Islamic Finance Awards is given for exhibiting initiative and commitment towards the financial development of Muslims in the UK. This can be done through various projects. In every awardee's case, a financial contribution is expected, which is also determined by the financial companies and banks that sponsor the awardees. The financial companies that sponsor awards are responsible for contributing the awardees' share to the cause. Here are some of the awardees that you may have likely encounter:
Islamic Finance Awardees in the UK: There are several educational institutes in the UK that receive this kind of award. The most common educational institutions that sponsor Islamic Finance Awards are the Islamic finance and investment Association (IFIA), the Islamic Financial Services Association (IFSA), the Islamic Institute of Credit and Business Psychology (ICEBPP), and the Islamic Finance & Investment Association (IFIA). These associations are mostly non-profit educational organizations that aim at developing Islamic finance, education, and mentoring. Their mission is “to empower vulnerable members of the Muslim community in establishing Islamic financial products to help them improve their standard of living”. They aim at empowering individuals through Islamic banking, Islamic insurance, and Islamic finance.
Islamic Financial Services Association: The Islamic Financial Services Association was incorporated in 2021 with the formation of the first Islamic financial sector association in the UK. This association aims at promoting financial, insurance, and mentoring opportunities for non-Islamic commercial and financial businesses in the UK. In this regard, the awardees help to promote the growth of the financial industry in the UK through the provision of financial consultation. They also work to ensure the right level of consumer protection and education on Islamic banking.
Islamic Institute of Credit and Business Psychology: This awardees' organization was established in 1998 with the formation of the first Islamic financial sector MBA program in the UK. They work at engaging students to work as financial consultants for Islamic banks and other Islamic financial institutions. The association also encourages students to work as business consultants and to work with a variety of corporate clients.
Islamic Banking Association of Malaysia: The main goal of the Islamic Banking Association of Malaysia is “to contribute towards financial stability in the country”. This awardees' association works to promote financial education, research, and development. They also offer scholarships and mentoring programs to professional Islamic bankers and traders. The main beneficiaries of the scholarship and mentorship programs are professional traders who want to become self-employed or engage in other forms of entrepreneurship.
Islamic Stock Market Association (ISMA): The ISMA works at providing financial and educational tools and services to small and medium sized businesses in the Malaysian market. This awardees' organization also aims at developing the infrastructure of the stock markets in Malaysia. They also work at developing mutual understanding between Islamic finance and the traditional finance and insurance sectors in Malaysia. The educational programs offered by this awardees' association are aimed at preparing students to enter professional financial markets in the future. In addition, the association also provides technical assistance to its members.
Islamic Business Council of Malaysia (IBC): The IBCM is a not-for-profit body that aims at promoting and implementing the principles of Islamic economics. They have helped hundreds of companies across the country with financial and accounting issues. They work at improving the functioning of the various aspects of the financial industry. The IBCM provides various workshops and seminars for beginners and experts alike. They also conduct workshops for corporate borrowers and professional Islamic traders. The main goals of the IBC is to enhance Islamic finance and improve the quality of the business transactions all over the world.
Kuala Lumpur Islamic Business Association (Kuala Lumpur Islamic Bankers Association): The Kuala Lumpur Islamic Bankers Association is an independent Islamic financial institution that works to improve the conditions of the Islamic finance market. The association offers several types of programs for its members. The awardees may choose from the Master of Accounting program and the Master of Finance. They also get a certificate of completion by attending a five-day seminar or an internship program. The awardees can expect to enjoy a good job and make a substantial amount of money once they become a member of the association.
