Alumni Stories

Alumni Stories

Explore the journeys of our alumni and how far they have come in the world.

Arshad Nuval bin Othman

Abdou Karim Diaw

Ahmed Aslam

Zuhursho Rahmatulloev

Yousuf Sultan

Azura Othman

Muhammad Arif Bin Mohd Hodori

Irfan Afifah Mohd Zaki

Dr Farrukh Habib

Imad el Fadili

Saad Bakkali

Syed Adam Alhabshi

Ruslena Ramli

Dr Hazik Mohamed

Alumni Story: Arshad Nuval bin Othman

Alumni of Masters of Science in Islamic Finance

Graduated in 2015. Currently working at Client Coverage for Public Sector & Government in CIMB Islamic Bank Berhad for more than a year. I serviced 8 Malaysian development financial institutions, and investment banking deals with the Islamic Development Bank Group and local & foreign government institutions.

During my final semester at INCEIF University, I attended a Career Talk hosted by HSBC Amanah Bank Berhad, which led to my eventual employment with the company following graduation. Since then, I have worked in various front-line positions within the banking industry.

By utilising my Master of Science in Islamic Finance from INCEIF University, I am able to educate customers on the benefits of Islamic Banking and encourage them to choose Islamic over conventional banking products. This is in line with my goal of becoming a part of the team of experts responsible for bringing Islamic Banking products to the market.

Classes pertaining to Shariah and economics are the most valuable aspects of this programme for me. Classes on Shariah helped me understand how to apply Islamic principles to banking and other financial services. Quantitative methods to produce support recommendations were taught to me in courses connected to econometrics.

My education at INCEIF University established me as a credible Islamic banker, and it continues to do so as I take on increasingly senior positions in the banking industry. However, the most valuable thing I’ve taken away from my experience here at INCEIF University is the expertise and insight I gained from the professors. Though after graduation, I found it difficult to strike a balance between work and personal life.

My suggestion to the current INCEIF University students is to put their energy towards making a positive difference in the world. If you are a student thinking about a career in finance like mine, I would like to offer the following piece of advice: Islamic Finance is all about applying Shariah to Finance in order to create financial products that are compliant with Shariah. To put it another way, Islamic Finance is truly one of a kind.

Alumni Story: Abdou Karim Diaw

Alumni of PhD in Islamic Finance (by Coursework and Dissertation).

Graduated in 2016.

Currently serving as a Shariah Board member at certain IFI in West Africa, a consultant in Islamic Finance, and the manager of Islamic Finance programmes at CESAG, the business school run by the Central Bank of the West African Economic and Monetary Union (WAEMU). I have been a consultant since 2011 and a manager of CESAG IF programs since 2017. As a consultant, I conduct training sessions and consultancy missions for both public and private organisations. As the CESAG IF programme manager, it is my responsibility to oversee the development of educational materials and conduct research and training activities. I also play a role in developing relationships between CESAG and major figures in the Islamic finance industry.

After leaving INCEIF University, the steps I have taken in my career are Trainer Consultant, Manager of Islamic Finance programs and Shariah Board member. I’ve found that the skills I learned in my INCEIF programme translate quite well to the work I’ve been doing since graduating. As a trainer, for instance, I used what I learned in Islamic finance classes at INCEIF to develop lesson plans for my students. My previous work has prepared me for various consulting engagements. But the quality of the instructors and the materials we covered in class was the most important aspect of the programme I completed because it gave me the tools I needed to define my career.

Through completing a PhD in Islamic finance, we have covered all the necessary ground in this area, which has been essential in getting me to where I am today and setting me up for future success in my endeavours. As a result, I was better able to handle extremely difficult situations in my expert capacity. I am highly appreciative and proud of the scholarship I was awarded, the international connections I made while attending INCEIF University, and the high calibre of the academic programme I completed there. After graduation, the only thing holding me back was not having an adequate job.

My advice to the current INCEIF University students is to always do their best in their research projects. If you’re thinking of majoring in the same thing I am, one piece of advice I can give you is to make sure your project papers for each module you do are top-notch. Reading related literature and establishing an extensive network among students from different countries are two things that enthuse me and might be valuable to everyone.

Alumni Story: Ahmed Aslam

Alumni of Masters in Islamic Finance Practice (MIFP)
Graduated in 2016
Currently serving as Housing Development Corporation Limited’s Chief Accountant (HDC). I teach at Maldives Islamic University and Villa College and serve on the Shariah Advisory Committee for HDC. More than fifteen years have passed since I first started at my current company. My current position requires me to oversee financial reporting and regulatory compliance. I am also the one who takes the initiative to convert conventional loans to Islamic finance products.

