SHAFAQNA – Professor Datuk Rifaat Ahmed Abdel Karim, PhD, was today conferred the Royal Award for Islamic Finance 2016 (The Royal Award) by the King of Malaysia, His Majesty the Yang di-Pertuan Agong.
This biennial Royal Award initiative, spearheaded by Bank Negara Malaysia and Securities Commission Malaysia recognises individuals who have excelled in advancing Islamic finance globally through their outstanding contributions and achievements.
Professor Datuk Rifaat’s significant contributions to the development of the Islamic financial services industry include his instrumental roles in the establishment of two international standards setting bodies – the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). He is the first Secretary-General of the IFSB, a post he held since the IFSB started to operate in 2003 until 2011. Under his stewardship, the membership of the IFSB expanded from nine founding members in 2003 to almost 200 members in 2010, from 40 countries.
In 2012, Professor Datuk Rifaat assumed the position of CEO of International Islamic Liquidity Management, an international institution established by central banks, monetary authorities and multilateral organisations with the primary objective of issuing short-term Shariah-compliant tradable financial instruments denominated in major reserve currencies to facilitate cross-border liquidity management amongst Islamic banks. He successfully garnered support and commitment from participating central banks and regulatory authorities for the issuance and trading of US-dollar denominated sukuk with tenure of less than one-year in 2013. These sukuk are one of the major breakthroughs and represent a new class of assets in the Islamic financial services industry.
Professor Datuk Rifaat is a Visiting Professor at the International Capital Market Association (ICMA) Centre, Henley Business School, University of Reading, United Kingdom, and was a Member of the Governing Council of the International Centre for Education in Islamic Finance (INCEIF), Malaysia. He is a prolific writer and has authored a number of academic and professional papers in key areas including accounting, finance, governance, Shariah and regulatory issues to further contribute to the development of Islamic finance.
“Professor Datuk Rifaat’s vision and passion for Islamic finance, and his in-depth understanding of both conventional and Islamic finance, has enabled him to pioneer on many frontiers and set standards which are instrumental to the exponential growth of Islamic finance globally,” said Tun Musa Hitam, Chairman of an eight-member independent international jury for the Royal Award.
On receiving The Royal Award, Professor Datuk Rifaat said, “The Royal Award is a great honour because it demonstrates recognition for the work that has been done over the years. It also provides me with more opportunities to give back to the community by sharing all that I have learnt.”
The recipients of the Royal Award serve as a role model to inspire others to contribute to the advancement of the industry. The three previous recipients were Dato’ Dr Abdul Halim Ismail, founding member of Malaysia’s first Islamic bank (2014), Mr. Iqbal Khan, CEO of Fajr Capital (2012) and Shaikh Saleh Abdullah Kamel, founder of the Dallah al Baraka Group, one of the Middle East’s largest conglomerates (2010).
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About Malaysia’s Islamic Finance Marketplace
Since its introduction more than 30 years ago, Islamic finance in Malaysia has developed into a comprehensive and sophisticated Islamic finance marketplace. The marketplace is characterised by a robust regulatory, supervisory, Shariah and legal framework, a deep primary market and active secondary sukuk market, diverse players and talent base with global capabilities and connectivity for business deals anywhere in the world, product innovation, breadth and depth and an efficient system for multi-currency clearing and settlement. Malaysia’s Islamic finance marketplace is open to global industry players and market participants to collaborate with and mutually benefit from a highly conducive business environment of innovation, expertise and deal flow.
Our marketplace is a comprehensive Islamic finance ecosystem and business environment of infrastructure, innovation, expertise and deal flow, served by the Malaysia International Islamic Financial Centre (MIFC) Community, comprising the financial institutions, professional firms, regulators and government agencies.
About Bank Negara Malaysia
Bank Negara Malaysia (BNM) was established in 1959, under the Central Bank of Malaysia Act 1958 (Revised in 2009). The central bank is principally entrusted to promote monetary and financial stability and exercise oversight over the payments system in the country.
