The fund "Dana Khas INCEIF" was set up by the International Centre for Education in Islamic Finance (INCEIF) in 2010.

This special fund receives contributions to be given out for scholarships, research and development activities.

INCEIF was started by Bank Negara Malaysia in 2006 as an global university for Islamic finance. As in 2010 the fund has since received contributions totaling about RM 1 million from a number of local and foreign financial institutions.

A total of RM798,240 or 88 per cent of the total amount received have been disbursed to 251 deserving students as of to date, including Malaysians and non Malaysians from Indonesia, Singapore, South Korea and India, all based on their academic results and potential contribution to the Islamic finance industry.

This global university offering academic and professional qualifications in Islamic finance.

Among others, INCEIF is committed to elevate and advance Islamic financial knowledge, develop future leaders in the Islamic finance industry through learning programmes and serve as the centre for collaboration with other Islamic financial educational centres.

This is important to the Malaysian Islamic finance industry as it is seen to be the most progressive and attractive in the world with banking assets exceeding US$30 billion and having the largest Islamic private debts securities market of US$35 billion.

The establishment of INCEIF reflects the need to invest in human capital to advance the Islamic finance industry forward.

An endowment fund of RM500 million was allocated by Bank Negara Malaysia to cover the operational expenditure of INCEIF.

INCEIF offers three academic and professional qualifications:

Certified Islamic Finance Professional (CIFP)
Masters in Islamic Finance
PhD in Islamic Finance

In its effort to establish a network of mutual cooperation and collaboration between institutions of higher learnings, INCEIF entered into a strategic partnership with institutions of higher learnings in Malaysia to strengthen the ability to leverage on the respective institutions expertise in research.

This is in addition to strategic relationships with Takaful operators and similar institutions from Indonesia, Pakistan and Sri Lanka.
The International Shari'ah Research Academy for Islamic Finance (ISRA) which was established to promote applied research in Islamic finance, is also part of INCEIF.

ISRA also act as the repository of Islamic knowledge for Shariah views or fatwas and undertake studies in contemporary issues in Islamic financial industry.