Deloitte in Islamic finance research tieup
Manama, April 2, 2013
Bahrain-based Deloitte Middle East Islamic Finance Knowledge Center (IFKC) has launched a collaborative research initiative with INCEIF - The Global University of Islamic Finance, Malaysia and Henley Business School, the University of Reading, UK.
A leading provider of audit, tax, consulting, and financial advisory services, Deloitte said this tripartite collaborative research initiative aims to develop a research strategy that addresses practice and policy-making issues in Islamic finance and its subsectors.
This initiative will pave the way for research as well as thought leadership pieces in the Islamic finance sector that will enhance the knowledge and skills of market participants and promote leading business practices through thought leadership programmes, said a senior official.
“There is a vital need for industry-driven research that addresses the emerging practice, policy issues and growth opportunities in the realm of Islamic Finance,” remarked Joseph El Fadl, the regional leader, Global Financial Services Industry, Deloitte Middle East.
A recent report by the Organization of Islamic Cooperation (OIC) confirms that the global market for Islamic financial services, as measured by the total volume of Sharia’a-compliant assets, is estimated to have reached $1.1 trillion at end-2011.
OIC countries, with a collective share of 98 per cent in these assets, continue to be the main actors in the industry’s impressive growth story.
“A successful outcome of this tieup will go a long way in demonstrating the value of industry-driven research, practice benchmarking of key markets such as Mena and South-East Asia, and the need for ongoing investment in research culture in the industry,” remarked Dr Hatim El Tahir, the director of the Deloitte IFKC.
INCEIF and Henley Business School are already strategic academic collaboration partners and are now expanding their partnership to the industry in association with Deloitte’s IFKC.
"The global Islamic finance industry today needs to have specific inputs that will enable it to move to the next level. This can only occur through a concerted effort from both the industry and the academia," said DaudVicary Abdullah, the president and CEO of INCEIF.
"This tripartite collaboration is the first step in bringing to market a research strategy that addresses practice and policy-making issues in the industry and its subsectors," he added.
Prof John Board, the dean of Henley Business School, University of Reading, UK said, "This collaboration brings together deep expertise in Islamic and conventional finance from both academic and professional services perspectives."
"It offers a real capability to advance knowledge and inform policy in all jurisdictions around the world," he added.-TradeArabia News Service