Assalamualaikum and good morning,
- Prof Emeritus Dato’ Dr Mohamad Azmi Omar – Chaiman of ISRA Consulting
- Wan Rizaidy W. Mamat Saufi – Acting CEO, ISRA Consulting
- Members of the SC Shariah Advisory Council (SAC)
- It is my pleasure to welcome you all to the SC to celebrate a key milestone for the Shariah Mentoring Programme or SMP.
- This graduation is special to the SC, as it is the first for the Shariah Mentorship programme.
- This initiative was born out of a critical need to cultivate young Shariah background talents for ICM and create a continuous talent pipeline of Shariah advisers equipped with technical competencies and knowledge of ICM products and offerings. The success of this programme has exceeded our expectations in its inaugural year.
- The first cohort received overwhelmingly positive feedback from the industry, with many highlighting the graduates' high level of professionalism, in-depth knowledge, and technical competenci
- Consequently, over 50% of graduates have secured permanent employment offers from the SMP participating organisations, highlighting the programmes's success in preparing skilled professionals for ICM. (Note: As of 18 July 2024, 8 out of 15 graduates have secured employment.preparing skilled professionals for ICM. (Note: As of 18 July 2024, 8 out of 15 graduates have secured employment.)
- We look forward to all the graduates securing employment in the Islamic finance/Shariah sector through SMP participating organisations, paving the way for them all to become registered and capable Shariah advisers in line with the objective of the programme.
- Our Islamic Capital Market in Malaysia is evolving and always improving, and with the rapid expansion, there is a pressing need for more professionals who are well versed in both Shariah principles and market practices, ensuring continued growth.
- To put this into context, almost 50% of current Malaysian Shariah advisers are 50 years of age or older, and only 12% of the total current Shariah advisers are women.
- So, this programme was born out of the need to build a continuous talent pipeline of skilled and competent Shariah talents.
- Since 2020, we have received an average of 15 new applications for ICM Shariah advisers annually, with 19% rejected due to lack of experience.
- The SC Shariah Adviser Guideline was revised in 2021 and incorporated under the Guidelines on the Registration and Conduct of Capital Market Services Providers (Section 76A (2) of the CMSA).
- This move is intended to house all registered persons under a single operating guideline and is part of SC’s efforts to establish entry standards and enhance requirements for registered Shariah advisers.
- Some of the changes include increasing the required years of experience from 1 to 3 years, mandating specific academic qualifications, especially in Fiqh and Usul Fiqh studies, insisting on continuing professional development, and having fit and proper criteria for registered Shariah advisers.
- So, what does the SMP entail? Over the past months, these graduates have undergone rigorous training, combining two months of intensive classroom learning with six months of invaluable hands-on experience at prominent organisations within our Islamic capital market.
- The SMP’s structured curriculum, from Beginner to Intermediate levels, is designed to empower participants to grasp the complex relationship between the capital market and Shariah principles.
- Modules cover topics, among others, Capital Market & Shariah, Islamic Equity Markets, Sukuk, Sustainable and Responsible Investment (SRI), and Maqasid Shariah guidance for the ICM.
- The SMP aims to equip individuals with the knowledge, insights, and skills needed to become proficient Shariah Advisers within the ICM.
- One matter I wish to highlight is that Shariah professionals such as yourselves, have a crucial role, in explaining the aspirations and principles of the Maqasid alShariah in ICM transactions and products.
- This involves embedding and enhancing the moral imperatives in finance, ensuring that financial practices not only comply with Islamic law but also promote social justice, economic welfare, ethical behaviour and integrity. Maqasid also requires us to consider our impact on the environment.
- The other matter I wish to highlight is that you should all continue understanding how the market works. Scholars can’t apply Maqasid or Shariah rules unless they understand the motivations of market players and their clients. If you do not understand who gets what in a transaction, you are unlikely to be able to follow Shariah rules properly. So, do become investors yourselves to see how the market works and always continue to learn new things.
- As we celebrate the achievements of the first cohort, I am also delighted to welcome the 15 participants of the second cohort – selected out of 273 applicants.
- I am delighted to announce that the second cohort's classroom sessions have already commenced, with internship placements scheduled to begin later this year.
- Based on our observations and feedback from the first cohort, we will continue to enhance the programme. For instance in the 2nd cohort, we incorporated a hybrid learning format and extended the classroom module from two months to three months, for a more comprehensive and enriched learning experience.
- In closing, I wish to express my thanks and appreciation to ISRA as our strategic partner for SMP.
- By 2025, we anticipate that more than 40 participants will have completed the SMP and hopefully be registered as Shariah advisers, contributing significantly to the growth and resilience of ICM in Malaysia.
- Congratulations and best wishes to all. Thank you.
Objective of SMP is to ensure continuous pipeline of skilled and competent Shariah talents
Ladies and gentlemen,
SMP graduates and Shariah Fraternity as advocates of Maqasid al-Shariah in ICM
Ladies and gentlemen,
