Islamic Capital Market Training

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Islamic finance, as a progressively important component of the global financial system, has experienced robust growth of 10-12% over the past decade1, amid rising worldwide interest in it as an effective financing tool and feasible alternative to the conventional paradigm. The Islamic finance industry’s total assets are forecast to exceed US$6.5 trillion by 20202 as it continues to make inroads into mainstream finance. On the back of persistent global economic uncertainties, the internationalisation of Islamic finance reflects its appeal as an ethical and secure financial ecosystem based on a sustainable, socially responsible model that emphasises financial inclusion and discourages speculation.

The Malaysia International Islamic Financial Centre (MIFC) estimates that by 2020, one million Islamic finance professionals will be required globally3 to meet the needs of this increasingly interconnected, competitive and sophisticated industry. Career opportunities are ample especially in Asia, seen as the key driver in advancing Islamic finance growth as its Muslim population is expected to approach 2.5 billion by 20204.

Currently, the scarcity of skilled and competent talent in Islamic finance is already a challenge, with poaching within the industry a known practice. This talent gap poses a significant impact on the global growth of Islamic finance.  In an 11-country survey of 2013 by the Islamic Finance Task Force of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC), 82% of the respondents reported experiencing talent shortage in Islamic finance. Notably, the Islamic capital market (ICM) was revealed to be the most affected sector with an identified shortage of 88%5. Another global survey conducted by the Finance Accreditation Agency (FAA) and Islamic Finance News (IFN) in 2014 pinpointed three main competency gaps in the current talent pool ­­– Shariah expertise, Islamic finance knowledge and product innovation6.

As the leading capital market learning and development solutions provider in Malaysia and the growth and emerging markets, SIDC is committed to developing global ICM professionals and contributing towards a sustainable ICM talent pool to ensure the industry’s continued growth. 

With over two decades of expertise in delivering fit-for-purpose programmes for capital market participants of different levels and job scopes, SIDC differentiates itself from other Islamic finance training providers by focusing on skill-based programmes tailored specifically for the ICM.  We do this by collaborating closely with the Securities Commission Malaysia, the industry and the international ICM community to address identified ICM competency gaps and fulfil relevant ICM talent requirements.
Some of the ICM programmes offered by SIDC are:
Entry-level programme for ICM professionals
Islamic Capital Market Graduate Training Scheme (ICMGTS): An entry-level talent development programme jointly developed by the Securities Commission Malaysia (SC) and SIDC to produce work-ready professionals for the ICM.

Programme for Shariah advisers
Shariah Professionals Programme for Islamic Capital Market: A programme that provides continuous professional development in the profession of Shariah Advisory relating to the ICM. 

SIDC’s flagship programme on ICM for capital market professionals
Industry Transformation Initiative (ITI): The ITI-ICM modules are part of the Continuing Professional Education (CPE) programme, to enhance capital market participants’ professionalism through exposure in ICM knowledge.

Regulators’ programme on Islamic finance
Islamic Market Programme (IMP): A senior-level programme that adopts a progressive learning format and enables participants to keep abreast with emerging trends and developments in Islamic markets, and enhances their knowledge of new products and services in the ever-widening range of international Islamic business applications and innovations. 

In addition, SIDC offers consultancy services for institutions interested in ICM talent development for their organisations or industry. We also produce research and industry insights in this area as part of our value proposition.


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1 Source: World Bank, March 2015 http://www.worldbank.org/en/topic/financialsector/brief/islamic-finance
 
2 Source: ADB- ADB-Islamic Financial Services Board, May 2015 http://www.adb.org/annual-meeting/2015/kspe/how-islamic-finance-can-contribute-sustainable-growth-asia
 
3 Source: MIFC, The Malaysian Reserve, July 2013 http://www.mifc.com/index.php?ch=ch_contents_talent_development&pg=pg_talentdev&ac=789
 
4 Source: ADB- ADB-Islamic Financial Services Board, May 2015 http://www.adb.org/annual-meeting/2015/kspe/how-islamic-finance-can-contribute-sustainable-growth-asia

5 http://www.comceccmr.org/media/9532/islamic%20finance%20report_2013.pdf
 
6 “Talent Development Survey 2014”, FAA and IFN. The survey respondents consisted of industry practitioners and training providers from South East Asia (35%), MENA (35%), Europe (10%), South Asia (10%) and others (10%).