ICIFE Annual Report 2021

TABLE OF CONTENT 01
02
FOREWORD FROM ICIFE PRESIDENT 03
VISION AND MISSION OF ICIFE 04
ICIFE EXECUTIVE COMMITTEE 2021 – 2023 05
ICIFE STRATEGIC GOALS 2021 – 2023 05
NOTICE OF 8TH ICIFE ANNUAL GENERAL MEETING 06
AGENDA OF 8TH ICIFE ANNUAL GENERAL MEETING
MINUTES OF 7TH ANNUAL GENERAL MEETING 15
ICIFE REPORT 16
17
ICIFE FINANCIAL SUMMARY HIGHLIGHTS 2021
ICIFE MEMBERSHIP 2021
ICIFE ACTIVITIES 2021

FOREWORD FROM ICIFE PRESIDENT

PREPARING FUTURE-READY ISLAMIC FINANCE EDUCATORS AND
GRADUATES: THE EMERGING ROLES OF ICIFE

Islamic finance education is going through a number of critical challenges
including global economic crisis, tougher Islamic financial regulations,
technological advances, demographic shifts, and digital lifestyles. These
new emerging challenges are demanding greater emphasis on establishing
a larger pool of competent Islamic finance professionals to meet the
increasing demand of the Islamic financial industry. Recently, Covid-19
Pandemic also posed a new challenge and has resulted in a new thinking on
Islamic finance curriculum, and teaching and learning strategies.

The need for future-ready graduates requires industry-relevant curriculum
Dr. Abdul Rahim Abdul Rahman and competent educators. The emergent of new technologies and
(President of ICIFE, 2021 - 2023) economies, require both educators and graduates to adapt to these changes.

Islamic financial industry needs skilled and knowledgeable employees with
new employability skills such as creative and critical thinking, communication, and new media and
technology. Islamic financial industry due to a highly competitive environment and the need for innovative
products and services, requires graduates and professionals who have adequate knowledge of modern
finance theory and practices as well as the knowledge of Shariah.

Realising these global contemporary challenges, the International Council of Islamic Finance Educators
(ICIFE) will continue to promote global development of Islamic finance education through nurturing talents
among the educators. ICIFE will also continue to play an important role as an enabler of quality Islamic
finance curriculum and relevant talent development initiatives. The latest initiatives in the year 2021 such
as the ICIFE Roundtable Discussion Series (IRDS) addressing latest issues and challenges, and the
collaboration between ICIFE and the Takaful industry has resulted in the offering of the ICIFE Certificate of
Takaful for Educators Programmes (ICTEP). These initiatives are testaments of our commitment in
developing new talents among educators, and consequently will contribute in nurturing future-ready
graduates.

It is imperative that ICIFE needs to be relevant, and must satisfy the needs of members and stakeholders.
For the year 2022, ICIFE plans to embark on a survey of the competency needs of Islamic finance educators.
This survey is crucial to understand training and educational needs of ICIFE members. ICIFE also plans to
undertake a comprehensive study on the graduate employability and talent needs of the Islamic financial
industry. These two initiatives will hopefully be able to address some of the emerging challenges as stated
above.

ICIFE needs to be self-sustainable financially, visible internationally, and actively engaged with the Islamic
financial industry in order to remain relevant. It is also crucial for ICIFE to satisfy the needs of members and
stakeholders. Hence, ICIFE’s Executive Committee (2021/2023) has agreed to focus on achieving 5
Strategic Goals namely (i) financial sustainability; (ii) international visibility; (iii) active engagement with
the Islamic financial industry, (iv) improving members attachment; and (v) enhancing existing activities.

In order to realise of the above 5 Strategic Goals, 5 Action Plans have been devised by focussing on (i)
income generation activities; (ii) international networking and stakeholders’ engagement; (iii) education
and training of members; (iv) curriculum and quality assurance activities; and (v) relevant research
initiatives. To achieve all the above strategic goals and action plans, ICIFE certainly needs continuous
support and active involvement of all members. Moving forward, strategic engagement and tri-partite
collaboration between ICIFE, members and stakeholders are critical in ensuring the relevance of ICIFE.

May Allah swt guide and bless all our noble intentions and efforts.

VISION AND MISSION OF ICIFE

VISION

TO BE PREMIER GLOBAL, INNOVATIVE, ENTERPRISING
ORGANIZATION IN ISLAMIC FINANCE EDUCATION QUALITY

ASSURANCE

MISSION

DESIGN AND DEVELOP COMPREHENSIVE CURRICULUM
FRAMEWORK FOR ISLAMIC FINANCE EDUCATION TO
ENHANCE PROFESSIONALISM AND EXPERTISE OF ISLAMIC
FINANCE EDUCATORS TO BECOME CATALYSTS FOR
GROWTH OF ISLAMIC FINANCE EDUCATION AND TALENTS
IN CONSONANT WITH THE MARKET DEVELOPMENT AND

