the global university of islamic finance - president …1st...development report 2017, total islamic...

Problem-Based Learning In An

Online Collaborative

Environment The Case Of InceifFathaiya Jamaludin

Magda Ismail Mokhtar Benhadria

7

22INCEIF Journey towards AACSB

International Accreditation

Mokhtar Benhadria

16MEB: Towards Building World Class

Human CapitalMohd Shafawi Sarbini

Prof Dato’ Dr. Azmi Omar President & Chief Executive Officer (PCEO)

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20

18

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EIF

PP18986/07/2017(034546)ISSN 0127-9998ISSUE 8 MARCH 2018

Scholarships and tuition fee waiver available for those who qualify. Terms and conditions apply.

secured a job3 months after

graduation

64%chose to study at INCEIF for the career prospects

in Islamic finance

81%

Our international students make up

of the student population

45%of our Alumni are employed in the

financial, insurance & Takaful sector

62%

28% of our Alumni

successfully obtainedcareer advancement

17% of our students

received financial assistance

Masters in Islamic Finance Practice(MIFP)

Professional Certificate in Islamic Finance (PCIF)

Master ofScience in

Islamic Finance(MSc)

Doctor of Philosophy in Islamic Finance(PhD)

N/343/7/0112N/343/7/0045

R2/343/7/0071N/KJP/00202 R/343/8/0055R/343/8/0056

INCEIF is driven by and for the industry as the syllabus are developed with inputs from industry practitioners. As a university that focuses exclusively on Islamic finance, INCEIF believes that to keep abreast of the latest developments in the ever growing industry, we need to engage with the industry constantly through dialogues and discourse.

At INCEIF, students will be exposed to working with real business issues and projects through action-based learning.

To find out more, call +603 7651 4000 or email us at [email protected]

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twitter.com/INCEIF

facebook.com/INCEIF

019-309 6463

youtube.com/INCEIF2011

linkedin.com/company/INCEIF

www.inceif.org

leading industry experts and policy makers

Learn and work with

on topical issues.

Editor-in-Chief Assoc Prof Dr Baharom Abdul Hamid

Director, Research Management Centre

[email protected]

Editor Asst Prof Dr Adam Ng

Deputy Director, Research Management Centre

[email protected]

Coordinating Producer Ms Wiaam Hassan

Senior Research Executive [email protected]

Coordinating Designer Mr Ahmad Fahmi Jelani

([email protected]) Ms Normas Rafie

([email protected])

IF Hub Liaison Officer Ms Rita Norzizana Mohd Noor

Programme Executive [email protected]

Mr Muhamad Fairuz Fuad Admin Assistant [email protected]

Published by: International Centre for

Education in Islamic Finance Lorong Universiti A,

59100 Kuala Lumpur, Malaysia Tel +603 7651 4000

Fax +603 7651 4094

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© 2017 INCEIF. All Rights Reserved.

The contents of this (newsletter / article / journal) are of a general nature. You are advised to seek specific professional advice on any transaction or matter that may be affected by this (newsletter / article / journal). If you require further analysis or explanation of the subject matter, please do contact us at [email protected], a subject matter expert on the topic or the person to whom you normally consult for such matters.

PP 18986/07/2016(034546) | ISSN 0127-9998

Quarterly Publication

1st Edition 2018 Editor’s Note ii

I N S I D E

7b. Problem-Based Learning In An Online Collaborative Environment The Case Of Inceif

Fathaiya Jamaludin Magda Ismail Abdel MohsinMokhtar Benhadria

22d. INCEIF Journey towards AACSB International Accreditation

Mokhtar Benhadria

16c. MEB: Towards Building World Class Human Capital

Mohd Shafawi Sarbini

1a. Role Of Inceif In Producing Top Notch Islamic Finance Professionals

Prof Dato’ Dr Azmi Omar

28e. Alumni Highlight “The Journey @ Inceif”

Yoshihiro Watanabe

EDITOR’S NOTE

Assalamualaikum wbt,

INCEIF has always aspired to be the reference point and knowledge leader in Islamic finance regionally and globally. Alhamdulillah! We are on the right track towards that thorough the continuous improvement in the quality of our academic programmes and research efforts.

We are also encouraged by the smooth journey thus far in getting INCEIF accredited by the Association to Advance Collegiate Schools of Business or AACSB which has

to date, accredited the top business schools of the world. Read all about INCEIF’s journey towards AACSB in this issue in an article penned by Quality Assurance

Head Mr Mokhtar Benhadria.

The focus of this issue of IF HUB is human capital. President & CEO Prof Dato’ Dr Azmi Omar shared his thoughts on INCEIF’s role in developing human capital in Islamic Finance while Quality Assurance Senior Executive Mr Mohd Shafawi Sarbini wrote on

INCEIF’s efforts towards building world class human capital.This issue also tracked down one of our most senior alumnus, in

position and age, Japanese Mr Yoshihiro Watanabe who shared his INCEIF experience with writer Ms Ulfah Kamaruzaman.

Happy reading and as usual, your feedbacks and comments are most welcome as we strive to make IF HUB a pleasant and good read for all.

[email protected]

Assoc. Prof. Dr Baharom Abdul Hamid

Read all about INCEIF’s journey

towards AACSB in this issue in an article

penned by Quality Assurance Head Mr Mokhtar Benhadria

By: Prof Dato’ Dr Azmi Omar (President and CEO of INCEIF)

• The establishment of the first full fledged of Islamic bank and first Takaful company• Legislation in place to govern the operation of Islamic bank, takaful companies and

shariah compliant government funding.1983-1992

• Amendements of legislation which allow the operation of Islamic banking windows at commercial banks.

• The establishment of Association of Islamic Banking Institution Malaysia (AIBIM) and National Shariah Advisory Council

1983-1992

• Syncronisation of strategic positioning and international integration of Islamic financial framework in Malaysia into international standards

• Launch of Financial Sector Master Plan in 2002, which lead to the liberalisation of islamic financial sector that allow foreign players anad islamic subsidiaries

• The establishment of the Islamic Financial Services Board (IFSB) and the International Islamic Liquidity ManagementCorporation (IILM)

2001-2011

• In 2013, the Islamic Financial Services Act 2013 (IFSA) was introduced which superseded the Islamic Banking Act 1983 and Takaful Act 19842011- present

Islamic finance in Malaysia can be traced as early as the formation of Lembaga Tabung Haji in 1969, a financial institution that practised Shariah principle in its fund management operations which help the Muslim in Malaysia to do saving for pilgrimage. However, due to its nature which was skewed to merely saving, Islamic financial innovations were very limited back then. In 1983, the first Islamic bank in

Malaysia, known as Bank Islam Malaysia Berhad (BIMB) was established under the Islamic Banking Act. BIMB was licensed by BNM and regulated under the Islamic Banking Act, and this became the first mark as a milestone for the development of Islamic finance in Malaysia. The development of Islamic finance in Malaysia can be divided into several phases (figure 1). It is believed, that the holistic approach adopted by the Malaysian Government in implementing the Islamic finance has brought Malaysia as a prominent leader in global Islamic finance despite the emergence of other Islamic financial centres such as Bahrain and Dubai.

