Cardiff is set to be the UK hub for Islamic Finance education, in a new venture which sees Cardiff Business School collaborate with the Islamic Banking and Finance Institute in Malaysia (IBFIM) and the Islamic Banking and Finance Centre (IBFC UK).
Earlier this week, at the Lord Mayor of the City of London’s home residence, Mansion House, the Islamic Finance Training Programme for Professionals was launched, aiming to assist financial organizations aspiring to offer Islamic Banking courses of products.
The programme will offer:
– “Executive Programme” – to address the training needs of organisations, financial institutions and the professionals who are either already in industry, or are aspiring to launch in this sector.
– “Train the Trainer” Programme –an accredited programme to create qualified trainers, to help deliver training in the Islamic banking & finance sector.
– “Regulatory Framework Programme” – addressing the training needs of the regulatory authorities and professional bodies like the FSA and Securities and Exchange Commissions, Insurance.
Islamic Finance has experienced an enormous rise in popularity as an alternative banking system over recent years. The underlying principle that governs Islamic banking 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.
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%.
IFBC-UK is one of the first institutions in Europe to offer provision in Islamic Finance executive education.
Established in partnership with Islamic Banking & Finance Institute in Malaysia (IBFIM) and Cardiff University’s Business School and Centre of Islam, it 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 Lord Mayor of the City of London, Alderman Ian Luder, 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 Wales’ first Islamic Financial Programme for Professionals will benefit the UK economy.
Ieuan Wyn Jones, Minister for the Economy and Transport of the Welsh Assembly Government described the announcement as a particularly significant breakthrough for Wales in reaching out to new financial markets.