The Centre for Excellence in Islamic Finance has been established at IBA with the objective of providing a platform for discovery, enhancement and dissemination of knowledge in the field of Islamic Finance. It aims to be a world class Centre which, through education and research, carries on IBA's legacy of thought leadership in the Islamic Finance industry.
Globally, Islamic Banking assets have witnessed a CAGR of 16% over a period of last 5 years exceeding USD 801 billion in 2015. In Pakistan, the Islamic Banking assets growing at the CAGR of 30% at present are at 12% of the total banking assets, expected to exceed 20% by 2020. This exponential growth of the industry has led to the vacuum of trained human resource at all levels. A wider array of products which are distinctively Shari'ah Compliant are also the need of the hour which would lead the industry to clearly differentiate itself in the market. CEIF has been established to meet this need for greater research and training.
CEIF, based at the IBA's City Campus, offers Executive Learning Programs, Forums for discussions between various stakeholders. In this regard, CEIF has signed an MOU with Malaysian based University, INCEIF, as its Academic Partner. Furthermore CEIF has entered into collaborations with Islamic Research and Training Institute (IRTI) and International Shariah Research Academy (ISRA) to cooperate in enhancing the objective of Research, Training and Development in the field of Islamic Finance. In line with its aim to provide demand driven training, IBA initiated a strategic partnership with Meezan Bank Ltd. to establish the Centre.
The Board of Management of the Centre includes CEOs of major market players and regulators with Dr. Ishrat Husain as the Chairman. This strong linkage with the industry will enable the Centre to achieve its key objectives, which include: