Page 10 - From Zero To Hero

10 | fromzerotohero
the establishment of ISRA (International Shariah
Research Academy) inMarch 2008. Besides Bank
NegaraMalaysia, the State Bank of Pakistan and
the Central Bank of Bahrain are the other two
active central banks that are promoting Islamic
finance globally.
Abdul Raman said: “Because of Bank Negara
Malaysia’s active role in the global scene through
MIFC of which ARSA, one of the partners that
supports MIFC initiatives, has accelerated the
promotion of its services.”
CHALLENGES: ISLAMIC
FINANCE INDUSTRY
Islamic Finance Industry is booming inMalaysia
because the country has clear Rules&Regulations
but that is not the case in other Islamic countries
of theworld. Different Islamic countries interpret
Islamic law differently. It takes a long time even
to resolve issues on interpretation of the law. In
addition, there is much shortage of experts in
the global arena – resulting in scholars sitting on
multiple boards of Islamic Finance institutions
with conflicts to be resolved for every transaction.
Furthermore, Abdul Raman adds: “ARSA is in
the service industry, which is intangible innature.
Customers can only value our services after they
have experienced it. But, the first and paramount
thing to do is to make the ARSA brand visible to
the market especially in the jurisdiction which is
totallynewtoARSA.Hence, ARSAhad toput aside
a bigmonetary budget for activities to capture the
market awareness of its existence.
“A lot of time and effort have been spent in the
branding exercise, thanks to MATRADE which
made it possible for ARSA. Once the awareness is
visible, thenext stagewill be toensure andenhance
our deliverables, hence, it requires a lot of human
capital investment.
“Alotofprogrammessuchasmentoring,training
and knowledge sharing have been devised by our
Human Resource department in order to fill in the
gap and also to unleash the talent of our human
capital in order to ensure they meet the minimum
expected standard set by ARSA on them as this is
part of our branding.
“Thosewhoperseverewill developand continue
to grow with us, but those who cannot cope with
Grand affair ... At the launching of ARSA brand back in 2009