Launch of Islamic finance program

AN ISLAMIC finance training program based in Wales has been launched for finance professionals.

AN ISLAMIC finance training program based in Wales has been launched for finance professionals. Islamic finance has gone through a rise in popularity as an alternative banking system over recent years. The underlying principle that governs it is mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions are based on an underlying business activity or asset. Established in partnership with Islamic Banking & Finance Institute in Malaysia (IBFIM) and Cardiff University’s Business School and Centre of Islam, the Islamic Banking Finance Centre UK (IBFC-UK) is recognized as one of the leading training centers in the UK, with an international reputation for delivering high quality training courses and research for the public and private organizations in Islamic banking and finance. Its clients include public and private banks, corporations, insurance companies and academic institutions. Akmal Hanuk, chief executive of IBFC-UK, pictured right, said: “The Islamic finance sector is expanding at an exponential rate and is now estimated to be worth $1.2 trillion globally and growing faster than any of the conventional banks, between 15-20%. “This is due to its strong financial principles and ethical values, which prohibits the charging or paying of interest and encourages mutual risk and profit sharing between parties. “We are very pleased to be the one of the first organizations in Europe to address the growing demand of trained professionals in the Islamic banking and finance sector, as we want to make sure that the UK is at the forefront as this sector develops and that it stays there. “We are also pleased that this initiative is coming out of Wales, which will enhance its reputation as one of the leading centers of training, skills and development.” Ieuan Wyn Jones, minister for the economy and transport, described the announcement as a particularly significant breakthrough for Wales in reaching out to new financial markets. He said: “Despite the current global financial crisis, Islamic finance continues its growth as an increasingly viable alternative banking system for both Muslims and non-Muslims. It will be a vital component of the new global financial infrastructure.” Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=3746&Cat=0