Growing demand for the study of Islamic finance around the world

Tehran (IQNA) – Global demand for higher education in Islamic finance with a turnover of $ 2.2 trillion will increase by 12 percent in 2022.

Abdul Rahim Abdul Rahman, Chairman of the International Council of Professors of Islamic Finance (ICIFE), said: “The main areas of Islamic trade, banking, insurance (takaful) and the Islamic capital market, including the growth of sukuk (Islamic market). bonds) and the Islamic stock market in the world are among the sectors in need of education. Currently, higher education in Islamic finance is significant, especially in Malaysia, and to a lesser extent in CCGP countries, including the United Arab Emirates, Qatar, Bahrain, and the United Kingdom.

Rezvan Malik, Bahrain-based Head of Accounting and Strategic Implementation at the Organization for the Accounting of Islamic Financial Institutions (AAOIFI), said: “Higher education in Islamic finance is key to the sector’s success and will allow experts to understand how Sharia law applies to finance countries with a majority of Muslims, in important Islamic financial sectors, including the Middle East, Malaysia, Indonesia, Southeast Asia, Pakistan and Bangladesh. AAOIFI plays a direct role in Islamic financial education and programs. ”

رشد تقاضا برای تحصیل در هوزه تامين مالی اسلامی در جان

Irom Saba, an associate professor of Islamic Banking and Finance at the Karachi Institute of Business Administration (IBA), Pakistan, said: “This is a growing opportunity for academics as they can provide qualified human resources for this growing industry.”

Malaysia has taken the issue seriously, and the central bank, Banque malgache Negara, founded the International University of Islamic Finance (INCEIF) in Kuala Lumpur in 2005 with the support of an independent branch of the International Academy of Sharia Research Center (ISRA), founded by Negara Bank Malaysia. 2008, which is dedicated to in-depth and practical studies of Sharia.

Azami Omar, head of INCEIF, said the institute seeks to develop human capital and knowledge of Islamic finance around the world through graduate studies, a doctoral dissertation in Islamic finance, a master’s degree in Islamic finance and a professional degree in Islamic finance.

رشد تقاضا برای تحصیل در هوزه تامين مالی اسلامی در جان

“International students make up 40% of INCEIF’s admissions and come mainly from Indonesia, Pakistan, Nigeria, the United States, Uzbekistan, Bangladesh, India and the Maldives. The university also offers educational programs for executives and applied field research in cooperation with ISRA, “he added.

Other institutions include the International Islamic University of Malaysia, which offers a degree in Islamic Finance, the University of Sabah and the Malaysian University of Science, which offer similar courses.

Several Gulf Cooperation Council institutions offer Islamic diplomas and financial certificates, including the Bahrain Banking and Finance Institute, Bahrain University, Hamad bin Khalifa University in Qatar and the Dubai School of Banking and Finance.

Yurum Saba, an associate professor of Islamic Banking and Finance at the Institute of Business Administration (IBA) in Karachi, Pakistan, said the Dubai Islamic Banking and Finance Center, Hamdan bin Mohammed Smart University, offers programs and courses in Islamic banking and finance.

Jumeirah University in Dubai also offers a degree in Business Administration in Islamic Banking and Finance, and the Dubai-based Islamic Ethics Institute of Ethics offers training programs and certification in Islamic Finance.

Saba added: “In Saudi Arabia, major Islamic finance programs are run by Effat University in Jeddah, which offers a master’s degree in Islamic finance, and King Fahd University of Petroleum and Minerals, located in Al-Dahran (KFUP). ), also offers Islamic finance courses for students.

In Turkey, Istanbul Sabahattina Zaima University offers courses in Islamic economics, banking and finance, and the Center for Islamic Economics and Finance at Istanbul University offers master’s and doctoral programs.

According to Saba, Islamic assets in Pakistan grew by 30.6% and in the deposit sector – by 24.2%, which boosted the growth of Islamic financial institutions. The country has three centers of Islamic financial education: IBA, Lahore University of Management Sciences and the Institute of Management Sciences in Peshawar.

“Islamic financial education is developing rapidly in Pakistan, and more than 20 universities offer master’s degrees in Islamic banking or bachelor’s programs in Islamic finance. Even universities that do not have a full degree often offer Islamic finance courses, ”Saba said.

Ahmad Ali Sedigi, head of Sharia compliance at Mizan Bank, Pakistan’s largest bank, said the sector in Pakistan was facing serious human resources problems:

“The industry employs between 3,000 and 3,500 graduates each year and needs professionals with a deep understanding of Islamic finance concepts and services,” he said.

Homayun Dar, executive director of the Islamic Financial Institute in Cambridge, said: “There is potential for growth in higher education in Islamic finance in Britain, but there are practical challenges in attracting talented students from Muslim-majority countries. A good example is Birmingham City University in the West Midlands, and other Islamic finance courses are available at a wider range of educational institutions, such as Queen Mary College and the University of London.

“The UK has an advantage in conducting research-based research and remains a leader in this regard. However, the shortage of high-quality candidates, even for doctoral studies, remains a weak point for the further development of Islamic higher education in the UK. While UK universities attract international students when it comes to Islamic banking and finance, most students come from Malaysia and the Gulf Cooperation Council. It is difficult for students from low-income countries with low per capita exchange rates (such as Pakistan) to study at UK universities if they do not have financial aid that is not available. Without addressing these practical issues, Islamic banking and finance courses offered by UK universities will not be able to reach their full potential, which is unfortunate given the high standards of British universities in finance, ”he said.