Centre for Islamic Banking, Finance & Management launched

Her Royal Highness Princess Hajah Hafizah Sururul Bolkiah yesterday attended the official launching of the Centre for Islamic Banking, Finance and Management (CIBFM) and its first flagship, the Fiqh Mu’amalat Professional programme.

Held at the Indera Kayangan Ballroom of The Empire Hotel and Country Club, the launch opened with recitations of surah al-Fatihah and doa led by Pehin Orang Kaya Paduka Seri Raja Dato Paduka Seri Setia Ustaz Hj Awg Suhaili Hj Mohiddin.

On hand to officiate the launch of the centre and the programme was Acting Minister of Finance II at the Prime Minister’s Office Dato Paduka Awg Hj Bahrin Abdullah.

In his opening remarks, Permanent Secretary (Policy) at the Ministry of Finance cum Chairman of the Board of Directors for the Centre for Islamic Banking, Finance and Management Hj Shahbudin Hj Musa, in his capacity as chairman of the event, highlighted the objective of the establishment, function and roles of CIBFM, as well as the unique features of the Fiqh Mu’amalat Professional programme.

He emphasised on the centre’s role towards providing continuous learning and development programmes through a balanced mix of Islamic and conventional focus including the required soft skills.

He also shared future plans of the centre, which expects to offer and conduct some 50 programmes targeted for about 800 participants this year.

The launch saw the attendance of members of the Syariah Financial Supervisory Board, senior government officials, CEOs, managing directors and representatives of financial institutions and the first batch of the flagship.

In conjunction with the launching, a seminar in the form of special presentations and penal discussions by both local and well-known Syariah scholars and speakers were also held.

Following the opening ceremony, a special presentation was presented on Syariah Advisors for Islamic Financial Institutions – ‘Expectations and Challenges’ by a leading shariah scholar in Islamic Finance, Dr Mohamed Ali Elgari.

This was then followed by panel discussions on ‘Effective Human Capital Development – Mitigating the Gap on Applied Syariah Knowledge and Finance’ and another special presentation on ‘Value Propositions of Syariah Board in Contemporary Islamic Financial Market.’

The presentation delivered by founder and chairman of Amanie Advisors (Kuala Lumpur, Dubai, Luxembourg and Cairo), Dr Mohd Daud Bakar, concluded the morning event.

Later in the afternoon the event saw a continuation of panel discussions on Development of Islamic Investment Products and Services – A Local and Global Perspective and ‘Syariah Compliance Review – An Art or Science?’

http://news.brunei.fm/

Nigeria launches Islamic finance institute

The Governing Council of Bayero University, Kano-Nigeria has approved the establishment of an International Institute of Islamic Banking and Finance (IIIBF) in the University.

The Vice Chancellor Bayero University, Kano-Nigeria, Prof. Abubakar Rasheed has appointed Prof. Shehu Usman Rano Aliyu as the Director of the International Institute of IIIBF. Also appointed were the assistant directors training and linkages, research and publications and academic programmes, in the persons of Associate Professor Binta Tijjani Jibril, Dr. Nasir Ahmad and Dr. Mansur Idris, respectively.

The institute is currently advertising three postgraduate programmes which are due to commence in the 2012 academic session. The Institute is also inviting quality research papers for its forthcoming international conference in May this year.

http://www.cpifinancial.net

Two new courses are set to begin at the University of Bedfordshire.

The courses will recognise the increase in demand for Islamic financial products and services.

They will guide students through the principles of Islamic finance and the theory of Islamic commercial practice which is based on Shari'a Law According to these principles, Islamic financial products prohibit the charging of interest and investment in alcohol, pork, pornography or gambling.

The university says that students choosing these courses, The Master of Science (MSc) in Islamic Banking and Finance and the Master of Laws (LLM) in Islamic Commercial Law, will benefit from growing employment opportunities in the West representing Muslim interests and in Muslim countries.

Tariq Khan from the University of Bedfordshire told the BBC there is a demand for this type of course:

"We are based just outside London, the financial capital of the world, where there is a large demand for Islamic finance and banking products.

"Our international students, who are often from the Middle East, and who will return home to practise law, have also highlighted a need for a foundation in Islamic banking and finance laws."

Although the growth of formalised Islamic products and services is relatively new, a recent estimate puts the value of assets managed by the Islamic financial industry at US$1 trillion, a figure that is predicted to grow between 10 and 15 per cent per year.

Today, there are more than 500 financial institutions offering Islamic finance in more than 80 countries

bbc.co.uk

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

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

CIMA extends Islamic finance agreement

HSBC Amanh and the Chartered Institute of Management Accountants (CIMA) have extended their partnership aimed at promoting CIMA's Certificate in Islamic Finance.

Under the scheme, more staff from the bank will be able to take the qualfiication.

Charles Tilley, CIMA's chief executive, said: "Our partnership highlights the growing importance of Islamic Finance to the international banking community – particularly in light of the current economic crisis."

It also shows that businesses are more aware that the area needs specialist knowledge.

CIMA's Certificate in Islamic Finance is the first global qualifiaction on the matter to be offered by a professional chartered accountancy body.

