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AIMS Education UK – offering PhD in Islamic Finance from Unaccredited university degree mill

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Written by : Abu Saad (Investigative journalist on unethical Islamic financial institutions)

AIMS education UK, a UK-based virtual education institute offering courses in Islamic finance, Diplomas to PhDs. The investigation done by one of the journalist expert in unethical practices of Islamic financial institutions shows that the academy is offering unaccredited Masters and PhD programs.

The academy does not show the name of the university on the Masters and PhD web pages.

Information about masters programs in their website : click here

Information about PhD program in their website : click here

Question?

If an academic institute is offering Master or PhD, it should mention the name of the awarding body. In this case, the name has been purposely hidden which shows that they manipulate the PhD awarding body.

Phd Award from a bogus university

Further investigations shows, that this university is offering Phd from the University of America, USA. The journalist whatsapp the academy and got to know that the PhD is offered from University of America. This bogus university has done commercial registration in Florida. Chartered in small Island nation Curacao, West Indies . Most of these university accreditations are fake. The accreditation has been cross-checked and not real.

AIM is offering the PhD program for 5,400 British pounds which even do not have supervisors on its faculty list.

Information about AIMS

This is a virtual college run by four Pakistani nationals from Pakistan. The company has been registered in UK as a non-resident company. This is not a British academy but a bogus academy based in Pakistan.

No advisory board or faculty information

AIM Education does not have a faculty list, experts, advisory board, or even administration staff details. Since its virtual academy is run by 4 people who are not qualified, don’t show their faces.

Unethical Institute offering Ethical Finance?

Islamic finance is based on ethical principles. Islamic finance promotes ethics in business and personal life. An academic institution (so called British) offering unrecognized and unaccredited is completely unethical.

The academy should be transparent. Previously the academy was issuing PhD from Pebbles Hills university which just a commercial registration. They do keep on changing the unaccredited universities since they cannot affiliate with a good university as beefing diploma mills

Accreditation status of the University of America

EBMA – is fake accreditation company registered in UK as a limited company

WHED – International University Alliance- not in their database. False information

ATHE – just a regulated diploma provider. Anyone paying center fee will get become approved center. It has nothing do with PhD in Islamic finance

Victual office and virtual university- The university does not have physical campus or physical classrooms. They have just posted their registered Buidling offices.

The university is registered a commercial establishment to offer religious studies in Florida but they are offering courses more 100+ in everything

Over all, these PhD in Islamic finance has value. Just a diploma mill.

Major Indonesian Islamic organization declares crypto ‘haram’ — Or forbidden

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The Indonesian Islamic group NU says crypto is too volatile to be legal under Islamic law….

The East Java branch of one of Indonesia’s largest Islamic organizations Nahdlatul Ulama (NU) has issued a fatwa deeming the use of cryptocurrency “haram,” or forbidden, under Islamic law. 

A fatwa is a nonbinding legal opinion on Islamic law, which is reached through a discussion called a bahtsul masail. Representatives from the Nahdlatul Ulama Branch Management and several Islamic boarding schools throughout East Java attended the bahtsul masail.

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Merit scholarships for Islamic finance courses

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International Institute for Islamic Economics and Finance (IIISE) leading Islamic finance school based in UAE offering 125 partial scholarship to follow 7 unique courses in Islamic finance.

IIISEF is a United Arab Emirates based international business school offering courses Islamic banking, Islamic finance, Islamic marketing, Islamic accounting, Zakath and Waqf.

We are affiliated and partnered with GSBE (Geneva School of Business and Economics, Switzerland based business school) and AITU (American International Theism University, Flordia -USA based international school).

The diploma certificate will be awarded by GSBE in partnership with IIISEF.

The programs eligible for scholarship are ;

  1. Executive Diploma in Islamic finance
  2. Executive Diploma in Islamic banking
  3. Professional Diploma in Halal Industry Management
  4. Professional Diploma in Waqf Management
  5. Professional Diploma in Islamic Commercial Law
  6. Advanced Diploma in Islamic Finance
  7. Advanced Diploma in Islamic banking and FinTech

The school is offering 125 partial scholarship for the prospective students to follow the Islamic finance courses which are fist come first serve basis.

The regular course fee for Diploma(Executive/Professional) is $ 300 and Advanced Diploma is $ 500

The prospective students should send an email to admin@iiisef.com or WhatsApp + 971 50 367 9318
with the course that you are willing to follow and request a link test.

