29 Sept 2018 – Sarejevo, Bosnia Hazegovina : The Accounting Research Institute (ARI HICoE) of Universiti Teknologi MARA has once again won international acclaim as it clinched the Eminence in Islamic Financial Criminology Research Award at the 8th Global Islamic Finance Awards (GIFA) ceremony held in Sarejevo, Bosnia on 29th September 2018.
Organised by a leading UK-based Islamic financial consultancy organization since 2011, the annual GIFA awards presentation ceremony is held to recognize global leaders in Islamic Finance. ARI was named recipient of this prestigious award in recognition of its commitment and dedication in advancing academic research, consultancy, innovation and training, specifically in the area of Islamic Financial Criminology.
ARI Director, Professor Normah Omar, and the institute’s Deputy Director, Associate Professor Dr Jamaliah Said, received the award at the Hills Hotel in Sarajevo, Bosnia. In his congratulatory message to ARI, the Vice Chancellor of Universiti Teknologi MARA, Professor Emeritus Dato’ Dr Hassan Said remarked, “The Eminence in Islamic Criminology Research Award is a prestigious honor which recognizes ARI as an internationally acclaimed research institute, dedicated to advancing research in the area of Islamic Financial Criminology. UiTM takes great pride in this achievement.”
ARI is among six pioneer research institutes that was awarded the status of Higher Institution Centre of Excellence (HICoE) in 2010 by the Ministry of Higher Education Malaysia. The institute previously won the Global ASEAN Risk Management Award in 2016 and 2017, the ACQ Global Award in both 2015 and 2016; and the Global Governance Award in 2017.
ARI has shown exceptional growth since it was accorded the HICoE status in 2010. In tandem with the government’s aspiration to make Malaysia a global Islamic Finance Hub, ARI has been playing a key role in supporting a sustainable Islamic Finance industry. Within eight years since its inception, ARI has become a global leader in Islamic Financial Criminology research. ARI’s research initiatives in Islamic Finance have led to the development of new products to support Islamic micro-finance, Islamic- based Social Enterprises, E-Biz Waqaf and Islamic Philanthropy. On-going research initiatives include those in anti-money laundering & anti-terrorism financing, financial fraud prevention mechanisms and the development of corporate integrity systems.
The GIFA 2018 ceremony in Sarajevo witnessed award presentations in several strategic categories, and the event was attended by academics and industry players in the areas of Islamic finance and banking from around the world. The competition in all award categories have intensified over the years and this should be viewed positively as it reflects sustained growth in the Islamic Finance sector.