Over the years, BNM has significantly contributed to the development of a comprehensive, efficient and resilient financial sector that has been able to meet the increasingly sophisticated needs of consumers and businesses. Malaysia’s financial sector now distinctively encompasses both the conventional and Islamic financial services.
Focusing in Islamic finance where Malaysia has a comparative advantage, BNM has taken the lead in promoting Malaysia as an International Islamic Financial Centre. Within this initiative, BNM approves licences for the establishment of International Islamic Banks and International Takaful Operators as well as focusing on institutional building, including the establishment of the International Centre for Education in Islamic Finance (INCEIF) and International Shari’ah Research Academy for Islamic Finance (ISRA) in promoting training, education and research to advance the talent development for the Islamic financial services industry. Meanwhile, the BNM Shariah Advisory Council ascertains applications of Shariah principles on Islamic financial services by providers under the purview of BNM and acts as an advisor to BNM on Shariah matters on such services.
About Securities Commission Malaysia
Securities Commission Malaysia (SC), established under the Securities Commission Act 1993, is a statutory body that reports to the Minister of Finance, Malaysia.The SC has direct responsibility for supervising and monitoring the activities of market institutions including the exchanges and clearing houses, as well as all persons licensed under the Capital Markets and Services Act 2007. Underpinning these functions is the ultimate aim of protecting investors. SC is also responsible to promote and develop securities and derivatives markets in Malaysia.
The SC spearheads the development of the Malaysian Islamic capital market (ICM) by establishing a Shariah Advisory Council (SAC) to advise on matters relating to Islamic capital market activities and products. Over the years, the SC has built a comprehensive and facilitative framework for Islamic funds and wealth management. In addition, the SC has been driving product innovation in the Islamic equity and sukuk (Islamic bond) sectors; on top of promoting education, training, consultancy and research for the ICM.
Professor Datuk Rifaat’s contribution to the IFSI has been recognized by the many prestigious international awards that have been bestowed upon him. These include the Royal Malaysian Honorary Award (P.J.N.) that carries the title ‘Datuk’, which was awarded to him by the King of Malaysia in June 2010, the Euromoney 2004 Outstanding Contribution in the Development of Islamic Finance (Inaugural Recipient), and Islamic Development Bank Award for Islamic Banking and Finance in June 2010. Professor Datuk Rifaat is also the winner of the Literati Network Awards for Excellence 2011, Outstanding Academic Paper Award Winner: Supervisory, Regulatory and Capital Adequacy Implications of Profit Sharing Investment Accounts in Islamic Finance, Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, UK.
Professor Datuk Rifaat is co-editor (and chapter author) of: Islamic Finance: Innovation and Growth, published by Euromoney Books, Islamic Finance: the Regulatory Challenge published by John Wiley, and Takaful (Islamic Insurance): Concepts and Regulatory Issues published by John Wiley. He is the author of a considerable number of academic and professional papers on accounting, finance, governance and regulation issues in Islamic financial services. His main research interests and supervision of postgraduate students are also in these areas. He has been an invited speaker at numerous conferences and seminars.Professor Datuk Rifaat is co-editor (and chapter author) of: Islamic Finance: Innovation and Growth, published by Euromoney Books, Islamic Finance: the Regulatory Challenge published by John Wiley, and Takaful (Islamic Insurance): Concepts and Regulatory Issues published by John Wiley. He is the author of a considerable number of academic and professional papers on accounting, finance, governance and regulation issues in Islamic financial services. His main research interests and supervision of postgraduate students are also in these areas. He has been an invited speaker at numerous conferences and seminars.
Professor Datuk Rifaat is an Adjunct Research Professor at the International Centre for Education in Islamic Finance (INCEIF), the Global University of Islamic Finance, Malaysia in which he was also a member of its Governing Council. He was a Visiting Professor at the University of Surrey (1996 – 2007) and an Honorary Professor at the Faculty of Business and Economics, Monash University, Australia, (2005 – 2007).
