CIMA launches Certificate in Islamic Finance course in Maldives

CIMA, Sri Lanka Division launched the CIMA Certificate in Islamic Finance course in the Maldives on recently at a seminar titled "Islamic Finance Principles with Business Context" under the patronage of Governor Maldives Monetary Authority Fazeel Najeeb and the Auditor General Ibrahim Naeem, a media release said.

CIMA launches the Certificate in the Islamic Finance in the Maldives at a Technical Forum.

The program commenced with an introduction by Dean of Villa College Dr. Anwer. CIMA's Regional Director for South Asia Bradley Emerson, presentation on CIMA's Islamic certificate program. He outlined underlying reasons for CIMA's entry into an industry which has shown growth over the past several decades. Islamic Banking and Finance (IBF), over 40 countries has been plagued by a dearth of suitable qualified personnel to service the phenomenal growth. There has been a lack of academic and professional qualifications with international recognition. These factors have contributed to CIMA introducing its certificate program to complement its accountancy programs which have gained international repute. As an organisation that has grown to iconic status over the 90 years of its existence, CIMA's entry into one of the fastest growing industries in global finance is one which will be welcomed by corporates and individuals alike, since it fills a void that currently exists in the IBF industry.

Keynote addresses made by the Governor of the Maldivian Monetary Authority, Fazeel Najeeb and the Auditor-General, Ibrahim Naeem. The Governor welcomed the initiative of CIMA in conjunction with its local partner, Villa College, in introducing a program of this nature to the Maldives. He said that IBF was very much on the radar of the Maldivian authorities although he did add a caveat in stating that the domestic environment should be first made conducive to facilitate the entry of IBF into the country.

The Auditor General offered a different perspective on the subject, stressing the need for integrity in the transacting process, in the conventional sphere as well as under the Islamic Finance umbrella.

The seminar on IBF titled "Islamic Finance Principles with Business Context" conducted by, MD of SAIF Capital Ishrat Rauff gave a detailed explanation of IBF, from a business perspective. The presentation covered many aspects of the industry, from a detailed explanation of the products and services commonly offered by Islamic Financial Institutions across the global spectrum, to the developments that had taken place in various "centres" in IBF. The efforts made by the United Kingdom in developing IBF and positioning the UK as a hub for Islamic Finance was dealt in some detail. Given the proximity of Sri Lanka to the Maldives, the initiatives undertaken by various stakeholders in IBF in Sri Lanka were also cited as a case study to model its own efforts in this regard.

The response of the audience, comprising over 55 delegates from a multitude of industries, and the extent of interaction that took place was a clear indication of the interest that IBF had generated in a relatively new market. Delegates in the audience included those from the Public as well as the Private sectors.