Dubai – MENA Herald: Responding to the growing demand for qualified Islamic finance professionals, Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, has designed a variety of courses that equip students with industry-specific knowledge and skill sets.
EIBFS’s training programs range from beginner-level courses such as an ‘Introduction to Islamic Finance’ to ‘Risk Management in Islamic Banks’ for professionals seeking continuing education.
The institute also offers a two-year Diploma in Islamic Banking, which is accredited by the Commission for Academic Accreditation (CAA) of the Ministry of Higher Education and Scientific Research in the UAE and by the prestigious Finance Accreditation Agency of Malaysia. The graduates of this diploma can go on to complete a B.Sc. program in the institute or opt to join the workforce immediately.
In addition, EIBFS offers a Professional Certificate program in Islamic Banking and Finance in collaboration with the IBFIM, the leading banking and finance institute in Malaysia. The courses have been carefully structured in consultation with experts and thought leaders in Islamic finance in order to identify the evolving skill sets demanded by the market.
Jamal Al Jassmi, General Manager, EIBFS, said: “Islamic finance has grown by leaps and bounds in the past decade. Total Islamic finance assets currently valued at approximately US$2.1 trillion worldwide are poised to surge by 80% over the next five years.”
“The UAE leads this growth, with Dubai fast emerging as the global capital of Islamic economy. The emirate is set to cross US$262 billion (AED962 billion) worth of sharia-compliant assets by 2019, according to a report from Ernst & Young, making it the third largest Islamic banking market by value, after Saudi Arabia and Malaysia. Islamic banking penetration in the UAE currently stands at 21.4 per cent and represents a 14.6 per cent share of the global market. The Islamic banking industry in the UAE is growing at more than twice the rate of conventional banking. Validating its growing leadership in this domain, the emirate is all set to host the second edition of the Global Islamic Economy Summit in October this year,” he added.
Furthermore, Al Jassmi emphasized the need to build human capital in the critical Islamic finance sector, given the strong indicators for growth. He pointed out that as the industry surges there is a proportionate demand for seasoned Islamic finance professionals to drive the growth of the industry.
Islamic banks and financial services firms in the UAE will need to hire professionals across an additional for 8,000 positions within the next year, owing to new products being introduced and the sustained thrust on shaping Dubai into the global capital of Islamic economy.
Al Jassmi added: “Against this backdrop, EIBFS is committed to our priority of grooming generations of professionals that have the competency to meet the developing requirements of this dynamic sector. Our decision to offer corporate education programs in Islamic finance stems from this mandate. At EIBFS, we are indeed proud to offer the best-in-class training courses and education programs to prepare the workforce for real-time workplace opportunities in Islamic finance within the UAE and the wider Gulf region.”
He added: “We are confident that in time programs such as ours that are aligned to a greater vision will contribute significantly to articulating the emirate’s global capital of Islamic economy ambitions.”
EIBFS’ Diploma in Islamic Banking is the first of its kind in the region. The program was launched in 2003 to empower the Islamic banking and finance sector by introducing qualified personnel into the workforce with knowledge and expertise in Islamic banking products and operations to meet the requirements of the fast growing Islamic banking industry. Designed in line with similar international offerings by prestigious institutions, the Diploma in Islamic Banking program has successfully graduated over 500 students since the 2003-2004 academic year.
Quality assurance is the top priority for all corporate education courses at EIBFS. The institute continuously endeavors to ensure that the design, development and delivery of the programs offered at EIBFS meet a high level of competency and are aligned to the requirements of the region’s dynamic financial services industry.
EIBFS’s courses are delivered through the institute’s campuses in Dubai, Sharjah and Abu Dhabi. Enrolment details and other information can be accessed at www.eibfs.ae.