Islamic Finance (Inaugural Recipient), and Islamic Development Bank Award for Islamic Banking and Finance in June 2010. Professor Datuk Rifaat is also the winner of the Literati Network Awards for Excellence 2011, Outstanding Academic Paper Award Winner: Supervisory, Regulatory and Capital Adequacy Implications of Profit Sharing Investment Accounts in Islamic Finance, Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, UK.
Professor Datuk Rifaat is co-editor (and chapter author) of: Islamic Finance: Innovation and Growth, published by Euromoney Books, Islamic Finance: the Regulatory Challenge published by John Wiley, and Takaful (Islamic Insurance): Concepts and Regulatory Issues published by John Wiley. He is the author of a considerable number of academic and professional papers on accounting, finance, governance and regulation issues in Islamic financial services. His main research interests and supervision of postgraduate students are also in these areas. He has been an invited speaker at numerous conferences and seminars.
Professor Datuk Rifaat is an Adjunct Research Professor at the International Centre for Education in Islamic Finance (INCEIF), the Global University of Islamic Finance, Malaysia in which he was also a member of its Governing Council. He was a Visiting Professor at the University of Surrey (1996 – 2007) and an Honorary Professor at the Faculty of Business and Economics, Monash University, Australia, (2005 – 2007).
Professor Datuk Rifaat’s contribution to the IFSI has been recognized by the many prestigious international awards that have been bestowed upon him. These include the Royal Malaysian Honorary Award (P.J.N.) that carries the title ‘Datuk’, which was awarded to him by the King of Malaysia in June 2010, the Euromoney 2004 Outstanding Contribution in the Development of Islamic Finance (Inaugural Recipient), and Islamic Development Bank Award for Islamic Banking and Finance in June 2010. Professor Datuk Rifaat is also the winner of the Literati Network Awards for Excellence 2011, Outstanding Academic Paper Award Winner: Supervisory, Regulatory and Capital Adequacy Implications of Profit Sharing Investment Accounts in Islamic Finance, Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, UK.
Professor Datuk Rifaat is co-editor (and chapter author) of: Islamic Finance: Innovation and Growth, published by Euromoney Books, Islamic Finance: the Regulatory Challenge published by John Wiley, and Takaful (Islamic Insurance): Concepts and Regulatory Issues published by John Wiley. He is the author of a considerable number of academic and professional papers on accounting, finance, governance and regulation issues in Islamic financial services. His main research interests and supervision of postgraduate students are also in these areas. He has been an invited speaker at numerous conferences and seminars.
Professor Datuk Rifaat is an Adjunct Research Professor at the International Centre for Education in Islamic Finance (INCEIF), the Global University of Islamic Finance, Malaysia in which he was also a member of its Governing Council. He was a Visiting Professor at the University of Surrey (1996 – 2007) and an Honorary Professor at the Faculty of Business and Economics, Monash University, Australia, (2005 – 2007).
Islamic Finance (Inaugural Recipient), and Islamic Development Bank Award for Islamic Banking and Finance in June 2010. Professor Datuk Rifaat is also the winner of the Literati Network Awards for Excellence 2011, Outstanding Academic Paper Award Winner: Supervisory, Regulatory and Capital Adequacy Implications of Profit Sharing Investment Accounts in Islamic Finance, Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, UK.
Professor Datuk Rifaat is co-editor (and chapter author) of: Islamic Finance: Innovation and Growth, published by Euromoney Books, Islamic Finance: the Regulatory Challenge published by John Wiley, and Takaful (Islamic Insurance): Concepts and Regulatory Issues published by John Wiley. He is the author of a considerable number of academic and professional papers on accounting, finance, governance and regulation issues in Islamic financial services. His main research interests and supervision of postgraduate students are also in these areas. He has been an invited speaker at numerous conferences and seminars.
Professor Datuk Rifaat is an Adjunct Research Professor at the International Centre for Education in Islamic Finance (INCEIF), the Global University of Islamic Finance, Malaysia in which he was also a member of its Governing Council. He was a Visiting Professor at the University of Surrey (1996 – 2007) and an Honorary Professor at the Faculty of Business and Economics, Monash University, Australia, (2005 – 2007).