29 July, Kuala Lumpur – Stepping up the efforts to build an innovative and competitive Islamic capital market (ICM), the second cohort of the Shariah Mentorship Programme was launched today by The Securities Commission Malaysia (SC) Chairman Dato’ Mohammad Faiz Azmi.

The Shariah Mentorship Programme is a capacity-building initiative by SC, developed and organised by INCEIF University’s consulting arm ISRA International Consulting Sdn Bhd, to build a sustainable talent pipeline and prepare a new generation of Shariah professionals in various areas relevant to the ICM. It is one of SC’s initiatives under the Capital Market Masterplan 3 and aimed at broadening the ICM’s breadth and depth through talent development and capacity building.

The framework and structure for the programme have been designed to equip the participants with the necessary skills and resources suited for Shariah advisory roles, ensuring continued growth and relevance of Islamic finance principles on a global scale. Shariah qualification is one of the pre-requisites for the programme.

More than 250 applications were received when applications for the second cohort was opened in March this year, with 15 participants selected including fresh graduates from the renowned Al-Azhar University. This brings the cumulative number of participants in the programme to 30 since inception.

The second cohort will also now benefit from a refreshed curriculum based on feedback from the first cohort. Key improvements include a hybrid format to accommodate the needs of working participants, and an extended classroom module from two to three months for a more meaningful learning experience. These moves aim to provide an impactful learning environment that integrates real-world application and technical aspects of ICM.

Launched in October last year, the programme is a unique mentorship initiative to develop skilled Shariah professionals for the ICM. The first cohort of 15 participants, comprising 13 fresh graduates and 2 experienced hires, graduated today after having completed two months of intensive classroom learning, followed by six months of internship at selected participating organisations. Over 50% of these graduates have secured permanent employment with the participating organisations. The best student for the first cohort is Amir Ardani Sarudin, a fresh graduate of Al Al -Bayt University, Jordan.

In his speech at the Graduation Day of the first cohort at INCEIF University, Dato’ Mohammad Faiz said there was a pressing need for more professionals proficient in both Shariah principles and ICM knowledge in order to meet the growing market demands.

“With the ICM’s rapid expansion, there is an urgent need for more professionals well-versed in both Shariah principles and market dynamics to ensure its continued growth,” he said.

INCEIF University President & CEO Professor Emeritus Dato’Azmi Omar, who is also ISRA Consulting Chairman, said: “Today is merely the start of a long and lifelong journey of learning for (the participants). Think global, and if you are going to make it internationally, you need to continue acquiring knowledge as this is a dynamic industry in need of innovators and thinkers.”

The third cohort will commence in January 2025, and the application will open in September 2024. For more information on the Shariah Mentorship Programme and details on the third cohort, please visit www.inceif.edu.my/shariah-mentorship-programme/.

When the programme was first announced in August 2023, ISRA Consulting received overwhelming response from around the country from university graduates and experienced hires with Shariah qualification – a prerequisite for the programme. The induction of the first cohort of 15 participants was held in October 2023, where they were mentored by Shariah scholars, and industry captains.