Demand for Qualified Graduates in Islamic Banking & Finance in Malaysia
Islamic finance has become a global industry worth more than US$1tril with a Shariah-compliant alternative for every conventional banking product available. Moody’s Investor Service forecasts the industry to have a market potential
of US$5tril.
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Malaysia leads the world in Islamic finance, with total banking assets worth an estimated US$86bil and a 63% share of global sukuk (Islamic bonds) issued since 2006, amounting to US$67bil. Islamic finance accounts for 20% of Malaysia’s banking sector; it even exceeds 60% of the market for outstanding corporate bonds through sukuk.
The country is backed by 30 years of strong government policies in developing Islamic banking, including friendly regulations, incentives and tax systems. However, there is emerging competition from its neighbours in Asia, such as Singapore and Thailand, who are eager to tap into this fast growing and lucrative market.
Sukuks originating from Tokyo and Seoul are also a strong possibility, as South Korea seeks to devour a large chunk of the Asian financial market, while Japan wishes to solidify its position as Asia’s international financial hub.
While their growth over the last few decades have been prodigious, Islamic banks in Malaysia are constrained by a lack of innovation and risk stagnation, according to Multimedia University’s Conceptual Framework for the Adoption of Islamic Retail Banking Services in Malaysia study (2010).
To keep up with globalisation and rising wealth of the world’s 1.6bil Muslims, the industry needs to invent new Shariah-
compliant products and services that go beyond matching those offered by conventional banks.
- UCSI University at Taman Connaught, Cheras, Kuala Lumpur
Because Islam forbids the collection of interest (riba), the Shariah needs to be interpreted dynamically to design and provide qualified Islamic banking products and services.
The best brains are needed to come up with innovative solutions that will keep Islamic finance updated with global trends and make it a viable alternative for non-Muslims; this will also put it on par with mainstream banking and lift it beyond its niche audience.
Study Islamic Banking & Finance in Malaysia
Essential for Malaysia’s charge to develop Islamic finance into a global banking powerhouse industry is a strong and knowledgeable workforce, which needs to be filled with today’s cream-of-the-crop finance graduates who are not put off by the religious tag.
The main difference between Islamic and conventional finance systems is that the former operates in accordance with Shariah
- Public Bank
(Islamic law) principles, which places emphasis on − among others − investment in real assets, risk sharing and prohibition on interest or usury.
Thus, it is not at all difficult for a graduate trained in conventional finance to enter the industry. In terms of Islamic finance and banking, Malaysia is the preferred destination for many investors. ‘Malaysia is at the forefront of Islamic finance, and some would say it is out in front of the rest of the world, without a doubt in my mind,’ said Vicary Abdullah. ‘The challenge we have is that the industry does not have enough qualified resources to fuel further growth.’
He went on to say that if the global Islamic finance industry continues to grow at the current rate, and if the number of competent Islamic finance practitioners (ie with relevant professional qualifications) continues to be produced at the current rate – about 1,000 graduates a year – there will be a worldwide shortage of 55,000 competent practitioners by 2020.
Vicary Abdullah added that specialists in risk management, liquidity management, product development and Shariah governance – to name just a few areas – would be in demand. The industry is not just about Islamic banking, but also takaful (Islamic insurance), Islamic asset management, Islamic liquidity management companies, funds management companies and private equity firms – ‘even the halal industry needs help
‘Out of US$180tril global assets, US$1.2 trillion or 1.7% is Islamic.’ The value of the Islamic financial sector is projected to reach RM1.6tril by 2012, and Bank Negara predicts it will continue to grow at the rate of 15-20% a year despite the slow overall global economic recovery. In Malaysia, the sector is expected to contribute RM1.2bil to gross national income and to create 4,300 related jobs by 2020.
Banking & Finance Jobs in Demand in Malaysia
The Financial sector stands as one of the largest sectors in Malaysia with more than 300,000 people employed. This sector is made up by professionals in the Accounting, Banking, Economics, Finance, Insurance and Statistics and Taxation sub-sectors. An important industry for the country, it contributes up to 11 percent of the nation’s Gross Domestic Product (GDP).
The role of the financial sector is envisioned to continue growing to be a key driver and catalyst of Malaysia’s economic progression.
This sector is projected to be more competitive, dynamic, inclusive, diversified, and integrated, with the ability to offer world class financial services, in terms of breadth, depth and quality to serve the needs of Malaysia.
In tandem with this, Bank Negara Malaysia (BNM – the country’s central bank) has prepared and is gradually implementing a blueprint in promoting Islamic Banking and Finance and achieving 40 percent share of the domestic financing market.
In fact, in the field of Islamic Finance, Malaysia helms as the de facto captain globally. In less than a decade from 2006 to 2013, the Malaysian “sukuk” listing already commands 63 percent of the world sukuk market with a value of US$67 billion.
