Huge potential for the Islamic Financial Services industry to Grow in Yemen [Archives:2007/1065/Business & Economy]
Mazidah Malik
The international Centre for education in Islamic Finance or INCEIF and the Tadhamon international Islamic Bank co-organized a Forum entitled The Islamic Financial Services industry: The Next Big Wave. The Forum, held at the Movenpick Hotel, was well attended by about 100 guests comprising staff of the Central Bank of Yemen, Islamic and conventional banks, insurance companies, scholars and members from the University fraternity in Sana'a. Mr. Ahmed Dameem Assistant Governor of the Central Bank of Yemen and Mr. Edi Irwin Mahmod, second Secretary from the Embassy of Malaysia to Yemen were guests-of-honor at the Forum.
The objective of the Forum was to highlight the phenomenal development of the global Islamic financial services industry that is growing at an annual rate of 15-20 per cent. The industry has gained acceptance by Western countries and has evolved to become an integral part of the international financial system. The Forum discussed on the success of Malaysia in introducing phased development of the industry since 1983, Shariah issues in Islamic finance, Islamic capital markets and regulatory, tax and market environment to support the growth of the Islamic financial services industry.
Mr Agil Natt, President and Chief Executive Officer in an interview said that there is huge potential for the Islamic financial services industry to grow in Yemen, given that its population is predominantly Muslim. Furthermore, Yemen's strategic location and its proximity to both the GCC countries and Africa could see higher investments and trade flows given the excess liquidity from high oil prices and strong economic growth in the region.
Mr Fathi A. H.Saeed, Deputy General Manager of Tadhamon international Islamic Bank welcomes INCEIF's flagship programmer, the Certified Islamic Finance professional (CEFP) which will help create the pool of Islamic finance experts needed to drive innovation in the industry, in the industry in particular the creation of Islamic competitive products. He agreed that human capital development is therefore very important and is investing in continues training and education for his staff.
At the sideline of the forum INCEIF signed a Memorandum of Understanding (MoU) with the University of Science &Technology (UST). The MoU includes mutual and joint cooperation in promoting and undertaking research, training and education in Islamic finance. Dr Dawood A.AI-Hidabi, president of UST, said that INCEIF is the fourth Malaysian University that UST is associated with; UST is now working towards introducing INCEIF flagship program, the CIFP to the Yemeni market.
In highlighting the critical role of human capital development in global Islamic finance, Mr Agil said that “Human intellectual capital helps drive innovation and sustain market competitiveness in meeting challenges in the Islamic financial industry. The fast pace of innovation in global Islamic financial services sector has created a great demand for experts in Islamic financial services who have the right blend of deep knowledge in both the finance and the Shariah.”
IMCEIF was set up by Bank Negara Malaysia, the central bank of Malaysia in March 2006 to serve as a catalyst in creating high caliber professionals in Islamic Banking and finance to meet the requirements of the industry, both domestically and internationally.
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