Recently, Ahmad Mohamed Ali, president of the Islamic Development Bank, called for a change in the way sharia finance is regulated.

Link: http://www.gaapweb.com/news/1611-CIMA-extends-Islamic-finance-agreement.html

Effat University launches Master program in Islamic Finance

Effat University, the first private non-profit university for women, will be inaugurating the Executive Master in Islamic Financial Management (XIFM) on May 11th 2009 from 2 to 4pm in collaboration with Ecole Supérieure des Affaires (ESA), and the Rotterdam School of Management (RSM)

Effat University, the first private non-profit university for women, will be inaugurating the Executive Master in Islamic Financial Management (XIFM) on May 11th 2009 from 2 to 4pm in collaboration with Ecole Supérieure des Affaires (ESA), and the Rotterdam School of Management (RSM). XIFM is the first degree in Islamic financial management worldwide. It results from an innovative collaboration between the Ecole Supérieure des Affaires (ESA), a Middle East business school renowned for the training it offers in the principles of Islamic finance (The Bankers, 2007), and the Rotterdam School of Management (RSM), a business school ranked among the top 20 by the Wall Street International Ranking and internationally famous for the quality of its financial management programs. Dr. Eman Mohamed, the chair of the Extension Programs Department states that this is a great opportunity for professionals willing to reach a top managerial position in the professional fields related to Islamic finance. The program is designed to meet the needs of the industry and to educate managers of Islamic and conventional banks and thus enable them to assess risk, evaluate performance, and make effective decisions in the field of Islamic financial products. The inauguration will be attended by Dr. Haifa Jamal Al-Lail, President of Effat University; Professor Jaap Spronk, Academic Dean, Rotterdam School of Management, Erasmus University; Dr Stéphane Attali, ESA, Director General; Dr Jan Schaarper, ESA, Academic Coordinator; Dr Abdel Maoula Chaar, ESA, Islamic Finance specialist; and Dr George Najm, ESA, Marketing Manager. These experts will meet the financial managers, present a brief about the XIFM program and answer the questions of the public. Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=3290&Cat=0

AIMS launches online Islamic banking courses

The average time for the completion of the CIB is three to four months and is chartered by the UK Government.

The Academy for International Modern Studies (AIMS) said it has launched an internationally accredited Certificate in Islamic banking known as Certified Islamic Banker (or CIB). It is, they say, designed to produce highly skilled professionals and 'Valued Islamic Bankers' for the fastest growing financial sector. The certification is being offered globally through AIMS regional partners worldwide, including Middle Eastern and African countries.

On the successful completion of the training, AIMS said that participants will be capable of designing, implementing, consulting, operating and administering Riba-free Islamic financial products and services, within their organisations.

This Islamic Banking Certificate is being offered through distance learning, “and facilitated by worlds' most renowned Islamic banking scholars,” it said in a press release.

“Students are given number of assignments; which increase their understanding on the subject, clarify their concepts and help them to achieve better marks in their final examination. Using AIMS' online educational support, students will have a chance to discuss the topics and question from Islamic banking scholars. The average time for the completion of the CIB is three to four months. However, it may not be the same for every student, and depends on their work experience, educational background and personal interest in the subject,” AIMS said.

Academy for International Modern Studies (AIMS) is apparently chartered by the UK Government. AIMS claims to have made significant contributions to the Islamic finance industry. They say that the objective of AIMS is to facilitate individuals to become experts in Islamic finance and to help companies establish better Islamic financial systems. AIMS says its mission is to promote industry professionalism and best practice in Islamic banking and finance through research, consultancy, corporate trainings, seminars, workshops and publications.

French management school offers Islamic finance course

Grande Ecole Sup de Co Reims (Groupe Reims Management School) suggests a new course specialising on Islamic finance, which is coordinated by Ghassen Bouslama and offered in English.

Source: 
http://www.boursorama.com/opcvm/detail-actualite-opcvm.phtml?num=b1f466f... 

Australian university to offer Islamic finance course

La Trobe University in Melbourne, Australia, is to be the first university in the country to offer a masters degree in Islamic commerce. The course will begin in February 2009 and will cost AU$17,000 (US$14,000), and will be either one or two years’ duration depending on the priority of the student. The course should appeal to international students from the subcontinent, and those countries in Asia which value learning about Shari’ah-compliant finance in the English language.

Eight subjects will be covered, including legal and Islamic jurisprudence, Islamic commercial law, Islamic banking, Islamic insurance, Islamic financial markets and general areas of finance. The course has been set up to respond to the expected growth in demand for staff in Islamic finance which, according to experts’ estimates, might require up to 50,000 extra employees in the next five to ten years. A number of banks in Australia are already active in Shari’ah-compliant finance, such as Kuwait Finance House (KFH) and HSBC. National Australia Bank (NAB), one of the country’s top financial institutions, has also been researching Islamic finance options, including buying into a Shari’ah-compliant industrial property trust. NAB has attempted to build bridges with the domestic Islamic community by setting up a scholarship in Islamic finance, named after Sheikh Fehmi Naji El-Imam, Mufti of Australia.

Hayat Khan, co-founder of the course at La Trobe University, believes that Islamic finance will account for 40 to 50 per cent of total savings of the worldwide Muslim population within a decade.