They are expected to adhere to ethically-driven values that reflect Shariah principles. They should be regarded as the true exemplars of Islamic finance. In short, they are the embodiment of what is good about Islamic finance. The establishment of CIIF is therefore a significant milestone in our collaborative efforts to raise the bar for professionalism and ethics in the industry. We aspire for CIIF to become the global body for professionals in Islamic finance. As we envisage CIIF as the leading driver and advocator of professionalism and ethical conduct, we should expect the new body to adopt global best practices of similar professional institutions. BIS central bankers’ speeches  1  CIIF will embark on a task that is both revolving and rewarding. A key imperative for CIIF to advance in its quest, as the advocator of the highest degree of professionalism and ethical conduct amongst Islamic finance professionals, is for the professional body to receive strong and continuous support and recognition from the industry. The industry cannot be a passive player. It must be an activist. Together with CIIF, it must be a strong advocator of professionalism and ethics. The signing of a first of its kind industry-led charter between The Association of Islamic Banking Institutions Malaysia (AIBIM), Malaysian Takaful Association (MTA), The Malaysian Investment Banking Association (MIBA) and CIIF is a very strong reflection of the industry’s support. This public commitment by AIBIM, MTA and MIBA acknowledges the noble intent of CIIF.

Such expectations are even greater on Islamic finance given that the professed values of this industry are driven by the principles of Shariah which promote fairness, equality and justice. It is from this perspective that Islamic finance practitioners are duty-bound to observe the norms of high ethical conduct to uphold the values and the sanctity of Shariah. The need is even more now, given the increasing complexities faced by Islamic finance brought about by more competition and evolving regulatory requirements, more offerings of sophisticated products and growing cross-border activities. In Malaysia, it has always been our priority from the beginning to develop talent in Islamic finance as we recognise that quality talent is a crucial prerequisite for the continued success of the industry. There has been significant investment in capacity building, in line with our strategic approach in realising the visions of talent development outlined in the Financial Sector Master Plan and the Financial Sector Blueprint. To elevate the next stage of growth would require talents with different levels of technical competency and capabilities. The knowledge of yesterday might be useful for tomorrow, but more likely, would not be sufficient to meet future challenges. It is with this realisation that we should strategically implement a plan of action to develop true professionals who would lead the industry to the next stage of development, and recognised and respected as authorities in their chosen fields. These professionals should produce results that exceed expectations. They should also possess the highest degree of integrity in personal and business dealings.