Saturday, September 13, 2014

Finance Accreditation Agency to launch new Islamic standards and qualification in 2015


Islamic Finance news Alert
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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.



Kuwait: An IFN Correspondent Report


New PPP law stimulates Shariah involvement
Recently, Kuwait passed Law No. 116 of 2014 (New PPP Law), a new law which governs the area of Private Public Partnership ( PPP) and has superseded Kuwait’s old Public Private Partnership law, Law No. 7 of 2008 (Old PPP Law). The Old PPP Law established a system and procedures through which large scale infrastructure projects, BOT and other similar projects could receive financing from the private sector. The Old PPP Law allowed the private sector to take a greater role in project finance in Kuwait and provided it with certain incentives in order to attract investment.
IFN Global Trendswatch


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