The Securities Commission Malaysia (SC) has officially launched the second cohort of its Shariah Mentorship Programme, marking a pivotal moment in its ongoing efforts to foster innovation and expertise within the Islamic capital market (ICM). This program is more than just a training initiative; it represents a strategic move to cultivate a new generation of professionals who will drive the future of Shariah-compliant finance and contribute to the growth and sophistication of the ICM sector.
Growing Interest and Participation in the Shariah Mentorship Programme
The Shariah Mentorship Programme, introduced in October 2023, has swiftly become a prominent opportunity for aspiring experts in Islamic finance. Since its launch, the program has seen remarkable interest. When applications for the second cohort were opened in March 2024, the program received a substantial response, with over 250 applications submitted. Out of these, 15 highly qualified candidates were selected for the new cohort, raising the total number of participants to 30 since the program’s inception. This impressive turnout underscores the increasing demand for specialized skills in Shariah-compliant finance and highlights the program’s critical role in addressing this growing need.
Program Structure and Achievements
The Shariah Mentorship Programme is meticulously designed to cultivate expertise in both Shariah compliance and Islamic finance through a comprehensive mentorship model. The initiative is a strategic partnership between SC and ISRA Consulting, a subsidiary of INCEIF University, which brings a wealth of knowledge and resources to support the program’s objectives.
The first cohort, consisting of 15 participants, has recently completed their training, which was structured in two distinct phases. The first phase involved two months of intensive classroom instruction, covering fundamental and advanced topics in Shariah compliance and Islamic finance. This classroom phase was followed by a six-month internship at various participating organizations, providing participants with hands-on experience and practical insights into the workings of the ICM.
The effectiveness of this dual-phase structure is evident in the outcomes of the first cohort. Over 50% of the graduates have successfully secured permanent positions with the organizations where they interned. This high placement rate is a testament to the program’s success in bridging the gap between theoretical knowledge and practical application, and it demonstrates the value of the program in preparing participants for meaningful careers in the Islamic capital market.
Enhancements and Curriculum Updates
In response to constructive feedback from the inaugural cohort, the Shariah Mentorship Programme has undergone several key enhancements for the second cohort. The curriculum has been revised to incorporate a hybrid learning model, which combines online and in-person sessions. This new format is designed to offer greater flexibility, making it easier for working professionals to participate in the program without compromising their current responsibilities. The hybrid model not only enhances accessibility but also ensures that participants receive a high-quality education tailored to their needs.
Additionally, the classroom module has been extended from two to three months. This extension allows for a more in-depth exploration of Islamic capital market (ICM) principles and Shariah compliance. By providing a more comprehensive learning experience, the revised curriculum aims to better prepare participants for the dynamic challenges of the ICM. The extended classroom phase includes a range of interactive and practical learning opportunities, ensuring that participants gain a thorough understanding of both theoretical concepts and their real-world applications.
The enhancements to the Shariah Mentorship Programme reflect a commitment to continuous improvement and a response to the evolving needs of the Islamic finance sector. By integrating feedback from previous participants and incorporating innovative learning methods, the program aims to provide an impactful and relevant educational experience that aligns with current industry demands.
The Strategic Importance of Shariah Expertise
Dato’ Mohammad Faiz Azmi, Chairman of the SC, highlighted the growing need for professionals who are proficient in both Shariah principles and Islamic finance. “As the ICM continues to expand rapidly, it is crucial to have a workforce that is adept in Shariah principles as well as market dynamics to sustain and drive this growth,” he emphasized during the graduation ceremony held at INCEIF University.
The Shariah Mentorship Programme is a key initiative under the SC’s Capital Market Masterplan 3 (CMP3). CMP3 is designed to broaden the talent pool and enhance the overall capacity of the ICM by focusing on talent development and capacity building. By developing skilled Shariah professionals, the program supports the broader goal of strengthening the Islamic finance sector and ensuring its continued evolution and competitiveness.
The expansion of the ICM presents both opportunities and challenges. As the sector grows, there is an increasing need for professionals who can navigate the complexities of Shariah-compliant finance and contribute to the sector’s development. The Shariah Mentorship Programme addresses this need by providing participants with the knowledge, skills, and experience required to excel in the ICM.
Opportunities and Applications
The Shariah Mentorship Programme offers a unique career pathway for individuals interested in Islamic finance. For those aspiring to join the next cohort, detailed information and application instructions are available on the INCEIF University website. The program not only provides substantial career development opportunities but also plays a crucial role in the global advancement of the Islamic capital market.
The next cohort of the Shariah Mentorship Programme is expected to attract a diverse range of participants, each bringing their unique perspectives and experiences to the program. This diversity will enrich the learning experience and contribute to the development of a well-rounded and capable workforce in the Islamic finance sector.
As the Securities Commission Malaysia continues to champion the development of talent in Islamic finance, the Shariah Mentorship Programme stands as a testament to its dedication to fostering expertise and innovation within the sector. The program’s ongoing evolution and success are vital to the growth and sophistication of the ICM on an international scale.
The program’s impact extends beyond individual career development; it contributes to the broader goals of enhancing the Islamic finance sector’s global standing and ensuring its continued growth. By investing in the next generation of Shariah professionals, the SC is not only addressing current industry needs but also laying the foundation for future advancements in the field.
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