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Date [ 2014-06-03, 05:38 ]

A first for a university in Malaysia.

(from left to right): Professor Lee Chew Ging, Dean of NUBS Malaysia; Dr. Nafis Alam; Baroness Sayeeda Warsi; Professor Christine Ennew; Professor Ong Fon Sim, Professor of Marketing, NUBS (Malaysia) and Professor Graham Kendall, Vice Provost (Research & Knowledge Transfer

(Kuala Lumpur=Koreanpress) Azmi Anuar =The Centre for Islamic Business and Finance Research (CIBFR), new unit on the campus of Nottingham University will provide research and consultancy services to organisations worldwide. It will do this by taking an integrated approach, dealing with both finance and a range of other Syariah-compatible products and services worth USD 2 billion (RM6.52 billion) annually to a market of over 1 billion people globally.

CIBFR is a dedicated research centre located within the university’s prestigious business school. It brings together researchers across a range of disciplines who share an interest in understanding, analysing and developing Islamic perspectives of finance, management, marketing and tourism.

Though it was launched on April 22 at a financial services reception hosted by the British High Commission in Kuala Lumpur, the centre started only functioning from May 28, 2014.

“Our vision to run this centre in Malaysia aligns well with Malaysia’s vision to become a world leader in Islamic banking and finance. As a global university we are particularly well placed to bridge across boundaries and to host international researchers, and we will exploit our history of excellence in teaching and learning to develop innovative programmes in Islamic finance and Islamic business,” said Professor Christine Ennew, CEO/Provost of UNMC.

According to Dr. Nafis Alam, Centre Director and Research Director of Accounting, Finance and Law at UNMC’s Nottingham University Business School: “The new CIBFR will leverage on experienced staff at Nottingham and international collaborations to consolidate its position as a specialised research centre that deals with the contemporary issues of Syariah-compliant businesses and consumers.”

CIBFR – in collaboration with the Centre for Risk, Banking and Financial Services of the University of Nottingham, UK, and the Centre for Global Finance and the International Finance Research Centre at University of Nottingham Ningbo China – will conduct multinational research to cater to the development of Islamic business in Europe and China.

Islamic finance within the region and globally, is making strides. According to Malaysia’s Financial Sector Blueprint 2011-20, up to 56,000 new financial industry positions will be needed in the next 10 years – including up to 40,000 Islamic financial industry jobs.

“The importance of Islamic finance was highlighted by the British PM when he mentioned its role in his opening speech at World Islamic Economic Forum," explained Dr. Nafis. He emphasised that “I don’t just want London to be a great capital of Islamic finance in the Western world. I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world.”


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