“UBS AG, the Swiss-based bank which is slashing staff to offset losses, sees growth opportunities in Islamic Finance and plans to expand in this market, its new head of Islamic finance, Armen Papazian said recently.” – Reuters

Almost everyday, we hear or see some news item such as the above related to the success and growth of Islamic Finance industry through mass media.

Interestingly, one could see an expansion of Islamic Financial institutions in the western countries as well. Still, an acute shortage of qualified manpower seems to be hampering the progress of this industry to a greater extent.

First Global Knowledge Centre (FGKC), the pioneer in the country in the field of Islamic Banking & Finance education has always endeavoured to fill this vacuum by conducting recognized courses, conferences and seminars for the past three years. It has now tied up with Al Huda Centre for Islamic Banking & Economics, Pakistan (Al Huda CIBE) to offer internationally recognized distance learning programmes in Sri Lanka.

Al Huda-CIBE is a well established name in financial industry, working for Education, Training, Promotion and Awareness of Islamic Banking & Finance in Pakistan as well as abroad. Offering distance learning programmes is an effort of Al Huda to promote Islamic Banking & Finance at mass level. Al Huda is jointly working with 12 international institutions as a partner for the development of this emerging industry worldwide.

Even in Sri Lanka the numbers are significant of those who are keen on getting themselves acquainted with the technical and theoretical knowledge of this industry but are unable to follow a regular study programme due to certain constraints. Time is one such impediment in the journey of gaining knowledge to the busy person and for some others distance and transport issues also matter.
Distance learning programmes are ideal for this category of knowledge seekers, and the internationally recognized Al Huda programmes will help them in achieving their goals. The following are available on distance study mode:

Post Graduate Diploma in Islamic Banking & Finance,
Certified Takaful Professional,
Certified Islamic Funds Manager,
Certified Sukuk Professional, and
Certified Islamic Microfinance Manager

Another salient feature is the special introductory fee given for students from Sri Lanka.
A handsome discount is offered for all these programmes which are indeed very much affordable.


UK gov”t to support Islamic finance

The UK Treasury has introduced measures in Parliament to support Islamic finance and the issuance of corporate sukuk within the UK, Kuwait News Agency (KUNA) reported on Thursday.

“The Financial Services and Markets Act 2000 Order 2010,” will help to provide “a level playing field” for corporate sukuk within the UK, a statement by the Treasury said.

The Order provides clarity on the regulatory treatment of corporate sukuk, reducing the legal costs for these types of investments and removing unnecessary obstacles to their issuance.

Sukuk are a broad class of financial instruments designed to replicate the economic function of bonds, but with a structure which complies with Islamic principles. Although there is an obvious appeal to the Muslim community, sukuk can be issued and bought by everyone.

Treasury minister Sarah McCarthy-Fry said: “the objectives on Islamic finance are to enhance the UK competitiveness in financial services by maintaining its position as a Western leader for international Islamic finance; and to ensure that everybody, irrespective of their religious beliefs, has access to competitively priced financial products.

“This measure is another important step in the development of the Islamic finance sector in the UK and will help to provide a level playing field for Islamic financial products in this country. It is good news for the UK economy and for our Islamic finance industry”, she added.

source : Saba