INCEIF to help train Lankan Islamic banking experts

  • Business
  • Wednesday, 27 Dec 2006

COLOMBO: Malaysia’s International Centre for Education in Islamic Finance (INCEIF), which has been conferred university status after only six months in operation, will help Sri Lanka to produce Islamic banking and financial professionals, its chief executive officer Agil Natt said. 

“Sri Lanka is now well positioned to become a producer and supplier in Islamic banking and financial professionals with the newly established Faculty of Islamic Banking and Finance,” he said. 

Agil said the faculty was the first in the country and established as an affiliate between Inceif and Sri Lanka-based Ceylinco Sussex Business School (CBS) to offer the Certified Islamic Finance Professional (CIFP) qualifications. 

Agil Natt

Such efforts would develop the human capital needs for the Islamic financial services industry in Sri Lanka as well as those of neighbouring countries. 

“The idea of establishing this faculty is to meet the needs of human capital, qualified in Islamic banking and finance, for the rapidly expanding global Islamic financial services industry. 

“Together with CBS, Inceif hopes to drive the industry in Sri Lanka and helps build up a meaningful pool of Islamic professionals, bankers and takaful operators with sound grounding of syariah and corporate finance,” he told Bernama after the signing of an agreement between Inceif and CBS here. 

Inceif was represented by its chairman Dr Rozali Mohamed Ali and Agil, while representing CBS were its chairman Dr Lalith Kotelawala and deputy chairman K.A.S. Jayatissa. 

The agreement marked the appointment of CBS as the education provider and marketing agent for Inceif in Sri Lanka. 

The new faculty will be the latest addition of CBS, which is currently involved in producing professionals in the finance, accountancy, marketing, management and information technology fields. 

Sri Lanka, with about 77% of its population Buddhists and 8.5% Muslims, is one of the few non-Islamic countries to have legislations for Islamic banking. 

It amended its Banking Act in 2005 to allow both commercial banks and specialised banks to operate on a syariah-compliant basis. – Bernama  

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