ROLE OF INCEIF IN PRODUCING TOP NOTCH ISLAMIC FINANCE PROFESSIONALS

Figure 1: The Development of Islamic Finance in Malaysia

Sources: (Md Nor, Mohamad, & Yaacob, 2016)

Observing the strong performance and strong foundation of Islamic finance in Malaysia, Malaysia International Islamic Financial Centre (MIFC) initiatives was launched in 2006. There were several key strategic objectives under the initiative which one of them led to the setting up of the International Centre for Education in Islamic Finance (INCEIF) in the same year. INCEIF is one of the BNM’s affiliates and has

1IF HUB Edition 2018

been mandated to develop and nurture talents in the Islamic finance industry specifically. The set-up of INCEIF proved that Malaysia is always at the forefront in human capital development to support the global development of Islamic finance. The efforts in capacity building and talent development for Islamic finance industry was further strengthened through the work of the IFSB – IDB Task Forces of Islamic Finance and Global Financial Stability. The task force identified eight building blocks that need to be dealt with in order to curb with any potential risk and to keep abreast to the rapid growth of the industry, which includes human capital development for Islamic finance.

1. Comprehensive set of cross-sectoral prudential standards

2. Development of liquidity management infrastructure

3. Strengthening financial safety nets

4. Effective crisis management and resolution framework

5. Accounting, auditing & disclosure standards

6. Macro-prudential surveillance

7. Strengthening rating processes

8. Capacity building and talent development

Figure 2: Eight Building Blocks in Strengthening the Islamic Financial Infrastructure

Sources: Islamic Finance and Global Financial Stability Report, 2010

THE CURRENT STATE OF ISLAMIC FINANCE

Islamic finance has witnessed rapid growth since its inception. According to the Islamic Finance Development Report 2017, total Islamic finance asset has increased by 26% from USD 1.7 trillion in 2012 to USD2.2 trillion in 2016. Based on its remarkable achievements, the size of Islamic finance asset is expected to grow to USD 3.8 trillion by 2022 (IFDI, 2017).

Sources: ICD-Thomson Reuters Islamic Finance Development Report 2017

Total Islamic Finance Assets Growth (2012-2022)

2 IF HUB Edition 2018

The remarkable performance of the industry is partly contributed by the strong financial infrastructure institutions within the industry as well as having key industry players who are actively involved in promoting and developing the Islamic finance industry globally. Islamic finance education providers are among the players in Islamic finance industry, which have a crucial supporting role in addressing the need for the professional workforce that can drive the innovations and developments of the industry. A recent study on human capital development indicated that the global Islamic financial services industry is expected to require over 50,000 professionals who are well versed in Islamic finance over the next decade. This is where INCEIF and other talent development institutions, namely, International Shariah Research Academy (ISRA), IBFIM, Chartered Institute of Islamic Finance Professionals (CIIF) and Association of Shariah Advisors in Islamic Finance Malaysia, play their supporting role in bringing the Islamic finance in Malaysia to a greater height.

The Industry Revolution 4.0 (IR4.0) is already here and this has become the main pushing factor for these talent development institutions to evolve accordingly in producing the top-notch professionals for Islamic finance industry. In the era of IR4.0, Islamic finance is also growing dynamically with rapid innovation, which specialised jobs such as risk management, treasury, data analytics are badly needed by the industry. As a dedicated Islamic finance education provider, INCEIF is working hard towards producing highly qualified graduates that not only with good analytical thinking skills but also with requisite technical knowledge. Among the initiatives of INCEIF in keeping the institution relevance to the industry, are the introduction of action-based learning in the academic programs, entrepreneurship programme that focuses on fintech as well as the introduction of a number of research centres which will be focusing on new research areas of Islamic finance.


ACTION-BASED LEARNING (ABL) IN INCEIF

In 2017, INCEIF launched an action-based learning (ABL) approach in its modules for Master of Science in Islamic Finance Programme. The ABL in INCEIF is structured to transform student learning experience from theoretical concepts to solving real-life industry problems. Simulations and case studies are used as part of the learning process. Through ABL, students get a chance to work with leading industry practitioner as well as policymakers which allow them to deal and explore on real banking and finance issues. The issues will be identified by the particular institution which would then require the students to formulate innovative solutions and present the findings.

In partnership with its multilateral partners, INCEIF has developed

Islamic Social Finance structures dedicated

to finding solutions to improve access to water, sanitation and

hygiene in high-risk areas.

Figure 3: Action

Based Learning

(ABL)

Sources: INCEIF

This will not only equip the students with greater applied knowledge but also will help the students in developing their critical thinking and interpersonal skills which subsequently bring their professionalism to a greater height. To date, INCEIF has secured the commitment of 25 local and international companies to establish the ABL partnership.

INNOVATION AND ENTREPRENEURSHIP PROGRAM

To ensure our graduates become future employers rather than employees, INCEIF will be rolling out a new program called Innovation & Entrepreneurship which focuses especially on financial technology (fintech). In this program, our students will be trained to become digital entrepreneurs. This program will involve our faculty members, students, digital players and investors coming together to collaborate and develop digital applications for the Halal economy.

We are also tapping into the invaluable experience of corporate leaders, whom we call Professors of Practice, to share their real on-


the-job skills and knowledge as they give lectures to our students. This gives our students a unique opportunity of gaining an insight into the inner workings of the industry. This is in line with INCEIF’s vision as the university that bridges the gap between academia and the industry.

EMBARKING ON NEW RESEARCH AREAS

To keep up with the dynamic nature of Islamic finance industry, INCEIF is now embarking on new research areas, such as Islamic Social Finance, Responsible and Sustainable Finance in the context of Sustainable Development Goals (SDGs). With research grants provided by government agencies and the private sector, INCEIF’s Research Management Centre is already working to develop products and services that could be applied by financial institutions and policymakers in elevating the Islamic Finance industry. We are proud of our faculty members are working with Malaysia’s Ministry of Energy, Green Technology and Water on renewable energy initiatives.

INCEIF’s Islamic Social Finance experts have been working closely with multilateral institutions the likes of The World Bank and The International Federation of Red Cross and Red Crescent Societies (IFRC) to bring the principles and theory of sustainable development

Looking at this opportunity, as an

institution, INCEIF has joined the bandwagon

in developing an online blockchain

application together with IFRC and

AidTech.


into reality. For example, in partnership with its multilateral partners, INCEIF has developed Islamic Social Finance structures dedicated to finding solutions to improve access to water, sanitation and hygiene in high-risk areas. INCEIF was also recently invited to be a discussant at the Global Task Force for Cholera Control where INCEIF is pushing for Islamic social impact investing to be considered as a significant potential source of funding for ending cholera globally.

In the area of fintech, INCEIF experts have been part of the conversations either locally or on the international stage on the opportunities offered by this emerging financial services sector of the 21st century. The global investment on fintech is growing significantly and this shows this segment should not be ignored. Looking at this opportunity, as an institution, INCEIF has joined the bandwagon in developing an online blockchain application together with IFRC and AidTech. The efforts and hard works of INCEIF in this research initiatives have been acknowledged when the blockchain application won first prize in Fintech Islamic Finance Challenge, organised by the Islamic Development Bank in last December 2017. Following this winning, INCEIF has entered an MoU with MIMOS Bhd to develop a blueprint for an Islamic finance-based investment platform in early this year1. The collaboration between these two institutions will be focusing on the Big Data Analytics, Deep Learning and Fintech. It is believed that such collaboration will benefit not only the faculty members of INCEIF but also the students of INCEIF as there will be exchanges of personnel for teaching, research training, attachment or internships.

