International interest in Islamic Banking continues to grow, as more institutions look to develop Shariah-compliant financial mechanisms and more Middle East-based organisations share their expertise in this area.
An International Monetary Fund study found the number of purely Islamic institutions has soared from 75 in 1975 to more than 300 in 2005, with the number increasing on a weekly basis since then.
As an indication of this developing trend, fifteen major figures from Finland’s public finance sector were the guests of The British University in Dubai (BUiD) yesterday.
The Board of the Municipal Guarantee Board and the Managing Director and Deputy Director of Municipality Finance staged a fact-finding visit to Dubai, discussing key the principles of Islamic banking at a specially arranged workshop.
Members of the Finnish delegation – who are responsible for guaranteeing the financial security of Finnish municipalities and administering an investment fund worth 6.5 billion euros (over 32 billion AED) – have no exposure to Islamic banking, and are keenly aware of the increasing demand for its provision.
The workshop provided an important opportunity to discuss the core principles of the Islamic financial sector. The Finnish Municipality representatives required an overview of Islamic finance and capital markets in order to inform their work in the funding of public institutions.
“Finland has begun a significant discussion on the development of Islamic financial institutions, because we recognise the potential economic and cultural benefits they could deliver. This workshop provided an essential platform for dialogue and discussion on these issues, and we were extremely grateful for the opportunity,” said Heikki Niemeläinen, Managing Director, Municipal Guarantee Board.
DIFX Academy training manager Dr. Hatim El-Tahir and Nathif Adam, VP, Head of Investment and International Banking at Sharjah Islamic Bank addressed delegates, discussing the history, practice and future development of Islamic banking.
The workshop was organised under the auspices of The British University in Dubai’s Institute of Finance and Banking. The University has developed a strong reputation in recent years for its research-driven work in the financial sector, with a number of Masters Degree students pursuing specialist study in the field of Islamic finance.
“Part of the role of the British University in Dubai is to encourage greater international knowledge exchange in areas that are important to the economic development of the UAE, like Islamic finance. Initiatives like the workshop for the Finnish Delegation provide an important platform for furthering this dialogue,” said Dr. Abdullah M. Alshamsi, Vice-Chancellor, The British University in Dubai.
“No other business school in the Middle East currently provides the depth of expertise and scope of original research that BUiD offers. The fact that international bodies are coming to BUiD to participate in discussion on key financial issues underlines our burgeoning reputation in these areas,” commented Dr. Kostas Giannopoulos, Head of the Institute of Finance and Banking, The British University in Dubai.
The British University in Dubai has responded to the growing interest in the dynamic area of Islamic Finance with the creation of a new Masters of Science Degree from September 2008. The MSc in Islamic Finance aims to be a world class programme capable of producing excellent training in Shariah-compliant products and financing methods unequalled in the region. For students wishing to study a Masters Degree without an academic background in a business subject, a pre-masters programme in Finance and Banking is available.
Photo caption: BUiD Vice-Chancellor Abdullah Alshamsi welcomes the delegation of Finnish municipal financiers to the workshop on Islamic banking.
About The British University in Dubai
The British University in Dubai (BUiD) is the Middle East’s first research-based, postgraduate university. The University was established to facilitate access to world-class education, training and research in the Middle East. BUiD aspires to the highest, internationally recognized British standards as reflected in its partnership with the University of Edinburgh, the University of Birmingham, the University of Manchester, Cardiff University and the Cass Business School at City University, London. Each has a five or five-star rating in the UK national Research Assessment Exercise that signifies research of international standard.
The not-for-profit university offers full and part-time Masters Degree programmes and Continuing Professional Development courses in Information Technology, Project Management, the Built Environment, Finance and Banking, Education and IT Management.
All BUiD’s current Masters Programmes have received Accreditation Eligibility Status from the UAE Ministry of Higher Education and Scientific Research’s Commission for Academic Accreditation.
The founders of the University are the Al Maktoum Foundation, the Dubai Development and Investment Authority, Rolls-Royce, the British Business Group and the National Bank of Dubai. The University is governed by a Council under the chairmanship of Sheikh Ahmed bin Saeed Al Maktoum.
The Emirates Group, DUCAB, Atkins, Dubai Duty Free, Hyder Consulting, the Emirates Foundation and DUGAS are supporters of the university through financial contributions or the provision of scholarships.
For further enquiries call BUiD on +971.4.391.3633.
