Kuala Lumpur, 12 Sep 2022 – As we move toward endemicity post Covid-19, demand for industry training and knowledge sharing workshops have been rising steadily, particularly for the face-to-face session.

ISRA Consulting (IC), the consulting subsidiary of INCEIF, continues with the momentum in organising, developing and delivering customised executive education and training programmes for local and international participants.

In early August, IC successfully conducted the 21st cohort of the Islamic Finance for Board of Directors programme. As one of the initiatives of Bank Negara Malaysia in support of the developments that have shaped the Malaysian Islamic banking landscape, the programme is specially designed to encourage interactive and engaging discussions between IC professional trainers and members of the board of directors on Islamic banking and finance.

The programme was attended by various financial institutions in Malaysia guided by prominent speakers such as Datuk Prof Dr Mohamad Akram Laldin, Executive Director, ISRA RMC; Prof Dr Ashraf Md. Hashim, CEO, IC; Prof Dr Noraini Mohd Ariffin, Associate Professor, International Islamic University Malaysia; and Mr Abdul Rahman Mohd Yusoff, Teaching Fellow and Deputy CEO, IC. These speakers, who are also currently the local and international thought leaders, shared their wealth of expertise and knowledge in the industry with the board members.

The session ended with a lively panel discussion with panellists INCEIF’s Professor of Practice Tan Sri Abdul Wahid Omar, Chairman, Board of Bursa Malaysia Berhad and INCEIF Board Member Dato’ Mohd Izani Ghani, Executive Director of UEM Group Berhad. The session was moderated by Mr Daud Vicary Abdullah, Managing Director, DVA Consulting.

Following this, the Islamic Finance Training for 19 board members and senior management from Credit Guarantee Corporation were conducted where participants were updated on the practical understanding on the value propositions of Islamic finance and its specificities vis-à-vis conventional banking with the aim of enhancing business potential. Among the topics covered were understanding Shariah risks in Islamic finance, ESG, fintech and VBI developments in various industries.

Later in the month, IC conducted the VBIT (Value-Based Intermediation for Takaful) Capacity Building Series Fundamental Workshop for 33 managers and assistant managers from Great Eastern Takaful Bhd. INCEIF’s Senior Teaching Fellow Mr Ezamshah Ismail, who is a Subject Matter Expert on takaful, delivered the workshop. The workshop is developed to provide fundamental knowledge on Value-Based Intermediation for Takaful and its implementation within Takaful business. This programme comprises five sessions delivered over three months, that covers topics on “Implementing VBIT Strategies” and “VBIT Underpinning Thrusts of Financial Resilience and Community Empowerment.”

Concurrently, IC also held the Executive Programme for Islamic Banking Management for five senior management officials from Bank of Industry, Nigeria. The bank was in the process of starting its Islamic finance window operations. The topics covered included Shariah Aspects, Shariah Rules and Contract, Regulatory and Islamic Banking & Products. Apart from class room training, the participants also had the opportunity to visit SME Bank and CIMB Islamic Bank for an insightful diret experience in the Islamic operational banking process.

Assoc Prof Dr Aishath Muneeza, one of the Subject Matter Experts who conducted the training, said the objective was to train the participants to become trainers who would subsequently disseminate the knowledge to their colleagues. Among the knowledge shared with the participants was on the practical usage of compatible Shariah contracts when structuring Islamic finance products. This was to ensure minimal changes to the bank’s existing procedure in operational matters.

Through hands-on exercises, participants were able to understand and appreciate the practical procedure and best practice while comprehending the potential challenges. Under the Shariah audit and compliance module, participants were able to compare the different Shariah governance models including the function of legal environment in shaping the Islamic finance products offered. They also learnt the role of internal Shariah control mechanisms such as Shariah audit in managing Shariah non-compliance risk within the organisation.

Upon completion of the training, participants expressed their appreciation and gratitude for the practical and relatable takeaways from the training. They felt that the module contents were relevant to their work scope and responsibilities especially for intermediate to advance levels.

Teaching Fellow Mr Abdul Rahman Mohd Yusoff, who also conducted the training, said the modules were designed for practitioners in the conventional system who already have the knowledge in banking but require the understanding of Shariah principle and application in their overall operation, especially during the transitionary stage.

Dr Aishath said: “We can assist Nigeria to develop non-interest (Islamic) finance for institutions other than banks. To achieve the financial inclusion and sustainability agenda, it is imperative to unlock the full potential of non-interest finance across diverse industries and sectors.”

Ends.