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The 1st ASEAN International in Islamic Finance (AICIF)

Malaysia must provide best Islamic financial, commercial services.

KUALA LUMPUR: The International Islamic University Malaysia must remain the leader spearheading talent development in the field of Islamic Banking and Finance. This is because of the trust the Malaysian governent has put on IIUM as the main provider and resource institute on the Islamic Finance under the government’s key result area within the nation’s Economic Transformation Programme.

IIUM in particular and Malaysia as a nation must provide the best Islamic financial and commercial services in its entirety to position the country as a hub for Islamic banking and finance, says International Islamic University Malaysia (IIUM) President, Tan Sri Dato’ Sri Utama Dr Rais Yatim.

He said Malaysia must attract both Muslim and non-Muslim segments of global finance. London will join the ranks of Dubai and Kuala Lumpur as hubs for syariah-compliant Islamic Banking and Financial services. Britain is expected to become the first non-Muslim nation to raise money by issuing a government bond-style “Sukuk” compliant with Syariah law as part of a bid to transform London into a global capital of the Islamic finance sector. This is expected to happen after the 9th World Islamic Economic Forum (WIEF) which was held in London in late October this year.

“This is reachable and possible because of our past experiences, our legal framework and business infrastructure and the fact that we are now up there in the upper standards of doing business worldwide,” he said in his keynote address at the First Asean International Conference on Islamic Finance [6-7th November, 2013].

Rais said the Islamic Finance industry this decade has been evaluated to be worth more than US$2 trillion (RM6 trillion) globally and will continue to grow at a robust 15 percent annually and has attracted more than 75 countries to join the bandwagon.

“Specifically highlighting the sukuk or Islamic bond, it has attracted an increasing number of fans in western countries,” he said. Speaking to reporters later, Rais said the IIUM would continue to instil within its capability the necessary expertise that the country needs to propel Malaysia as the hub of Islamic banking and finance.

“This can be achieved through various processes such as to create a pool of expertise locally as well as work together with the professors from other universities,” he said. Rais said the university will cooperate with the world’s top universities to bring the experts and leading lecturers to the university so that the university’s testimonial could be understood and be recognized by the outside world.

“Our centre of Islamic banking here is going to be practical institution that will churn out more expertise that we need and hopefully this will be within our reach from now until the end of next year,” he said. Over the 30 years since its existence, the IIUM has produced more than 200 graduates who are equipped with the theoretical and practical aspects of Islamic Finance, Islamic economics, Islamic law and Islamic studies.

“In banking and finance, there are 160 shariah committee members of banks and takaful companies, comprising the teaching staff of this university. IIUM contributes more than 25 percent of the total shariah committee members appointed by banks and takaful companies and this figure will be increased from time to time,” Rais added


IIUM Rector, Prof. Dato Sri Dr. Zaleha Kamarudin (centre) handing over a souvenir item to President Tan Sri Dato Sri Utama Dr Rais Yatim (right).  Look on is Prof. Dr. Ahamed Kameel Mydin Meera, Dean of IIBF.

Interntional participants at the First Asean International Conference on Islamic Finance held at IIUM’s Institute of Islamic Banking and Finance, Damansara campus.


The 4th ASEAN International in Islamic Finance (AICIF)



Since the establishment of the first Islamic bank in the 1970s, the Islamic banking and finance industry continues to stage remarkable growth. Today, total asset of the Islamic banks is estimated to reach US$1.7 trillion, recording double-digit growth since 2000. More generally, total assets of the Islamic financial institutions have reached an estimated US$2.14 trillion in 2015 and expected to further expand to US$3.7 trillion by 2020. Amid the rapid growth of the industry globally, Malaysia has been at the forefront with total Islamic asset accounting for nearly 13% of the global Islamic finance industry and 8% of the global Islamic banking assets (SESRIC, 2012; Ernst and Young, 2013). At the domestic front, the Islamic banking asset stood at US$169.1 billion in 2014, equivalent to 26% of the country’s total banking sector asset. The sector also continued to stage impressive growth of 24% per annum in the period 2008-2012 despite the extremely difficult financial and economic scenario in view of the global financial crisis which started in the US in 2007/2008. There have also been similarly encouraging developments of the Islamic finance industry in many of the ASEAN countries. Given the increasing presence of Islamic banking and finance in the global financial scenario, it is indeed, crucial and timely to evaluate the current state of Islamic finance as well as to highlight the issues and challenges facing the industry today. Current development in the Islamic finance industry today seemed to pose a challenge, particularly with the development of innovations such as fintech. A re-assessment of the current state of the Islamic finance industry is highly important as it would enable effective and constructive recommendations to the various Islamic banking and finance stakeholders including the customers, practitioners, policy-makers and academia.



