To advance education, research and related activities promoting a deeper understanding, and building a wider knowledge base, on the world of finance and economics based on Islamic principles of equity, socio-economic justice and inclusiveness. The Program also aims to make substantial contributions, to improving lives and to encourage the debate on the relationship between ethics, morality and finance in such a manner as the Program shall from time to time direct.

Research & Development (R&D) is an essential aspect of modern industry and enterprise, no less so in the financial world. Any industry not able to maintain a dynamic approach to its own development can ever attain it full potential. While some of the concepts and practices date back centuries, the modern Islamic financial products and structures are becoming the fastest growing business globally with a greater potential of appealing to the large ethically-minded communities among the world population at large.

In order to create an effective and mature Islamic banking system that is able to meet the demand of a modern and sophisticated market, R&D is a must. With Hong Kong’s access to world-class facilities the Program will provide a central platform for undertaking on-going research, on its own and with others, to tackle solutions to problems, look for a specific answer to a specific issue, and production of new knowledge in an objective, unbiased and reliable way The focus is also on examining new instruments, documentation for various transaction and legal rulings concerning Islamic banking and insurance operations in the global financial context.

Financial institutions can sponsor and supervise important research projects to support their product development program and reviews marketing strategies. The Program shall provide consultancy assistance in the fields of concepts and operations to financial institutions. Some of the areas that the Program covers include:

• Preparing feasibility studies for the establishment of Islamic banks and insurance companies;
• Operation of Islamic banks and insurance companies;
• Converting a conventional bank into an Islamic bank;
• Constituting a Shariah Board and specifying its role;
• Providing Information about Islamic modes of financing and a range of Shariah-compliant services available globally;
• Providing accurate financial analyses of Islamic banks and institutions.
• Shariah audit of management process.
• Independent audit of Shariah compliant financial product

Aims & Objectives

To create a wider base of knowledge and understanding of the principles and methodologies of the Islamic financial system through continuing education and training for the success of the business enterprise.

• To create a wider base of knowledge and understanding of the legal and commercial aspects of the Islamic financial system for the implementation of Islamic finance in all its forms.
• To provide a platform for consensus building and projecting a positive image for the Islamic financial services industry through conferences, seminars, lectures and publications.
• To provide effective support and advisory services for the promotion of corporate social responsibility and healthy practices to fulfill the objectives of Islamic economics and finance.
• To assist and advise institutions, individuals in the operations of Islamic banking and insurance including developing and launching of Shariah-compliant products.
• To provide independent Shariah audit of management processes and validation of Shariah-compliant products developed by financial institutions.
• To undertake on-going research and share research to address the evolving and challenging issues that face the Islamic finance industry and to bring about a change in the mindset needed to maximize business opportunities.
• To respond to consultation exercises with regulatory and government bodies as well as other institutions on improvement and changes required in the overall framework to build a level playing field for the Islamic financial services industry within the operating global financial system.
• To establish a forum to debate policy and dynamic issues among members and Islamic finance professionals for a common vision and understanding as well as promote global fellowship and solidarity.
• To receive donations including Zakat for the achievement of all or any of the objects of the Program including granting and giving stipends, scholarships, awards, rewards, honoraria and remuneration.

Professional Development

The demand for good educated and well-trained personnel is a hugely important issue for all businesses Even the injection of sufficient capital cannot ensure the success of a financial organization if there is not an adequate supply of capable trained and committed people.

Skill-based education and practical training are fundamental to employee long-term development and self-empowerment, raising and maintaining competence and professionalism in today’s increasingly complex and regulated markets. The potential demand for Shariah-compliant products and services from a large world population has created incredible business opportunities for all financial institutions.

The Program’s professional development program will include comprehensive courses and practical training on the Islamic modes that govern business, trade and finance, as well as insurance. With a collective track record and experience of over 25 years, utilizing its location in Hong Kong to easily give access to world-class education, training and research facilities in SEA, the Program will promote certificate-level qualifications, in consultation with Islamic financial institutions and other organizations as well as with an “international panel” of Shariah Scholars. By earning such qualifications in one or more than one of the subject areas, students will be able to enhance their career prospects in Islamic financial services sector.

All the learning courses will be by distance-learning. The courses are designed to provide continuing education by distance-learning relating to Islamic banking and insurance for beginners as well as graduates and those with a reasonable level of previous working experience. The distance-learning method was chosen to enable the maximum number of students from all parts of the world to benefit from the course at a comparatively lower cost. Students can study at their own pace and in their own home. The courses are demanding but there is no reason why students should not been able to complete their studies successfully in a reasonable time, as long as they do all the course assignments. Students will be required submit their assignments in English to encourage them to build on their English business vocabulary. With specially appointed tutors, specific course materials and the added advantage of being able to study from home, distance-learning courses are among the most successful, pro-active and beneficial services the Program provides.

All training will be capable of being delivered through practical-based workshops in the various fields of Islamic banking and insurance by the Program’s trainers with commercial experience and support services at various locations.

The future could see the Program’s learning courses and training program being distributed on an interactive e-learning platform with video lectures and real-time communication allowing contact between students and tutors as well as experts in different jurisdictions.