New Islamic finance professional body launched, headed by former CIMB Islamic CEO

A new professional body for Islamic finance was launched in Kuala Lumpur on Friday. The Chartered Institute of Islamic Finance Professionals (CIFF) will be responsible for global quality standards for Islamic finance professionals. 

The CIFF replaces the Association of Chartered Islamic Financial Professionals Malaysia (ACIFP), which was established in 2008 to promote standards of professional practice amongst Islamic finance practitioners. 

The new Institute will continue the mandate of the ACIFP and raise the bar for professionalism and ethics in Islamic finance, reported Malaysia's national news agency Bernama. 

"The issuance of standards is expected to spur the expansion of its membership base worldwide," CIFF President Badlisyah Abdul Ghani was quoted as saying. 

He said that CIFF's current membership base was 240, reported Bernama.

Abdul Ghani served as the ACIFP's President and was CIMB Islamic Bank's CEO from 2006 until the middle of August this year. He resigned in July a week after he posted controversial remarks involving state investment fund 1MDB on Facebook.