Please visit our website for the further details.
http://www.iiisef.com

Scholarships for Islamic finance courses

Press release – AAOIFI makes all its standards accessible on its website on a complimentary basis

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Manama, Kingdom of Bahrain

January, 2021

 

AAOIFI makes all its standards accessible on its website on a complimentary basis

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces availablity of all sets of its standards online free of charge. 

In the past the AAOIFI Shari’ah standards were available online for free in English and Arabic. However, recently the Executive Committee of AAOIFI has accepted the proposal to make all standards including accounting, governance, auditing and ethics standrads available online on a complimentary basis in Arabic and English languages. The e-standards can be accessed from:http://aaoifi.com/e-standards/?lang=en.

For more details and the press release, please click on: http://bit.ly/3oHZvL1

بيان صحفي

المنامة، مملكة البحرين

أيوفي تتيح جميع معاييرها مجاناً على موقعها الالكتروني

أعلنت هيئة المحاسبة والمراجعة للمؤسسات المالية الإسلامية (أيوفي)عن توفير جميع معاييرها مجاناً على موقعها الالكتروني.

وقد وفرت أيوفي في السابق معاييرها الشرعية مجاناً على موقعها، باللغتين العربية والإنجليزية، إلا أن اللجنة التنفيذية وافقت مؤخراً على مقترح إتاحة جميع المعايير بما فيها معايير المحاسبة والحوكمة والتدقيق والأخلاقيات مجاناً على موقعها باللغتين العربية والإنجليزية. رابط صفحة المعايير على الموقع الإلكتروني لأيوفي:http://bit.ly/3nGfPea

http://bit.ly/3sf6U6Oلمزيد من التفاصيل ومتابعة الخبر الصحفي ، يرجى الضغط على:

The Need for Shari’ah-Compliant Awqa ̄f Banks

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Abstract: Bridging global economic inequalities calls for effective financial alternatives such as awqa ̄f banks to better attend to the needs of the poor and underprivileged. This is expected to address the root causes of poverty and ensuing economic gaps, improving much of the living standards whether pertaining to education, health, shelter, employment or basic social services while reducing the state’s economic and financial burden. We envision awqa ̄f banks as institutions which are established through cash awqa ̄f and which operate multiple awqa ̄f funds alongside an assortment of financial instruments. The main use of their awqa ̄f funds are the issue of low-cost credit to the poor, economically disadvantaged and underprivileged, instead of focusing solely on generating and maximizing shareholder profits. This is to support the economy through of steady and sustainable growth, effectively raising the lower bar on per capita income and lifting multitudes out of poverty and need. This paper explores how low-cost credit can be provided to the poor or lower income demographics through awqa ̄f banks, while addressing relevant issues such as Shari’ah compliance, services rendering, investment and awqa ̄f distribution. This paper also examines current studies on awqa ̄f in relation to finance and banking, the basic functions, and characteristics of the Shari’ah-compliant awqa ̄f bank, as well as evaluations of awqa ̄f banks. Current studies show that there is a legitimate need for Shari’ah-compliant awqa ̄f banks which not only providing services for its beneficiaries but also manage investments and awqa ̄f funds that contribute to overall national development and economic growth. This study would be of high relevance to experts, practitioners, financial managers, regulators, and policy makers in the fields of awqa ̄f, banking and finance.

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The 5th Islamic Finance Conference (IFC 2019) ON ISLAMIC BANKING AND INSURANCE IN THE ERA OF DIGITAL TRANSFORMATION

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Effat University , IRTI and INCEIF

Organize

 The 5th Islamic Finance Conference (IFC 2019) ON

ISLAMIC BANKING AND INSURANCE IN THE ERA OF DIGITAL TRANSFORMATION

Date: December 1st 2019

Venue: Effat University, Jeddah, Kingdom of Saudi Arabia

You are cordially invited to submit your research papers for presentation at the 5th Islamic Finance Conference (IFC 2019) on December 1st, 2019 that will take place in Jeddah (Saudi Arabia). The IFC 2019 is organized by Effat University, the Islamic Research and Training Institute IRTI and the International Center for Education in Islamic Finance INCEIF. The aim of this conference is to bring together the local and international researchers, scholars and policymakers to present and to discuss research in the field of financial technology, smart contracts and Islamic financing.

BACKGROUND

Following the success of the previous Islamic Finance Conferences, Effat University, the Islamic Research and Training Institute IRTI, and the International Center for Education in Islamic Finance INCEIF are organizing the 5th IFC scheduled to be on the December 1st 2019 in Jeddah, Saudi Arabia. Themed “ISLAMIC BANKING AND INSURANCE IN THE ERA OF DIGITAL TRANSFORMATION”, the forthcoming IFC 2018 is expected to platform academicians, scholars, researchers, professionals, bankers, insurers and other stakeholders to be together to discuss the revolutionary technology of Blockchain and digital transformation that the Islamic finance ecosystem could leverage to exponentially enhance business processes and streamline operations.