To conclude, INCEIF is certainly committed to developing competent talent and enhancing the quality of human capital for the global Islamic finance industry. Revisiting our academic programs, updating and introducing new programs into academic curriculum as well as pulling in industry experts to join our bandwagon in our talent development efforts, proved that INCEIF is serious in producing the top notch IF professionals.

1 http://www.inceif.org/2018/03/02/inceif-collaborates-with-mimos-to-embark-on-islamic-fintech/


THE CASE OF INCEIF

According to the Malaysia Education Blueprint 2015 – 2025, the Malaysian students need to expose to technologies for blended learning and collaborative learning.

By: Fathaiya Jamaludin1,Magda Ismail Abdel Mohsin2,Mokhtar Benhadria3 The Global University in Islamic Finance International Centre for Education in Islamic Finance (INCEIF)

INTRODUCTION

Today, teaching and learning environment extends beyond the walls of the traditional classroom. Advances in technology have made it possible for new possibilities and opportunities in open and distance learning. The

modern education industry across the world has recognized the need to incorporate digital technology into the classroom and course curriculum. On that note, the skills needed to be successful today, therefore, (Partnership for 21st Century Learning , 2007) are much different than those expected a decade ago. According to the Malaysia Education Blueprint 2015 – 2025, the Malaysian students need to expose to technologies for blended learning and collaborative learning. This requirement is crucial in order to be globally competitive for their future success. For instance one of the Ten Shifts aims is to develop holistic, entrepreneurial, and balanced graduates in line with the National Education Philosophy.

1 E-Learning Manager at INCEIF2 Assoc. Prof. Dr. at INCEIF3 Head of Quality Assurance Quality Assurance Division at INCEIF.

PROBLEM-BASED LEARNING

IN AN ONLINE COLLABORATIVE

ENVIRONMENT


The approach involves activities mainly

focused on four principles: placing

the learner at the center, emphasizing interaction, working

in groups, and developing solutions

to real challenges (NMC: The New

Consortium, 2017).

Skills like collaboration and oral communication are however difficult to measure with traditional strategies, especially for the online students. Hence, the emerging trends in combining the Problem-Based Learning (PBL) approach with Web Collaborative-Based environment are outlined, along with opportunities to explore its implementation in higher education settings.

COLLABORATIVE LEARNING AND PROBLEM-BASED LEARNING IN HIGHER EDUCATION INSTITUTIONS

Collaborative learning approach for the higher education is commonly referred to students or educators working together in peer-to-peer or group activities, based on the perspective that learning is a social construct. The approach involves activities mainly focused on four principles: placing the learner at the center, emphasizing interaction, working in groups, and developing solutions to real challenges (NMC: The New Consortium, 2017). According to Meyer and Jones (1993) collaborative learning is an instructional environment for teaching and learning that involves groups of students working together to solve a problem, complete a task, or create a product. Smith and MacGregor (1992) agreed that, in collaborative learning, students are challenged both socially and emotionally as they listen to different perspectives,


For that reason, the online collaborative instructional environment can be designed to acquaint with the problem-based approach to foster more active and group learning experiences, both inside and outside the classroom.

and require to articulate and defend their ideas. In doing so, the students begin to create their original piece. They do not rely solely on an expert’s or a text’s conceptual framework. Thus, in a collaborative learning setting, learners have the opportunity to converse with peers, present and defend ideas, exchange diverse beliefs, question other conceptual frameworks, and engage actively.

Whereas, problem-based learning (PBL) is an instructional method which also emphasizes active learning. It is designed based on the principles of a constructivist, self-directed, and collaborative learning process. Thus, it allows students to improve their inquiring, problem-solving, creative/critical thinking, reflective learning and teamwork skills (Dolmas, Grave, Wolfhagen, & Vleuten, 2005; Uden & Beaumount, 2006; Barell, 2007). According to Dewey (1904), this pedagogical approach develops principled and innovative students through active integration of theory with real-world practices which immerse students in complex problems that they must analyze and work through together. These approaches develop problem-solving abilities, understanding of complex relationships, and decision making in the face of uncertainty.

Studies on the use of problem-based learning in online learning environments have been increasing (Tsai & Chiang, 2013). For that reason, the online collaborative instructional environment can be designed to acquaint with the problem-based approach to foster more active and group learning experiences, both inside and outside the classroom. The educators are leveraging the online technologies to connect the learning program with real life applications. These approaches are predominantly more student-centered, allowing learners to take control of how they engage with a subject, brainstorm the resolutions and implement them in their communities. Further, the use of this approach indicates that students develop higher-order thinking skills (HOTS) such as creative and critical thinking and also have more motivation to participate and become more active learners (Şendağ & Odabaşı, 2009; Sulaiman, 2011; Delialioğlu, 2012). In addition, more studies reported that problem-based learning also has a strong influence on learning and achievement. Students in problem-based Web environment obtained higher and more significant levels of success than those in traditional courses (Schmidt, Rotgans, & Yew, 2011; Karadeniz-Bayrak & Bayram, 2012). Furthermore, findings from Allen, Donham, and Bernhardth (2011) indicate those learner assessments of problem-based learning implementations were positive. Günbatar and Çavuş (2011) also found that students showed positive attitudes towards the problem-based Web environment. There were also studies made which compare implementations of problem-based learning in online and face-to-face environments. The research concluded that students’ attitudes and success levels in the


The platform allowed for both face-to-face

and online students to work in groups to

discuss, collaborate, and present findings

and assess student performance on

graded problem-based projects.

problem-based Web environment were higher than those in problem-based face-to-face learning environments (Gürsul, 2008; Gürsul & Keser, 2009). Nonetheless, it is imperative to carefully analyze that pedagogical and online instructional environment choices must be suited to the learning context and to elicit meaningful collaborative teamwork among the students and facilitators.

INCEIF AND THE PROBLEM-BASED LEARNING APPROACH

Following the effectiveness of problem-based learning (PBL) within the web-based environment, this has encouraged the International Centre for Education in Islamic Finance (INCEIF) to adopt the approach among the MIFP students. This is important leap for INCEIF in enhancing the effectiveness of teaching and learning, particularly in improving online students’ engagement, changing from passive to active learning and fostering higher-order thinking skills (HOTS) and soft skills (includes the character building).

As such, the E-learning unit at INCEIF has initiated the online PBL as an integral part of the action learning immersion track to the faculty which was piloted in the course of Ethics and Governance (IE5023) in January 2017 semester. There were 104 students enrolled of which 57% (60) were online students. The platform allowed for both face-to-face and online students to work in groups to discuss, collaborate, and present findings and assess student performance on graded problem-based projects. This approach was used and explored as a new paradigm in MIFP’s distance education that could provide enhanced opportunities for dialogue, debate and conversational learning and the potential for improving the student engagement level. After the successful pilot exercise, PBL instructional method through online collaborative environment was repeated in the Ethics & Governance (IE5023) course for September 2017 semester and expanded in another course in Economics for Islamic Finance (IE5033).

