DUBAI: Malaysia's Islamic finance university and the research arm of Kuwait Finance House will develop training and internship programmes to address growing demand for professionals in the business, officials said on Tuesday.
Despite rapid growth over the last several years, the Islamic finance industry lacks a large pool of professionals with both academic and practical knowledge, a problem which the tie-up aims to tackle.
"Academia has its own processes and metrics but it can be quite technical. This is bridging the gap between academia and the industry," said Daud Vicary Abdullah, president and chief executive of the International Centre for Education in Islamic Finance (INCEIF).
An agreement between the two bodies calls for joint work on executive training, research reports on the industry, and an internship programme that will sponsor up to 10 students at a time. The six-month internships will include training and could lead to permanent positions with KFH, said Baljeet Kaur Grewal, managing director and vice chairman of KFH Research.
The agreement gives INCEIF, set up in 2005 by Malaysia's central bank, a foothold in the Gulf region as it raises its profile overseas, said Abdullah.