After graduating from INCEIF University, I began working in the field of Islamic finance, where I have since become involved in the creation of new products, the promotion of public awareness of Islamic Finance, and the cultivation of an understanding of Islamic financial literacy. I chose INCEIF University because I wanted to gain a better understanding of Islamic finance and benefit from the guidance of knowledgeable instructors who could clarify complex concepts for me. The ability to make connections with senior management, professors, and professionals is what I value most about the Masters in Islamic Finance Practice (MIFP).

Being a part of the INCEIF University programme has helped me get to where I am today and set me up for future success in my goals, as it gives me the opportunity to take the reins in my current position and become a member of a shariah committee. INCEIF University has given me the opportunity to learn Islamic finance from some of the best in the world. For that, I am eternally grateful and proud to be a part of such a prestigious institution. The only difficulty I encountered after graduation was the scarcity of job openings and opportunities.

One piece of advice I have for present INCEIF University students is always to put theory into practice. Anyone thinking about following in my footsteps should remember how important it is to maintain focus and determination. If you put my advice into practice, I know you will succeed beyond your wildest dreams. For instance, I’ve been given the opportunity to pioneer the introduction of shariah-compliant items to the company.

Alumni Story: Zuhursho Rahmatulloev

Alumni of Chartered Islamic Finance Professional (CIFP)
Graduated in 2013

A co-founder of Alif Bank, an Islamic challenger bank in Central Asia that holds a banking licence in Tajikistan and a payments licence in Uzbekistan. Since the beginning of the company in 2014, I have also served as the managing director. The management of the introduction of a remittance product in the United Arab Emirates is one of the responsibilities that fall under my purview. After completing my studies at INCEIF University, I proceeded to the next natural step, which was to join forces with other individuals who had similar values and perspectives.

Before I decided to attend INCEIF University, I had a pretty clear idea of what I wanted to accomplish with my life, and the position I have now fits right in with that plan. Now that I am actively engaged in spreading the concepts of Islamic finance, I have been able to earn wealth not only for myself but also for the stakeholders who were involved in the construction of our company. The Chartered Islamic Finance Professional (CIFP) programme was crucial in helping me establish me as a leader in my field since it introduced me to a diverse group of professionals from whom I could study the fundamentals of Islamic finance.

By providing direction for my subsequent professional endeavours, INCEIF University has, in my opinion, done an excellent job of preparing me for the challenges and opportunities that lay ahead in my life. It makes me pleased to put into reality what I preach on a daily basis and to present a challenge to the conventional industry in both our region and beyond. The financial aid I received from Bank Negara and the kindness and hard work of the Academic staff during my time at INCEIF are two things for which I will be eternally thankful. Unfortunately, the lack of available employment in this field was the only real challenge I experienced after finishing college. To my knowledge, only Islamic Development Bank was hiring at that time. However, Alhamdulillah, I was fortunate to work alongside the most qualified individuals from the start and develop a formidable organisation.

If I could give any parting words of wisdom to the current INCEIF University students, it would be to encourage an entrepreneurial spirit. Most countries have yet to develop an infrastructure for Islamic banking and finance, so this is a great chance to do so from scratch. If you’re thinking about a similar professional path, one piece of advice I have is not to deviate and falter from the path of building a just and better financial system globally. To be able to achieve something, you first must have to move to the mentality of a global scale. Naturally, you need a proven track record on a smaller scale before you can expand to a regional or global market. Constantly putting limits on your thoughts might be disastrous. My travels begin in the country I call home. Take all you’ve learned here and use it to make a fresh start when you return home. Financial institutions like banks and insurance firms in your area need you to reform them, even if they don’t yet realise it.

Alumni Story: Yousuf Sultan

Alumni in Masters of Science in Islamic Finance

Graduated in 2016

I am the Chief Executive Officer and founder of Adl Advisory Sdn Bhd in Malaysia, a firm that provides shariah consulting and training, and the Director of IFA Consultancy in Bangladesh, an organisation that promotes Islamic Finance through training, seminars, and workshops. In addition to my work for Standard Chartered Saadiq Malaysia, the Ethics Group of Fintech (Malaysia, Indonesia, Oman), the IDLC Shariah Fund, the Dhaka-based TAIF, the Dubai-based iConsult, and the South African firm, among others, I also provide consulting services and act as a Shariah adviser. Throughout my career, I’ve amassed more than ten years of expertise in Islamic Finance.

