CIMA introduces Advanced Diploma in Islamic Finance in UAE

Press release

Published October 24th, 2011 - 08:03 GMT

Geetu Ahuja - CIMA Middle East Regional Manager

The Chartered Institute of Management Accountants (CIMA) announced the launch of its Advanced Diploma in Islamic Finance for finance and banking professionals in the UAE.

The CIMA Advanced Diploma in Islamic Finance (CADIF) is the first qualification of its kind to be offered by an international professional accountancy body, and marks a major step forward for the Islamic finance industry, which has its roots in the Middle East.

The industry is growing rapidly today, with the sector’s global worth estimated to be between $850billion and $1trillion, and an impressive annual growth rate of 15-20 percent.

Whilst the industry continues to show potential and thrive in the current economic scenario, it is important to note that there simply aren’t enough qualified professionals. The Islamic Financial Services Board estimates that over the next few years about 50,000 professionals will be needed globally. Developing an international talent pool that can cope with ongoing demand continues to be a challenge, and a shortage in the supply of internationally qualified Islamic finance practitioners is already holding the industry back.

Commenting on CIMA’s decision to expand its portfolio of Islamic finance qualifications, Geetu Ahuja, CIMA regional manager, Middle East, said, “Islamic finance is becoming much more prominent globally, growing from a niche industry to a mainstay of finance. To really stand out from the crowd, the UAE needs to have a core competitive advantage and the key to this is investment in human capital. CIMA’s qualifications in Islamic finance have been developed with this in mind, and help meet a global shortfall of skilled Islamic finance professionals.”

The six month CADIF course covers five keys areas in Islamic Finance, namely:

Shari’ah contracts, structuring process and financial environment

Islamic banking system and products

Equity, Sukuk and fixed income instruments

Takaful and Retakaful models and policies

Islamic risk-management tools and strategies

Background Information

Chartered Institute of Management Accountants CIMA

The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world’s leading and largest professional body of management accountants.

CIMA helps individuals and businesses to succeed by harnessing the full power of management accounting – not just accounting for the balance sheet, but accounting for business.