SOCIETAL NEEDS

ICIFE EXECUTIVE MEMBERS 2021 -2023

ICIFE STRATEGIC GOALS & ACTION PLANS 2021 - 2023

• 5 STRATEGIC GOALS • 5 ACTION PLANS • 12 INITIATIVES

THE SUBCOMMITTEES

Financial Education and Curriculum & International Research & MIFER
Sustainability Training Quality Assurance Networking &
Stakeholder’s • Assoc. Prof. Dr.
• Prof. Dr. Noraini • Dr. Abdul Rahim • Prof. Dr. Rusni Engagement Norazlina Abd
Mohd Ariffin Abdul Rahman Hassan Wahab
• Assoc. Prof. Dr.
• Dr. Abdul Rahim • Prof. Dr. Noraini • Assoc. Prof. Dr. Dzuljastri Abd. • Assoc. Prof. Dr.
Abdul Rahman Mohd Ariffin Asmak Ab. Razak Selamah Maamor
Rahman
• En Razi Pahlavi • Assoc. Prof. Dr. • Assoc. Prof. Dr. • Assoc. Prof. Dr.
Abdul Aziz Selamah Maamor • Assoc. Prof. Dr. Sharifah Faigah Rizal Mohd Nor
Nurul Aini Syed Alwi
• En Razi Pahlavi Muhamed • Assoc. Prof. Dr.
Abdul Aziz • Assoc. Prof. Dr. Asmak Ab Rahman
• Assoc. Prof. Dr. Rizal Mohd. Nor
• Assoc. Prof. Dr. Sharifah Faigah • Assoc. Prof. Dr.
Nurul Aini Syed Alwi • Assoc. Prof. Dr. Amirul Afif
Muhamed Amirul Afif Muhamat
• Assoc. Prof. Dr. Muhamat
Syed Musa • Assoc. Prof. Dr.
Alhabshi Fuadah Johari

• Dr. Asma Hakimah
Ab Halim

NOTICE OF THE 8th
ICIFE ANNUAL GENERAL MEETING

DATE : 26th March 2022 | Saturday
TIME : 10:00 am
VENUE :

AGENDA OF THE 8th ICIFE ANNUAL GENERAL MEETING

1. Opening Remarks by ICIFE President

2. Confirmation of the minutes of the 7th AGM held on 27th March 2021

3. Updates from Matters Arising

4. Presentation and approval of ICIFE Annual Report 2021 by the Secretary
of ICIFE

5. Presentation and approval of the audited ICIFE Annual Financial
Statements ending 31st December 2021 by the Treasurer of ICIFE

6. Approval to appoint external auditors for tax exemption application
under subsection 44 (6) of the Income Tax Act 1967

7. Other matters, if any

MINUTES OF THE 7th ANNUAL GENERAL MEETING

DATE : 27th March 2021 (Saturday)

TIME : 11:00 a.m. – 01:00 p.m.

VENUE : ZOOM Cloud Meeting

CHAIRPERSON : Assoc. Prof. Dr. Syed Musa Alhabshi

Exco Member Present

Assoc. Prof. Dr. Syed Musa Alhabshi - President / Chairperson

Assoc. Prof. Dr. Dzuljastri Abdul Razak - Vice President

Assoc. Prof. Dr. Shahida Shahini - Secretary

Assoc. Prof. Dr. Noraini Mohd Ariffin - Treasurer

Prof. Dr. Nor Hayati Ahmad

Prof. Dr. Rosylin Mohd Yusoff

Prof. Dr. Rusni Hassan

Prof. Dr. Zurina Shafii

Assoc. Prof. Dr. Sabariah Yaakub

Assoc. Prof. Dr. Sharifah Faigah Syed Alwi

Dr. Asma Hakimah Abdul Halim

Dr. Baharuddin Abdul Aziz

Dr. Rizal Mohd Nor

Datin Zariah Abu Samah

Mr. Razi Pahlavi Abdul Aziz

Exco Members Absent with Apologies/Notification:
Prof. Dr. Abd Ghafar Ismail

Members Present International Islamic University Ordinary Member
Malaysia
International Ordinary Member
Nasarawa State University, Keffi
1. Dr. Habeebullah Zakariyah Ibnu Khaldun University Bogor, Ordinary Member
2. Liman Salihu Mairafi Indonesia
3. Dr. Hendri Tanjung Salihin Consulting Ordinary Member
4. Muntaka Alhaji Zakari Universiti Sultan Zainal Abidin Ordinary Member
5. Md. Habibur Rahman Universitas Negeri Jakarta Indonesia Ordinary Member
6. Erika Takidah

Local

1. Prof. Dr. Khaliq Ahmad CBE, Qassim University Ordinary Member
Ordinary Member
2. Prof. Dr. Abdul Rahim Abdul Universiti Sains Islam Malaysia
Rahman Ordinary Member
International Islamic University
3. Prof. Dr. Mohamed Aslam Malaysia Ordinary Member
Haneef International Islamic University Ordinary Member
Malaysia Ordinary Member
4. Prof. Dr. Maliah Sulaiman Universiti Kebangsaan Malaysia Ordinary Member
Universiti Kebangsaan Malaysia Ordinary Member
5. Assoc. Prof. Dr. Ruzian Markom Universiti Sains Islam Malaysia Ordinary Member
Universiti Kebangsaan Malaysia Ordinary Member
6. Dr. Azlin Alisa Ahmad Universiti Sains Islam Malaysia
International Islamic University Ordinary Member
7. Prof. Dr. Fauzias Mat Nor Malaysia Ordinary Member
International Islamic University Ordinary Member
8. Dr. Mohd. Adib Ismail Malaysia Ordinary Member
Universiti Malaya Ordinary Member
9. Dr. Syahidawati Shahwan Universiti Teknologi MARA Ordinary Member
Universiti Teknologi MARA Ordinary Member
10. Assoc. Prof. Dr. Suhaimi Mhd. Universiti Teknologi MARA Ordinary Member
Sarif Universiti Teknologi MARA Ordinary Member
(Terengganu)
11. Dr. Andi Fitriah Abdul Kadir Universiti Teknologi Malaysia Ordinary Member
Universiti Teknologi Malaysia
12. Dr. Asmak Ab Rahman Ordinary Member
Universiti Sultan Zainal Abidin Ordinary Member
13. Dr. Amirul Afif Muhamat Associate Member
Kolej Professional Baitulmal Associate Member
14. Dr. NurulHuda Abdul Rahman
Universiti Sains Islam Malaysia
15. Raudha Md Ramli
Universiti Teknologi MARA
16. Dr. Wan Noor Hazlina Wan
Jusoh Management Science University

