Firms in deal to develop Islamic finance training

MANAMA: Bahrain-based Deloitte Islamic Finance Knowledge Centre (IFKC) in the Middle East is partnering with the Islamic Research and Training Institute (IRTI) to develop industry-based training. Responding to calls from industry leaders and regulators, the two entities have signed a memorandum of understanding (MoU) for developing competency-based programmes in different practice areas, Deloitte said. "This initiative draws on the importance of collaboration among industry stakeholders to strengthen the knowledge-sharing process and address industry challenges and market practices," said Deloitte Middle East regional leader for Global FSI Joseph El Fadl. "In particular, this collaboration aims to streamline professional education and capacity building in Islamic finance," he added. IRTI considers IFKC as a strategic partner to inspire and deliver cutting edge research, and for capacity building and information services in Islamic economics, IRTI director general Professor Mohammad Azmi Omar said. The training initiative compliments the Deloitte Islamic Finance Knowledge Centre's strategic associations with industry research and training institutions to deliver timely analytic insights and knowledge to market participants. "This initiative with IRTI recognises the need for developing effective leadership programmes in Islamic finance, calibrated with knowledge into practice," IFKC director Dr Hatim El Tahir said. "Our joint aim is to cultivate a culture of professional excellence among market participants. "We hope our collaboration, leveraging on Deloitte's analytic insights and IRTI as a global knowledge centre for Islamic economics and finance, will help Islamic finance industry practitioners gain insights into global market practices, opportunities and industry challenges. "This will greatly enhance the value we bring to our clients," he added. The 2013 Stability report by the Islamic Finance Service Board (IFSB) states that "some of the remaining challenges to be overcome include the development of human capital which increases with the development of innovative Islamic financial products and services". IRTI is a member of the Islamic Development Bank Group.