Kuala Lumpur, 27 May 2024 – INCEIF University’s Masterclass on Advancing Financial Inclusion through Islamic Social Finance, held in conjunction with the Global Forum On Islamic Economics And Finance (GFIEF), attracted 47 participants from Malaysia and abroad.

The half-day Masterclass that delved into a transformative framework aimed at promoting inclusive economic growth. Participants explored the foundational concepts, significance, and objectives of Islamic social finance (ISF), understanding its crucial role in addressing financial exclusion. By examining classical and modern Islamic social finance instruments, participants gained insights into their practical applications and transformative potential.

An interactive panel discussion with an industry practitioner inspired practical actions for the participants to emulate. As the masterclass concluded, participants were empowered to champion financial inclusion through ISF, equipped with actionable strategies and resources for sustained impact beyond the classroom.

Associate Dean for Students & Internationalisation Prof Dr Aishath Muneeza, who was the trainer, said participants gained a clear understanding of Islamic social finance and its importance in promoting financial inclusion. During the class, they were exposed to classical and modern ISF finance instruments and got to understand how these instruments were applied in real-world scenarios. They also learnt strategies to overcome challenges in the instruments, including regulatory and cultural barriers, to promote sustainable growth and social impact.

“We hope the participants will now have a deeper understanding of ISF principles and their role in fostering financial inclusion and later, apply the ISF tools to strategise and overcome challenges in implementing ISF. This would enable them to contribute effectively to inclusive economic growth and be empowered to champion the cause of financial inclusion and create positive social impact guided by ISF principles.”

Prof Aishath is a certified training professional accredited by the Finance Accreditation Agency. She has been honoured with numerous national and international awards for her dedication to the advancement of the Islamic finance industry in her home country Maldives.

Joining Prof Aishath at the Masterclass was Dr Sutan Emir Hidayat, Director of Islamic Economy Infrastructure Ecosystem at the National Committee for Islamic Economy and

Finance (KNEKS), Indonesia. He and his team at KNEKS provided the data that were used as reference by numerous global Islamic economic and financial report publishers in 2019 which led to Indonesia’s increased global ranking the industry. Due to his contribution to the Islamic economy, Dr Sutan was recognised as one of the top influential 500 personalities on a

global scale in 2015, 2016, 2017, 2018, 2019, and 2020 by ISFIN, a leading advisory firm for Islamic markets.

GFIEF, held on 28 -29 May held in Kuala Lumpur under the patronage of the Ministry of Finance Malaysia, was organised by Bank Negara Malaysia in collaboration with the Securities Commission Malaysia, Labuan Financial Services Authority, the International Islamic Liquidity Management Corporation, the Islamic Development Bank, the Islamic Financial Services Board and the World Bank Group.

Themed ‘Shaping a Resilient Global Islamic Economy Through Values-based Reforms’, GFIEF gathered policymakers, business leaders, and financial service providers from all around the world to engage in discussion and collaborate to build a future where Islamic economics and finance can play a pivotal role in fostering shared prosperity and equity.