14 July, 2013 – The Deloitte Islamic Finance Knowledge Center (IFKC) in the Middle East has signed an MOU of a collaborative training initiative with the Islamic Research & Training Institute (IRTI), a member of the Islamic Development Bank (IDB) Group. The initiative responds to calls from industry leaders and regulators to develop industry-based training programs for the steadfastly growing industry of Islamic Finance and Takaful (IFT).
“This initiative between Deloitte and IRTI draws on the importance of collaboration among industry stakeholders to strengthen knowledge-sharing process and address the industry challenges and market practices. In particular this collaboration aims to streamline professional education and capacity building in Islamic finance” said Joseph El Fadl, Regional Leader Global FSI at Deloitte Middle East.
“IRTI considers IFKC as a strategic partner to inspire and deliver cutting edge research, capacity building, and information services in the area of Islamic economics and finance” said Professor Mohammad Azmi Omar, Director General of the IRTI.
The 2013 Stability report by the Islamic Finance Service Board (IFSB) states that ‘some of the remaining challenges to be overcome include the development of human capital which increases with the development of innovative Islamic financial products and services'.
The IFKC and IRTI collaborative training initiative aims to develop a competency-based training (CBT) program in different practice areas of the industry. Four key objectives are identified to provide ‘Continued Professional Development' and Executive Education programs for the Islamic Finance and Takaful industry stakeholders:
1. To strengthen collaborative approach amongst industry stakeholders.
2. To provide high quality practitioner training and support to industry stakeholders.
3. To assist clients, developing talent management strategies and competency-based training approach in Islamic finance practice.
4. To set the standards of professional excellence and good practices of leadership development in Islamic finance.
The training initiative compliments the Deloitte Islamic Finance Knowledge Center's strategic associations with credible Islamic Finance industry research and training institutions to deliver timely analytic insights and knowledge to market participants. “This initiative with IRTI recognizes the need for developing effective leadership programs in Islamic finance, calibrated with knowledge into practice. This goal lures to our joint aspiration to cultivate a culture of professional excellence among market participants' said Dr. Hatim El Tahir, Director of the Deloitte Islamic Finance Knowledge Center. “We hope our collaboration, leveraging on Deloitte analytic insights and IRTI as a global knowledge center for Islamic economics and finance, will help Islamic Finance industry practitioners gain new insights into global market practices, opportunities and industry challenges. This will greatly enhance the value we bring to our clients”.