Spotlight on the global and local landscape of the Islamic finance industry

Lyna Mohammad

Brunei Darussalam ranked 12th among the major markets in the Islamic Finance Development Indicator (IFDI) in 2020, where to date the operating Islamic financial institutions are Tabung Amanah Islam Brunei (TAIB), Bank Islam Brunei Darussalam ( BIBD), Insurans Islam TAIB General Takaful, Bank Usahawan, BIBD At-Tamwil, Takaful Brunei, Standard Chartered, BIBD Securities and SBI (B) Sdn Bhd.

Meanwhile, the supporting industries of Islamic finance are the Central Bank of Brunei Darussalam (regulator); Ministry of Religious Affairs (other government agencies); Yusof Halim & Partners; Zico Law (law firm); International Shari’ah Research Academy for Islamic Finance (Islamic financial institution) and amania (Syariah advisors).

These are some of the points shared by Rubby Sandra binti Mohamed, Head of Learning and Development Department (LDD), in her presentation on Leadership in Finance: A Potential Career for Graduates in Islamic Finance, held at Islam Sultan Sharif Ali University (UNISSA) last Monday.

Rubby presented topics on the global and local landscape of the Islamic finance industry, Brunei Darussalam’s financial ecosystem, and career opportunities in Islamic finance.

According to her, the career opportunities in Islamic finance are Islamic Finance and Accounting, Syariah Audit, Treasury, Financial Economics, Syariah Risk Management, Investment, Asset Management in securities, change analyst, digital marketing, data systems analyst and cybersecurity analyst.

Bicara Ilmuan, a conference organized by UNISSA, also saw a presentation by another guest speaker, Professor at the Faculty of Islamic Economics and Finance (FEKIm) Dr Razali bin Mat Zin, who discussed “Managing people in 21st century organizations: some issues and challenges”. .’

“The real job of a leader in an organization is not to be in charge, but to take good care of those who are in charge of them, so leaders must have empathy,” the professor pointed out. .

ABOVE AND BELOW: Photos show Rubby Sandra binti Mohamed, Head of the Learning and Development Department, and Dr Razali bin Mat Zin, Professor at the Faculty of Islamic Economics and Finance (FEKIm), s’ speaking at the event. PHOTOS: LYNA MOHAMMAD

Empathy is caring about human beings and it is a skill that can be cultivated. From a holistic perspective, leadership is not just about people’s results or productivity, but seeing them through the lens of humanism, he added.

“Some major qualities of an empathetic leader are to treat people with love and affection.”

Professor Dr. Razali shared examples of major qualities of an empathetic leader, one of which is practicing leadership style using parenting principles.

He quoted Next Jump Company CEO Charlie Kim as saying, “If you get a job at Next Jump, you can’t be fired for performance issues; in fact, if you have performance issues, Next Jump will coach and support you so you can improve to a point where you can be better than me.

Another example is Berry Wehmiller Company CEO Bob Chapman, who asked every employee – from clerks to CEOs – to take four weeks of unpaid leave at any time, and not have to take four consecutive weeks, when the company was hit by a serious crisis. financial recession in 2008.

Wehmiller had said that it was better for them all to suffer a little together, for each of them to suffer a lot.

“When people feel safe and protected by leadership, the first reaction is trust and cooperation,” Professor Dr Razali said.

He also shared the case of the former President of India, Dr. AP Kalam, who in 1979 accompanied his immediate boss, Prof. Satish Dhawan, to India’s first satellite launch programme. It turned out to be a failure, but on the same day Professor Dhawan held a press conference and said, “We will come back to the same thing next year, as a team.”

The following year, the team’s second attempt was a success. The lesson learned, according to Dr. Kalam, was “When failure happens, the leader of the organization owns it, when success happens, the leader gives it to the team.”

Attending the conference were the Rector of UNISSA, Dr. Haji Norarfan bin Haji Zainal, senior UNISSA officials and undergraduate students as well as officials from the Brunei Institute of Islamic Leadership and Finance ( BILIF).

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