The entire experience has brought the students to another level of innovative learning with more interactions, thinking process and engagement in a social way. The learning context for this PBL instruction was via an OpenLearning (OL) platform where the students had access to instruction in a synchronous and asynchronous manner from their own device. The instructional format was designed by E-learning unit in such a way that the students could discuss, cooperate and collaborate actively in a group setting. This learning format has fostered a community of collaborative learners instead of individuals feeling lost in the sea of information. The role of the educators or facilitators was to question, encourage, and motivate students in developing the expected learning skills. Hence, there was a minimal ‘Instructor-led’ approach in this instructional method.


Throughout the learning process, an informal student-mentoring was available to support those students having problems with the online technology.

However, the students were required to go on site, out of the classroom to tackle real-world problems in the industry and use ICT anywhere and anytime for collaboration. Throughout the learning process, an informal student-mentoring was available to support those students having problems with the online technology.

Throughout the PBL project it was realized that the online chat feature and project group setting in the OL platform were the main tools for richer discussions and interactions between students-students and students-facilitators. The students organized themselves and selected a group leader to help facilitate the project process. The online PBL process started by identifying, defining, and detailing facts and issues of the assigned problem. Alongside this, students conducted some research on the topics related to the problem to be investigated. Then conducted their investigations using primary or secondary data, formulated ideas in groups and generated solutions. Through the OL platform, they posted, shared, commented and evaluated the potential solutions. The outcomes were submitted online in the form of written assignments and video presentations.

Considering the above developments, this study aimed primarily to examine the effectiveness of the online PBL implementation using the collaborative-based environment, with a special focus on students’


learning skills acquisition and their overall reactions toward using technology as a means to facilitating learning and collaboration. Therefore, the study focus on answering the following questions:

1. What is the level of achievement of the online PBL expected higher-order thinking skills (HOTs) and soft skills?

2. What is the effect of the implementation of PBL using the collaborative learning approach on team members’ level of interaction and engagement?

3. What is the impact of the students’ learning at the end of the PBL online course?

IMPACT AND CHALLENGES IN ONLINE PBL

The integration of PBL into an online collaborative instructional environment provides the engaging, collaborative, and student-centered activities that are encouraged the students to fully participate


Such approach provides an effective way of communicating, and records of students’ new ideas and knowledge construction.

in the learning process. Interactions among the students are taken place because of the internet connection that allows them to communicate more freely than in class-based work. The discussion threads in the online environment enable quality dialogues to grow over a period of time. Such approach provides an effective way of communicating, and records of students’ new ideas and knowledge construction. The pedagogy technique has made the collaboration possible to tackle and solve problem-based project in distance learning. From the excerpt, students in both courses have shown high engagement and better learning experience.

TESTIMONIAL BY STUDENT ON PBL@ INCEIF

“The best platform that made the course engaging. We discussed matters throughout the day and managed to overcome challenges as a team. We learnt new things together and we have new friends in the same industry. The project made us work together and we supported each other to study the subject even after the project was submitted.”

“Yes. While most of students/ team members come from different centres, the discussion can be done smoothly with the use of the platform etc. Presentation via video also provided different experience to students.”


The group learning activities between the online and the

face-to-face students have brought positive

impact in improving the communication,

teamwork and leadership skills.

“As an online student, this is the first time I have got the chance to collaborate with the full time (face-to-face) student. It is a good experience as I can share with them my working experience and at the same time learn from them the knowledge which the lecturer teach in class.”

Hence, most of the students in the courses feel benefited from the new approach of introducing the PBL with the collaborative learning environment. The group learning activities between the online and the face-to-face students have brought positive impact in improving the communication, teamwork and leadership skills. The online PBL uses learning problems as a catalyst to promote students to think critically. They have applied the theory to the real-life context and hence, learned new knowledge about socio financial institutions, shariah compliance, an alternative to debt financing, crowdfunding, economy, investment and many more. The onsite activity helps to encourage students to have direct engagement with an industry practitioner. On the other hand, students have also participated in the ongoing online discussion through the OL platform. The students posted their ideas, discussed and analysed with peers about the problems and across the problems in different locations. Students incorporated multiple technologies and used during the discussion like WhatsApp and video conference for the interviews with experts in the industry.However, there were drawbacks from some students about the challenges they faced in solving problems and mastering the use of the platform, including:

• Time constraint, coordination and organization of the tasks through online were among the issues raised by students.

• The responsiveness was not immediate due to the time zone differences.

• Not everyone can be on-board at the same time. On the other hand, the challenge in PBL is also faced by the instructional designer which to create learning environments that exhibit the “necessary conditions” (Hook, 1993) for effective collaboration.

This finding was consistent with a study conducted by Keller and Sims (1987, 2003) who suggested that PBL and effective interaction environment can be considered as a challenging learning approach.

CONCLUSION AND THE WAY FORWARD

The learning strategy used for this PBL method is the collaborative learning. The study has demonstrated that the students were able to reflect some of the Bloom’s higher order thinking skills. The students were also able to identify and explain the research problems or issues;


** The original copy of this research paper can be obtained from the author. Please contact Fathaiya Jamaludin at [email protected]

**Notes:

The students were also able to identify and explain the research problems or issues; collaborate and network with the industry hosts, students, and society; and finally, produce the findings in text and video forms.

collaborate and network with the industry hosts, students, and society; and finally, produce the findings in text and video forms. Considerable research by Smith & MacGregor (1992) indicates that when students collaborate with one another, they engage in more discussions, resolutions, and critical analyses. They also learn the subject matter more complete; experience better learning; develop higher levels of interest in the area being studied; retain information longer; and they become more competent and confident in public speaking.

Overall it can be concluded that more than 80% of students agree with the implementation of PBL with a Web-based environment. The online PBL is found to be effective teaching strategy for developing the higher-order thinking and soft skills in small collaborative groups. Below student’s comment is further described that the learning method should be used for all courses in the MIFP.

“To have a similar approach for all courses...”

As a result of the PBL implementation with the collaborative online environment, the facilitator would continue the learning approach in January 2018 semester with some enhancements based on the feedback received. Thus, moving forward, the following can be done to improve the PBL implementation:

a. To arrange more training sessions on using the platform. b. To monitor the students’ progress from time to time.

It is essential the facilitators be present on the online platform throughout the learning process and motivate the students.

c. To consider the mobile learning approach. It is because many students prefer to use the WhatsApp for communication.

d. To use online platform fully for the discussion.

The final objective is to be able to institutionalize more action learning Immersion Track implementation through INCEIF - Industry collaboration in 2019 onwards as part of the students’ capability building in the real-world complex of Islamic finance and Halal Economy industries. Through providing training and sharing sessions to the rest of the faculty members on the new instructional method in Q1 of 2018, it is believed that INCEIF will be the focus of online PBL with the collaborative learning setting implementation for the Islamic finance graduate school in Malaysia.