The objectives of the conference are as follows:

  •  To discuss and evaluate latest development in Islamic banking and finance
  •  To highlight issues and challenges facing the industry today
  •  To provide recommendations to Islamic banking and finance stakeholders upon the future direction of Islamic banking and finance
  •  To strengthen the relationship among universities in ASEAN which are offering Islamic banking and finance program by having a jointly organized international conference


  • Islamic Banking and Capital Market
  • Governance of Islamic Financial Institutions
  • Payment System / Non-Bank Financial Institutions (NBFIs)
  • Takaful and Risk Management of Islamic Financial Institutions
  • Islamic Social Finance: Microfinance Financial Inclusion, Financial Literacy
  • Impact of Financial Innovations on Islamic Finance



  • Article should be written in English, typed on one side of the A4 paper, single-spacing with a margin of Top-2 cm, Right-2 cm, Bottom-2 cm and Left-3 cm, Times New Roman and font size 12
  • The authors are requested to submit the article through Conference Bay Submission System using Microsoft Word format
  • Please ensure that the papers are free from grammar, spelling and punctuation mistakes
  • Please indicate clearly the title of cases, authors’ names, institution names and email address for correspondence
  • References APA citation style should be adopted for in-text citations and reference list

                                      PAPER SUBMISSION TEMPLATE


  • Intellectual Discourse
  • Humanomics (Scopus + Emerging Sources Citation Index - Thomson Reuters)
  • Journal of Economic Cooperation and Development (Scopus)
  • Journal of Islamic Finance
  • Global Review of Islamic Economics and Business
  • International Journal of Islamic Business Ethics


6th December 2016 / Tueasday
08:00am - 09:00am
Registration & Breakfast
09:00am - 11.00am Panel Session I
11:00am - 11:20am Coffee Break
11:20am - 11:30am Arrival of VIP and VVIPs
11:30am - 11:45am National Anthem & Quranic Recitation
11:45am - 12:00pm
Welcoming Speech
Rector, International Islamic University Malaysia
12:00pm - 12:30pm
Officiating Speech
YAB Datuk Seri Ir. Hj. Idris bin Hj. Haron
Chief Minister of Melaka
12:30pm - 12:45am
Signing MOA Ceremony
12:45am - 01:30am
Lunch & Prayer Break
01:30am - 03:00pm
Parallel Session I
03:00pm - 03:30pm
Keynote Speaker I
03:30pm - 04:45pm
Parallel Session II
04:45pm - 05:00pm
Coffee Break
05:00pm - 06:30pm
Parallel Session III
Free & Easy
7th December 2016 / Wednesday
07:00am - 08:00am
08:00am - 09:40am
Parallel Session IV
09:40am - 10:00am
Coffee Break
10:00am - 10:30am
Keynote Address II
10:30 - 12:00am
Panel Session II
12:00am - 01:20pm
Parallel Session 5
01:20pm - 2:30pm
02:30pm - 04:10pm
Parallel Session 6
04:10pm - 04:40pm
Closing Remark by IIiBF Dean and Anticipation Speech by next AICIF organizer
08:00pm - 10:00pm
Gala Dinner & Award giving Ceremony
8th December 2016 / Thursday
07:30am - 08:45am
Breakfast and check out
08:45am - 12:30pm
Melaka visit and tour
Departure to KLIA


* All officiator and speakers are subject to confirmation



Abstract Submission 31 July 2016
Full Paper Submission 31 October 2016
Notification of Acceptance 15 November 2016
Open for Registration 1 July 2016





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Assoc. Prof. Dr. Salina Hj. Kassim
03 6196 4183
Assoc. Prof. Dr. Razali Haron
Sr. Nur Syuhada Mohamed Zin
03 6196 4189
Sr. Nur Fairuz Mustafa
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Keynote Address i


Parallel Session II