The Securities Commission Malaysia (SC) and Durham University recently signed a Memorandum of Understanding (MoU) to strengthen cooperation in capacity building, knowledge sharing, and joint initiatives in the field of Islamic finance and Islamic capital market (ICM).
The inaugural Islamic Capital Market (ICM) Summer School is one of the collaborations under this MoU and is jointly organised with Durham Centre for Islamic Economics and Finance, Durham University Business School.
The ICM Summer School programme equips professionals with strategic leadership skills, technical knowledge, and a deep understanding of Maqasid al-Shariah practices in the Islamic capital markets. It also aims to enhance global thought leadership in the innovation of Islamic finance and the Islamic capital market.
Durham University, a leading university in the UK, globally recognised in law, finance, and economics, adds academic rigour and international insight to the programme.
The SC Chairman Dato’ Mohammad Faiz Azmi said that the ICM Summer School is a milestone in cultivating visionary leaders for the future of Islamic finance This is driven by a shared commitment to advance capacity and thought leadership in the industry from practitioners to seasoned scholars.
“By embedding Maqasid al-Shariah principles, we aim to build an ethical, sustainable, and innovative capital market. Our partnership with Durham University equips professionals toward strengthening Malaysia’s global leadership in Islamic finance.
‘’The SC aims for Maqasid al-Shariah to be a strategic differentiator, driving innovation and collaboration among regulatory bodies and Islamic industry players worldwide,’’ he added.
Dato’ Mohammad Faiz also underscored that the initiative reflects a strong commitment to advancing the values outlined in the Maqasid al-Shariah Islamic Capital Market Guidance introduced by SC in 2023.
Durham University’s Vice-Chancellor and Warden Professor Karen O’Brien said, “Durham University has a long-standing history of contributions to research, education, and innovation in Islamic Finance spanning thirty years. The Durham Centre for Islamic Economics and Finance boasts two ISDB prize winners for their research in Islamic Finance, alongside other highly regarded colleagues.
“Since 2006, the Durham Islamic Finance Summer School has trained over 1,500 individuals from diverse backgrounds worldwide. This partnership will continue to train and inspire current and future leaders in the Islamic finance industry, upholding and strengthening a tradition of thought, practice, and leadership.”
The ICM Summer School programme will run from 2025-2027 with one cohort annually. The first cohort will commence in Q3 2025, comprising 15 participants in a month-long hybrid programme.
The advanced executive programme is designed for middle to senior-level professionals and leaders in the Islamic finance industry, with a minimum five years of relevant working experience.
Upon completion of intensive online modules, participants will attend a five-day masterclass at Durham University. Participants who complete the programme will receive a joint certification from the SC and Durham University.
The programme’s curriculum addresses key areas including Sukuk, Islamic equities, Shariah-compliant products, fintech, sustainability, regulatory frameworks, and product innovation. A central focus is the application of Maqasid Al-Shariah principles to promote ethical, inclusive, and sustainable Islamic capital market and finance practices.
The MOU was signed between Dato’ Mohammad Faiz and Durham University Pro-Vice Chancellor (Global) Professor Claire O'Malley.
