ALLIANCE BANK BUILDS TALENT POOL IN ISLAMIC FINANCE VIA SCHOLARSHIPS

Kuala Lumpur, July 6 - The Alliance Banking Group (ABG) has initiated a talent and capacity building programme in a move that is aimed at cultivating a pool of superior talents comprising highly-skilled financial advisors, particularly in the growing Islamic finance industry.

Under the Alliance Banking Group Scholarship Award programme, 14 staff of the Bank have been awarded full scholarships to undertake the Certified Islamic Finance Professional (CIFP) programme, a recognised and accredited qualification by Bank Negara Malaysia that is accepted locally and globally endorsed.

Speaking at the scholarship presentation ceremony, Agil Natt, President and Chief Executive Officer of the International Centre for Education in Islamic Finance (INCEIF) said, "Today we see traditional financial capitals of the West joining the race with the new entrants of the East in laying and expanding the infrastructure for a robust Islamic finance system. Yet the number of knowledgeable Shariah financial practitioners is trailing behind. Against this background, INCEIF has mapped out its global agenda of developing professionals in Islamic finance. Our challenge is to bridge the gap between the theories propounded by academia and the practical activities of the industry players."

The CIFP is aimed at producing Islamic finance professionals with the necessary technical skills and knowledge in Islamic finance, specifically in the areas of Islamic banking and takaful.

Alliance Banking Group Chief Executive Officer Datuk Bridget Lai said: "The scholarship programme demonstrates the Bank's commitment to, and seriousness in creating a substantial pool of talented and highly-skilled professionals in banking and finance. With superior talents, the Group will be able to drive product innovation and raise the performance of the Islamic finance of the Bank to greater heights. To cultivate a talent pool of Islamic finance professionals, the Bank has committed significant investments towards this continuous learning initiative for its staff.

Alliance Bank is gearing itself to be a niche player in Islamic banking to tap the huge potential in the business. We are gearing up our Islamic banking business to chart stronger growth and to meet Bank Negara's milestone for Islamic banking. One of the challenges for us to succeed as a significant player in Islamic banking is putting in place a ready pool of skilled talents specializing in Islamic Banking."

In addition to the CIFP scholarships for staff, the Group also offered 6 scholarships worth RM7,000 each for the staff's children to pursue their tertiary education in local institutions.

Lai revealed that the ABG Scholarship Programme is one in a series of financial literacy and professional development initiatives undertaken by the Group to promote financial knowledge and professionalism among Malaysians. It is part of the Group's drive to encourage life-long learning among its staff while underscoring the Group's support of the Government's efforts to build the nation's human talent capability.