Malaysia is a leading centre for Islamic finance, yet it lags behind as a provider of Islamic finance and business education. This is primarily due to the lack of a national consensus on a standard education curriculum for Islamic finance. This EPP therefore aims to build the country’s capabilities as an Islamic finance and business education centre and contribute towards the development of a globally recognised professional certification –key to expanding in major Islamic finance markets such as the Middle East.
To this end, the central bank, Bank Negara Malaysia (BNM), and the International Islamic University of Malaysia (IIUM) has set up the EPP 7 Task Force, a consortium which will to identify international benchmarks, standards and curricula for Islamic finance and business education. The task force comprises the Ministry of Education and Higher Learning (MEHL), BNM, IIUM, The Global University of Islamic Finance (INCEIF) and the Asian Institute of Finance (AIF).
This EPP also aims to increase student enrolment in Islamic finance education from the 6,000 currently to 54,000 students by 2020. It also targets to increase the number of employable Islamic finance graduates from 64.8% to 80% by 2015.
- The International Council for Islamic Finance Education (ICIFE) was launched on 22 August 2014 with 118 pioneer members. Supported by Bank Negara Malaysia, the MoE and all local higher education institutions, the ICIFE is a globally-recognised professional association for Islamic finance educators that aims to standardise the quality of Islamic finance education worldwide.