After graduating from INCEIF University, I launched two shariah advisory firms, one in Bangladesh and the other in Malaysia. I’ve also established shariah advisory roles in various institutions, provided training, and spoken at conferences and seminars. All the jobs I have held are directly related to the skills I honed in the programme I took. The doors that INCEIF threw open allowed for new knowledge to be gained, new connections to be made, and most importantly, a mindset driven by real-world solutions and applications.

When I am taking the Master of Science in Islamic Finance programme, the practical aspects of the various areas of Islamic finance, the applications and solutions, as well as the networking and real-life experience sharing from the industry, are the components that I find to be the most helpful in assisting me in shaping my future career. INCEIF equipped me with a practical grasp of Islamic finance, a mindset that prioritises applications over theories, a focus on solutions rather than issues, and, most significantly, the ability to take leadership roles in the industry. Insha’Allah, I see myself being a leader in this community, working alongside other influential people.

I am most thankful and pleased with the opportunities I was given during my time at INCEIF University to work as a Research Assistant for both ISRA and INCEIF, collaborate on a report with ex-chancellor Tan Sri Dr Zeti, and serve on the SRC team. Those are all some of my proud moments, among many others. Alhamdulillah, thankfully, life after college is relatively easy for me. In my opinion, all we need to do is try our best, put in long hours, and continue unwaveringly on the path laid out for us by Allah SWT. Inshallah, Allah reveals to us numerous paths to success.

If I could provide any piece of advice for the current INCEIF University students, it would be to stand firm in what you have learned, to keep studying, and to make this your mission. Keep in mind that you are representing Islamic Finance as an ambassador and that your words and deeds will have an impact. Prepare yourself for the day of judgement to face Allah the almighty SWT; that’s what will keep you aligned in every step you take in your life.

On the other hand, if you are interested in a similar line of work to mine, I would advise you never to waste your study time. Make every effort to understand the crux of each subject. You may not become a specialist in all subjects, but the main logic of each subject must be understood. Network with other people in the field. Utilise professional social media like LinkedIn carefully, which will open up many doors. Lastly, make lots of dua and never compromise on your religious obligations.

I have a passion that I hold, and I always try to go the extra mile with this passion. I believe that my mission is to fight Riba – a Haram that puts people in danger of war against Allah SWT and His messenger SAW. Alhamdulillah, I always find that Allah SWT opens ways in areas I couldn’t imagine. I always put my hope on Allah SWT and firmly believe that whatever He decides for me is the best. Hence, little to no chances of getting frustrated, Alhamdulillah. I never thought that I deserved what Allah SWT gave me. Hence I never count good things as my achievements or accomplishments, instead all as rewards from Allah SWT, which I don’t deserve. I believe this mindset keeps you humble and straight on the path without leading you astray.

Alumni Story: Azura Othman

Alumni of PhD in Islamic Finance (by Coursework and Dissertation)

Graduated in 2015

I am currently the CEO of the Chartered Institute of Islamic Finance Professionals (CIIF). At the same time, I hold the position of Independent Board Member of CIMB Islamic Bank Berhad and Malaysian Debt Ventures Berhad and Board of Trustee of Yayasan Petronas. Previously I was an Independent Board member of Bank Muamalat Malaysia Berhad (from 2015 to 2020). I have been the CEO of CIIF since 2015, an Independent Board member of MDV since 2017, CIMB Islamic Bank Berhad since 2021 and a Board of Trustee of Yayasan Petronas since 2021. I head the Management team of the CIIF, a professional body for Islamic Finance practitioners, which is involved in talent development for the Islamic Finance industry, especially in terms of promoting professional qualification, ethical business practices and continuing professional development for CIIF members.

After leaving INCEIF University, I continued to be involved in Islamic Finance (IF), and I contributed my IF knowledge through my work as CEO and Board member of Islamic banks and by publishing books on IF. CIFP enhanced my knowledge in IF, while the PhD in IF extended it further through research work and application to real economic situations. The programmes were definitely relevant to my current work and the positions that I hold in Islamic financial institutions. I wanted to understand deeper about the value proposition of IF and its contribution to the stability and sustainability of the economy.

