrating a shared belief that investing in people is the cornerstone of success. These organisations have empowered their teams to embrace lifelong learning and professional growth, ensuring they are well-equipped to navigate the evolving complexities of today’s economic challenges,” stated Mr Kemal Rizadi Arbi in his Commencement Address.
 
“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 continued further.

The ceremony, which carried the theme “From Aspiration to Achievement”, saw a total of 100 distinguished members conferred as Chartered Members, which 15 of them were conferred as Fellow Chartered Members. The highlight of the ceremony was the special conferment, which is the first by CIIF, given to the Guest-of-Honour, Dato’ Mohammad Faiz Azmi, Executive Chairman of Securities Commission Malaysia. He received CIIF’s Honorary Chartered Member Award for his significant contributions to Islamic finance, including his leadership of PwC's Global Islamic Finance Team during his tenure at PwC. In his acceptance speech, Dato’ Mohammad Faiz thanked CIIF for the special recognition and tipped several important advices to the conferees.

“To the conferees who are being recognised today, this is only the beginning of a journey that requires continuous learning, adaptability and resilience. The fast-growing world of Islamic finance needs more leaders like you — leaders who embody the principles of Maqasid al-Shariah with the determination and drive to innovate and make meaningful impact,” expressed Dato’ Mohammad Faiz Azmi.

“Let us all commit to building a more vibrant and resilient Islamic finance landscape—one that serves not just the financial and capital markets, but humanity,” he added further.
 
The signing of a Memorandum of Understanding (MoU) with the Association of Seniors in Islamic Finance (ARIF), Universiti Teknologi MARA (UiTM), and Enforcement, Leadership, and Management University (ELMU) also took place at the ceremony. The MoU with ARIF aims to focus on fostering mutual benefits in the Islamic finance industry through various shared initiatives, including knowledge sharing between seasoned professionals and young talents, as well as professional development. The objective of the MoU with UiTM is to bridge academic and professional gaps in Islamic finance by combining UiTM’s educational capabilities with CIIF’s industry expertise. 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, which 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. The certification programme is targeted to Shariah officers, internal auditors, risk managers, compliance personnel, senior executives in Takaful operators and other professionals. It is set to open for enrolment in the first quarter of 2025.

CIIF is a professional body for qualified practitioners in the Islamic finance industry established since 2015. To date, it has a total of 1,541 members worldwide. For more information about CIIF, please visit https://www.ciif-global.org.

Chartered Institute of Islamic Finance Professionals
25 November 2024
 
¹ - The figure is reported as per the latest 2024 Islamic Financial Services Industry (IFSI) Stability Report.

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