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By: Dr Amat Taap ManshorIFN Indonesia Forum
15 April 2014Shangri-La Hotel, Jakarta
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Industry Overview of Islamic Finance
Education & Training Services –Industry Facts and Trends
Assuring Quality of Human Capital in the IFSI
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Outline
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Talent Shortage in the IFSI
Source: FAA-IFN Human Capital Development Survey: FEB 2014.
50%
72% 69%
75%No. of people currently
working in the IFSI is insufficient
Practitioners without a formal qualification are
less capable of doing their job
Believe that technical knowledge of Management is only average
Conventional bankers need specific training
before they can perform an Islamic finance-related
role
Lack Shariah expertise, Islamic Finance
Knowledge & Practical Experience
80%
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Shortage of Islamic Finance Professionals by Sector
50%
63%
63%
88%
Shortage of Islamic Finance Professionals by Sector
Source: Report of the Islamic Finance Task Force of the COMCEC Capital Market Regulator 2013
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Islamic Finance Training Providers
22%22%
z
43%
2%
8%
19%
Source: Yuriz, Global Islamic Finance Education Report 2013: Special Report
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Top 10 Countries by No. of Islamic Finance Education & Knowledge Service Providers
Source: Yuriz, Global Islamic Finance Education Report 2013: Special Report
Academics & Higher Learning
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Top 10 Countries by No. of Islamic Finance Education & Knowledge Service Providers
Source: Yuriz, Global Islamic Finance Education Report 2013: Special Report
Non – Academic (Training & Others)
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Issues & Challenges in Developing Human Resources in Islamic Finance
2. Quality of Learning
1. Learning Standards
5. Qualifications Gap3. Skills Gap
4. Learning Gap
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Talent Development
Policies & Incentives
International Connectivity &
Recognition
Well –established Quality Assurance Framework
Well-defined Finance Qualification Structure
ProfessionalStandards
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Institutions of Higher Learning (IHLs) & Industry Partnership
Integrated and Coordinated Approach to Global Quality of Islamic Finance Talent Development
Global Quality of Islamic
Finance Talent
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Finance Accreditation Agency
An international and independent quality assurance andaccreditation established in August 2012.
Provides high quality assurance practices and accreditation ofinstitutions, learning programmes and individuals in thefinancial services industry (FSI)
Promotes the highest standards in the development of talent for the FSI.
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DESIREDLearning Quality
FAA Focus
Driving Quality Excellencein Learning Programmes Design, Development &
Delivery
Development of Integrated Quality Assurance Framework & Standards
Promoting Future Practices in Talent Development
Global Recognition of Learning Programmes in FSI
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FAA LEARNINGCRITERIA (FLC)
FAA LEARNING STANDARDS (FLS)
FAA RECOGNITION OF LEARNING (FRL)
FAA QUALITY FRAMEWORK
FAA QUALIFICATION STRUCTURE (FQS)
Integrated Quality Assurance Framework
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FAA Learning Standards (FLS)
FAA VALUES
1. Learning levels
2. Learning outcomes
3. Learning programme objectives
4. Body of knowledge
8. Assessment methods
7. Modes of delivery
6. Learning hours
5. Learning Topics
9. Entry requirements
10. Specific resources required
11. Description of trainers or
facilitators
The objective of FLS is toensure consistency oflearning contents across FSIaccording to internationallybenchmarked industryrequirements. FLS providesminimum standards forlearning programmesacross different sectorswithin financial servicesindustry.
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FAA Learning Standards (FLS)- Islamic Banking
TECHNICAL COMPETENCIES
CREDIT
COMPLIANCE
RISK MGMT
TREASURY
SHARIAH
INTERNAL AUDIT
SHARIAH
Leadership & Teamwork
Ethics & Values
Management People Skills
Personal Skills
GOVERNANCE
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FLS for Sub Areas -Islamic Banking
TECHNICAL COMPETENCIES
INTERNAL AUDIT
RISK MGMT
SHARIAH
COMPLIANCE
TREASURY
CREDIT
Credit Risk
Market Risk
Fundamentalsof Risk Mgmt Operational
Risk Business
Retail
Operations& Treasury
Mgmt
Sukuk & Islamic
Derivatives
Money Market
Foreign Exchange
Fundamentals of Shariah
Application of Shariah in Muamalat
Transactions
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TECHNICAL COMPETENCIES
UNDERWRITING
COMPLIANCE
RISK MGMT
MARKETING AND SALESSHARIAH
INTERNAL AUDIT
CLAIMS
FAA Learning Standards (FLS)- Takaful
SHARIAH
Leadership & Teamwork
Ethics & Values
Management People Skills
Personal Skills
GOVERNANCE
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TECHNICAL COMPETENCIES
INTERNAL AUDIT
RISK MGMT
SHARIAH
COMPLIANCECLAIMS
UNDERWRITING
MARKETING AND SALES
FLS for Sub Areas - Takaful
Management of Insurance
Risk
Fundamentals of Risk
Management
Fundamentals of Insurance Marketing
Marketing and Sales
Management
Underwriting Management
Fundamentals of Underwriting
Fundamentals of Claims
Claims Management
Fundamentals of Shariah
Application of Shariah in Muamalat
Transactions
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Conclusion
Quality of Talent is critical to thedevelopment of the Islamic FinanceIndustry. This can be achievedthrough harmonisation of learningstandards across IFSIs according tointernationally benchmarkedindustry requirement..
Strong concentrated effort betweeneducation providers and industry players inimproving training and learning to meetexpectation of the industry is essential.
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Thank Youfaa.org.my
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