MEB: TOWARDS BUILDING WORLD CLASS HUMAN CAPITAL

MALAYSIA EDUCATION BLUEPRINT (MEB)

The launch of the Eleventh Malaysia Plan by YAB Prime Minister in May 2015 in Parliament, among others highlighted the importance of human capital development to propel Malaysia as a developed nation, High Income Advanced Economy. Of the six core National Missions to realize the goal of making Malaysia a developed nation, the third core, namely, “Human Capital” is directly related to human capital development.

The strategies, programs and projects that will be implemented to achieve the National Mission’s priorities are in line with the efforts to improve the education system, enhance innovation and ensure a comprehensive human capital development. Hence, one of the major emphasis is to improve the quality of education system at all levels by implementing the Malaysia Education Blueprint 2013-2025 (MEB) mandated to Ministry of Higher Education (MOHE) and the Ministry of Education. The Malaysia Education Blueprint 2015-2025 (Higher Education), or the MEB (HE) particularly was built on the foundation to transform higher learning education system and develop learned, values-driven talent who will contribute to the nation’s growth.

Therefore this article will discuss further on the aspirations, strategies and issues in an effort to build and strengthen the development of human capital in higher education sector towards making it world-class. In the perspective of human capital in the higher education sector, it consists of academicians and higher education students, besides the governance system which provide critical support services in terms of policy, management and administration in capacity building. It may not be overwhelming to say that, in the higher education sector, there is the highest form of human capital in terms of its hierarchy is the intellectual capital. Therefore, the development and management of human capital in this sector will inevitably be one of the major contributors towards making Malaysia a developed nation.

By: Mohd Shafawi Sarbini(Senior Executive, Quality Management Department)


2014 Position 2025 Aspirations

AC

CES

SQ

UA

LITY

MEB (HE) OBJECTIVES AND ASPIRATION

The objectives of the development of MEB (HE)are as follows: (a) Assess current performance and challenges in order to improve access to education, raise standards (quality), close achievement gaps (equity), promote unity amongst students, and maximize student efficiency; (b) Establish clear aspirations for the system and students, and integrate them with the national agenda, Malaysia’s priorities, and major program (for example, Economic Transformation Plan); and (c) Develop a comprehensive transformation program for Malaysia’s higher education system that encompasses key changes to the Ministry, builds on the progress of the National Higher Education Plan, is consistent with the MEB, and reflects the latest global education trends and challenges.

In preparing for the complexities and new challenges of the 21st century. The MEB (HE) aspires to transform two areas; the whole education system (System Aspiration), and the attributes of the students (Student Aspiration).

System aspirations are built on five aspiration which is access, quality, equity, unity, and efficiency.


2014 Position 2025 AspirationsEQ

UIT

YU

NIT

YEF

FIC

IEN

CY

Source: Malaysian Education Blueprint 2015-2025 (Higher Education)


Source: Malaysian Education Blueprint 2015-2025 (Higher Education)

Success measure for the system aspiration are the key performance indicators for each dimension which shall be achieved in 2025. For instance, on the quality dimension, emphasized are given to the quality of graduates, quality of institutions, and quality of the overall system. In 2025, the ministry targeted that graduate employability rate to increase to more than 80% compared to 75% in 2014. On quality of institutions, only one university from Malaysia ranked Top 200 QS global ranking. Hence, in 2025 the ministry target four university in the Global Top 200, two in Global Top 100 and one in Asia’s Top 25. On quality of the overall system, the Ministry aims to improve its U21 ranking for research output to the top 25, and to increase the number of international students in HLIs and schools to 250,000 students by 2025.

Student aspiration are built on six main attributes, ethics and spirituality, leadership skills, national identity, language proficiency, thinking skills, and knowledge.

Balanced education is the desired outcome and the foundation for student aspiration. This is in line with the vision of National Education Philosophy where the same outcome at all level whether at the preschool, primary, secondary, or higher education. The human capital for the future shall have a balance between Knowledge and Skills as well as Ethics and Morality.

THE STRATEGY – 10 SHIFTS

To achieve the MEB aspirations, the Ministry has outlined 10 Shifts to continuously transform and strengthen Malaysia’s higher education. These 10 Shifts discuss “Why it matters”, “Where we are”,


“Objectives”, “Principles”, “Strategies and initiatives”, and tracking measures that drive the implementation of every Shift. Shift 1 to Shift 4 are key stakeholder’s outcomes in the higher education including students in academic and technical and vocational education and training (TVET) pathways, the academic community, as well as all Malaysians participating in lifelong learning. The remaining five Shift focus on enablers for the higher education ecosystem, comprising critical components such as funding, governance, innovation, internationalisation, online learning, and delivery. Let’s briefly have a look at Shift 1 and Shift 2, which focus on the overall outcomes of the quality human capital quality.

SHIFT 1 – HOLISTIC, ENTREPRENEURIAL AND BALANCED GRADUATES

This Shift objectives is to develop holistic, entrepreneurial, and balanced graduates in accordance with the National Education Philosophy. Such graduates would have relevant and appropriate disciplinary knowledge and skills, and ethics and morality, along with the appropriate mindsets, behaviours, cultural and civilizational literacy. Therefore, Ministry has outlined two strategies with its corresponding initiatives two to prepare the future graduates.

Strategy 1: Develop holistic and integrated curriculum • Enhance curriculum• Develop an integrated assessment

Strategy 2: Enhance the learning support system • Enhancing coordination for student development • Developing a job-creator framework • Recognising instructional excellence s (HLIs).

SHIFT 2 – TALENT EXCELLENT

The MEB defined talent excellence refers to a community of scholars who are inspiring educators, accomplished researchers, entrepreneurial personalities, and transformational thought leaders. This Shift focuses on improving the quality and diversity of talent in higher education so that they are relevant,


referred, and respected. This Shift also focuses on defining different forms excellence for HLI and its talent. Three strategies and its corresponding initiatives have been outlined to improve the quality of the talent in the higher education system.

Strategy 1: Pursuing different forms of institutional excellence• Positioning HLIs according to different forms of institutional excellence • Defining clear criteria and incentives for institutional excellence

Strategy 2: Attracting, developing, and retaining top talent • Enhancing talent development strategy and capabilities in HLIs • Establishing the strategic framework for continuing professional development • Enhancing scope and scale of talent mobility and collaboration programmes

Strategy 3: Diversifying career pathways • Strengthening talent management and career pathways • Strengthening the talent pool for HLI leadership

HLI QUALITY FACTOR

In line with the MEB aspiration to transform the quality of education system and the strategies outlined in 10 Shift, there are few quality indicators for the HLI. The minimal criteria shall be the accreditation status of the program which can be check through Malaysian Qualifications Register (MQR). Apart from complying with the local accreditation requirements set by the Malaysian Qualifications Agency (MQA), there are many HLI embarking on reputable international accreditation such as AACSB, EQUIS and EMBA. The potential students can check the Malaysia’s rating system for HLI such as SETARA and MyRA. Many HLI in Malaysia also pursuing internationally recognized ranking system such as QS and THE to boost their reputation.

There is no doubt accreditation status, rating and rankings can be useful to increase the local and global visibility of Malaysia’s HLIs. This is also putting Malaysia on the globe as an international hub of educational excellence.

