A Centre for Islamic Business and Finance Research (CIBFR) has been established at The University of Nottingham Malaysia Campus (UNMC).
The new centre, based in the Nottingham University Business School at UNMC, brings together experts from across a range of disciplines who share an interest in understanding, analysing and developing Islamic perspectives of finance, management, marketing and tourism.
CIBFR will provide research and consultancy services to organisations worldwide, taking an integrated approach to finance and a range of other Syariah compatible products and services worth US$2bn (RM6.52bn) annually to a market of over one billion people globally.
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.”
CIBFR in collaboration with The Centre for Risk, Banking and Financial Services at The University of Nottingham in the UK and the Centre for Global Finance and International Finance Research Centre at The University of Nottingham Ningbo China will conduct multinational research to cater for 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 2011-2020, 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.””’