Islamic banking is the banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics, according to Wikipedia.
In May 2011, Oman’s absolute ruler, Sultan Qaboos, issued a royal decree paving the way for the authorization of the country’s first standalone Islamic bank and for other interested banks to set up dedicated Islamic banking windows. Oman, whose banking industry more than doubled in five years, is close to finishing a draft rulebook for Islamic banking in the Gulf Arab country.
Sultanate prepares for the launch of the two Islamic banks, One is Al Izz International Bank and second one is Bank Nizwa, by June 2012. Shariah-compliant banking will allow lenders in the country the chance to tap growth in the global Islamic finance industry. Oman, home to roughly three million Muslims, is seen as an untapped opportunity for Islamic finance, which prohibits the lending of money for interest and other activities that violate religious principles.
Shariah financing is expanding as much as 16 percent a year and the industry may be valued at $1.5 trillion by the end of 2012, Raj Mohamed, managing director at Singapore-based consulting firm Five Pillars Pte, said. The Islamic finance market has grown to nearly $1 trillion globally, analysts estimate. But unlike neighbouring states such as the United Arab Emirates and Iran, which have embraced the industry, Oman until this year remained stubbornly secular in its approach to finance.
Oman reversed its stance after seeing a steady trickle of investment money flow to nearby countries with well-established Islamic banking sectors. The decision was also seen as one way of appeasing its population, after the sultanate faced several public protests demanding more jobs and an end to corruption - demonstrations which prompted the government to promise to boost spending by $2.6bn.
Setting up Islamic banking is not an overnight proposition. Legal and banking experts said it could take between three to five years for the industry to gain momentum in Oman as financial institutions acquired expertise and brought in experienced professionals. Many banks appear to consider the effort worthwhile, however.
Career in Islamic banking
Hitherto, Omani banks have in general been very hostile and indifferent to Islamic banking, dismissing it as unworkable and even undesirable by some detractors. Some Omani conventional bankers harbor the misconception that Islamic banking is uncompetitive and therefore more expensive. As such, it would not take off in the country. Such notions are based more on ignorance or an ideological denial that Islamic finance is here to stay, proven and is eminently efficacious.
But today, Banking industry all over the middle east is busily setting up new windows on Islamic banking. In Oman too, many banks are seriously pursuing the feasibility on Islamic banking. Tony Mahoney, CEO of Omani lender Bank Dhofar has announced the appointment of Deloitte and Touche to conduct a market feasibility and assessment study, as the bank prepares to launch its Islamic banking division. Standard Chartered is in discussions with regulators to offer Islamic banking services in Oman.
BankMuscat, the flagship financial institution in the Sultanate, wants to be the pioneer of Islamic banking in Oman. The Bank’s higher officials claims that their strategy is to attract customers through innovative products and services. BankMuscat, the largest bank in the sultanate, two years ago even took out a 21.33 percent equity stake in Gulf African Bank (GAB), the first Islamic bank in Kenya.
The current shortage of qualified people in the Islamic banking sector will be aggravated, with the industry requiring up to 30,000 new Islamic banking jobs in the Gulf States within the next decade, according to a study by A.T. Kearney - one of the world's largest management consulting firms.
MBA in Islamic Banking and finance
The Cass Business School, Dubai runs an MBA programme for executives in Islamicbanking. The course will teach traditional MBA topics such as business strategy and managerial finance, in addition to those specific to Islam such as accounting in Islamic financial institutions.
The Canadian University of Dubai will launch its MBA in Islamic banking. The course will teach traditional MBA topics such as business strategy and managerial finance, in addition to those specific to Islam such as accounting in Islamic financial institutions.
The MBA courses start at Dh2,100 per credit hour and offers two options. Candidates have the option of studying in the evenings during the week or on the weekend. The course entails 36 credit hours. CUD will be joined by more than 30 other universities at NAJAH, taking place at the Abu Dhabi National Exhibition Centre, ADNEC, where they will meet thousands of school leavers deciding their next education move.
.“The MBA in Islamic Banking has been introduced in response to the increasing popularity of this type of banking in the region, and aims to equip post-graduates with the necessary skills to manage banking activity that is consistent with the principles of Islamic law”, said Dr. Muhammed Kabir, Vice President, Academic Affairs, Canadian University of Dubai.
MBA in Islamic Banking and Finance by AIMS, UK, is a two part programme. AIMS is affiliated with Pebble Hills University.
“Islamic Finance studies at AIMS remained very beneficial for me in negotiating the best suited Sharia-compliant financial products for my company and other financial dealing related to bank” Says Muhammad Tahir Chouhan, Group Finance Manager, Al Khayarin Group, Qatar. Attaining knowledge through AIMS developed an analytical approach in me to advise the company management for working in Shari'a compliant environment."- he added.
In India, The Aligarh Muslim University have started a PG Diploma in Islamic Banking and Finance(PGDIBF) to meet the increasing demand of trained personnel in Islamic Finance from the next academic session. This is a one year course and the minimum qualification is graduation. Total intake of the students is 20.
Msc in Islamic Banking and Finance from LSBF
London Schoolof Business and Finance (LSBF) is running an MBA in Islamic Banking andFinance. This MBA programme is internationally recognized degree that delivers very latest in the management theory along with applied skills and case studies, keeping your experience as close to a real-world business environment as possible.
The MSc in Islamic Finance and Banking offers a practical insight into the workings of the Islamic system of banking. The MSc in Islamic Banking & Finance is a specialist degree that teaches the fundamentals of international finance while responding to the rise of Islamic banking in the global economy. Students with experience in this field are increasingly in demand, and the MSc in Islamic Banking & Finance provides both the theory and the practical skill set that students need in order to excel in the workplace. The programme is available through blended study modes, or 100% online and is divided into four terms and explores core concepts like Financial Reporting and Analysis and Corporate Finance as well as specialist module in Islamic Portfolio Management and Fundamentals of Islamic Finance.
In recent years, a steady increase in Islamic banking services and Islamic investment, particularly in non-Islamic countries, has brought about an increase in demand for specialists in this field. The programme structure provides a comprehensive examination of corporate and international finance, concentrating on Islamic Finance in term two and focussing on both theoretical concepts and practical portfolio management. It is a two year course if you pursue it partially. Programme is structured in to 3 modules. First module is post graduate certificate in Finance, second module is postgraduate diploma in Islamic banking and Finance and third and final module is MSc Finance Islamic Banking& Finance Degree. (Next intake to this course will start from February 27. If you want to join this course please contanct Ezone, Dubai. You will get A-Z service from Ezone, Dubai from counseling advice to airport pick up and accommodation.
Comments
Post a Comment