Kuala Lumpur, 11 Jan 2024 – The global Islamic capital market (ICM), currently valued at USD966.3 billion, has not only experienced substantial growth but has also seen an expansion that creates new opportunities and dynamism. The latest trends shaping this sector include the synergies between waqf, fintech, and sustainability initiatives, further propelling the development of the ICM.

However, alongside these opportunities come challenges that require the ICM sector to continually adapt to changing economic landscapes, redefine its presence in markets, and consistently provide a diverse array of Shariah-compliant products and services to meet evolving market demand.

Despite significant efforts, a persistent challenge hindering the ICM’s development is the scarcity of quality information, both from theoretical and practical perspectives. This dearth has resulted in a shortage of experts with the right skill sets, qualifications, and knowledge.

Recognising the critical need for quality literature to bridge this gap, INCEIF University’s research arm ISRA Research Management Centre, in collaboration with the Securities Commission Malaysia and the joint sponsorship of Khazanah Nasional Berhad, took on the challenge and published the first edition of Islamic Capital Markets: Principles & Practices in 2015. Authored by over 30 globally reputed scholars, academics, and world-class practitioners, the book demystifies concepts, builds a comprehensive understanding of the ICM, exposes readers to its operational intricacies, and provides insights into practical issues and challenges.

The newly released second edition, with CIMB Islamic Bank as the main sponsor, and co-sponsored by Credit Guarantee Corporation Malaysia Bhd and BNP Paribas Najmah Malaysia, promises even greater value. This edition incorporates recent data, literature, trends, case studies, international practices, future directions, and other pertinent information to keep pace with the industry’s latest advancements in product offerings.

Reflecting on the importance of collaboration and support, INCEIF University President & CEO, Professor Emeritus Dato’ Dr Mohd Azmi Omar, said: “Without the unwavering support of sponsors, particularly CIMB Islamic, this second edition would not have come to fruition. We hope that this book will ignite new insights, foster further development in the ICM, enhance readers’ knowledge, and benefit all stakeholders in the Islamic finance industry.

“Today’s borderless and digitalised world requires Islamic finance practitioners and scholars to continuously upgrade their skills in order to expand the frontiers of Islamic finance knowledge and practice in general and the ICM in particular. Only with the right talent and values can Islamic finance create an enduring and meaningful impact on society and the economy.

“INCEIF would like to record our gratitude to everyone – partners & sponsors – for your support for today’s initiative, one of many which we hope will elevate Islamic Finance not just in the country and the region but globally. We look forward to you staying on board with us on this journey in pursuit of not only knowledge & skills, but also of `Doing Good, and Fighting Harm and Evil (Amar bil Ma’aruf Wan Nahi Anil Munkar),” said Dato’ Azmi.

Today’s collaboration signifies CIMB Islamic Bank’s dedication to advancing the Islamic finance industry through one of the banking group’s key impact areas, attaining knowledge.

The book, which has become a reference in higher learning institutions offering Islamic finance courses in Malaysia, is referred to by both practitioners and regulators. With the release of this second edition, Islamic Capital Markets: Principles & Practices is set to be an indispensable resource, contributing to the ongoing development and enlightenment of the Islamic capital market sector.

To mark the book release, the book was reviewed and discussed by a panel at the 11th edition of INCEIF Discourse Series held on INCEIF Campus and attended by industry players, academicians and university students. The panel comprised:

• Moderator: Ms Siew Suet Ming, Chief Rating Officer, RAM Rating Services
• Panellists:

1. Mr Ahmad Shahriman Mohd Shariff, CEO, CIMB Islamic Bank
2. Ms Sharifatul Hanizah, Executive Director, ICM, Securities Commission Malaysia
3. Prof Dr Obiyathulla Ismath Bacha, Faculty Member, INCEIF University

Following the panel discussion, CIMB Islamic Bank CEO Mr Ahmad Shahriman handed a mock cheque of RM315,000 to INCEIF University, which was represented by PCEO Dato’ Azmi, for the sponsorship of ISRA Corner at six local institutions of higher learning. Representatives from the six institutions were on campus to receive a memento to mark the sponsorship. The locations of the six ISRA Corner are:

1. Perpustakaan Imam Al-Syafi’i, Universiti Islam Selangor (UIS), Bandar Sri Putra, Selangor
2. Perpustakaan Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, Negeri Sembilan
3. Perpustakaan Tuanku Bainun, Universiti Pendidikan Sultan Idris (UPSI), Tanjung Malim, Perak
4. Perpustakaan Al-Ghazali, Universiti Islam Melaka (UNIMEL), Melaka;
5. Perpustakaan Kolej Universiti Islam Perlis (KUIPs), Kampus Seberang Ramai, Kuala Perlis, Perlis
6. Pusat Sumber Politeknik Nilai, Politeknik Nilai, Bandar Enstek, Negeri Sembilan.

In 2021, CIMB Islamic Bank sponsored RM120,000 for three ISRA Corners in which are located at Universiti Kebangsaan Malaysia, Selangor; UiTM Puncak Alam, Selangor; and International Islamic University Malaysia. Kuala Lumpur.

ISRA Corner is a dedicated gathering space for academic materials in Islamic economics, banking and finance, muamalat and halal economics. The one-stop space, located at each institution’s library, provides books, journals, research papers, resources and computers. It is an on-going initiative by INCEIF to share knowledge and experience related to Islamic finance with local and foreign institutions of higher learning. To date, there are 14 ISRA Corners, including at Universiti Islam Sultan Sharif Ali Brunei in Bandar Seri Begawan, Brunei; Universiti Utara Malaysia in Kedah; and University Malaysia Kelantan in Kelantan.

Caption: CIMB Islamic Bank CEO Mr Ahmad Shahriman (left) handed a mock cheque of RM315,000 to INCEIF University, represented by Professor Emeritus Dato’ Dr Azmi Omar, for the sponsorship of ISRA Corner at six libraries of local institutions of higher learning.