Kuala Lumpur, 4 August 2009

SC book series on Islamic capital market aims at graduates

The Securities Commission Malaysia (SC) has published a series of books on Islamic capital market that will form the basic module for the Islamic Capital Market Graduate Training Scheme (ICMGTS), an SC training programme for graduates seeking a career in the fast-growing Islamic capital market (ICM) industry.

Written by industry experts and scholars, the book series is aimed at providing an understanding of the basic concepts, features and philosophy of Islamic finance. It also explores the regulatory issues, legal and accounting frameworks of Islamic finance as well as fundamentals and the governing principles of Islamic commercial law (Fiqh al-muamalat). The series also discusses thedistinctive features and structures of Islamic equities and Sukuk.

The book series was launched by SC Chairman Tan Sri Zarinah Anwar at the International Islamic Capital Market Forum in Kuala Lumpur on 30 July 2009.

“The book series is an example of how industry leaders, academia and regulators pool their resources to help build a body of knowledge in the area of Islamic capital market,” she said. “This will help ensure a sustainable supply of qualified and skilled talents in order to tap on further growth in the ICM,” Tan Sri Zarinah said.

Comprising six titles, the series is also useful reference materials for capital market participants. The series could also provide valuable insights into the principles of ICM for university graduates (particularly Shariah majors) and aspiring practitioners.

Earlier this month, the SC rolled out its inaugural Islamic Capital Market Graduate Training Scheme (ICMGTS) as part of a wide-ranging government initiative to broaden the talent pool in the ICM and provide on-the-job training for graduates in the financial sector in general.

Under the Second Stimulus Package announced by the government in March, the SC will provide the training for 500 graduates over the next two years through a scheme specifically designed to enhance their employability and career mobility in the capital market.

The 500 will include some 200 graduates joining the ICMGTS.

The first batch of 37 ICMGTS trainees has started an eight-week classroom training at the SC. This will be followed by an 11-month on-the-job training at various Islamic capital market-related firms before securing employment. The second intake of the ICMGTS is due in December 2009.