Malaysia-based Chartered Institute of Islamic Finance Professionals (CIIF) aims to increase the membership of its qualified practitioners to 3,000 in three years, from 400 at present, reported Gulf News.
CIIF is going global as it seeks to fill a void of experts with specialties such as insurance and law, said its President, Mr Badlisyah Abdul Ghani.
CIIF, which changed its name and geographical focus in 2015, is in talks with associations and regulators stretching from the Middle East to Indonesia as part of that drive, he said. CIIF was formerly known as the Association of Chartered Islamic Finance Professionals.
The US$2-trillion Islamic financial industry has long been plagued by a shortage of individuals who have studied beyond the prerequisite skill base. An industry report in 2013 showed that by segment, the capital market segment, comprising sukuk and Islamic funds, faces the biggest talent shortage, followed by takaful and then banking.
CIIF plans to start offering specialised courses next year to address the problem, which is hindering industry development, Mr Badlisyah said. The newly rebranded institute will also promote members globally and aims to provide a common standard of education acceptable in the various countries offering Shariah-compliant products, he said.
The standards and codes of conduct issued by CIIF will be recognised and adopted under the Islamic Finance Profession Charter, which was signed by key Shariah-compliant associations in Malaysia, Mr Badlisyah said. CIIF hopes that these guidelines will be adopted too by other qualified leading organisations such as the Bahrain-based General Council for Islamic Banks and Financial Institutions and the Indonesian Syariah Banking Association.
According to the Kuala Lumpur-based Finance Accreditation Agency, 56,000 more qualified experts will be needed to fill positions in the Islamic financial sector, including insurance, in the next five years as growth accelerates.