The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group and Capital Market Development Authority (CMDA) of Maldives have organized a training program on the principles and practices of Islamic capital markets.
The program was held in Male, Maldives, on 25-27 June 2018, with participants attending from the country's financial institutions, government ministries, private sector entities, and academia.
The training was part of IsDB's commitment to developing human resources in Islamic finance in the member countries of the Bank.
"IRTI remains committed to its core function of capacity building in Islamic finance, and we continue to dedicate huge budget for it by working with government bodies and regulators," said Dr. Humayon Dar, Director General of IRTI.
Going forward, IRTI aims to have a market-based approach to trainings to keep on offering such activities on a sustainable basis. "We are in the process of delineating a new strategy to involve private sector organizations and other trainers to deliver cutting edge trainings in Islamic banking and finance," said Dr. Rami Abdelkafi, Acting Manager of Training at IRTI.
"We are receiving continuous feedback from governments and market players that detailed handbooks and guidelines should be developed to assist IsDB member countries in developing regulatory frameworks that suit Islamic financial markets' state of development," Dr. Humayon Dar added.
IRTI is looking into possibilities of working with the likes of Bahrain Institute of Banking and Finance (BIBF) to work on this. Furthermore, it has already developed a number of massive open online courses (MOOCs) to ensure efficient and effective delivery of such trainings to distant places without having to spend huge budgets on traveling and other logistics.