17. Dr. Nor Aiza Mohd Zamil Masryef Academy

18. Dr. Nazimah Hussin

19. Assoc. Prof. Dr. Zunaidah Bt.
Sulong

20. Prof. Dato Dr. Noor Inayah
Yaakub

21. Prof. Dr. Muhammad Ridhwan
Abd Aziz

22. Dr. Wahida Ahmad

23. Mr. Wan Mohd. Ashraf Adlin
Wan Draman

24. Mr. Mohamed Zakariya Othman

Members Present Lincoln University Student
Student
Student Universiti Utara Malaysia
IIUM Institute of Islamic Banking and Student
1. Shamsuddin Jamaltul Nizam Finance, International Islamic
2. Siti Farah Norbaini Mohamad University Malaysia

3. Zulfahmi

No Agenda Remark
1. Opening & Welcoming Remarks by Chairperson (President)

1.1 The President opened the AGM with recitation of Surah Al- President

Fatihah. (Assoc. Prof. Dr.
Syed Musa
1.2 The President welcomed and expressed gratitude to all Alhabshi)
members and EXCO members who were present in the AGM Information

1.3 The members were notified that the annual report and Information
summary of financial highlight were distributed in the
Whatsapp group earlier before the AGM commenced.

1.4 The President also informed that, there will be 2 segments of Information
the AGM which is the presentation of the annual report and
the election of ICIFE EXCO members (2021 – 2023).

2. Quorum and Interim Secretary

2.1 Confirmation of quorum

The secretary reported that forty-three (43) ordinary Proposed by:
members including 15 EXCO members attended the AGM and Assoc. Prof. Dr.
the minimum meeting quorum of 30 members was met. Syed Musa

2.2 The meeting agreed to appoint Prof. Dr. Rusni Hassan (IIUM) Seconded by:
as interim secretary for this AGM. Majority
members

3. Confirmation of the Minutes of the 6th AGM held on 8th August
2020 and matters arising

3.1 The President presented the minutes of the ICIFE 6thAGM, as Proposed by:

enclosed in the Annual Report 2020 (pp. 5 - 14). Prof. Dr. Khaliq
Ahmad
3.2 Prof. Dr. Rusni Hassan updated on the matters arising which
is constitution’s amendments and reported that the

amendments were accepted and approved by R.O.S Seconded by:
Prof. Dr.
3.3 The minutes were received and adopted by the members. Norhayati
Ahmad

4. Presentation and Adoption of the Annual Report 2020 by the
President

4.1 The ICIFE Annual Report 2020 was presented by the
President. The ICIFE activities in 2020 which includes the
collaborations, membership report, publications, activities
with the selected photos, are enclosed in the Annual Report
2020 (pg.17 - 22). In 2020, most of the activities were
organized online due to pandemic covid 19.

4.2 The President highlighted the MIFER Atlas 2021 & Beyond
launch and thanked the principal researcher, Prof. Dr. Rosylin
Yusof, the team and technology expert for their excellent
efforts.

4.3 On behalf of Deputy President, Dr. Dzuljastri Abdul Razak, the
members were updated on ICIFE International initiatives
undertaken by ICIFE. A dedicated Whatsapp group have been
created among the international members as the medium of
communication. where the members have shared their
activities and events in this ICIFE Whatsapp group platform.

4.4 The President updated on the MQA Muamalat and Islamic
Finance Programme Standard workshop which was deferred
and ICIFE plans to update members with future development
of the standard.

Members were updated on the 8th AICIF which was held on 24
- 26 November 2020. ICIFE as the Secretariat has introduced
Islamic social finance video project award.

4.5 On ICIFE publications, the members were informed of efforts
to introduce ICIFE e-modules in ICIFE website with e-learning
platform. Members were invited to contribute to the content
enhancement.

4.6 Dr. Rizal presented the progress of online platform and shared
the updated features in the new website such as live
bookstore for ICIFE publications, activities such as Learning
Management System (LMS) and services such as Micro-
credential and certification courses. Dr. Rizal reported that
the pilot online course is expected to be ready in April 2021
and interested members were invited to contribute. Members
were introduced to the prototype of the new website.

4.7 The President highlighted on the ICIFE tax registration and
related matters which was in progress and will be updated in
the next report.

4.8 The President thanked the ICIFE collaborators and partners
for their continuous support towards ICIFE.

4.9 The Annual report was subsequently received and adopted by
the members.

5. Presentation and Adoption of Financial Statement ending 31st
December 2020

5.1 The President highlighted ICIFE 2018, 2019 and 2020
Financial summary which were shared as supplementary
documents in the AGM WhatsApp Group.

