In the 2025 budget tabled last week, the government announced RM10 million for INCEIF to fund research into Islamic economics jointly with the International Islamic University Malaysia (IIUM).
The previous budget saw RM20 million channelled to the centre.
INCEIF president Azmi Omar said the total allocation of RM30 million showed the government was confident the centre would be able to contribute greatly to Islamic finance and economic thought.
“We are committed to use the funds to enhance our research and academic programmes as well as develop innovative solutions in line with shariah objectives,” he told FMT.
Azmi also said the funds received this year were used to develop and implement several initiatives, including a wakaf-based microtakaful model to protect residents in flood-prone areas.
The funds were also used to fund an elderly care scheme to enhance the social safety net and an innovative digital solution to protect vulnerable groups from online harm.
“INCEIF also funded a shariah-based index to gauge socio-economic development and several impactful projects.”
Commenting on the RM10 million that was set aside for the centre in the 2025 budget, Azmi said the allocation would be used for a joint research project with IIUM, to foster greater understanding about Islamic economy via intellectual discourse, education, research and academic programmes.
When tabling the 2025 budget last Friday, Prime Minister Anwar Ibrahim said the allocation for INCEIF and IIUM was meant to enhance the understanding and application of the universal values of Islamic economics.
He said the research and development of academic programmes would continue to expand the application of Islamic economics in current policymaking in line with fair, inclusive, and sustainable shariah principles. - FMT
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