Islamic banking to be offered as a Bachelor's program- for first time ever
With the Islamic finance industry growing rapidly in recent years, a bachelors degree in Islamic banking and finance programme has been inaugurated by Al Khawarizimi International College (KIC). The new programmes will start from September 1.
KIC said the programme will develop a clear understanding of the structure of the Islamic finance industry.
The bachelors degree will provide students with the opportunity of learning Islamic principles and methods of banking, economic, finance and accounting through Sharia.
The move follows the success of the college’s associate degree courses over the past six years.
“Students in the programme will develop a clear understanding of the structure, functions, processes and management of Islamic financial institutions and will develop the practical skills required to play an integral role in these institutions after graduation,” said Dr Eisa Al Mansour, head of the Islamic banking and finance programme at KIC.
“Our associate degrees in Islamic banking graduates have been successful in finding suitable employment opportunities soon after graduation. Most of our graduates have found work placements rapidly at Islamic banks and regular banks, as well as Islamic insurance companies and Islamic investment companies,” he added.
Al Mansour also said that they rarely come across a case where a graduate faces difficulty in finding employment opportunities.
In line with the UAE’s goals to make the country a global capital for the Islamic industry, economy and finance, KIC is also planning to offer more higher education programmes in Islamic economics such as Islamic hospitality and Islamic insurance.
“We believe that while Islamic finance has garnered all the headlines for the past several decades, there is a growing desire for other products and services to be delivered to Muslim clients in a holistic Sharia-compliant manner,” said Neil Miller, the global head of Islamic finance at KIC.
“We have already seen evidence of this in the form of hotels which do not serve alcohol and provide facilities for Muslim families. We have also started to see industry commentators suggest that business providing halal food should ensure that their entire supply chain is supported and financed in an Islamic and acceptable manner,” he added.
“The increasing demand for the application of Islamic financial methods in several industries within the UAE as well as globally assures that like our associate degree in Islamic banking graduates, our bachelor degree in Islamic banking and finance graduates will also face no difficulty in finding suitable job opportunities and successfully take on their career paths immediately after graduation,” Miller added.