5.2 With reference to ICIFE membership, the active members are
those who paid for the last two years. ICIFE will write off the
inactive members with outstanding membership fees more
than two years. However, the member could appeal to
reinstate the membership status subject to EXCO approval.

5.3 The Treasurer, Assoc. Prof. Dr. Noraini Mohd Ariffin
presented the Financial Statements for the period ending 31
December 2020, which have been audited by internal
auditors, Prof. Dr. Maliah Sulaiman (IIUM) and Dr. Mohd. Adib
Ismail (UKM).

5.4 The Treasurer presented profit and loss statement and
explained that ICIFE income significantly declined due to
pandemic Covid 19 and recorded a deficit. In 2020, ICIFE
however received income from membership fees, dividend
and donation from the Ministry of Higher Education (MOHE)
amounting RM10,000.00.

5.5 In responding to Prof. Khaliq Ahmad’s enquiries on ICIFE
plans for financial sustainability, the President responded
that ICIFE plans more projects in 2021 which are PENJANA
initiatives, MIFER Atlas 2021 subscription, more

collaborations and partnership with industry as well as
universities and the online training and courses. The
President added, ICIFE is in the process to apply for income
tax exemption status to encourage tax donation and

sponsorships. Proposed by:
Prof. Dr.
5.6 Prof. Aslam seeks clarifications on the increase in salary Mohammed
recorded in 2020. The Treasurer explained that there is no Aslam Haneef

additional staff hired in 2020 but the increment is due to Seconded by:

revision of allowances and EPF contributions of the existing Prof. Dr. Khaliq
staff. Ahmad

5.7 The financial statements were received and adopted by
members.

6. Announcement of Dissolution of ICIFE Exco Members 2019 –
2021:

6.1 The President announce the dissolution of ICIFE EXCO
members 2019-2021. On behalf of EXCO members, the
President expressed gratitude to all ICIFE members for their
support and apologize for any shortcomings throughout the
tenure.

7. Election of ICIFE Exco Members 2021 – 2023

7.1 The meeting invited the Chairman of election committee, Prof Notification
Dr. Norhayati Ahmad (UUM) to officially chair the election
session.

7.2 Prof. Dr. Norhayati briefed members on the online voting
process. The e-nomination process was done earlier by google

form. The nominees’ lists were received and validated by the
Election Committees. All the nominees approved their
nomination as follows:

President Prof. Dr. Abdul Rahim Abdul Rahman (USIM)
Vice Prof. Dr. Rosylin Mohd Yusof (UUM)
President
Secretary 1) Dr. Mohd Adib Ismail (UKM)
2) Assoc. Prof. Dr. Dzuljastri Abdul Razak (IIUM)
Treasurer 3) Mr. Razi Pahlavi Abd. Aziz, (Amanie Holdings)
EXCO Assoc. Prof. Dr. Noraini Mohd Ariffin (IIUM)
Members 1) Dr. Mohd Adib Ismail (UKM)
2) Assoc. Prof. Dr. Asmak Abd Rahman (UM)
3) Assoc. Prof. Dr. Sharifah Faigah Syed Alwi

(UiTM)
4) Dr. Rizal Mohd Nor (IIUM)

7.3 Members were given 20 minutes to vote the nominees
through the e-voting google form. The link was shared in AGM
Whatsapp group and zoom chat box to registered members in
the AGM.

7.4 The e-voting process was carried out and official voting count
of nominees for each of five (5) categories were done by the
committees. The members were informed that 36 responses
were received and the final elected ICIFE EXCO members
2021 – 2023 are as follows:

President Prof. Dr. Abdul Rahim Abdul Rahman
(USIM)
Vice President Prof. Dr. Rosylin Mohd Yusof (UUM)
Secretary
Treasurer Dr. Mohd.Adib Ismail (UKM)
Exco Assoc. Prof. Dr. Noraini Mohd Ariffin (IIUM)
1) Assoc. Prof. Dr. Sharifah Faigah Syed

Alwi (UiTM)
2) Assoc. Prof. Dr. Asmak Ab. Rahman (UM)
3) Dr. Rizal Mohd Nor (IIUM)

7.5 On behalf of members, the Master of Ceremony congratulated
the new President and Exco members and invited new
President to give a short speech.

7.6 The new President, Prof Dr Abdul Rahim Abdul Rahman, in his
speech shared his view on ICIFE directions on the financial
sustainability, ICIFE visibility, activities including the MQA
program standard, other enhancement and improvement in
collaboration and the responsibility towards Islamic finance.
Prof. Dr Abdul Rahim seeks support from members and
previous EXCO members in order to continue and advance
ICIFE to a better position.

8. Appointment of Internal Auditors

8.1 The elected process completed and concluded with the Proposed by
nomination and appointment of the internal auditors as Prof. Dr.

follows: Norhayati
Ahmad
1 - Prof. Dr. Maliah Sulaiman (IIUM) Seconded by
2 - Assoc. Prof. Dr. Syed Musa Alhabshi (IIUM) Assoc. Prof. Dr.

8.2 Members agreed and confirmed the appointment of the Shahida Shahimi

auditors.

