MBA in Islamic Banking and Finance

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Mizan Bank Limited and Riphah International University, Tuesday signed a memorandum of understanding (MoU) to collaborate for launching an industry focused MBA programme in Islamic Banking and Finance, says a press release.

The MoU was signed by the Vice Chancellor of Riphah International University Professor Dr. Anis Ahmed and the Shariah Advisor of Mizan Bank Limited Dr. Imran Usmani at Al-Mizan campus of Riphah International University in Rawalpindi on behalf of their respective organisations.

Present on the occasion were Director Riphah Centre of Islamic Business Khurram Khan and other senior officials of Riphah International University and Mizan Bank Limited.

The collaboration is aimed at developing professionals with specialisation in Islamic Banking and Finance which is gaining unprecedented acceptance and growth not only in Pakistan but internationally as well. The programme will help to overcome the dearth of qualified and trade professionals in this particular field in Pakistan and other countries interested in Islamic banking and finance.

Under the MoU the Mizan Bank Limited, established and functioning to provide ‘riba’ free banking services, will collaborate with Riphah International University in curriculum designing for Islamic Banking and Finance courses. It will also assist in formation of an international advisory board to guide the university in conducting the Islamic banking and finance electives. Riphah International University will be responsible for designing and running the program of MBA as per specifications of the advisory board and HEC guidelines.

Source : thenews

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New Islamic Bank in Maldives

1ec7c846dd45d2beDubai’s Noor Islamic Bank has inked a deal to open up an Islamic banking unit in the Indian Ocean Island of Maldives, officials said.

Operating under the name Noor Islamic Maldives Private Limited, the Dubai-based bank will hold 33 percent in the new company, Maldives Monetary Authority Governor, said Tuesday. The Maldivian government will hold 34 percent while the Islamic Cooperation for Development of the Private Sector will control 33 percent.

 

Noor’s entry, will give the Sunni Muslim island nation of 369,000 people, their first taste in Islamic banking.

Islamic banking complies with sharia or Muslim religious laws that ban the earning of interest, or involvement in tobacco, alcoholic drinks and gambling.

Unlike in conventional banking where clients usually bear all the brunt in case of a financial loss, Islamic banks share in absorbing risks.

Largely Muslim Malaysia is the current Asian leader in Islamic banking after introducing services in 1983.

Maldives’ economy of under a billion dollars is currently serviced by state-run Bank of Maldives, State Bank of India, Habib Bank Ltd, Sri Lanka’s Bank of Ceylon, HSBC Ltd and Mauritius Commercial Bank.

Well-heeled holidaymakers have made Maldives, a chain of 1,192 tiny coral islands scattered about 850 kilometres (550 miles) across the equator, the richest nation in South Asia, with a per capita income of 3,400 dollars.

 

source : lanka lbo

Islamic Finance Witnesses Tremendous Growth

images31Islamic Finance Witnesses Tremendous GrowthIslamic finance has witnessed tremendous growth in recent years and has the potential to emerge as a mainstream alternative to traditional investments. The industry is growing at an average rate of 15 per cent per year and total funds under its management are estimated at about $1.3 trillion.

While this is ‘a drop in the global financial ocean’, the industry’s potential is enormous. This is because many of the world’s 1.6 billion Muslims as well as non-Muslims are increasingly becoming part of its customer base. Many non-Muslims see Shari’ah-compliant products as offering an alternative ethical investment that is clean, environmentally friendly and socially responsible, as well as a way to diversify investor portfolios. The impressive realized growth as well as the tremendous potential throws up the need for trained professionals in the field to fill the ever-increasing demand-supply gap. The sector also offers interesting questions that need to be addressed urgently the global community of scholars and researchers.

Given this background, IBF Net (Islamic Business and Finance Network) and the International Institute of Islamic Business and Finance have initiated a series of International Training Programmes in India. The maiden training programme in this series was organised at the India Islamic Culture Centre, New Delhi on May 4. The programme participants comprised about 20 professionals from the RBI, several commercial banks and finance companies. It was conducted by a two-member team comprising Dr Mohammed Obaidullah, a Senior Economist with the Jeddah-based Islamic Development Bank (IDB), Founder, IBF Net and Dr Ausaf Ahmad, Former Senior Economist with IDB and President, IBF Net; supported by Shafeeq Rahman, a doctoral student in Islamic economics with Jamia Millia Islamia.

The programme comprised four intensive sessions dealing with Norms of Islamic Finance; Islamic Commercial Banking; Islamic Insurance and Islamic Investments.

According to Dr Obaidullah, IBF Net plans to organise two more programmes in Mumbai and Chennai in September 2008 focusing on Islamic capital markets and microfinance respectively.

The Islamic Business and Finance Network is a global network of over 5000 bankers, finance professionals, scholars and researchers interested in the field of IBF. It was founded in the year 1999 by Dr Mohammed Obaidullah in India and has been a pioneer in the field of IBF education, research and training on a global scale.

source radiance wk

Noor Islamic Bank opens office in Tunisia

images18Noor Islamic Bank (NIB) has opened a representative office in Tunisia to offer banking services in the North African countries, making it the bank’s first overseas operation.

The regional office is located on Hadrumete Street, 2 Mutuelleville in the capital Tunis. It will focus mainly on investment and corporate banking, and will also channel investment opportunities from the GCC into North Africa, including Egypt, Libya, Algeria, Morocco, Tunisia and Mauritania.

Hussain Al Qemzi, group chief executive of Noor Islamic Bank and Noor Investment Group, said, “The UAE is investing billions of dollars in Tunisia and North Africa as part of its commitment to drive economic growth in the Arab world. We would like to build on this legacy and sustain the synergy with the Tunisian government and institutions, and the North African region.”

The Tunisian economy has been growing at a steady rate and the government of Tunisia predicts an average growth rate of 6.3 per cent over the next decade. As the largest Arab investor in Tunisia and the North Africa region, the UAE’s investments in the country have exceeded $22 billion.