Banking & Finance Salaries in Malaysia
| Years of Experience | Min | Max | |||
| Relationship Manager | 8 years | 8,000 | 15,000 | ||
| Business Intelligence Manager | 8 years | 8,000 | 15,000 | ||
| Investment Analyst | 5 to 10 | 8,000 | 19,000 | ||
| Product Development Head | 5 to 10 | 8,000 | 18,000 | ||
| Shariah Head | 5 to 10 | 8,000 | 21,000 | ||
| Head Credit Risk | 8 years | 8,000 | 18,000 | ||
| Head Sales | 8 years | 8,000 | 15,000 | ||
| Head Merchant | 10 years | 8,000 | 18,000 | ||
| Senior Manager – Compliance | 5 years | 9,000 | 15,000 | ||
| Branch Manager | 5 to 6 | 5,500 | 12,000 | ||
| Compliance Manager | 4 to 5 | 6,500 | 9,500 | ||
| Risk Management Manager | 4 to 7 | 6,500 | 9,500 | ||
| Fund Accountant Manager | 3 to 7 | 5,500 | 9,000 | ||
| Relationship Manager | 3 to 5 | 4,000 | 7,500 | ||
| Compliance Officer | 4 to 5 | 3,500 | 7,000 | ||
| Assistant Branch Manager | 1 to 3 | 4,000 | 6,500 | ||
| Credit Manager | 1 to 3 | 3,500 | 6,000 | ||
| Treasury Officer | 4 to 5 | 3,500 | 6,500 | ||
| Corporate Recovery Executive | 4 to 5 | 3,000 | 5,500 | ||
| Credit Analyst | 4 to 5 | 3,500 | 7,500 | ||
| Internal Auditor | 2 to 3 | 2,500 | 3,500 | ||
| Personal Financial Consultant | 1 to 3 | 2,800 | 4,500 | ||
Study Islamic Banking & Finance at the Best Universities in Malaysia
As you can see, the demand for qualified professionals in Islamic Banking & Finance in Malaysia is high. There are not many
universities in Malaysia offering this course as well. Students can seize this opportunity to have a successful career in the banking & finance industry in Malaysia by studying this course.
To succeed in this industry, students should also choose a university where the students communicate in English, so that you can improve your language skills.
The Best BBA (Hons) Islamic Banking & Finance Degree Course at UCSI University
The Faculty of Business & Information Science (FoBIS) is one of the largest faculties in UCSI University UCSI University
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recognises the rising importance of Islamic Banking and Finance, which is projected to grow tremendously and become a major force in global economics.
This Islamic Banking & Finance degree program, aims at enabling the candidate to deeply understand the Islamic Banking operating system and the concepts of Islamic Finance through participation in class discussions and activities. Market participant candidates are to be well-equipped with an excellent background about Islamic Finance and its innovative products.
An introductory background on the related Islamic concepts is offered linking them to the emerging banking and financial issues.
The programme sets very important objectives in relation to students’ abilities in making decisions (critically and creatively) and also nurturing each student’s abilities in applying theoretical knowledge and putting it to practice, threaded through all courses.
These outcomes are clearly linked to two of the University’s missions, “Value Innovation” as well as “Research and Discovery”.
The Programme Learning Outcomes concentrates on the ability of the graduates to apply the skills and knowledge learnt in both the general business environment and the Islamic financial industry, by imparting core values with practical creativity in developing and evolving financial and business practices that are reflected in a well designed discipline of business administration specialising in Islamic Banking and Finance.
Year 1 Subjects for the BBA (Hons) Islamic Banking & Finance Degree Course at UCSI University
- Islamic Economics and Finance
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- Business Accounting
- Statistics and Its Application
- Principles of Marketing
- Principles of Economics
- Money and Banking from an Islamic Perspective
- Islamic Accounting
- Introduction to Management and Organizational Theory
- Human Resource & Career Management
- Business Communication
- Organisational Behavior
- University Life (MPU-U2)
- Extracurricular Learning Experience 1 (MPU-U4)
- Co-operative Placement 1
Year 2 Subjects for the BBA (Hons) Islamic Banking & Finance Degree Course at UCSI University
- Islamic Financial Institutions and Markets
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- Islamic Banking Operations
- Organisational Accounting
- Industrial Relation
- Business Research Method
- Risk Management for Islamic Banks
- Commercial Bank Management
- Islamic Law of Financial Transactions
- International Commercial Law
- Business Information System
- International Business
- Extracurricular Learning Experience 2 (MPU-U4)
- Co-operative Placement 2
Year 3 Subjects for the BBA (Hons) Islamic Banking & Finance Degree Course at UCSI University
- Corporate Governance in Islamic Banking & Finance
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- Islamic Capital Markets
- Islamic Corporate Governance
- E-Business
- Independent Project (A)
- Islamic Insurance
- Financial Management
- International Finance
- Strategic Management
- Independent Project (B)
- Islamic Investment Planning
- Islamic Wealth and Asset Management
- Religions in Malaysia (MPU-U3)
- Extracurricular Learning Experience 3 (MPU-U4)
- Co-operative Placement 3
Study at the Top Rated UCSI University
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UCSI University seeks to promote interdisciplinary approaches – a strategy that has contributed immensely to many of their students’ achievements. Students at UCSI University have internships for every year of their studies with more than 1000 companies to choose from.
UCSI University is a top ranked private university in Malaysia as evidenced by the Tier 5 or Excellent ranking by MQA in the SETARA 2013.
Established in 1986, UCSI University is strategically located on a 19-acre piece of land, the Campus is located in Cheras, Kuala Lumpur with convenient access to numerous facilities including banks, restaurants, transportation services, entertainment, and accommodation. Fully wireless, it is equipped with the latest cutting-edge technology to access the world of e-learning and e-resources.
Housing 7 different blocks, the Campus includes the Student Centre (Menara Gading), the Resource Centre, the Academic Blocks and Residential Halls to comfortably accommodate a student population of more than 15,000.
Sports facilities in this Campus include: basketball, badminton and squash courts, as well as a gymnasium, a football field, and a swimming pool. Other facilities include the four-level library, an auditorium, a recital hall, a multi-purpose hall, computer laboratories, residential halls, bookstores and cafeterias.
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students to choose from. These colleges and universities offer value for money in the quality of education and excellent facilities that you get.
These universities and colleges are chosen by EduSpiral because they represent the best in their fields in Malaysia and affordable. EduSpiral provides in-depth information and counseling on their courses so that students are able to make the right choice.
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