Islamic Banking and Finance Education

Professional membership of an internationally recognized body

First Global Knowledge Centre (FGKC), the pioneer in Islamic Banking and Finance education in Sri Lanka has introduced another innovative programme of study in this rapidly expanding field.
Branded as iBanker, this is a unique diploma level course which covers not only Islamic Banking and Finance but also conventional banking, risk management, and investments.

The emerging industry of Islamic Finance needs qualified people who can contribute positively towards the success of the field. But unfortunately statistics show there is an acute shortage of such a knowledgeable workforce at present. One objective of the introduction of this course by FGKC is to assist the industry by filling this void. For those who wish to pursue higher studies in Islamic Banking or Finance the course will be a stepping stone; which is another objective of the course designers.

Another feature of this course is that it covers the syllabus of the popular world recognized Islamic Finance Qualification exam (IFQ) of the Chartered Institute for Securities & Investment, UK. Therefore, this can be considered as a two-in-one programme which allows a student to get a recognized diploma and also to sit the IFQ (UK) exam.

FGKC is the only accredited training provider in Sri Lanka for the prestigious Chartered Institute for Securities & Investment (CISI), UK which offers the Islamic Finance Qualifications (IFQ). It is also accredited to offer IFQ in the Maldives, Qatar, Bangladesh and Pakistan.

The Chartered Institute for Securities & Investment (UK) is the largest and most widely respected professional body for those who work in the securities and investment industry. Formed as the "Securities Institute" in 1992 by the members of the London Stock Exchange, the Institute got charter status in November 2009.

For those who are interested in obtaining professional membership of an internationally recognized body in the shortest possible time, IFQ is the ideal route. The IFQ course at FGKC is of 3 months' duration and at its conclusion, one can sit the exam which is conducted in collaboration with the British Council, Colombo.

The faculty of First Global comprises of practising and highly qualified experts and academics with a flair for teaching. The students immensely benefit by the lecturers' industry exposure as they gain an insight into the real life applications of theory learnt.

The facilities of the institution include comfortable AC classrooms, a comprehensive library, IT facilities with access to numerous valuable E-Materials related to Islamic banking, finance and related subjects.
Islamic Banking Finance is an ideal discipline for those who are interested in pursuing a career in a dynamic and vibrant environment.

A world of opportunities awaits those who have the vigour and passion to take up the challenge.
The financial and other career benefits that can accrue from one's involvement in the industry are tremendous.

Link: http://www.sundaytimes.lk/091213/Education/edu02.html

First Global commences Islamic Financial Advisory Services

First Global Investments (FGI), a member firm of the Sri Lanka-based First Global Group, has commenced offering Advisory Services for sourcing, structuring and distributing world class Islamic investments and financial products to emerging markets, a move it believes would facilitate the growth of this emerging financial sector worldwide.

The company which has amassed considerable exposure in advising and training emerging Islamic banks in the middle east feels that it is time that it shared its experiences with the rest of the industry, especially in a context where Islamic Banking is fast emerging as a viable alternative to conventional banking in the aftermath of the global economic crisis.

MD of First Global Group, Ikram Thowfeek, a start-up specialist who counts over 15 years of hands-on experience in the industry, said that his company worked with international Islamic financial institutions and specialized investments and financing boutiques to source and advice on the creation of a new breed of Shariah-compliant financial and investment products and services that can compete in every respect with mainstream conventional banking products and services. "Islamic banking is catching on worldwide at a phenomenal pace and we intend to be part of the engine driving Islamic Finance forward. I would say that the funds so far tapped by the industry are only the tip of the iceberg and there is immense potential for the development of the industry which I believe will gather greater momentum in the days ahead due to greater awareness of the merits of the industry, not just among Muslims, but also among non-Muslims".

FGI offers financial advisory services in setting up of Islamic banking windows, independent branches or subsidiaries in which it has wide experience; product due diligence to ensure that products offered in the market are of the highest standard in respect of structure, track record, regulation and management; selection of appropriate Shari'ah consultants and Supervisory boards for issuances of product fatwas and regular Shari'ah audits; cost analysis for product launches which will provide guidance on the likely costs incurred in launching Shari'ah-compliant products including the cost of structuring, procuring a fatwa and constituting an appropriate Shari'ah Supervisory Board for the product; identification of gaps in current product offerings; assessing potential market appetite or size for different types of products which is a speciality of the company given its in-house experience in working with institutional investors thereby allowing it to conduct pre-launch marketing activities and enabling it to advice on the likely investment size for any given product.

