MALAYSIA: The
Malaysia-based Finance Accreditation Agency (FAA) has stated that it aims
to launch a new Islamic learning standard in the third quarter of next
year, along with a new Islamic finance qualification and qualitative
standard. Speaking to Islamic Finance news
Dr Amat Taap Manshor, CEO of the FAA, confirmed that the new Islamic
learning standard has already been developed and the FAA is currently
working on the qualification and qualitative standard.
Dr Amat explained how the agency’s new standards will affect the industry
as it currently stands: “The introduction of the new standards will
impact the industry in a number of ways. In the long run, the new
standards will contribute to the bottom line of the industry. They will
raise the quality of Islamic finance learning itself, as the introduction
of global or international benchmark standards will allow Islamic finance
training providers to subscribe to standardized learning content.”
There are currently approximately 50 course providers and 18 universities
that offer Islamic finance qualifications in Malaysia alone. Given the
number of Islamic finance qualifications currently available as interest
in the industry grows among jobseekers, both in Malaysia and abroad, Dr
Amat believes that the new standards will also help to professionalize
the Islamic finance training sector: “As Islamic finance training is very
popular at the moment it has come to the point where it is difficult to
judge the quality of each Islamic finance qualification. Having a global
standard will help to professionalize the qualification to the industry
itself.”
The FAA is collaborating with a panel of 150 experts globally to achieve
the international standard and Dr Amat hopes that the move will further
strengthen Malaysia’s position as a benchmark for Islamic finance. As the
industry grows and develops in new markets, attention is turning to the
potential for Malaysia to aid others in establishing their own Islamic
finance sectors. A recent report by UK-based PMC highlighted Malaysia’s
capability to help train other countries in Islamic finance and Dr Amat
agrees that Malaysia is in the position to offer assistance: “We have to
share our experience, our expertise and the products we have developed. I
think that one of Malaysia’s value propositions is to work closely and in
collaboration with different jurisdictions so that we will be able to
have a high impact on the talent development as a whole.”
Malaysia has already made substantive moves in this area, with a number
of government entities entering agreements to help the development of
Islamic finance in the Philippines, Mauritius and Hong Kong among others;
as well as collaborating with established markets such as Saudi Arabia
and the UAE to further develop the industry.
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