INCEIF Campus Kuala Lumpur, 6 Feb 2024 – INCEIF University and SSTC Institute of Singapore have signed a collaboration agreement to develop a range of professional courses in the Islamic banking sector to fill the widening skills gaps in the market.

The MoU, signed between Ms Rose Yeo, SSTC Chief Executive Officer, and Prof Emeritus Dato’ Dr Azmi Omar, President & CEO of INCEIF University, provides a framework for collaboration between the parties to promote activities related to the development of skills and knowledge in Islamic finance.

The partnership will bring together INCEIF’s world class evidence-based curriculum development with SSTC’s forty-six years track record of teaching excellence and delivering world class qualifications for young professionals.

Prof Emeritus Dato’ Azmi said: ‘’There is strong competition for talent in the rapidly emerging Islamic banking sector which means there are abundant opportunities for young people with the right skills to chart unique career pathways in Islamic banking.”

On what skills learners need in Islamic banking, Mr Emil Dereinda, Executive Director of SSTC emphasised that, ‘’Our aim is to increase employees’ knowledge and skills in Shariah compliant product innovation, Islamic banking practices, social finance, data analytics, collaborative problem solving, shariah law, risk management of Islamic banks, audit and compliance. Our courses and qualifications are designed to accelerate learners’ skill development in these critical areas.’’

With job growth expected to increase exponentially in Southeast Asia, the collaboration between INCEIF and SSTC is a timely welcome to support sector employers develop their talent base. Demand for Islamic banking is on an upward trend globally, particularly in Southeast Asia, one of the largest markets for Islamic financial services, amid a global increase in awareness of environmental, social and governance (ESG) investing.

The partnership will transform access for learners wanting to fit a structured learning programme around their work and family commitments and aims to bring new standards of delivery and success rates to all students.

Mr Damar Osman, Executive Director of SSTC and an INCEIF Alumnus from Singapore said the collaboration fostered academic excellence and thought leadership globally. SSTC, known for its articulation programmes towards tertiary education domestically and internationally, achieved a milestone by incorporating highly sought-after professional courses from a renowned university of Islamic finance.

“As a witness and participant in this journey, I am proud of the transformative impact it will have on Islamic finance education. We are excited about the prospects of this alliance and the myriad of benefits it will bring to students, academics, and industry practitioners within the sphere of Islamic finance. This partnership holds great promise for enhancing the quality of education and paving the way for ground-breaking research and professional development opportunities in the field. The fusion of these two esteemed institutions is a testament to the shared vision of advancing knowledge and promoting innovation in the realm of Islamic finance,” he added.