The best course that I attended in INCEIF was Quran and the Economy by Prof Abbas Mirakhor, which consolidated all the knowledge learnt into the Islamic perspective and had the most impact on my view of IF. It is not only the knowledge but also the connection and network that was created with professors and fellow students from various countries that have been most valuable. It helped provide a global perspective on IF and served as a support system in my current work, promoting IF professional qualifications. INCEIF programme has prepared me with enhanced knowledge in IF and created a global network of IF experts whom I can tap into for my current and future work.

A deeper appreciation of the Quran and the network of global friends that I managed to build while I was in INCEIF, who support each other in promoting IF. The challenges I faced in my career after graduation were nothing significant apart from the still existing views of critics of IF and debates on IF as should be practised vs IF as what is being practised. In a world engrained in the interest-based system, the promotion of the real value of IF and enhancements in IF practices to bring out the unique value proposition of IF is going to be a long and continuous journey.  

I would advise the current INCEIF University students to look beyond the textbook, understand the challenges in actual practice and create a balanced solution to IF. Be agile and bold to speak the truth. While to those who are considering a similar career path as mine, I would say to affirm your passion and be resilient in promoting what you are passionate at. When we study, we tend to imagine a utopia but always remember the real world is far from perfect and sometimes, to get to where we want the world to take time and mindset change. Never give up and correct our intention for Allah (Lillahi Ta’alla) and Insha Allah. There will be rewards along the way.

Alumni Story: Muhammad Arif Bin Mohd Hodori

Alumni of MSc in Islamic Finance
Graduated in 2017
Here at United Overseas Bank (“UOB”), where I work as a Credit Analyst in the Corporate Banking division starting January 2022, I hold the position of Vice President. To ensure quality, consistency, and compliance with lending guidelines, I am responsible for completing detailed, in-depth analyses of new credit requests, credit change requests, renewals, and yearly relationship reviews. I started working for UOB the same year I graduated from INCEIF, and it has been a tremendous five+ years so far. I started as a senior officer and worked my way up through the ranks to become a manager, then an assistant vice president, and finally a vice president in that time frame.

As the Bank has expanded its operations into the Islamic Banking area, the Islamic banking knowledge I gained at INCEIF has proven invaluable. INCEIF has given me many important soft skills that will be useful in the business world, such as the ability to manage projects and stakeholders. The MSc programme I completed was outstanding because it shaped the way I think about business since the discussions we had in class were open-ended, critical, and objective, just like those you’d have in real-world business meetings.

Being an INCEIF graduate does have its perks. INCEIF alumni have a reputation for excellence and depth of knowledge in the Islamic banking sector. Moreover, several INCEIF alumni serve as industry leaders at the highest levels, such as Shariah Scholars, CEOs, and the Board of Directors. There will be times when you need to tap into your connections, and INCEIF does provide that through its communities of alumni. Thanks to my stay at INCEIF, I was able to create some wonderful connections among my classmates and professors. Earning the President’s Award at graduation is also a source of great satisfaction for me.

If I highlighted one of the challenges I faced after graduation, it would be time management. Working life has a totally different dynamic from student life, where most of your days are predetermined by the university. On top of your business-as-usual (“BAU”), there will be occasions when you need to attend to urgent ad-hoc matters. Therefore, you really need to manage your time and plan your work properly if you wish to ensure everything can be done without hiccups.

My undergraduate performance was below par. Thus I had a hard time obtaining work before I joined INCEIF. I knew that I had to do a turnaround the moment I received my admission to INCEIF. I wasted no opportunities and made the most of my time in INCEIF. Apart from studying, I led an incredible SRC team, served as a RA for a few lecturers, and I tried to connect with as many people as possible. Through hard work and a lot of support, I managed to graduate with a result I never knew I was able to get and landed my dream job at that time, which was to join a Management Associate Programme in the banking sector. As cliche as it may sound, the moral of the story is never to give up and make the most out of everything you have.

I want to encourage current INCEIF University students to believe in themselves and prioritise their health. For those who have not had much working experience before, be prepared for the ups and downs of the career life. Still, we shouldn’t fret unduly, for if we put our faith and trust where they belong, everything will work out in the end.

There are a lot of different roles in a bank, from front-office to middle-office to back-office. I’ve seen people who became demotivated and left the industry because they started in a role that did not suit them. So if you wish to start your career in banking, please do in-depth research on all the different areas of banking.

