This support has taken various forms, including the following:   Salary supplementation to fifteen (15) academic staff in the Department of Economics at UNZA and nineteen (19) academic staff in the School of Business at the Copperbelt University (CBU);    Full sponsorship of five undergraduate students at third and fourth year level at CBU and five students at Masters Degree level at UNZA;    Financial support in the acquisition of books and periodicals;    Purchase of equipment such as computers and computer software. The Bank of Zambia acknowledges the various efforts being made by the University to improve its infrastructure and the delivery of quality university education and research. We are also mindful of the various funding constraints faced by the University as it expands its programmes to meet the ever increasing demand for its services. The Bank is therefore, proud to respond to the University’s call for partnership with industry and other stakeholders in order to realise its noble objectives that cannot presently be fully funded from public resources and students fees. In this regard, the Bank of Zambia has seen it fit to not only extend this support, but to also streamline and enhance it in order to better align this support with strategic objectives of both the Bank and the University. Ladies and Gentlemen; as you are aware, the Bank of Zambia has been providing financial support for the purpose of promoting scholarly and academic excellence in research and instruction at the University of Zambia.

Focus on applied research Research is also an important investment for long-term competitiveness of the industry and is a key driver for greater innovation. Research institutions together with the industry must continuously strive towards introducing innovative solutions which will add vibrancy and diversity to the market. Joint research initiatives should extend beyond geographical boundaries, with cross-border initiatives and convergence of ideas. Research by academic faculties and research agencies can also contribute to the knowledge repository of Islamic finance. In addition to research that have been issued by universities in Malaysia, The International Shariah Research Academy (ISRA) has been established as a dedicated international agency for applied research in Islamic finance. Further in-depth research on contemporary Shariah issues relating to risk mitigation, liquidity management and hedging would facilitate the generation of new ground-breaking developments in Islamic finance. Greater involvement of the industry is essential not only to provide funding support, but also to give perspectives that contribute to the implementation of the research output. The launch of IBFIM’s flagship programme today – the Islamic Finance Qualifications Framework and Progression Route – is part of this strategy for upgrading the skills and competencies of the existing talent in the industry. It is an innovative training framework that provides a progressive structured route to the acquisition of the relevant knowledge for the different levels throughout the career of the workforce in the industry. Successful completion of the comprehensive series of programmes would lead to qualifications at three different levels.