KUALA LUMPUR, Malaysia, July 22, 2024 /PRNewswire/ -- The financial sector plays a critical role in driving Malaysia's economic growth and stability, contributing an estimated 6.7% to GDP in 2023, with growth of 4.3% forecast for 2024[1]. As the financial sector continues to expand, employing 168,832 workers as of the first quarter of 2024[2], the development of a future-ready workforce equipped with in-demand skills is crucial for the sector's growth and sustainability.
Minister of Human Resources, YB Tuan Steven Sim Chee Keong, and Bank Negara Malaysia Governor, Datuk Abdul Rasheed Ghaffour with AICB Chairman, Tan Sri Azman Hashim and other key industry representatives at the official launch of the Future Skills Framework (FSF) on 22 July 2024.
Recognising the urgency to address these challenges, the Asian Institute of Chartered Bankers (AICB), in collaboration with the Islamic Banking and Finance Institute Malaysia (IBFIM) and The Malaysian Insurance Institute (MII), today launched the first Future Skills Framework (FSF) to future-proof the Malaysian financial sector's workforce over the next three years by promoting skills mastery and continuous learning. Officiated by YB Tuan Steven Sim Chee Keong, Minister of Human Resources, Malaysia, and Datuk Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia, the FSF will facilitate workforce transformation, aligning with Bank Negara Malaysia's Financial Sector Blueprint 2022-2026, which emphasises the importance of nurturing future-fit talents to increase the financial sector's competitiveness.
The FSF identifies 159 relevant job roles and 157 skills that will be in demand for the next three years, potential career development pathways, and access to nearly 1,000 capacity building programmes. Among others, it highlights the growing demand for skills in the areas of frontier technologies, sustainability, and Shariah.
Edward Ling, Chief Executive, Asian Institute of Chartered Bankers, said, "As Malaysia aims for a 35% skilled workforce by 2030, the Future Skills Framework (FSF) marks a pivotal step in advancing a future-ready financial sector workforce. The FSF offers a transformative solution, emphasising a 'Skills-First' strategy that will revolutionise talent development and mobility across job roles and the financial services sub-sectors. AICB is proud to lead this initiative, reflecting our commitment to addressing the industry's evolving needs, setting high standards for skills mastery, and fostering continuous learning for the sector's growth and professional excellence."
Yusry Yusoff, Chief Executive Officer, Islamic Banking and Finance Institute Malaysia, also added, "It is our aspiration that the Future Skills Framework (FSF) will enable IBFIM to support the development of highly skilled Islamic finance professionals, equipping them with the multifaceted skillsets required for future needs."
Paul Low, Chief Executive Officer, The Malaysian Insurance Institute, said, "The Future Skills Framework (FSF) supports the professional development of our members in the insurance sector and aligns our global standards and best practices. MII remains committed to ensuring that the training and educational programmes we offer are relevant, well-tailored, and in alignment with the ever-changing needs of the insurance industry."
The FSF also seeks to align educational training with the specific requirements of the financial sector, bridging the gap between employer demands and workforce skills. It identifies 15 Power (fundamental) skills, which are relevant for all job roles, complementing 142 Prime (technical) skills. Financial institutions can customise the FSF to meet their unique requirements, using it as a guide for further validation and strategic planning in enhancing talent development.
This initiative is also supported by the Human Resource Development Corporation (HRDCorp) and Talent Corporation Malaysia Berhad (TalentCorp). With effect from 22 July 2024, the public can access the FSF via the websites of AICB, IBFIM, and MII.
| [1] Ministry of Finance, Malaysia: Economic Outlook 2024 (October 2023) |
| [2] Bank Negara Malaysia: Labour Market Indicators for the Financial Services Sector (March 2024) |
The Asian Institute of Chartered Bankers (AICB) is the sole professional body for Malaysia's banking industry governed by a council of representatives from Bank Negara Malaysia (BNM), The Association of Banks in Malaysia (ABM), and the Malaysian Investment Banking Association (MIBA). With over 35,000 members, AICB aims to strengthen the banking workforce with the highest standards of professional conduct, knowledge, and competence through our banking qualifications.
AICB is the only institute in Southeast Asia that is authorised by the Chartered Banker Institute, UK, to award the Chartered Banker status. The Institute continues to support the growth of its members through innovative learning and by advocating professionalism, advancing thought leadership, and facilitating networking opportunities.
For more information on AICB, please visit www.aicb.org.my
About Islamic Banking and Finance Institute Malaysia
Islamic Banking and Finance Institute Malaysia (IBFIM) is a lifelong learning institution specialising in industry technical certifications. IBFIM learning modules are customised to meet the specific needs of clients within Islamic financial institutions, as well as other sectors engaging in Islamic finance. IBFIM offers collaborative programmes with professional bodies and academic institutions to prepare talent for the industry. Additionally, IBFIM provides Shariah advisory and digital learning services to support the progression of talent development for the industry. IBFIM is also a registered training provider with the Human Resource Development Corporation (HRDCorp).
About The Malaysian Insurance Institute
Malaysian Insurance Institute (MII) is the foremost professional organisation for insurance professionals in Malaysia, dedicated to upholding the highest standards of professionalism, ethical conduct, and expertise within the insurance industry. We are committed to fostering your personal and career development through MII's membership offerings and the multitude of advantages they bring. Our focus is on enhancing your knowledge and expertise through our comprehensive insurance qualifications while equipping you with the essential skills required to thrive in a competitive industry.
Whether you aspire to attain a prestigious designation in insurance, expand your professional network, or advance your career within the insurance sector, MII empowers you to excel by providing the guidance and resources necessary to pave your way to success.
For more info about MII, visit www.mii.org.my