Alumni Story: Irfan Afifah Mohd Zaki

Alumni of MSc in Islamic Finance
Graduated in 2016
After leaving INCEIF University, I worked for nearly a year as an Associate Director at Affin Bank Berhad and then for nearly five years as an Analyst at RAM Rating Services Berhad, a credit rating agency. Currently, I am an Assistant Manager at the Surveillance Analytics Unit under the Market Surveillance Department of the Securities Commission Malaysia (SC). SC is a statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.
I began working for this governing organisation in July 2022. The key role of our unit includes performing a qualitative and quantitative assessment of domestic and global equities and derivatives markets for internal and external stakeholders. We also conduct research and analyses of trading activities, market activity and performance, as well as risks, trends, and insights. In addition, we help the team lead make recommendations to upper management concerning the market crisis and take an active role in operational activities during times of market crisis.

After graduating from INCEIF in 2016, I worked in the financial field. Thus the skills I learned there have been useful in my current position. For as long as I can remember, this is a field I have been eager to enter and learn more about. The course was very well thought-out,  moving seamlessly from fundamentals to technical, incorporating a variety of value-enhancing programmes that equipped students with analytical and critical thinking skills that are very valuable and useful for my current and previous jobs.

Having attended one of the world’s premier Islamic finance institutions, INCEIF University, my appreciation for my alma mater grows daily. Along with that, I was able to network with a wide range of incredible people I can learn from in various aspects. When I first entered the workforce after graduation, I found that my lack of industry expertise was the biggest barrier I had to overcome. But as long as we keep an open mind and a willingness to learn, this can be remedied with time.

I encourage present INCEIF University students to always put in their best effort and never give up on their dreams. Hopefully, whatever you start insyallah, it will turn out to be worthwhile in the end. For those thinking about following in my footsteps, I say do what you are really passionate about and keep learning something new every day.

Alumni Story: Dr Farrukh Habib

Alumni of PhD in Islamic Finance (by Coursework and Dissertation)
Graduated in 2016
Both Alif Technologies in Dubai and Shariah Experts in London were founded and are directed by me. Services offered by Alif Technologies include advisory/consultancy, platform & product development, training programs/workshops, and more in the realm of Islamic fintech. While Shariah Experts is the world’s first halal advisory firm dedicated to the crypto, blockchain, NFT, Defi, and fintech world. It has been three years since I took on this position. In all of my organisations, I head up teams whose mission is to assist micro, small, and medium-sized enterprises (MSMEs) in developing innovative solutions that align with the shariah law. In doing so, we help push the Islamic fintech sector forward at a faster rate.

Working as a researcher and advisor in ISRA was a highlight of my time at INCEIF. In 2019, I made the bold move to accept the role of head of shariah/Islamic finance in a fintech startup. But I immediately realised that I could make a more meaningful contribution to the development of Islamic fintech by integrating halal and Islamic ethical concepts into the fintech world while bringing Islamic fintech solutions to the Muslim masses. This led me to form a business with some other like-minded persons.

PhD in Islamic Finance programme at INCEIF equipped me with analytical skills and further polished my research-oriented approach. Thanks to my expertise, I am able to advise my clients more effectively and provide them with cutting-edge solutions in the unexplored region of blockchain, crypto, Defi, and NFTs. What I find the most valuable about the programme is the pragmatic and market-oriented approach of the PhD programme. It immensely impacted my approach to applying my abilities to solve real-world problems without losing theoretical and academic robustness. I was able to adopt quality standards at the forefront of Islamic fintech because of the knowledge and expertise I earned throughout my PhD studies at INCEIF and subsequent job at ISRA.

The INCEIF University programme provided me with invaluable hands-on experience and helped me apply a systematic strategy to my present role. The skills I have learned in this programme have also given me the assurance I need to tackle problems in the future. The whole academic experience was a pleasant journey for me. The whole environment was very welcoming to me, and I truly enjoyed learning at INCEIF.

I faced mainly two challenges when I graduated. The first is becoming an entrepreneur rather than someone who is focused on a career; this was a difficult transition for me. Moreover, I launched my business in a new country, a new market, and a new environment with its own unique characteristics. Second, right at the beginning of my entrepreneurial switch, I had to face the COVID-19 pandemic, lockdowns, and economic crises. This extraordinary situation literally made the survival of many businesses very difficult. But alhamdulillah, I was able to not only make it through this ordeal unscathed but also turn it to my advantage.