9. Other Matters
None.

10. Adjournment
The meeting adjourned at 1.00 pm with recitation of Tasbih Al-
Kaffarah & Surah Al-‘Asr.

Prepared by: Checked by:

Prof. Dr. Rusni Hassan Assoc. Prof. Dr. Syed Musa Alhabshi
Secretary President (2019 - 2021)



ICIFE FINANCIAL SUMMARY HIGHLIGHTS 2019

ICIFE MEMBERSHIP 2021

Active Individual Membership as at 31st December 2021

Category International Malaysian Total
Ordinary Members 219
Associate Members 51 168 36
Student Members 135
Honorary Members 30 6
Total Members 4
76 59 394
Ordinary
Associate 13 65
Total 1
158 236 66

New members
March 2021 – December 2021

9 56

-1

Institutional Membership as at 31st December 2021

No University / Institution Country
1. Universitas Muhammadiyah Yogyakarta Indonesia
2. Mindanao State University Philippines
3. Ibnu Khaldun University, Bogor Indonesia

ICIFE ACTIVITIES 2021

No Program & Detail Matters / Highlights

1. 7th Annual General Meeting Meetings

Date/Venue The 7th Annual General Meeting was held online on 27 March 2021.
• 27 March 2021 The meeting attended by 48 members which are 43 ordinary
• Zoom Cloud Meeting members, 2 associate members and 3 student members. This AGM
involved the election of new Executive Committee members for the
term 2021 - 2023.

2. Exco Meeting No. 19 (3/2021) Proposal to co-opt EXCO members 2021 – 2023

Meeting members agreed to appoint 5 exco members to assist the
Date/Venue administration of ICIFE as follows:

• 8 April 2021 1. Prof. Dr. Rusni Hassan, International Islamic University
Malaysia
• Zoom Cloud Meeting

2. Assoc. Prof. Dr. Dzuljastri Abdul Razak, International Islamic

University Malaysia

3. Prof. Dato Dr. Noor Inayah Yaakub, Kolej Professional Baitulmal

4. Assoc. Prof. Dr. Selamah Maamor, Universiti Utara Malaysia

5. Mr. Razi Pahlavi Abdul Aziz, Amanie Holdings

3. Exco Meeting No. 20 (4/2021) EXCO’s portfolio and Sub-committee

ICIFE has set up subcommittees with the aim to achieve the 5 strategic

Date/Venue goals and action plans

• 26 May 2021

• Zoom Cloud Meeting

4. Exco Meeting No. 21 (5/2021) ICIFE WhatsApp Group
ICIFE decided to create WhatsApp group for active ordinary

Date/Venue members. The purpose of the group is to discuss relevant issues and

• 10 July 2021 dissemination of information.

• Zoom Cloud Meeting Malaysia Islamic Finance Education Report (MIFER) Atlas 2021

and Beyond - Intellectual Property

MIFER researchers agreed 60% of the Intellectual Property (IP) and
commercialization of MIFER Report, MIFER Atlas System and MIFER

Talent System to be given to ICIFE and 40% will goes to the individual

researchers.

Dr. Abdul Rahim Abdul Rahman, Assoc Prof. Dr. Noraini Mohd. Ariffin
and Mr. Razi Pahlavi Abdul Aziz will represent ICIFE for the above IP
and commercialization rights. Each representative will receive 20%
of the IP and will transfer the share to ICIFE account. Prof. Dr. Rosylin
Mohd Yusof agreed to give her share from 40% IP right which is 12%
or 4.8% of the total 100% to ICIFE. In conclusion, ICIFE will receive
64.8% of the MIFER intellectual property and commercialization.

Proposal from Financial sustainability and Education and
Training subcommittees
Meeting members agreed and approved the proposal presented on
the initiatives including ICIFE Roundtable Discussion Series (IRDS),
ICIFE’s Training for Educators Program (ICTEP) and proposal to get
funding from FWD Takaful.

5. Exco Meeting No. 22 (6/2021) Each subcommittees updates their plans and progress report.

Date/Venue
• 21 August 2021
• Zoom Cloud Meeting

6. Exco Meeting No. 23 (7/2021) Approval to Withdraw Money from the Investment Account for
ICIFE OPEX

Date/Venue Members agreed to withdraw money from an investment account

• 24 September 2021 amounting to RM20,000.00 to ICIFE operating account to cover the
insufficient balance of operating account for the expenses until
• Zoom Cloud Meeting December 2021.

Election of the New Secretary
Due to the demise of Dr. Mohd Adib Ismail, the Secretary of ICIFE, Dr.
Selamah Maamor has been appointed as the new ICIFE’s Secretary
with immediate effect.

Election of the ICIFE New Vice Pesident
Prof. Dr. Rosylin Mohd Yusof had resigned as the Vice President (VP)
of ICIFE and ICIFE’s Exco. Therefore, Prof. Dr. Rusni Hassan has been
appointed as the ICIFE’s new VP.

Appointment on ICIFE New Exco Members
Prof. Dato Dr. Noor Inayah Yaakub has resigned from ICIFE’s Exco due
to her new commitment as President and Vice-Chancellor of Kuala
Lumpur Infrastructure University College (KLIUC).
Assoc. Prof. Dr. Norazlina Abdul Wahab (UUM), Assoc. Prof. Dr. Nurul
Aini Muhamed (USIM), and Assoc. Prof. Dr. Amirul Afif Muhamat
(UiTM) has been appointed as ICIFE Exco members.

