ICD starts sponsoring and investing in Islamic finance specialists in private sector
Baku, Fineko/abc.az. The Islamic Corporation for the Development of the Private Sector (ICD) and the International Centre for Education in Islamic Finance (INCEIF) have signed a memorandum of agreement (MOA) for a capacity building initiative of the private sector in the field of Islamic finance.
The ICD informs that the MOA was signed by ICD’s CEO and General Manager Mr. Khaled Al-Aboodi and INCEIF President and Chief Executive Officer Mr. Daud Vicary Abdullah.
Under the agreement, the ICD will complement the INCEIF-implemented program Charted Islamic Finance Professional (CIFP) participants learning experience through its corporate attachments within ICD and its investee companies globally, with its reputable regional partners and within the IDB Group.
Mr. Al-Aboodi said that strategic collaboration between he ICD and INCEIF will be the catalyst in laying the foundation in addressing the talent shortage of Islamic finance professionals and serve as “building the knowledge in-roads” to the growing interest in Islamic finance mainly in the region of Central Asia, Sub Saharan Africa, Middle East and North Africa and other parts of the world.
The ICD aims to ensure the growth of Islamic banking assets in the world up to $5 trillion for 5-10 years. At that, there exists the problem of lack of specialists in the interpretation of Sharia financial transactions, and there are no solutions for a number of aspects of Islamic finance, in particular the generally accepted methods of insurance of assets and valuation of assets in a specific period of time.
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