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Body for Islamic Finance Quality Standards launched

6 November 2015
Source: Bernama

KUALA LUMPUR, Nov 6 (Bernama) — The Chartered Institute of Islamic Finance Professionals (CIFF) was launched here Friday as a professional body responsible for global quality standards for Islamic finance professionals.

The launch was officiated by Bank Negara Malaysia (BNM) Deputy Governor Datuk Muhammad Ibrahim.

The CIFF, a newly incorporated entity replacing the Association of Chartered Islamic Financial Professionals Malaysia (ACIFP), is expected to raise the bar for professionalism and ethics in the industry, said Muhammad in his speech.

He said the establishment of CIFF follows the increasing need for a global reference point for professional talent development as the Islamic finance industry continues to expand internationally.

“We aspire for CIFF to become the global body for professionals in Islamic finance.

“As we envisage CIFF as the leading driver and advocate for professionalism and ethical conduct, we should expect the new body to adopt the global best practices of similar professional institutions,” he said.

At the launch, the CIFF and industry players the Association of Islamic Banking Institutions Malaysia, Malaysian Takaful Association and the Malaysian Investment Banking Association (MIBA) signed the Islamic Finance Profession Charter, as a commitment to further strengthening talent development in Islamic finance.

“The CIFF will continue the mandate originally held by the ACIFP, as outlined in the Financial Sector Blueprint 2011-2020 of Bank Negara Malaysia, as the professional body responsible for setting global quality standards for professionals in Islamic finance.

“The issuance of standards is expected to spur the expansion of its membership base worldwide,” CIFF President Badlisyah Abdul Ghani said at the launch.

At the press conference later, he said CIFF’s current membership base of 240 could hit 3,000 by next year.