Emerging markets in Islamic banking and finance in India and abroad need close to 50,000 Islamic Finance experts, a requirement that can be met by the huge reserves of human capital in the country.
There are 75 countries in the world which have recognised Islamic banking and finance with South Africa, USA, Singapore, Saudi Arabia and Malaysia being few of them. Major corporate banks such as HSBC, Citigroup, Deutsche Bank and Standard Chartered all have Islamic banking windows.
Islamic banking and finance, though recognised by the Securities and Exchange Board of India (SEBI) in the capital market in the form of wealth management and mutual funds, is yet to gain mainstream acceptance. The BSE Shariah 50 Index recognises 50 companies in India that have passed strict Taqwaa Advisory and Shariah Investment Solutions norms of Shariah compliance – that of dealing in halal (permissible according to tenets of Islam) products and products free from interest.
Enter this increasingly crucial area equipped with the skills and knowledge necessary to carry out vital Islamic financial operations. Many countries have recently seen a rise in demand for Islamic banking services, causing the sector to experience international expansion. This programme ensures you are up-to-date with the latest changes and equipped for success in this rapidly developing field. You will cover essentials such as the differences between Islamic and traditional banks, as well as how bank accounts work under Shariah principles. On top of this, the syllabus explores the key activities of Islamic banks and trends in Islamic portfolio management.
Islamic finance is synonymous with growth. As Islamic assets hit $1.6 trillion and sukuk issuance reaches a new high. In Malaysia, the world’s largest Islamic finance centre, the industry is reportedly facing a massive shortfall of qualified professionals. Around 40,000 people will be needed to fill the roles by 2020 in Malaysia, according to its central bank, and another 17,000 in Indonesia in the next three to five years. The Kuala Lumpur-based International Centre for Education in Islamic Finance says it will launch new programmes to meet the demand. But it’s not as though there’s a shortage of educational options currently.
There’s the Islamic Finance Qualification (IFQ), various certificates from the Institute of Islamic Banking and Insurance, the CIMA advanced diploma in Islamic finance and whole host of degree courses. However, these are not a golden ticket into a new job. What is required is a full fledged MBA program with specialization in Islamic Banking & Finance.
Big market, small teams
So far in 2012, Islamic bond issuance globally has already reached record new highs of $38.4bn, according to figures from Dialogic. Syndicated loans have also held up well this year, with deal value coming in at $18.7bn, compared to $7.2bn for the whole of 2011. The Middle East makes up the majority of Islamic bond issuance – $19.7bn so far in 2012, compared to $16.5bn in Malaysia. Globally, the biggest book runner is HSBC, with 25.7% of the market, followed by Maybank Investment Bank, whose dominance in its native Malaysia helps it up the league tables, then CIMB Group, Standard Chartered and Deutsche Bank.