CIMA, Sri Lanka Division officially launched the CIMA Certificate in Islamic Finance course in the Maldives on August 18 at a full-day seminar titled "Islamic Finance Principles with Business Context" under the patronage of Governor Maldives Monetary Authority Mr. Fazeel Najeeb and the Auditor General Mr. Ibrahim Naeem.
 |
The day's programme commenced with a formal introduction by Dr. Anwer, Dean of Villa College, CIMA's partner organisation in the Republic of Maldives. Mr. Bradley Emerson, CIMA's Regional Director for South Asia, then provided the audience with a detailed presentation on CIMA's Islamic Certificate Programme. He gave an insightful presentation about the underlying reasons for CIMA's entry into an industry which has shown tremendous growth over the past several decades. Islamic Banking and Finance (IBF), which now straddles over 40 countries across the globe, has been plagued by a dearth of suitable qualified personnel to service the phenomenal growth it has enjoyed.
There has also been a lack of academic and professional qualifications with truly international recognition. These factors have all contributed to CIMA introducing its Certificate Programme to complement its Accountancy programmes 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 indeed one which will be welcomed by the corporate and individuals alike, since it definitely fills a void that currently exists in the IBF industry.
Keynote addresses followed by two truly eminent personalities; the Governor of the Maldivian Monetary Authority, Mr. Fazeel Najeeb and the Auditor-General, Mr. Ibrahim Naeem. Their mere presence signified the importance that the Maldivian authorities placed on this landmark event. The Governor welcomed the initiative of CIMA in conjunction with its local partner, Villa College, in introducing a programme of this nature to the Maldives. He stated 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 first be made conducive in order 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 both the conventional sphere as well as under the Islamic Finance umbrella.
Following the introductory addresses, the seminar on IBF titled ""Islamic Finance Principles with Business Context" commenced. The full-day programme conducted by Ishrat Rauff, MD of SAIF Capital, gave the audience that was present a more 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 United Kingdom in developing IBF and positioning UK as a hub for Islamic Finance was dealt with 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. It was interesting to note representation from sectors as diverse as the Customs, the Hotel industry, conventional financial institutions, and even individuals that wished to further their knowledge in an industry with very limited representation in this part of the world.
CIMA's initiative in the Maldives is expected to gain further momentum with further programmes of similar content planned for the rest of South Asia.
Thus, its vision to introduce a qualification in IBF with worldwide recognition will soon come to fruition, following the success CIMA has already had with similar introductions in the Mid-East. HSBC Amana's sponsorship of the Certificate in Islamic Finance is yet another indication of how the business/financial community has accepted its introduction, despite the programme still being very much in its infancy.
1. The Chartered Institute of Management Accountants, founded in 1919, is the world's leading and largest professional body of Management Accountants, with 171,000 members and students operating in 165 countries, working in the heart of business. CIMA members and students work in industry, commerce and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers' choice when recruiting financially-trained business leaders. CIMA is committed to upholding the highest ethical and professional standards of members and students, and maintaining public confidence in management accountancy. CIMA is proud to be the first professional accounting body to offer a truly global product in the fast-moving area of Islamic Finance.
According to an independent research conducted by the University of Bath School of Management, CIMA's syllabus and examination structure are the most relevant to the needs of business of all the accountancy bodies assessed. See the CIMA Difference report for further information at www.cimaglobal.com/thecimadifference. CIMA has been awarded Superbrand status in UK for a third year in a row this year and for the first time in Sri Lanka.
For more information about CIMA, please visit www.cimaglobal.com. |
E-mail