CONCLUSION

As the Fourth Industrial Revolution takes center stage, the Malaysian government already put an investment in human capital development through MEB. The expected return of this investment are transformation of the whole education system and eventually producing world class human capital. The transformation required taxing effort not only by the ministry, but also the HLI and the industry as a whole, working together in the transformation journey to achieve the premier aspiration of the blueprint.


INCEIF JOURNEY TOWARDS

AACSB INTERNATIONAL ACCREDITATION

By: Mokhtar Benhadria, Head of Quality Assurance Division (INCEIF)

AACSB international accreditation is one of the mission-critical objectives that INCEIF has been pursuing since 2012. The AACSB accreditation process is a meticulous and comprehensive review of the institution’s mission,

quality of teaching, research breadth and depth, and program and curriculum development. It is a voluntary process that includes in-depth evaluations and reviews by peers, committees, and assigned mentors. After successfully submitting three Initial Self-Evaluation Reports (iSER), INCEIF has crossed to the final stage in the initial accreditation process, which includes the preparation of a comprehensive Self-Evaluation Report (SER) and an accreditation visit by the Peer Review Team by October 2018. INCEIF has made remarkable progress since embarking upon the AACSB journey and will continue to do so to advance its mission, which is underpinned by the three Key Result Areas, namely Academic Excellence, Reputation and Financial Sustainability.

THE JOURNEY AND THE MILESTONES

INCEIF’s AACSB accreditation journey was initiated as a bold move toward achieving its vision To Be a Knowledge Leader in Islamic Finance and advancing its mission key result areas including Academic Excellence, Reputation and Financial Sustainability. The journey started in 2012 with the acceptance of INCEIF’s membership. In 2013, INCEIF managed to meet the eligibility criteria and obtained the approval of the Standards Alignment Plan (SAP) in 2014 subsequently. This is followed by the acceptance of three consecutive progress reports in 2015, 2016 and 2017 (Figure 1).


Figure 1. INCEIF Journey and milestones toward AACSB international accreditation 2012-2018


Figure 2. The Quality Assurance Division Team

Mokhtar BenhadriaHead of QAD

Shafawi SarbiniSnr. Exec, Quality Assurance

(Focus: Academic Quality and Accreditation)

Nornie IbrahimSnr. Exec, Quality Assurance

(Focus: AOL Program & Course Improvement)

Zulhairi MohtarSnr. Exec, Quality Assurance (Focus: Internal Audit, Risk and Student Evaluations)

INCEIF established the AACSB Accreditation Steering Committee (AASC) and sub-committees representing each standard in order to ensure continuous oversight of the accreditation process. The AASC consists of a cross functional team including Deans, faculty and administrators, with the main objective to assess progress against the plan, prioritise and follow through actions to mitigate issues and move forward. As a member of the AASC, the Quality Assurance Division (QAD) team (Figure 2) has been charged in assisting the university with the accreditation process. The main role of QAD includes, establishing policies and procedures, gathering and collating evidences by working closely with the members of the AASC and preparing the Self Evidence Report (SER). In order to ensure INCEIF is meeting the standards adequately, it is important for QAD to also monitor the implementation of any deviation concluded during the self-assessment are carried out through clear and defined process as well as to prepare the improvement plans for future development.

In July 2017, AACSB has accepted INCEIF’s 3rd year progress report. Based on the report, the AACSB’s Initial Accreditation Committee (IAC) agreed that INCEIF was ready to enter the accreditation stage of the process. On October 30th 2017, the IAC appointed Professor M. Begley from Lally School of Management, Rensselaer Polytechnic Institute as the Chair of the Peer Review Team (PRT). The PRT is responsible to provide consultative assistance as INCEIF develops the Self-Evaluation Report (SER), which will be due for submission by June 2018 to pave for the accreditation visit by October 2018.Indeed, INCEIF progress so far would not have been possible without the top management support and the team effort of the AASC (AACSB Accreditation and Steering Committee), and the entire INCEIF community of faculty, students and staff as well as the support from the mentor, Professor Andrew Griffiths, UQ Business School, and INCEIF’s academic and professional partners.

AACSB BENEFITS

Since the start of the AACSB accreditation initiative in 2012, INCEIF has witnessed significant benefits on several fronts:


It has helped INCEIF focus on student lifecycle and ensure that the core competencies are embedded in the curricular and co-curricular programs, activities and experiences to produce sought after graduates;

• It has further emphasized INCEIF’s vision and mission’s key results areas, namely academic excellence, financial sustainability and global reputation;

• It has significantly changed the way faculty assess the curriculum and its impact on student learning;

• It has brought into sharper focus with regard to INCEIF’s research quality and impact;

• By focussing on student learning outcomes, it has helped INCEIF focus on student lifecycle and ensure that the core competencies are embedded in the curricular and co-curricular programs, activities and experiences to produce sought after graduates;

• It has called for curriculum innovation, which is already an integral part of the faculty’s pedagogy and delivery of academic and professional programs;

• It has provided a strong basis and mechanism for assuring learning and improving the curriculum (closing the loop);

• It has helped INCEIF in having an effective engagement with faculty members with regard to their sufficiency, qualification and professional development, and

• It has helped INCEIF in establishing an evidence-based culture of continual assessment and improvement.

ACHIEVEMENTS

Considering its exclusive focus on Islamic finance education, INCEIF is essentially a boutique institution with an overarching global mission, which is to produce world class talent for the global Islamic finance industry. Based on the initial self-evaluation report of 2016/2017, INCEIF’s progress toward this mission and in meeting AACSB standards is demonstrated through the following achievements:

• INCEIF has maintained its RePec ranking as number 1 in Malaysia since 2014, and as of April 2017 it is ranked 35th out of 1,257 institutions in Asia, compared to 45th in April 2016.

• In 2017, sixteen (16) universities of which two are international, have adopted seven (7) of INCEIF’s books as textbooks in their curriculum.

• Nationally, INCEIF has successfully achieved 5 star in SETARA rating 2017 by the Ministry of Higher Education among universities and colleges in the Emerging category

• As of 2017, INCEIF has a global and diverse student body of 48% international students from 72 countries.

• INCEIF has successfully organized an inaugural Islamic Finance Innofest 2016, with the support of Bank Negara


To facilitate collaborative learning,

INCEIF developed an innovative

online platform for online and face-

to-face students to collaborate

on projects and assignments.

Malaysia that aimed to showcasing innovative ideas in Islamic finance.

• INCEIF has considerably improved the implementation of the Assurance of Learning (AOL) assessment process in all programs.

• INCEIF has implemented the new faculty performance appraisal point system, which serves as a good practice for accountability and continuous improvement.

• INCEIF has increased students’ engagement in applied research and scholarly activities. To facilitate collaborative learning, INCEIF developed an innovative online platform for online and face-to-face students to collaborate on projects and assignments. The platform was successfully implemented in 2016 and 2017 with positive impact on student engagement and learning.

• In line with its vision to be the reference point and a knowledge leader, INCEIF has significantly improved its knowledge portal known as INCEIF Knowledge Repository (IKR) including developing the Islamic Finance Taxonomy, showcasing intellectual contributions, and profiling faculty, as well as enhancing access and discovery to a wealth of knowledge in Islamic finance for the global community.