The digital transformation could include smart contracts and blockchains, cryptocurrencies, cybersecurity, Insure Technology, Crowdfunding, payment platforms as an emerging channels that could be utilized in the Islamic banking and insurance industry. The Digital Transformation and Fintech offer a tremendous amount of opportunities available for bankers and insurers to achieve multiple strategic objectives such as financial inclusion, customer-oriented financial services, operation excellence and competitive advantage.

The IFC 2019 addresses the question of what role digital transformation and blockchain technologies play in Shariah banking and Islamic insurance, and How Muslim entrepreneurs, bankers, insurers and small businesses could benefit from blockchain and Fintech?

  1. OBJECTIVES

The Conference on ISLAMIC BANKING AND INSURANCE IN THE ERA OF DIGITAL TRANSFORMATION” is aiming:

  • To enrich the theory of Islamic financial innovation and its role in financing SMEs.
  • To highlight the significance of FINTECH and practice of digital insurance and banking.
  • To address various issues currently faced by Islamic finance technology.
  • To assess the current innovative efforts of the Islamic finance industry.

IMPORTANT DATES

Deadline for abstract submission       :           September 30th

Notification for abstract acceptance   :           October 10th

Deadline for full paper submission     :           November 20th

Conference dates                                     :           December 1st   

LANGUAGES   –  The language of the conference will be in English.

CONFERENCE THEMES

The theme of the Conference will be “ISLAMIC BANKING AND INSURANCE IN THE ERA OF DIGITAL TRANSFORMATION ”

The main topics of the conference include, but not limited to:

  • Islamic banking and Insurance
  • Takaful and Waqf
  • Digital banking
  • Fintech and Saudi vision 2030
  • Ethics and regulation of digital Islamic finance
  • Blockchain and cryptocurrency
  • Crowdfunding
  • Issues with Islamic financial innovation
  • Shari’ah scholars and SSBs and their position vis-à-vis Islamic financial innovation.
  • Dynamic Islamic Capital Market
  • Entrepreneurship
  • Islamic Finance and SME Financing

PAPER SUBMISSION

Authors are invited to submit their full papers in English, in Word formats. Submissions should be made though email IFC@effatuniversity.edu.sa or ConfBay website (www.confbay.com). Contact person: Dr Tahar Tayachi ttayachi@effatuniversity.edu.sa

Any submissions after the September 30th will not be entertained. All the papers’ submission are peer-reviewed and the decision notification is made latest by October 10th.

            Both theoretical and empirical papers are considered by the conference. The authors are required to use the following format:

  • Length: 10 to 15 pages, Font Times New Roman, size 12, 1.0 line spacing (single space), A4 paper size, Margins: 1 inch or 2.5cm
  • Author(s) names, affiliation, correspondence address, and email address should be provided in title page
  • Between three to six key words should be mentioned by the author(s)
  • Tables and figures should be placed in their appropriate location in the paper
  • References should follow APA format

Registration Fees : No registration fees

Conference Publication :

Selected papers presented in the conference would be published in a special issue of the following ABS/Scopus Indexed journals:

Journal of Islamic Business and Management (JIBM) JIBM,  www.jibm.org

ISRA International Journal of Islamic Finance, http://www.emeraldgrouppublishing.com/services/publishing/ijif/index.htm

Islamic Economic Studies, http://www.emeraldgrouppublishing.com/services/publishing/ies/index.htm and http://iesjournal.org/english/home.html

Vulture Financing and Islamic private equity investments

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Vulture financing and vulture fund assets are increasing in size in recent years as an alternative investment, taking a major share in the conventional finance industry. Vulture funds and vulture investors are adopting the behaviors of vultures that prey on financially distressed companies and buying the near default bonds or debts in return for higher capital gains.

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How Islamic finance can support development in agriculture

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Demand for food is expected to increase by 70% by 2050 and annually $ 80 billion investment is needed to meet the future demand according to the estimates of World Bank. Middle- class population from developing country has led to the increasing demand for higher value foods such as fish, meat, and dairy products. Overall, the demand for higher value foods going to increase in next three decades which can result in increased in investment for agriculture. Agriculture is one an important source of income for the people living in rural area of developing countries. The major challenges faced by the farmers are lack of access to finance their agricultural production. Financial institutions don’t want risk themselves by investing in agricultural production and business due to their inherent risks and lower returns. Farmers are less fortunate to get loans compared to the business and industries.

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