7. Exco Meeting No. 24 (8/2021) Restructuring and Reorganizing of Subcommittees

Due to the changes of the Secretary and Exco members, the meeting

Date/Venue agreed to reorganise the Sub-committees for the 5 Strategic goals and
action plans.
• 23 October 2021

• Zoom Cloud Meeting ICIFE Certificate on Takaful for Educators Program (ICTEP)

Funded by FWD Takaful.

FWD Takaful Berhad has officially agreed to fund the ICIFE’s

Certificate on Takaful for Educators program (ICTEP) amounting to

RM350,000.00. This project is under Education and Training
subcommittee. The Chief Executive Officer (CEO) of FWD Takaful

have signed the Letter of engagement (L.O.E).

Proposal to apply for tax exemption and deduction
Members agreed for ICIFE to apply tax exemption and deduction
under subsection 44(6) of the Income Tax Act 1967. This is one of the
financial sustainability initiatives.

8. Exco Meeting No. 25 (9/2021) ICIFE tax file registration submission for 2018 & 2019

ICIFE has successfully registered the tax file and the file number is
Date/Venue F2663653209. ICIFE is taxable for 2018 amounting to RM44.82

• 19 November 2021 whereas no tax payable for 2019.

• Zoom Cloud Meeting ICIFE Contribution to KENMS, IIUM Best Student

Members agreed to sponsor one (1) award per year to the KENMS

best student which is RM500.00. The award is for 5 years, and total
allocation is RM2,500.00

cont. Funding and Proposal for Investment Account
No. 8 Meeting members agreed with the suggestion to allocate
RM150,000.00 from RM350,000 funding received from FWD Takaful
9. Exco Meeting No. 26 to the investment account.
(10/2021)
Date/Venue ICTEP: Appointment of Trainers and Modules
• 28 December 2021 ICIFE members agreed with the proposed modules and trainers with
• Zoom Cloud Meeting their honorarium.

ICTEP: Distribution of Universities Nomination for trainees /
participants and lecturers
There will be two (2) cohort for this programme. The first cohort is
offered to institutions that offering Islamic Banking and Finance by
invitation, meanwhile the second cohort will be opened and the
priority will be given to ICIFE members. The classes will be conducted
online on Wednesday, 6pm – 9pm based on the scheduled dates.

ICTEP: The list of Trainees for Cohort 1
The 35 trainees that participate in the first cohort of ICTEP are among
lecturers from public and private universities. The invitation letter
has been sent through the Vice Chancellor respectively. ICIFE has also
opened the invitation to ICIFE members and they will enroll for
cohort 2.

ICTEP: Rules and Regulations
ICIFE has set up the rules and regulations for ICTEP. The trainees who
completed the modules will receive a terminal certificate.

10. Exco Meeting No. 27 (1/2022) Matters arising - ICIFE Contribution to KENMS, IIUM Best Student

Date/Venue KENMS, IIUM agreed to name the award as ICIFE Best Student Award
in Islamic Finance as proposed by ICIFE

• 4 February 2022 Matters arising - Funding and Proposal for Investment Account
• Zoom Cloud Meeting Meeting members agreed to allocate RM150,000 from FWD Takaful

contribution to investment account in Bank Muamalat Malaysia

Berhad, IIUM Branch.

Matters arising – Tax exemption application
Meeting members agreed to get approval from ICIFE members to
appoint external auditors to audit ICIFE account as one of
requirements by Inland Revenue Board of Malaysia for tax exemption

application under subsection 44(6) of the Income Tax Act 1967.

ICIFE ACTIVITIES 2021

1st ICIFE Roundtable Discussion Series

Value Based Intermediation and Maqasid Shariah in Islamic Finance

1.

ICIFE had organized its 1st IRDS on Value Based
Intermediation and Maqasid Shariah in Islamic
Finance. The programme explained the underlying
Shariah basis for VBI in Islamic Finance and identified
the areas of improvement in Islamic finance
curriculum to effectively teach the philosophy and
practice of VBI. The forum attended by local and
international academicians from Public and Private
universities, students and industry players.

The distinguished panelists of the forum are:

1. Prof. Dato’ Dr. Mohd. Azmi Omar,
President and Chief Executive Officer,
International Centre for Education in Islamic
Finance (INCEIF)

2. Prof. Dr. Rusni Hassan,
Deputy Dean, IIUM Institute of Islamic
Banking & Finance, International Islamic
University Malaysia

Moderator:
Dr. Abdul Rahim Abdul Rahman, President,
International Council of Islamic Finance Educators
(ICIFE)

2nd ICIFE Roundtable Discussion Series

Shariah Governance Policy Document (2019)
2. 26 June 2021 | Saturday

Zoom Cloud Meeting

The 2nd IRDS on Shariah Governance Policy
Document (2019) was conducted in
collaboration with Association of Shariah
Advisors in Islamic Finance (ASAS). The forum
discussed the requirements and emerging issues
on the implementation of SGPD. The forum also
discussed on the educational needs to effectively
teach SGPD as part of the Islamic finance
curriculum especially in Malaysia. About 75
participants among educators from public and
private universities as well as industry players
attended this forum.

