That the public company has been a success historically is not subject to serious dispute. It was no coincidence that its arrival in a number of advanced economies, in the middle of the 19th century, marked the dawn of mass industrialisation. The public company was a key ingredient in this second industrial revolution. Perhaps for that reason, the public company is, in many people’s eyes, the very fulcrum of capitalist economies. Yet despite its durability and success, across countries and across time, this corporate model has not gone unquestioned. Recently, these questions have come thick and fast, with a rising tide of criticism of companies’ behaviour, from excessive executive remuneration, to unethical practices, to monopoly or oligopoly powers, to short-termism. These concerns appear to be both strongly-felt and widely-held. Among the general public, surveys suggest a majority do not trust public companies, especially big companies. 1 Among professional investors, sentiment is well-encapsulated by the following quote from Larry Fink, CEO of Blackrock – the world’s largest asset manager – in a letter sent to the Chairmen and CEOs of the top 500 US companies earlier this year: 2 “[M]ore and more corporate leaders have responded with actions that can deliver immediate returns to shareholders, such as buybacks or dividend increases, while underinvesting in innovation, skilled workforces or essential capital expenditures necessary to sustain long-term growth.” Among academics, John Kay’s UK government-initiated review into short-termism in equity markets and their effect on listed companies (Kay (2012)), Colin Mayer’s Firm Commitment  1  2015 Edelman TrustBarometer.

It is also a pledge by the industry to provide the required support by allocating the needed resources in our endeavour to create and promote an internationally recognised Islamic finance professional body. Industry recognition to the bearers of CIIF qualification as highly qualified and competent professionals will give an added boost to the entity as it embarks on this important journey. Although CIFF is only being officially launched today, the entity has completed two guiding principles and two guidelines which will be launched today. These issuances will set the minimum requirements on the pathway of becoming Chartered Professionals and for financial institutions to become accredited institutions that would enable the training of staff as Islamic finance professionals. More is in the pipeline and I am confident that CIIF is committed towards developing the highest quality of guiding principles and guidelines that are in line with the current and future developments. Another bold action that we shall embark on is the transformation of The Association of Shariah Advisors in Islamic Finance (ASAS) to become the leading professional body for Shariah advisors. This transformation would further complete the Islamic finance service providers ecosystem. This is envisioned in the Financial Sector Blueprint, with standards to be set for professional programmes, qualifications and continuous professional education on Shariah. I would like to congratulate the Board and management of CIIF on its official launch. I am confident that CIIF can contribute towards higher professionalism for the Islamic financial services industry.