Deloitte kicks off Islamic Finance research initiative with INCEIF and Henley Business School

2 April, 2013 – The Deloitte Middle East Islamic Finance Knowledge Center (IFKC) based in Bahrain has launched a collaborative research initiative with INCEIF - The Global University of Islamic Finance, Malaysia and the Henley Business School, University of Reading, UK.

This initiative will pave the way for research as well as thought leadership pieces in the Islamic finance sector that will enhance the knowledge and skills of market participants and promote leading business practices through thought leadership programmes.

“There is a vital need for industry-driven research that addresses the emerging practice, policy issues and growth opportunities in the realm of Islamic Finance,” Joseph El Fadl, Regional Leader, Global Financial Services Industry, Deloitte Middle East.

A recent report by the Organization of Islamic Cooperation (OIC) confirms that the global market for Islamic financial services, as measured by the total volume of Sharia’a-compliant assets, is estimated to have reached US$ 1.1 trillion at end-2011. OIC countries, with a collective share of 98% in these assets, continue to be the main actors in the industry’s impressive growth story.

“A successful outcome of this research partnership will go a long way toward demonstrating the value of industry-driven research, practice benchmarking of key markets such as MENA and South-East Asia, and the need for ongoing investment in research culture in the industry,” said Dr. Hatim El Tahir, director of the Deloitte IFKC.

INCEIF and Henley Business School are already strategic academic collaboration partners and are now expanding their partnership to the industry in association with Deloitte’s IFKC.

“The global Islamic finance industry today needs to have specific inputs that will enable it to move to the next level. This can only occur through a concerted effort from both the industry and the academia. This tripartite collaboration is the first step in bringing to market a research strategy that addresses practice and policy-making issues in the industry and its subsectors” said Daud Vicary Abdullah, President and CEO, INCEIF.

“This collaboration brings together deep expertise in Islamic and conventional finance from both academic and professional services perspectives. It offers a real capability to advance knowledge and inform policy in all jurisdictions around the world”, said Professor John Board, Dean of Henley Business School, University of Reading, UK.

This tripartite collaborative research initiative aims to develop a research strategy that addresses practice and policy-making issues in Islamic finance and its subsectors. Three key objectives are identified to deliver international research framework:

1. To create and lead international research excellence and develop multidisciplinary research programs across the Islamic finance practice.
2. To foster - through research partnerships - a culture of strategizing support for industry-driven, and industry-funded research.
3. To communicate and disseminate research outcomes through effective thought leadership programs.

This initiative further strengthens Deloitte’s IFKC commitment to promote professional excellence and capacity building in Islamic finance.

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Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s more than 200,000 professionals are committed to becoming the standard of excellence.

About Deloitte & Touche (M.E.)

Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence since 1926.

Deloitte is among the region’s leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with more than 3,000 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region since 2010 (according to the International Tax Review World Tax Rankings). It has received numerous awards in the last few years which include Best Employer in the Middle East, best consulting firm, and the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW).