Healthy job market awaits fresh graduates of Islamic Finance

Heralded as one of the world's leading country in Islamic Finance research, Malaysia is on track to becoming a global hub for Islamic Finance as it continues to record double-digit growth.

It recently receive full praise from the Lord Mayor of London Allan Yarrow that the country's system of Islamic Finance is one of the most mature in the world. He said that Britain is interested in working with Malaysia to encourage the growth of Islamic Finance.

Last year, the UK became the first non-Muslim country to issue a sukuk - the Islamic equivalent of a bond.

Countries such asOman, Pakistan, Morocco and Nigeria are now following Malaysia's system of Islamic Finance.  In Southeast Asia, however, the demand is relatively low but interest has been building up in neighbouring countries such as Thailand, Cambodia, and the Philippines.

Realising the importance of industrial expertise and technology in finance, Prime Minister Datuk Seri Najib Razak, in his keynote address at the World Islamic Economic Forum (WEIF), recently urged Japan to partner Malaysia in engaging in Islamic finance-related activities and tap the huge global market.

Japanese financial institutions are now moving into Islamic-related finance activities, said Najib, citing the Bank of Tokyo-Mitsubishi UFJ which became the first commercial bank from the country to issue sukuk via its Malaysian subsidiary in September last year.

Earlier in the year, Sumitomo Mitsui Corp Malaysia secured authorisation to offer Islamic financial services in Malaysia, he added.