According to an analysis by Tahseen Consulting, a specialised adviser on strategic and organisational issues in the Arab world, $87 to $124 billion (about Dh319 billion to Dh455 billion) could potentially enter the UAE Islamic banking system by 2015, creating about 7,800 new jobs at Islamic banks, if the current asset concentration ratios remain similar.
Additionally, 500 jobs will be created in other Islamic financial services segments. The sector will double in size from about 10,000 employees in 2011 to 20,000 next year.
As the UAE moves towards establishing itself as the capital of the world’s $8-trillion Islamic economy in just three years, the demand for professionals who are qualified in Islamic banking and economics is all set to increase significantly. Dr Sayd Farook, Global Head Islamic Capital Markets, Thomson Reuters, helps us identify some of the world’s best Islamic finance programmes.
Executive MBA with a specialisation in Islamic Finance, Cass Business School
Cass Business School Dubai Centre, which is part of City University London, offers three courses in Islamic finance — Islamic Banking and Finance, Islamic Economies and Islamic Law of Business Transactions — which can be taken as stand-alone short courses or as part of the Cass Executive MBA.
Course fee: The Islamic finance stream forms part of the EMBA. Full EMBA tuition fee is £36,500 (about Dh222,261). Alternatively you can take these as separate one-off short courses for £2,000 per module.
Duration: The three Islamic finance electives cover three workshop weekends, with the EMBA covering a two-year course delivered in a monthly block weekend format.
Master of Science in Islamic Finance, Qatar Faculty of Islamic Studies
The master of science in Islamic Finance at Qatar Faculty of Islamic Studies is part of Hamad Bin Khalifa University. Core courses are objectives of Sharia, Islamic banking and finance, Islamic economics, Islamic finance contracts, Islamic capital markets and institutions, accounting and auditing of Islamic financial institutions, legal and regulatory issues in Islamic banking and finance and research methods.
Course fee: 68,770 Qatari riyals (about Dh69,371)
Duration: Minimum two and a half years and maximum four years.
MSc in Islamic Finance, Durham University Business School
The programme is designed for new or recent graduates with a strong background in a related discipline and knowledge and familiarity in quantitative economics and finance. The programme will commence from September 29.
Course fee: EU and home students: £10,450, international and non-EU students: £20,000
Duration: One year full-time
MSc investment Banking and Islamic Finance, ICMA Centre, Henley Business School, University of Reading
The degree at ICMA centre is taught jointly with International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur. The degree does not require any previous knowledge of Islamic law or specific Islamic concepts, but addresses and explains the respective current issues within their overall Islamic economic and legal context. The programme will start at the end of September.
Course fee: The course fee for the programme for 2014-15 is £21,000. Fees are the same for both EU and overseas students.
Duration: Students can choose to study nine months full-time or 12 months full-time including a period studying at INCEIF in Kuala Lumpur.
Global MBA and MA in Finance and Investment, London School of Business and Finance (LSBF)
Islamic finance and banking is offered as one of the specialisations. The programme covers the fundamentals of Islamic finance, Islamic banking operations as well as Islamic portfolio management.
Course fee: Global MBA Option — London Campus: £9,500; Birmingham and Manchester Campuses: £8,500; Online: £8,500
MA in Finance and Investment Option — London Campus: £8,500; Birmingham or Manchester Campuses: £7,500; Online: £7,500
Duration: Full-time: 15 months; Part-time: 24 months; Online: 15-36 months
Master of Islamic Banking and Finance, Hamdan Bin Mohammed Smart University (HBMSU)
The programme is designed for both in-career personnel as well as fresh university graduates who are keen to acquire critical knowledge and skills in areas related to Islamic banking and finance.
Course fee: Dh72,000
Duration: Depends on number of courses opted for in a semester. On an average it takes a year and a half to two years.
Master of Arts (MA) in Islamic Economics and Wealth Management, Zayed University
The programme is designed to prepare graduates to become distinguished researchers and senior administrators in institutions of Islamic finance and wealth management sector.
Course fee: Dh70,000
Duration: Over a period of 15 months at Zayed University in Abu Dhabi and/or Dubai.
Advanced Diploma in Islamic Finance (AIDF), Bahrain Institute of Banking and Finance
The diploma addresses the needs of both Islamic and conventional financial institutions that provide Islamic banking services and products.
Course fee: 600 Bahraini dinars (about Dh5,845) per module/2,400 dinars for the whole programme of six modules.
Duration: The programme is structured in a 20-week semester system and students are required to complete six modules, with two semesters over one year. n