FGI also specializes in training staff for banks and financial institutions intending to commence an Islamic unit or window. The personnel will be trained at three different levels- Foundation, Intermediary and Advanced while up-to-date market information on the industry and the latest course material will be shared with the participants. Among the major projects undertaken by the company is the training of the 1000-strong workforce of Abu Dhabi Commercial Bank (ADCB) in its move towards an Islamic banking known as Meethaq.

Link: http://www.dailymirror.lk/DM_BLOG/Sections/frmNewsDetailView.aspx?ARTID=62827

First group of students in Sri Lanka complete SII's Islamic Finance Qualification

A first group of 26 students in Sri Lanka have completed the Securities & Investment Institute's (SII) ground-breaking Islamic Finance Qualification (IFQ).

The students were trained for the international benchmark qualification in Islamic finance by First Global Knowledge Center (FGKC). Part of a network of 40 providers around the world accredited to train for SII qualifications, FGKC is the Institute's first training partner in Sri Lanka.

FGKC also offers training in Pakistan, Bangladesh, the Maldives and Qatar. It has entered a partnership with MENATSA Training & Development to provide specialist education programmes in Islamic finance, including the IFQ, in the Gulf region.

Arwa Tapia ASI, the SII's head of client relationship for India, travelled to the Sri Lankan capital Colombo to oversee the exam. She said: "There is a huge potential market in Sri Lanka in financial services education. We aim to complement what is already available in terms of qualifications in the domestic market and work with regulatory bodies, the Central Bank and other eminent trade bodies towards the enhancement of competence and skills in the financial services industry."

The IFQ, launched in 2006, has attracted candidates in more than 40 countries.

Link: http://www.zawya.com/story.cfm/sidZAWYA20090924131527

Menatsa signs MoU with First Global Knowledge Center to offer training in Islamic finance

Doha-based Menatsa Training and Development has signed a Memorandum of Understanding (MoU) with First Global Knowledge Center (FGKC) to offer a range of specialized training programs in Islamic finance to institutions and individuals in the GCC

Menatsa signs MoU with First Global Knowledge Center to offer training in Islamic finance.

The MoU was signed by Mr. Damian Brown, Managing Director of Menatsa T&D, together with Mr. MHM Faizer, Strategy Adviser to First Global Group.

The specialized programs will target employees who wish to learn more about Islamic Finance. The Islamic finance Qualification (IFQ) that they earn is of an internationally recognized standard awarded by the Securities & Investment Institute (SII).

Commenting on the MoU, Mr. Damian Brown, said:

'Over the past several years, Menatsa T&D has successfully developed leaders in various industry disciplines. We feel honored to offer professional education to Qatar-based institutions and their employees through this MoU, which reflects our commitment to forge strategic alliances with top global performers.'

'When entering into an alliance,' he continued, 'it is crucial for both partners to share a common vision, goal and, interest. Our collaboration exemplifies the emphasis FGKC places on educational development and investment in human capital. We are delighted to collaborate with them and to transfer our applied knowledge and skills sets to their team of professionals.'

Mr. Brown explained that in addition to professional education, the collaboration between Menatsa T&D and FGKC aims to promote talent, while facilitating community participation in areas of mutual interest.

'At Menatsa, we regard such associations as at the heart of our operations and nurturing their talent is imperative for future growth. We have formed this strategic alliance with FGKC because we believe that many companies share our view and would like to endow their staff with advanced industry know-how and innovative skills. Menatsa T&D aims to transform the conventional meaning of education by offering specialized and flexible course schedules, as well as applied teaching techniques to industry professionals. FGKC is our partner of choice and we are delighted to be associated with one of the best Islamic Finance training institutions in the world,' Mr. Brown added.

'We believe FGKC's programs will enable professionals with differing backgrounds and working in various departments to partake in one of the fastest growing sectors in the global financial industry,' he concluded.

M.H.M.Faizer, Strategy Adviser to First Global Group of which FGKC is a subsidiary, said:

'I am indeed very happy to kick start my role as the Strategy Adviser to First Global Group with the first signing ceremony in Qatar with a global partner like Menatsa and FGKC, the education arm of the First Global Group. This relationship will be a launching pad to bring expertise in the field of Islamic banking and finance to the Qatari market as well as explore other countries in the Middle East.'

Sahal Alavi, Regional Head of FGKC who spearheaded the move with FGKC Marketing Executive Hikam Hussain added, 'During the past 6 months we have been building up the appetite for the Islamic Finance Qualification (IFQ) in Qatar and a partner like Menatsa will definitely give that marketing mileage along with FGKC's expertise in the training and career development field'.

Surrounded by state-of-the-art office towers, research and development zones, educational institutions, luxury apartments, villas, hotels, healthcare services and a full spectrum of lifestyle facilities, those studying with Menatsa T&D will enjoy access to premium facilities that enhances their educational experience.

Link: http://www.ameinfo.com/202680.html