My parting advice to current INCEIF University students is that you can turn every moment of your student life into a learning experience if you open up your mind to learn and analyse it. If you want to follow a similar career path to mine, I would say that good networking is one of the main factors of your professional success. Try to build your network with your peers and even with the faculty members. I have focused on a niche and unique field (blockchain, crypto, Defi, NFTs, and fintech) and developed expertise in it. Now, people recognise the value of such expertise. Every student should also try to develop their own expertise in a unique, focused area.

Alumni Story: Imad el Fadili

Alumni of MSc in Islamic Finance
Graduated in 2019
Three years into my CEO role at the National Zakat Foundation in the Netherlands, I feel extremely blessed. I have been keeping up with my studies and have started the path of earning my CSAA and AAOIFI certifications. So directly after leaving INCEIF, inspired by Assoc. Prof. Dr Ziyaad Mahomed, we have embarked on the journey to institutionalise Zakat in the Western part of the world.

I like the analogy that we head the ball and that Allah makes the goals. When I started at INCEIF, I was on the lookout for a career that nourishes my soul and is my get-out-of-the-hell card. Somehow God guided me towards this, and up until now, it fulfils the aforementioned conditions. So my advice is that whenever you do something that is not nourishing your soul and paves the way to Paradise, stop with it since the most valuable thing that we have is our time.

INCEIF’s programme is potent because it draws participants from all around the globe. The classroom instruction was excellent, but the extracurricular participation was what really set this programme apart. Sometimes I think that we, as students, should adopt this phenomenal trait of Imam Bukhari when searching for knowledge. He once travelled over 100 kilometres for a single Hadith. Practically, this means you should not hesitate and be hungry to reach out to people for engagements like coffee, lunch, and dinner, where you can pick their brains.

The most meaningful and significant aspect of my time at INCEIF University has been the growth I have experienced personally. INCEIF was the first time where I have decided to lead a God-centric life. This indicates that my entire life goal should be to do God’s will. And if this is the ‘only’ thing you get out of it, I would say you became a billionaire after leaving INCEIF.

There is only one negative aspect to this whole experience, and that is my inevitable bouts of homesickness. Being an international student, I often found myself missing my family back home. However, by having a sharp vision, this feeling disappears after a couple of weeks. In order to make the most of your stay at INCEIF University, I would like to suggest that you avoid being a campus sleepwalker since your time is limited. Instead, put your plan into action first thing every day, and most of all, take some time to appreciate everything.

Alumni Story: Saad Bakkali

Alumni of PhD Islamic Finance (by Coursework and Dissertation)
Graduated in 2017
For the past four and a half years, I have served as the head of the Higher Shari’ah Authority Secretariat of the Central Bank of the United Arab Emirates. The Higher Shari’ah Authority and the Central Bank have delegated various responsibilities to this division, including the creation of Shari’ah standards and Shari’ah governance standards, the oversight of the Shari’ah aspects of Islamic financial institutions, and the creation and review of liquidity instruments for Islamic financial institutions.

I started working while I was doing the PhD programme at INCEIF University. After gaining experience in the Shari’ah department of the Islamic Financial Services Board (IFSB), I accepted a position with CIBAFI in Bahrain, where I was responsible for the professional development initiatives of the organisation. Then I joined Dubai Islamic Bank being part of the Shari’ah department, before joining the Central Bank of the United Arab Emirates. Afterwards, I worked in the Shari’ah department of Dubai Islamic Bank, then I moved on to my current position at the UAE Central Bank. I have also worked as a consultant and Shari’ah advisor on a variety of projects and for various organisations.

INCEIF taught me everything I needed to know about Islamic finance and immersed me in an atmosphere as similar as possible to the real business world. I could not put a measure to what extent INCEIF prepared me to take advantage of possibilities and meet the demands of the market. INCEIF taught me the ins and outs of Islamic finance, both the technical and the crucial parts that any aspiring Shari’ah advisor needs to know. The Islamic economics discussion gave me a bird’s-eye view, allowing me to avoid becoming entangled in the details of applications and micro issues that can cloud judgement and cause one to overlook strategic considerations that are crucial to the growth of Islamic finance. Working as a research assistant at INCEIF or having a real opportunity in the industry through internships and research grant projects are two of the most valuable things that INCEIF offers its students. I hope they continue to do so and improve upon them.

INCEIF provided an Islamic setting and inspired us to talk about key issues in Islamic finance and the economy. Moreover, INCEIF taught us how to feel passionately about Islamic finance. For a student from a Shari’ah background who lacks a financial basis, completing the PhD programme is an impressive accomplishment in and of itself. It was challenging for me to grasp economics and finance. My gratitude goes out to Professor Abbas Mirakhor, Professor Dr Obiyathulla Ismath Bacha, Professor Mansoor Ibrahim, and all the other professors who helped me along the way. Datuk Sayed Othman Al Habshi, the professor I think of as a father, made the entire journey pleasant.