MOVING FORWARD

The President and Chief Executive Officer, Professor Dato’ Dr Mohd Azmi Omar and the top management team recognize that despite numerous achievements realized since the start of the AACSB journey, there is still room for improvement on many fronts and that takes a great deal of commitment and determination to earn AACSB international accreditation. Furthermore, the management team recognizes that the rewards of achieving and maintaining accreditation more than compensate for the sacrifices of the deans, faculty and staff of INCEIF.

To excel as a global leading business school in Islamic finance, we must foster deep engagement with our students, faculty and communities; develop and implement innovative approaches to our teaching, research and services; and ensure that our programs and initiatives have tangible impact on our stakeholders

Since the start of the journey, INCEIF has been tracking its progress relative to the AACSB‘s 15 standards and the Standards Alignment Plan (SAP). The standards are well-organized and include the basis


for judgment and guidance for documentation, which are helpful in identifying processes and data for the Self-Evaluation Report (SER). To ensure constancy of purpose, INCEIF’s strategic blueprint 2016-2025 has embedded AACSB accreditation as one of the mission-critical objectives to achieve by 2018. Indeed, this alignment provides a line of sight that many of the initiatives earmarked in the strategic blueprint will be directly or indirectly addressing AACSB standards and will surely contribute to INCEIF’s progress toward this prestigious award and beyond.

WHAT IS AACSB ACCREDITATION?

In 1916, The Association to Advance Collegiate Schools of Business (AACSB) International was established as a membership organization for business schools—a place where business schools could network and discuss issues that affected the business education industry and their institutions. In 1919, the first AACSB Accreditation Standards were adopted with the primary objective of improving collegiate business education. In 1980, an additional set of accreditation standards were developed for undergraduate and graduate-level degree programs in accounting to address the special needs of the profession. Throughout the years, both the AACSB Business and Accounting Accreditation Standards have been continually revised to reflect the ever-changing needs of business and its students.

Today, the AACSB Accreditation Standards are used as the basis to evaluate a business school’s mission, operations, faculty qualifications and contributions, programs, and other critical areas. AACSB accreditation ensures students and parents that the business school is providing a top-quality education. It also ensures employers that AACSB-accredited business school graduates are ready to perform on day one. Additionally, AACSB accreditation provides many benefits to the faculty and staff at its accredited schools by attracting higher quality students, providing greater research opportunities, and allowing for global recognition. With its global headquarters in Tampa, Florida, USA; Europe, Middle East, and Africa headquarters in Amsterdam, the Netherlands; and Asia Pacific headquarters in Singapore, AACSB’s mission is to foster engagement, accelerate innovation, and amplify impact in business education

AACSB International accreditation assures stakeholders that business schools :• Manage resources to achieve a vibrant and relevant mission.• Advance business and management knowledge through faculty scholarship.• Provide high-calibre teaching of quality and current curricula.• Cultivate meaningful interaction between students and a qualified faculty.• Produce graduates who have achieved specified learning goals.

Only 5% of business schools in the world are AACSB accredited. As of November 2017, 799 business schools in 53 countries and territories that have earned AACSB Accreditation

Source: AACSB website


By: Yoshihiro WatanabeOnline CIFP, Graduated in 2015

ALUMNI HIGHLIGHT

“THE JOURNEY @ INCEIF”

MR YOSHIHIRO WATANABE is currently holds positions as Senior Advisor in Berwin Leighton Paisner (BLP) LLP, London. He is also a professor at Graduate Institute for Entrepreneurial Studies, Japan; President at Bai

Xian Asia Institute (Japan) Inc.; President of AICJ Oshu Educational Foundation; and an advisor for AICJ New Zealand. He is not only active in the academic arena but also make his presence in the industry through holding positions which among others are; Board of Trustees for Public Foundation Middle East Institute of Japan; Auditor for ORC Manufacturing Co. Ltd. and Auditor for Pro-red Partners Co. Ltd., to name a few.


He has been with BLP and Bai Xian Asia Institute for about 3.5 years (respectively), the longest among the current roles he is occupying. In BLP, he is responsible for supporting Japanese companies overseas with legal aspects. While, at Bai Xian Asia Institute, he is responsible in facilitating scholars’ exchanges among Asian countries. Recognizing his contributions in the industry especially regarding Islamic finance and human capital developments, IF HUB is delightful to have MR YOSHIHIRO to share his inspirational journey as INCEIF’s CIFP student. After going through ups and downs as a student, he has successfully graduated from INCEIF in 2015. Following is the excerpt of the interview:


I received an advice from the Deputy

Governor of Bank Negara Malaysia at that time to utilize

the newly established INCEIF in order to

develop human capital in this area.

Q: Why did you choose to study at INCEIF? I was the Chief Executive of Global Corporate Banking Unit at Bank of Tokyo Mitsubishi (BTM). I was also the chairman of their Malaysian subsidiary bank. I was convinced that the Bank needed to realize the Malaysian Central Bank’s policy to develop Islamic Finance for their clients in Malaysia and also outside of the country.

The question was the lack of knowledge and expertise in Islamic Finance at the Bank to establish the finance as a new business area. I received an advice from the Deputy Governor of Bank Negara Malaysia at that time to utilize the newly established INCEIF in order to develop human capital in this area.

As an initiator of Islamic Finance at BTM and as a senior executive, I needed to have a better understanding of what Islamic Finance is all about.

Q: What’s the best takeaway that you think you have gained from your experience studying at INCEIF?Thoughts on risk sharing between the Bank and Customers based on the religious belief.

Q: In your opinion, how has your experience and qualification obtained from INCEIF impacted your current role at your organization? I have gained deeper understanding on Islamic Finance based on the religion, and this have helped my current role in education.

I am glad to see many of my colleagues who are interested to explore and study Islamic Finance at the Bank. This obviously would help the organisation in playing its important role as key industry player in Islamic finance.

Q: What do you hope to achieve more (career-wise) for yourself in the near future? I wish to be further involved in education, to develop human capital in Islamic finance, particularly in Asia and contribute to the international society as a whole.

Q: What is your hope for the future of Islamic Finance? That the philosophy and principles of Islamic finance should be understood not only by Muslims but also by people of other religions and faiths. INCEIF’s role is critical to develop human capital in this industry.

Q: If you were to give one piece of advice to the students who have just started their journey in INCEIF, what would it be? Perseverance will be rewarded.

JULY

Executive Certificate in Islamic Finance • Shariah Aspects for Islamic Finance • Legal Documentation for Islamic Finance

Collaborative Partner / Client:Malaysia Bar Council

2 – 3 (PENANG) 18 – 19 (KUALA LUMPUR)

AUGUST

Collaborative Partner / Client:Malaysian Technical Cooperation ProgrammeMTCP - Fundamentals of IF - Islamic Banking and Takaful

27 - 30



28 - 29 (KUALA LUMPUR)

NOVEMBER



28 – 29 (KUALA LUMPUR)

SEPTEMBER

4-days Liquidity Management for Islamic Financial Institutions, Sukuk Structuring and Regulation

Collaborative Partner / Client:Bank Negara Malaysia

18 – 21

MTCP - The Business of Islamic Banking

Collaborative Partner / Client:Malaysian Technical Cooperation Programme

24 – 26

OCTOBER



30 - 31 (KUANTAN)

Collaborative Partner / Client:Bank Negara Malaysia5-days Effective Regulation for a Successful Islamic Finance Ecosystem

22 - 26

Collaborative Partner / Client:Public Programme for C-Suites/BODsAdvance Management Programme for C-Suites/BODs of Islamic Financial Institutions

8 – 19

*All dates are subject to change with adequate notification to potential clients.

