The new centre was launched by The Rt Hon Baroness Sayeeda Warsi
, Senior Minister of State at the Foreign and Commonwealth Office, at the financial services reception hosted by the British High Commission in Kuala Lumpur.
Baroness Warsi said: “World-leading Islamic finance thinkers are based here in Kuala Lumpur. The University of Nottingham recognises this and has established a Centre for Islamic Business and Finance Research at its Malaysia campus. It is clear that the UK can learn so much from Malaysia. By working together we can grow the global market.”
Professor Christine Ennew, CEO and Provost of UNMC, said: “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, 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.”
Dr Nafis Alam, Centre Director and Research Director of Accounting, Finance and Law at UNMC’s Nottingham University Business School, said: “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.”
Islamic finance within the region and globally is making strides. According to Malaysia’s Financial Sector Blueprint 2011-2020, up to 56,000 new finance industry positions will be needed in the next 10 years; including up to 40,000 Islamic finance industry jobs.
Dr Nafis said: “The importance of Islamic finance was highlighted by the British Prime Minister in his opening speech at the 9th World Islamic Economic Forum. David Cameron said: “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.””
Islamic finance at UNMC
UNMC is already making inroads into the development of Islamic finance education by launching a Masters in Investment and Islamic Finance in 2013. The MSc Investment and Islamic Finance programme provides and examines different aspects of the Islamic financial environment, and focuses on advanced developments in Islamic finance and conventional finance.
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Notes to editors: The University of Nottinghamhas 43,000 students and is ‘the nearest Britain has to a truly global university, with campuses in China and Malaysia modelled on a headquarters that is among the most attractive in Britain’ (Times Good University Guide 2014). It is also the most popular university among graduate employers, the world’s greenest university, and winner of the Times Higher Education Award for ‘Outstanding Contribution to Sustainable Development’. It is ranked in the World's Top 75 universities by the QS World University Rankings.
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