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Malaysia needs 40,000 finance talents

Published by Afterschool.my on Aug 14, 2012, 01:23 pm

  • The Islamic finance sector is growing faster than the supply of talent, according to Mohamad Akram Laldin, Malaysian Central Bank’s Shariah Advisory Council.
  • Last year, Malaysia’s Shariah banking assets rose 24 percent, while Indonesia’s have grown by an average of 38 percent over the past five years. This has helped drive a 67% jump in global sales of Islamic bonds in 2012 to US$29.1 billion.
  • Despite continuous growth, the skill shortage is hampering product development and preventing the industry from expanding at even quicker rates, according to Lee Hishammuddin Allen & Gledhill, a Kuala Lumpur-based law firm that has a Shariah practice.
  • Malaysia needs 40,000 more qualified people in the industry by 2020, said Dzuljastri Abdul Razak, Head of the International Islamic University Malaysia's finance department.
  • “The shortage impedes growth because you don’t have the best people making the best decisions,” said Daud Vicary Abdullah, CEO of International Centre for Education in Islamic Finance (INCEIF).
  • To address this problem, Universitas Muhammadiyah plans to start an Islamic economics degree within five years in response to requests from banks. The institution currently runs short courses on Shariah-compliant accounting.
  • In Malaysia, about 56,000 new finance industry jobs, including non-Islamic roles, will become available in the next 10 years, particularly in areas such as wealth management, Shariah advisory and corporate finance, according to the Central Bank’s Financial Sector Blueprint 2011-2020.
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