The distinguished panellists of the forum are:

1. Prof. Dr. Mohamad Akram Laldin,
Executive Director, International Shariah
Research Academy for Islamic Finance
(ISRA)

2. Ir. Dr. Muhamad Fuad Abdullah, President,
Association of Shariah Advisors in Islamic
Finance (ASAS)

Moderator:
Prof. Dato’ Dr. Noor Inayah Yaakub, President &
Vice Chancellor, Infrastructure University Kuala
Lumpur

3rd ICIFE Roundtable Discussion Series

Impacts of Global Challenges and Covid-19 Pandemic on Islamic Finance Education
3. 24 July 2021 | Saturday

Zoom Cloud Meeting

Due to the global issues on pandemic covid-19,
The 3rd IRDS which is on Impacts of Global
Challenges and Covid-19 Pandemic on Islamic
Finance Education has been organized. The
programme discussed the latest global
development and challenges on Islamic finance
education and the potential impacts of Covid-19
pandemic on Islamic finance curriculum. This
forum attended by 75 participants mostly
academicians and students from local and
international.

The distinguished panellists are:

1. Prof. Dr. Mansor H. Ibrahim, Deputy
President Academic / Dean, School of
Graduate and Professional Studies,
International Centre for Education in
Islamic Finance (INCEIF)

2. Prof. Dr. Mehmet Asutay, Director, Durham
Centre for Islamic Economics and Finance,
Durham University

Moderator:
Prof. Dr. Rosylin Mohd Yusof, Institute of
Sustainable Growth and Urban Development,
UUMKL

4th ICIFE Roundtable Discussion Series

Contemporary Applications of Islamic Legal Maxims (Qawaid Fiqhiyah) in Islamic

4. Finance 15 October 2021 | Friday

Zoom Cloud Meeting

ICIFE had conducted the 4th IRDS on
Contemporary Applications of Islamic Legal
Maxims (Qawaid Fiqhiyah) in Islamic Finance.
This IRDS also in collaboration with Association
of Shariah Advisors in Islamic Finance (ASAS).
The forum introduced the basic principles of

Islamic legal maxims and discussed the
contemporary applications of Islamic legal
maxims in Islamic finance such as covid 19
moratorium, cryptocurrency and tawarruq. The
forum also enhanced the knowledge and
understanding of Islamic finance educators on
Islamic legal maxims.

About 70 participants among educators from
public and private universities as well as industry
players attended this forum.

Distinguished panellists are:

1. Prof. Dr. Engku Rabiah Adawiah Engku Ali,
IIUM Institute of Islamic Banking and
Finance

2. Prof. Dr. Ashraf Md. Hashim, CEO, ISRA
Consulting Sdn. Bhd.

Moderator:
Dr. Abdul Rahim Abdul Rahman, President,
International Council of Islamic Finance
Educators (ICIFE)

ICIFE Certificate on Takaful for Educators Programme
(ICTEP)

The Launching of ICIFE Certificate on Takaful for Educators Programme (ICTEP)

Date | Day : 7 January 2022 | Friday
Platform : Zoom Cloud Meeting

ICIFE Certificate on Takaful for Educators Programme
(ICTEP) aims to provide training to Islamic finance
educators on Takaful in order for the universities to
produce graduates that will be equipped with the
knowledge in Takaful that relevant to the Takaful
industry. To conduct this programme, ICIFE has
received funding amounting to RM350,000.00 from
FWD Takaful Berhad. The ICTEP participants are among
academicians teaching Takaful in all universities in
Malaysia. There will be cohort 1 and cohort 2 consisting
lecturers that nominated by public and private
universities as well as ICIFE members. The ICTEP
launched on 7th January 2022 with special guests
namely En. Wan Ahmad Najib Wan Ahmad Lotfi, Chief
Strategy & Digital Distribution Officer FWD Takaful
Berhad and the ICIFE President, Dr. Abdul Rahim Abdul
Rahman. In conjunction with this launching, ICIFE
organized the 5th IRDS on Development and Challenges
of Takaful Industry: The Way Forward.

ICIFE Certificate on Takaful for Educators Programme (ICTEP) Training Session

Platform : Zoom Cloud Meeting

The training consisting of 7 modules and the session started from 12 January 2022. The cohort 1 and cohort 2
are targeted to complete by December 2022. ICIFE has appointed the trainers among industry practitioners as
well as academicians. The trainers and the modules of this programme are as follows:

Modules Trainers
Ust. Burhanudin Lokman (SAC BNM)
Module 1: Fundamentals of Shariah for Takaful En. Mohamad Izaz Othman (Etiqa Takaful)
En. Mohammad Zafifi bin Jamaludin (AmMetLife Takaful)
Module 2: Principles and Practices of General Takaful Mrs. Roizah Kamaruddin (Etiqa Takaful)
Prof. Datin Dr. Nurdianawati Irwani Abdullah (IIUM)
Module 3: Principles and Practices of Family Takaful
Prof. Dr. Noraini Mohd Ariffin (IIUM)
Module 4: Principles and Practices of Retakaful
Dr. Abdul Rahim Abdul Rahman (ICIFE)
Module 5: Shariah Regulatory Requirement and
Governance Framework CEO’s from Industry (TBD)

Module 6 (Part 1): Accounting and Reporting for Takaful
Operators

Module 6 (Part 2): Accounting and Reporting for Takaful
Operators
Module 7 (Part 2): Development, Issues and Challenges
of the Takaful Industry

Module 7 (Part 1): Development, Issues and Challenges
of the Takaful Industry

ASEAN International Universities Conference in Islamic
Finance (AICIF)

9th ASEAN International Universities Conference in Islamic Finance (9th AICIF)
17 – 19 November 2021 | Wednesday - Friday
UIN Sunan Kalijaga | Zoom Cloud Meeting

ASEAN International Universities Conference in Islamic Finance (AICIF) is an annual event and a
consortium of seven (7) Universities from Malaysia, Philippines, Brunei and Indonesia. The
universities namely IIUM Institute of Islamic Banking and Finance (IIiBF), Mindanao State University
(MSU) Philippines, Sultan Sharif Ali Islamic University (UNISSA) Brunei, Universitas Islam Negeri
Sunan Kalijaga Indonesia (UIN Sunan Kalijaga), Universitas Islam Sultan Agung (UNISSULA)
Indonesia, Universitas Darussalam Gontor (UNIDA) Indonesia and Tazkia Islamic University College
Indonesia.

