Judging by the growing number of Islamic structured investment products introduced in the last six months in Malaysia, the Islamic finance industry is in dire need of qualified sales executives and professionals. As such, any efforts to increase the proficiency level of the workforce ought to be welcomed. The new programs should be evaluated and included in financial institutions’ training agendas. In general, training for the industry is to produce better managers and better sales personnel. However, it is important to note that the skill sets for managers are quite different from sales personnel. Programs such as the International Center for Education in Islamic Finance (INCEIF)’s CIFP is to produce better managers – in the context of product development and servicing the issuers – while the Islamic Financial Planner professional qualification by the Financial Planning Association of Malaysia (FPAM) and Islamic Banking and Finance Institute Malaysia (IBFIM) is an example of the latter. Due to the large number of consumers, players need a larger qualified sales force. Perhaps as much as 100 qualified executives or agents for every one manager. Having a sales force that is Islamically qualified is a duty owed to the consumers. After all, Islamic finance is different from conventional finance and the difference must be appreciated by the sales force in delivering superior client services.
The importance of having a properly trained sales force should not be lost amidst players’ eagerness to score firsts in product development. The commoditization phenomenon will happen eventually and as it evolves, the difference between the service providers will be in the marketing. In the developed market, where consumers’ level of financial literacy is higher, the role of financial planners has become more important. Thus, without a doubt, the introduction of new training programs shall assist the growth of the Islamic finance industry.
MAHADZIR AHMAD
The American Academy of Financial Management (AAFM) is active in over 140 countries, providing training that leads to professional qualifications. As such there are three issues we consistently face that will impact future initiatives in Islamic qualifications.
BRETT KING CEO, International American Academy of Financial Management
Government plays a very important role in promoting the Islamic finance industry. Statistically speaking, the governments that support and welcome initiatives in Islamic finance have grown rapidly and gained popularity with regard to this industry. Training programs will allow governments to institutionalize standards in providing prerequisites for Islamic financial institutions to employ and work with qualified professionals. These programs will also assist the industry, bridging the gap between qualified and non-qualified Islamic bankers around the globe. REHAN SAEED Chief financial officer and senior vice-president, UM Financial Inc.
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