Islamic finance expert at The University of Nottingham Malaysia Campus (UNMC), Dr Nafis Alam said that the market for Islamic finance has shown greater importance in 2014 with more inclusion in the conventional financial landscape.
“The potential of Islamic finance is immense and University of Nottingham has taken the lead to set up Centre for Islamic Business and Finance (CIBFR) research which provides research and consultancy services to organisations worldwide,” said Dr Nafis.
CIFBR was established in April 2014 taking on an integrated approach, dealing with both financial and range of syariah compatible products and services worth USD 2 billion annual to a market of over 1 billion people globally.
The Centre recently hosted its inaugural session of “Distinguished Lecture Series” titled “ Organising Principles of Islamic Finance: An Epistemological View” was delivered by Professor Dr Abbas Mirakhor, former Executive Director of IMF and the first Chair of The University of Global University of Islamic Finance.
Prof Abbas, presented an engaging and enthralling history of economic thought of the conventional world and drew parallels to the principles of Islamic Financial ideology. The lecture stressed on the ignored ethical and moral framework envisioned by Adam Smith, philosopher and pioneer of the political economy for his economic thought, Prof. Abbas argued the convergence of the moral and ethical framework of conventional and Islamic economic thought is possible. He also emphasised on the role of Islamic economic principles to fight the imperfection of the capitalist economy in the 21st century.
Preceding the public lecture, the Provost and CEO of The University of Nottingham Malaysia Campus, Professor Christine Ennew in her welcoming address highlighted the opportune time for this talk, in light of the recently concluded 10th World Islamic Economic Forum in Dubai and the interest of the UK and the role of UNMC in furthering thought leadership in Islamic finance, Islamic business and the halal market.
The lecture was well attended by industry practitioners, key policy makers, regulatory institutions and academics. The academia was represented by post graduate students and faculty members of leading universities within the Klang valley while industry practitioners’ from Bank Negara Malaysia, The Association of Chartered Islamic Finance Professionals, Hong Leong Islamic Bank, Islamic Financial Services Board, Kuwait Finance House, Alstom Malaysia amongst others joined the lecture for an engaging session.
Dr. Nafis Alam who is also CIFBR in his opening remarks underlined the importance of the Islamic finance in the mainstream finance as there are promising prospects for Islamic finance to get involved in untapped economic sectors including the infrastructure financing market; green and ethical investments market and economic development initiatives.
“CIBFR in taking the lead in the development of policy related research within Islamic business framework to further gain recognition in the conventional marketplace,” Dr Nafis said.
About Centre of Islamic Finance and Business Research at UNMC
CIBFR has been established at UNMC this year with a strong team of advisory board members which includes CEO of local and International Islamic banks as well as CEO of Halal Development Council and leading academics to provide a wide-ranging policy oriented impactful research in the area of Islamic business and finance. CIBFR is focused on industry-led research that will have a wider dissemination among practitioners and academicians alike.
Posted on 11th November 2014