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null Incentives for Talent Development

Incentives for Talent Development

22 Oct 2018 | Monday

The Malaysian government encourages the participation of foreign experts on Islamic finance in line with the nation’s goals for talent development.
Tax Incentives

  • Effective from year 2007, RM5,000 tax relief per annum is provided to Malaysian individuals for fees spent in pursuing Islamic finance at institutions of higher learning in Malaysia.
  • Tax exemption on income received by non-resident experts in Islamic finance as verified by the MIFC Secretariat is granted from 8 September 2007 – 31 December 2016.
  • Double deduction on expenses incurred by Islamic financial institutions for sending their employees to Islamic finance programmes organised by INCEIF and IBFIM 

Non-Tax Measures

Facilitative Immigration Policies

  • Fast and easy immigration approval through the "Green Lane" established for expatriates and their family members.

Flexible Employment Rules

  • Banking institutions and takaful operators (including International Islamic Bank, International Takaful Operator and International Currency Business Unit) have flexibility to employ expatriates with expertise to contribute to the development of Islamic financial system in Malaysia.

Funds for Shariah Scholars in Islamic Finance

  • The first in the region, the USD62.5 million endowment fund - Fund for Shariah Scholars in Islamic Finance - was established to create a pool of Shariah experts in Islamic finance and to promote research and development and intellectual discourse in the field.
  • Among the ongoing activities funded are:
    • Shariah Scholarship Award
      • Candidates who qualify for the Shariah Scholarship Award can pursue postgraduate studies i.e. Masters, Doctorate or a Certified Islamic Finance Professional (CIFP) programme.
    • Shariah Research Grant
      • Specifically for researcher, this grant is open to institutions and institutions of higher learning who intend to pursue research in the area of Shariah related to Islamic finance.
    • Organisation of international and regional Shariah scholars dialogues
      • Premier international gathering of prominent Shariah scholars across the globe with the objective of enhancing a framework of cooperation and global collaboration on Shariah matters related to Islamic finance.