Mr. Azrul AmirContact No : + 603 7651 4174Email : [email protected]

Ms. Intan ZalinaContact No : + 603 7651 4053Email : [email protected]

EXECUTIVE EDUCATION DEPARTMENT

cep.inceif.org

EXECUTIVEPROGRAMMES 2018JULY




AUGUST


27 - 30




NOVEMBER




SEPTEMBER



18 – 21



24 – 26

OCTOBER



30 - 31 (KUANTAN)


22 - 26


8 – 19





cep.inceif.org

EXECUTIVEPROGRAMMES 2018


JULY




AUGUST


27 - 30




NOVEMBER




SEPTEMBER



18 – 21



24 – 26

OCTOBER



30 - 31 (KUANTAN)


22 - 26


8 – 19





cep.inceif.org

EXECUTIVEPROGRAMMES 2018JULY




AUGUST


27 - 30




NOVEMBER




SEPTEMBER



18 – 21



24 – 26

OCTOBER



30 - 31 (KUANTAN)


22 - 26


8 – 19





cep.inceif.org

EXECUTIVEPROGRAMMES 2018

Throughout Islamic history, waqf has been the main provider of many of the social services that today are financed by the state. These include the provisions of education and healthcare, infrastructure development and maintenance as well as social welfare provisions for the poor and destitute. Waqf institutions have also supported a more equitable distribution of income and wealth as wealthy individuals and families released property into the service of the people for ‘doing good’.

Although a significant number of waqf institutions exist globally, the success of these institutions relies on efficient governance, regulation, supervision mechanisms and effective management. Since most countries and regions do not have enabling waqf regulations or monitoring processes, the value and output of awqaf assets are mostly on the decline.

The potential however, is enormous. For example, Malaysia has almost RM1.2 billion in waqf land value (Yayasan Waqf, 2016), with research suggesting that only %2 of total acreage has actually been developed.

Participate in the Waqf Roundtable taking place on the 13th of September

2018 at Sasana Kijang, and join leading international experts in the field of Waqf.

Jointly organized by INCEIF-ISRA & The World Bank, the Waqf Roundtable will bring together industry practitioners, development specialists and renowned International Waqf experts, with specific expected outcomes:

· To discuss the existing resolutions, operational policy and government regulations related to the development and management of waqf assets

· To understand the potential economic impact of effective waqf implementation and development

· To consider the challenges limiting the full potential of waqf

· To discuss the potential use of waqf as a structured Islamic social finance instrument

· To identify the key drivers of social impact maximization through effective waqf solutions

Further information please contact Norhamidah Md Yusof 03-7651 4186 or [email protected]

ROUNDTABLE - MAXIMIZING SOCIAL IMPACT THROUGH WAQF SOLUTIONS

BANK Negara Malaysia (BNM) and Islamic banking institutions are presently embarking on several initiatives under the Value-based Intermediation (VBI) agenda. VBI is an intermediation function that aims to deliver the intended outcomes of Shari’ah through practices, conduct, and offerings. The end goal is to generate positive and sustainable impact to the economy, community, and environment, consistent with the shareholders’ objective of attaining sustainable returns and long-term interest.

A taskforce comprising senior representatives from BNM, INCEIF, The World Bank, CIMB Islamic Bank Berhad, Bank Islam Malaysia Berhad, HSBC Amanah Malaysia Berhad and Standard Chartered Saadiq Berhad has been established to spearhead the strategic development of the ESIAF. The ESIAF taskforce was formed during a VBI Community of Practitioners meeting on 30 March this year to spearhead the strategic development of ESIAF. The taskforce is chaired by INCEIF and co-chaired by the Islamic Banking and Takaful Department of BNM. This taskforce meeting is the first of its series to kick-start the next step of the developmental process through the setting of ESIAF for the Islamic banking industry. The ESIAF is being developed based on:

• Established global standards such as the United Nations Environment Programme (UNEP) Finance Initiative, World Bank Environmental and Social Framework, International Finance Corporation (IFC) Performance Standards;

VALUE-BASED INTERMEDIATION

ADVERTISEMENT:

• Experience and practices of global and regional sustainable banks and corporations

• Engagement with environmental and social sustainability civil society such as the World Wide Fund for Nature, CSO-SDG Alliance; and

• Regulatory, standard setting and certification bodies such as SIRIM QAS International, Department of Environment.

The ESIAF also takes into consideration the current landscape, maturity and readiness of environmental and social sustainability practices in Malaysia, as well as adoption of existing relevant certifications and evaluations based on national environmental and social regulations and policy priorities in the country. The ESIAF will also be supplemented by sector based policies to be developed at a later stage.

The exposure draft of the ESIAF will be issued during the Global Islamic Finance Forum (GIFF) 2018, happening on 3-4 October at Sasana Kijang, Kuala Lumpur. The entire framework is expected to be fully developed by 2020.

Scholarships and tuition fee waiver available for those who qualify. Terms and conditions apply.

secured a job3 months after

graduation

64%chose to study at INCEIF for the career prospects

in Islamic finance

81%

Our international students make up

of the student population

45%of our Alumni are employed in the

financial, insurance & Takaful sector

62%

28% of our Alumni

successfully obtainedcareer advancement

17% of our students

received financial assistance

Masters in Islamic Finance Practice(MIFP)

Professional Certificate in Islamic Finance (PCIF)

Master ofScience in

Islamic Finance(MSc)

Doctor of Philosophy in Islamic Finance(PhD)

N/343/7/0112N/343/7/0045

R2/343/7/0071N/KJP/00202 R/343/8/0055R/343/8/0056

INCEIF is driven by and for the industry as the syllabus are developed with inputs from industry practitioners. As a university that focuses exclusively on Islamic finance, INCEIF believes that to keep abreast of the latest developments in the ever growing industry, we need to engage with the industry constantly through dialogues and discourse.

At INCEIF, students will be exposed to working with real business issues and projects through action-based learning.

To find out more, call +603 7651 4000 or email us at [email protected]

Tube

twitter.com/INCEIF

facebook.com/INCEIF

019-309 6463

youtube.com/INCEIF2011

linkedin.com/company/INCEIF

www.inceif.org

leading industry experts and policy makers

Learn and work with

on topical issues.

Problem-Based Learning In An

Online Collaborative

Environment The Case Of InceifFathaiya Jamaludin

Magda Ismail Mokhtar Benhadria

7

22INCEIF Journey towards AACSB

International Accreditation

Mokhtar Benhadria

16MEB: Towards Building World Class

Human CapitalMohd Shafawi Sarbini

Prof Dato’ Dr. Azmi Omar President & Chief Executive Officer (PCEO)

Ju

ne

20

18

ww

w.i

nc

eif

.org

INC

EIF

PP18986/07/2017(034546)ISSN 0127-9998ISSUE 8 MARCH 2018

the global university of islamic finance - president …1st...development report 2017, total islamic...

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