I want to encourage current INCEIF University students to make the most of their time at INCEIF by engaging deeply with their coursework, staying connected to their professors and the market, and challenging every aspect of what they are taught, as well as to do as many assignments as you could. For those interested in following in my career footsteps, I recommend you to gain a thorough understanding of finance and try to draw a big picture by benefiting from all the courses offered by INCEIF that are definitely relevant to your career in the future In Sha Allah. There is a lot to be learned and not a moment to lose. I’m humbled by how much I still need to learn, and I long for my days as a student. Many thanks to everyone in INCEIF, especially our friends in ASAD (Nissa and the rest of the team).

Alumni Story: Syed Adam Alhabshi

Alumni of PhD in Islamic Finance (by Coursework and Dissertation)
Graduated in 2016
I am head of the company’s Islamic Finance Practice as well as a partner of Raja, Darryl & Loh. I started working in this field in the first half of 2022. I specialise in advisory on corporate and regulatory compliance, Islamic finance product structuring, corporate financing, debt restructuring, takaful matters, Islamic finance litigation, and Shariah compliance and rectification exercises. After completing my studies at INCEIF University, I still maintain a good relationship with them, and I proudly wear the INCEIF graduate badge with pride but never haughtiness.

For me, INCEIF served as a gateway into the world of finance. Being able to see the issues from both the legal and financial points of view has helped me gain a deeper understanding of the Islamic finance industry. Therefore, INCEIF is highly relevant to my career aspirations. My education at INCEIF prepared me well for my role as legal manager at MIDF Group, where I participated in both the Risk Committee and the Credit Committee. Now, in legal practice, I am able to appreciate the concerns of the banks and approach the matter comprehensively.

The programme at INCEIF University provided me with a solid foundation and overview of finance issues. When it comes to product structuring, for instance, I can consider both the product’s Shariah aspects and the business aspects. Understanding the products from the bank’s perspective allows me to apply the more appropriate legal principles. In the end, you get a full package that not only abides by Shariah and the law but also makes good business sense!

I have the deepest respect and admiration for the faculty, staff, and fellow students at INCEIF University, from whom I have learned so much and who have become some of my closest friends. Personal highlight: receiving both my CIFP (2011) and PhD (2016) scrolls while my father, Datuk Dr Syed Othman Alhabshi, was on stage. Sadly, he retired the year I earned my PhD. So on my way down, I decided to pay him a salam. I’ll never forget that remarkable moment!

Alhamdulillah, life after graduation did not present me with too many obstacles. The process went relatively smoothly as there were only a small number of Islamic finance practitioners and even fewer with PhDs in the field. In the two years following my graduation, I worked under Senior Partner Jal Othman at Shook Lin & Bok and was eventually offered a partnership. I spent almost four years at that firm before moving to Raja, Darryl & Loh to lead their Islamic finance practice. People often ask me how I became an Anney at RDL, and I always say it was all thanks to Jal’s thamby.

Note for current INCEIF University students: postgraduate requires more critical thinking than undergraduate study. The fact that you are at INCEIF means that you will learn something non-INCEIF would not get. However, you need to find that wisdom of that knowledge and make it beneficial to the Ummah. INCEIF gives you the ‘tool’ and teaches you how to use it efficiently, and you need to have the wisdom to know when to use it. Another important factor is discipline. Discipline to finish what you start, and discipline in making dua to Allah for help. There is a lot of support at INCEIF, but you still need to put in the effort.

If you are considering a career similar to mine, I strongly recommend you learn and expand your professional network. Be disciplined and be of service to others. Have proper adab, as the opposite is just Biadab. Use Allah as your primary source of strength and work hard. Despite the fact that my message remains unchanged from “Riba’ is haram,” I have found that adding “Dr.” to my name lends my words more authority. Although this is helpful, I now realise that I need to be even more careful with my words and that I need to improve my knowledge and skills constantly.