This conference convened the relevant stakeholders in Islamic finance and as a platform to discuss
and evaluate the current state of Islamic finance as well as the issues and challenges facing by the
industry today.

9th AICIF hosted by UIN Sunan Kalijaga, Indonesia with the theme “Strengthening Islamic Economy and
Halal Industry Toward Economic Recovery and Sustainable Development in the Amidst Pandemic Era”.
The host received more than 100 papers to be presented during the AICIF. The participants and
presenters are among the academicians, students and researchers in Islamic Finance Industry. The
other 6 Universities supported this conference as co-organizer.

ICIFE appointed as the secretariat since December 2017 starting with 5th AICIF which is hosted by
Sultan Sharif Ali Islamic University, Brunei Darussalam. As secretariat, ICIFE facilitates the
coordination among host and the co-hosts as well as the promotion of AICIF. During 9th AICIF, ICIFE’s
President has been invited to deliver a talk on ICIFE roles for Global Challenges & Islamic Finance
Education.

Other Meetings and Events

ICIFE Engagement Meeting with Indonesian Institutional Members and AICIF Members

Date | Day : 3 September 2021 | Friday
Platform : Zoom Cloud Meeting

ICIFE has called the Indonesia Institutional members and the Indonesia AICIF members for a
discussion meeting. This engagement meeting explained and clarified on the Institutional
membership as well as ICIFE International chapter issues. The meeting members discussed on the
challenges and shared the opinions and suggestions to improve the policy. The meeting was attended
by ICIFE EXCO members namely Dr. Abdul Rahim Abdul Rahman, Prof. Dr. Rosylin Mohd Yusof, Assoc.
Prof. Dr. Dzuljastri Abdul Razak, Assoc. Prof Dr. Noraini Abdul Razak, Assoc. Prof. Dr. Sharifah Faigah
Syed Alwi and Dr. Rizal Mohd Nor. Whereas the Indonesian members attended by Prof Rizal
(Universitas Muhammadiyah Yogyakarta), Prof. Raditya Sukmana (Universitas Air Langgar), Dr.
Hendri Tanjung (Ibn Kholdun University), Dr. Murniati Mukhlisin (Institut Tazkia), Br. Shaharuddin
(UNIDA Gontor), Dr. Abdul Qoyum (UiN Sunan Kalijaga), Dr. Sigit Pramono (STEI SEBI) and Dr.
Hartomi Maulana (UNIDA Gontor).

Tahlil and Recitation of Yassin for Dr. Mohd Adib Ismail and Prof. Dato Dr Mohd Rasid Hussin

Date | Day : 15 September 2021 & 14 December 2021
Platform : Zoom Cloud Meeting

ICIFE has organized Tahlil and recitation of Yassin for ICIFE’s Secretary, Allahyarham Dr. Mohd. Adib
Ismail and one of the ICIFE’s founder, Prof. Dato Dr. Mohd Rasid Hussin.

ICIFE PUBLICATIONS

MIFER 2021 & BEYOND

Synopsis

MIFER Atlas 2021 and Beyond report focuses on three (3)
main areas namely, the programmes offered, the talent
development as well as graduates’ employability of Higher
Education Institution that offer Islamic Finance and
Muamalat programmes. This report managed to cover all
Islamic finance education providers in Malaysia
comprising both PUs and PrHEIs, as well as Public Higher
Education Institutions (PuHEIs). The report also covers all
levels such as Diploma, Bachelor, Master, and PhD
programmes. Retrieved from open-source data from both
MQA and individual universities’ websites, the report also
generates findings based on both static analysis via
bibliometric approach as well as dynamic analysis which is
based on Big Data Analytics and Artificial Intelligence
framework. The findings reaffirm the diversity in terms of
nomenclature, programme design, programme levels, as
well as the titles of programmes offered by Pus, PrHEIs,
and PuHEIs. It is also interesting to note that talents in
Islamic finance education have highly cited international
reputed publications world-wide in all domains, such as
Islamic finance, Islamic economics, Shariah and Law, Halal
management, and others. In this report, we have also
managed to identify research expertise of Islamic finance
talents in selected educational institutions. For
employability of Islamic finance graduates, the data for the
period 2017-2019 suggests that being an entrepreneur is
still not the most preferred job among Islamic finance
graduates both at undergraduate and postgraduate levels.
More initiatives are therefore needed to tackle this issue of
preparing our graduates for both, national and global
market demands.

International Council of Islamic Finance Educators

Level 3, Kulliyyah of Economics and Management Science (KENMS)
International Islamic University Malaysia (IIUM)
P.O. Box: 10, 50728 Kuala Lumpur, Malaysia

https://www.icife.org.my