Dubai International Financial Centre-based Hawkamah, Institute for Corporate Governance, has partnered with the Islamic Finance Council UK (IFC) to trial a unique training programme which provides tailored conventional markets training for Shariah scholars. The programme is exclusively tailored for Shariah scholars and those involved with the Shariah assurance process and has been run successfully in London, Bahrain and Kuala Lumpur.
The IFC Scholar Professional Development Programme, developed by the IFC, a UK based not-for-profit, and assisted by the Chartered Institute for Securities & Investment Institute (CISI), provides a Continuous Professional Development (CPD) approach comprising of relevant and structured learning activities on conventional markets. (source)
Dr Nasser Saidi, Executive Director Hawkamah and Chief Economist of DIFC Authority commented, "We are pleased to organise the first Dubai session of the IFC CPD Shariah Scholar development program in Dubai. Hawkamah has been active in strengthening corporate governance in Shariah compliant institutions and building capacity at the level of the board of directors. We hope that such capacity building programs encourage Shariah scholars to drive innovation in the Islamic finance industry by developing Islamic finance instruments for financing the infrastructure and public developmental projects, which will ultimately lead to the development of the Islamic Capital markets."
IFC Chairman, Tariq Masood, commented, "We welcome the decision by Hawkamah to introduce this unique programme. To be a meaningful global industry it is important for key global jurisdictions in Islamic finance to co-ordinate and work together to raise standards for all."
The inaugural Dubai session to be held on the 1st of June, marks the first such session in the UAE region and will be focusing on debt capital markets and will be hosted at the DIFC offices of international law firm, Simmons & Simmons.
Muneer Khan, Partner and Head of Islamic Finance at Simmons & Simmons commented, "As a long-term strategic partner of the IFC, we are delighted to have the opportunity to host another IFC Scholar development training day. This is a much needed international initiative to help Shariah Scholars to develop the practical legal and commercial context they need to be able to apply their Shariah knowledge."
The importance of CPD has now been recognised in AAOIFI, IFSB and the recently updated Shariah Governance standards issued by Bank Negara and presents a vital component to empowering Shariah scholars by both raising standards and enhancing capacity.
Dr Daud Bakar, a senior Shariah scholar comments, "To provide meaningful fatwas it is imperative for Islamic finance scholars to have a sound grasp of conventional finance to compliment their Shariah knowledge. This course aims to achieve exactly that in a structured and systematic manner and thus presents a key tool in developing Shariah scholars. I commend the Islamic Finance Council's vision and determination in delivering this now truly global course."
The IFC together with CISI have developed this pioneering programme which is the only globally synchronised programme of its kind.
CISI Managing Director, Ruth Martin, said, "We are delighted to support the Dubai launch of the IFC/CISI Scholar Professional Development Programme. It is integral to cross-cultural understanding of the western and Shariah models of finance and we look forward to working with the IFC in its future development."
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