Alumni Story: Ruslena Ramli

Ruslena Ramli
Alumni of Masters in Islamic Finance Practice (MIFP)
Graduated in 2020
I am employed with Malaysia Digital Economy Corporation (MDEC) and holding the position of Director in Islamic Digital Economy (IDE) department for over a year, and I joined in June 2021. Dinar Standards’ 2022 reports that Dinar Standards reports that by 2022, both the worldwide Islamic economy and Islamic Fintech will be led by Malaysia. Malaysia’s unique positioning helps crystallise the government’s plans to market the country as a global hub for IDE. As the Head of MDEC’s IDE Department, I act as one of the guardians to support and facilitate Malaysia’s prominence in the IDE.

Pivoting to technology via MDEC has helped to propel my prominence as a key spokesperson for Malaysia’s leadership and success in Islamic Finance. I believe my Master’s from INCEIF was key in securing my current role in MDEC. Among the main objectives of securing a Masters degree was to strengthen my foundation, teach Islamic Finance and share my 20+ years of working experience. This includes raising awareness of Islamic Finance and Fintech’s value proposition to global communities.

To excel as a public speaker or advocate, it is essential to prioritise content over presentation. For a newcomer, the Shariah concepts and structures can be daunting. Therefore, having a solid foundation in Islamic Finance has helped me to articulate and break down Shariah contracts, processes and how the structures are deployed in the real world into easy-to-understand language. This has helped to gain market traction for agnostic industry players to consider adopting ethical solutions (i.e. Shariah-based products and services) as part of their business offerings.

The INCEIF programme was one of the stepping stones to becoming the person I am today. Alhamdullilah, I have been extremely blessed to have had the right work experiences to take on my current role and lead Malaysia’s prominence in the IDE. However, securing a Master’s degree while balancing work life and being a mother to three kids was no easy feat. Discipline and tenacity to succeed must be deeply rooted to push you forward.

When faced with professional obstacles, I try to remember the old adage, “When life gives you lemons, make lemonade.” It is a figure of speech to encourage a can-do attitude and optimism when faced with adversity. Internal stakeholder battles and justification of your existence can be more challenging than managing external stakeholders. Hence, having the proper perspective can go a long way to put you in the right frame of mind to succeed.

Here is a quote from a great man who has inspired me as I’ve worked to become a voice for and practitioner of Islamic finance: “Be a bush if you can’t be a tree. If you could not be a highway, be a trail. If you can’t be a sun, be a star. For it isn’t by size that you win or fail. Be the best of whatever you are.” Martin Luther King, Jr.

If you are considering a similar career path, let me remind you that success ultimately depends on your own motivations and the extent to which you are willing to sacrifice. Everyone can dream, but action speaks louder than words. I believe the opportunity is within everyone’s grasp. The question is whether or not you’ll stop at nothing in your pursuit of that goal. Be proactive instead of reactive, take all criticism positively, and as you move up the ladder, you must know your strengths and weaknesses. Even though no one is perfect, you should strive to eliminate your flaws and become the “Best you can be.”

Alumni Story: Dr Hazik Mohamed

Alumni of PhD in Islamic Finance (by Coursework and Dissertation)
Graduated in 2017
Stellar Consulting Group, which I founded and have led as MD since 2008, offers business consulting services in the areas of business growth, artificial intelligence-driven and blockchain-based innovations, green Finance, and Islamic Finance. As a consultant for multilateral organisations, I work on a wide range of projects across several departments, always ensuring to meet strict deadlines and stay within the set budget.
I have consulted on various business-related issues for MSMEs, MNCs and multilateral organisations, such as the ASEAN Secretariat and the UNCDF. I have also published three books which are Belief and Rule Compliance (Academic Press by Elsevier) in 2018, Blockchain, Fintech and Islamic Finance (De|G Press by De Gruyter) in 2019 and Beyond Fintech (by World Scientific) in 2020.

I was able to broaden my career options in both conventional and Islamic finance thanks to the PhD programme at INCEIF University, which provided me with a solid grounding in both. However, the most valuable were the discussions that came out of the interesting assignments that we had to present. Of course, it goes without saying that knowing your stuff is essential for giving a good presentation and fielding questions.

When I attended INCEIF, we had renowned professors who were thought leaders in their fields. This level of rigour resulted in high standards, which we needed to emulate. I owe a great deal of gratitude to the nurturing professors who shaped me and the peers who challenged the status quo. I struggled at first after graduating from INCEIF University to find my footing in a new field, but eventually, I settled into a field in which I am a pioneer.

Current INCEIF University students, I implore you to learn the reasoning of Shariah and to find creative ways to implement it tactfully and practically. Those thinking of following in my footsteps should find an experienced person they can learn from and work with and then show what they can do through impactful projects.