UK-based Chartered Institute of Management Accountants (CIMA) would be offering self-study course in Islamic finance, thus becoming the first internationally recognised professional body to offer such a qualification.
“CIMA Certificate in Islamic finance is aimed at producing competent staff, who would be conversant in all areas of Islamic finance at both theoretical and practical levels. The course is targeted at diverse range of participants, including employers and employees currently operating in the sector and those wishing to move into it,” said Arati Porwal, chief India representative of CIMA.
The course comprises four modules: Islamic commercial law, Islamic banking and takaful (insurance), Islamic capital markets and instruments, and accounting and analysis of Islamic financial institutions.
Meanwhile, a diploma-level qualification —international Islamic finance: governance and analysis — would be available at a later date. This will be a written exam based on case studies. The complete package (including two attempts at each assessment) costs £1,500. Further re-sits of the exams after the two attempts would cost an additional £60.
“We estimate that it would take students between two and six months to reach a stage where they can sit for all the final exams, depending on prior knowledge and experience. All assessments will be delivered online,” Porwal added.
On the prospects of Islamic financing, Porwal noted the Islamic financing industry is now estimated to be worth between £150- 250 billion, compared with £100 billion two years ago, and its current annual growth rate is estimated at between 15-20 per cent.
“Interest in the area is anticipated to grow with an ever increasing proportion of Muslims and non-Muslims worldwide seeking out Islamic financial products. While demand for the products has increased dramatically, the supply of suitably qualified staff has not kept pace and this course is aimed at bridging the gap,” she added.
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