Islamic Finance Training Programme For Professionals Launched

The Islamic Banking Finance Centre UK (IBFC-UK) launched a new accredited and innovative Islamic Finance Training Programme for Professionals at Mansion House, the official residency of the Lord Mayor of the City of London on May 27.

The Lord Mayor, Alderman Ian Luder, whose principal role is to promote UK Financial Services on a global basis, pledged his support on the day and discussed with key financial figureheads from across Europe, including members of the House of Lords, Treasury, Chamber of Commerce and FSA, how the Islamic Financial Programme for Professionals will benefit the UK economy.

“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,” said the Lord Mayor of the City of London.

The Islamic Finance Training Programme from IBFC-UK has come at a very appropriate time because it focuses on our core objectives of skills and professional development. By actively training professionals in the public and private sector with the necessary skills, knowledge and expertise in Islamic Finance, the IBFC-UK will enable the growth of this existing sector.

Established in partnership with Islamic Banking & Finance Institute in Malaysia (IBFIM), Cardiff Business School and Centre of Islam, IBFC-UK is recognised as one of the leading training centres in the UK, with an international reputation for delivering high quality training courses and research for the public and private organisations in Islamic Banking and Finance. Its clients include public and private banks, corporations, insurance companies and academic institutions.

The UK Programme has been launched in conjunction with International Business Wales (IBW), the Welsh Assembly Government’s trade and investment arm and will be rolled out in Wales initially before other areas of the UK and the rest of the world are targeted.

Founder and Chief Executive of IBFC-UK, Akmal Hanuk, said: “The day has been an enormous success. 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 organisations 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 centres of training, skills and development. It will not only offer a world class training platform for professionals in the financial services all across the UK and beyond, but will also actively encourage inward investment from the investments groups in the EMEA region.”

During the course of the event, the IBFC-UK discussed how it aims to assist financial organisations aspiring to offer Islamic Banking courses or products. The three key areas the Islamic Finance Training Programme for Professionals will be looking to cover, include: "Train the Trainer" Programme to train the trainers/teachers through an accredited programme for becoming qualified trainers, to help deliver training in the Islamic banking & finance sector.

"Executive Programme" - to address the training needs of the organisations, financial institutions and the professionals who are either, already in industry, or are aspiring to launch in this sector.

"Regulatory Framework Programme" - to address the training needs of the regulatory authorities and professional bodies like FSA and Securities and Exchange Comissions, Insurance etc.

Akmal Hanuk added: “Our global partnership with IBFIM has been further strengthened by our collaboration with Cardiff Business School at Cardiff University, who have the highest standards in education and training to deliver these courses. At IBFC-UK we are constantly looking to the future, as we continue to provide an excellent platform for our students to network and contribute to both policy and practice of Islamic Finance on a local, national and international level.”

Welsh Assembly Government’s Minister for Economy and Transport, Ieuan Wyn Jones, described the announcement as a particularly significant breakthrough for Wales in reaching out to new financial markets.

From The Muslim News