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The
development of Islamic finance is heralded as one of
the most significant advances of the international financial
markets in recent history. Banks around the world are
developing extensive programs that provide solutions
for the requirements of both corporate and retail customers
as well as sophisticated international investors. The
wide proliferation of this fledgling discipline has
led to a growing need for training and understanding
of Islamic finance at the corporate level.
This
article presents an introductory review of
the major centers and initiatives of Islamic finance
education around the world.
As
readers will see there are a number of prominent, well-placed
programs and institutions offering their services to
individuals and organizations interested in learning
about Islamic finance at a professional level. Many
of these programs are affiliated with government agencies
and universities in the United States, the United Kingdom,
and elsewhere. This signifies the increasing importance
being given to the potential of Islamic finance worldwide.
Another indicator of this growing significance is the
veritable boom of major conferences currently being
organized around the world. However, despite the abundance
of such programs, no international standards are in
place for the development of these programs.
International
Standards Still in Infancy
While
the basic elements of these programs will usually start
with the basics of Islamic law and business organization
there is a need to recognize the most recent developments
in Islamic financial theory and practice. With the establishment
of the AAOIFI and other standards organizations, there
is undoubtedly a proviso for the standardization of
the basics in these programs and especially the materials
discussing current developments. The ultimate aim should
be to develop an international standard certification(s)
that would be recognized in industry and academia worldwide.
In
general, training programs focusing on Islamic finance
fall into three categories: distance learning, short
courses, and research/academic. The first two ultimately
lead to the awarding of a certificate by the institution
operating the program. Programs in the latter category
either are dedicated to Islamic economics or finance
and grant a degree in the field or offer concentrations
in IEF as part of broader programs in economics or finance.
Distance-Learning
Programs
In
the distance-learning category, two main players deliver
course materials either through post or via the web.
The first is the Institute of Islamic Banking and Insurance
located in London. The program is based on four modules
that cover Islamic economics, banking, financial instruments,
and Takaful. Materials are provided through postal mail
and a tutor at the Institute in London gauges progress.
The
International Institute of Islamic Business and Finance
in India operate the second distance-learning program.
The institute is operated by IBF Net and offers a number
of programs for students. The institute grants a variety
of certificates in Islamic banking, Islamic insurance,
and investment analysis. Post-graduate diplomas have
also been offered in Islamic finance and management
although these programs were not offered at the time
of the writing of this article.
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Distance
Learning Programs
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Region
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Name
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Location
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Type
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South
and Southeast Asia
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Malaysia
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Research/Training
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Europe
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Leicester,
UK
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Research/Training
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Dedicated
Courses
In
the dedicated courses area, a number of institutions
offer their services. By far, this category is the most
plentiful as almost all geographical regions - from
Europe to Southeast Asia - are serviced by at least
one - if not more - programs. In the Middle East Jeddah
is home to the Islamic Research & Training Institute
(IRTI) of the Islamic Development Bank. This program
offers "research support as well as training programs".
The Bahrain Institute of Banking and Finance (BIBF)
offers numerous courses as well as a diploma in Islamic
Banking and Finance. The Emirates Institute of Banking
and Financial Studies (EIBFS) offers courses and diplomas
in both conventional and Islamic banking.
In
Asia, services are offered primarily by the Center for
Islamic Economics in Pakistan that is operated by the
likes of non other than Taqi Usmani and his son Imran
Usmani. The Center primarily offers seminars and consulting
services to the banking industry in Pakistan. The Islamic
Banking and Finance Institute of Malaysia offers short
courses from time to time covering topics such as legal
maxims in Islamic law as well as contract law in Islam.
These courses are also geared toward the rewarding of
certificates upon their completion. The IIBI in London
also offers short seminars.
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Dedicated
Courses
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Region
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Name
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Location
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Type
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Middle
East
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Jeddah,
Saudi Arabia
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Research
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Middle
East
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Bahrain
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Training
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Middle
East
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UAE
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Training
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South and Southeast Asia
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Karachi,
Pakistan
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Training
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South
and Southeast Asia
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Malaysia
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Training
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Europe
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London,
UK
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Research/Training
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Research/
Academic Programs
Research/Academic
programs dominate the landscape in Europe and North
America. The Harvard Islamic Finance Project, the establishment
of a chair in Islamic finance at Rice University, the
Masters degree in Islamic Economics and Finance at Loughborough
University, Leicester, UK, the MA in Islamic Political
Economy and MSc in Islamic Economics and Finance at
Durham University, UK, and the MA in Islamic Management,
Banking and Finance at Markfield Institute of Higher
Education, Leicester, UK are all examples of such an
emphasis on intellectual rigor. This category is rounded
out by the Islamic Economics Research Center at King
Abdul Aziz University in Jeddah and the Masters Programs
in Business/Finance/Economics/Accounting with Islamic
Orientation at the International Islamic University
in Malaysia.
These
resources will be archived and available to DS readers
with periodic updates. In time, we hope to include in-depth
profiles of these programs.
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Research/
Academic Programs
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Region
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Name
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Location
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Type
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North
America
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Cambridge,
USA
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Research
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Middle
East
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Jeddah,
Saudi Arabia
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Research
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South
and Southeast Asia
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Malaysia
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Research/Training
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Europe
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Leicester,
UK
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Research/Training
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Europe
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Durham,
UK
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Research/Training
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Europe
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Leicester,
UK
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Research/Training
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