Saturday 25 June 2011

The Growth of Islamic Finance

The Independent (15 June 2011) carries an article entitled "The specialist sector where the sky is the limit" about the growth of Islamic Finance, or more specifically the marketi value of an MBA in Islamic finance:

"The Islamic finance industry is growing rapidly. There are currently an estimated 270 Islamic banks globally, with total assets of $265 billion. The global economic crisis has encouraged its increasing popularity as an alternative financial system where risk is shared between lenders and borrowers, and any form of interest is banned.

Along with the spread of Islamic finance comes a demand for graduates who are familiar with this specialised market.

Though there are just four Islamic banks operating in the UK, the leading auditing firms – PriceWaterhouseCooper, KPMG, Ernst & Young and Deloitte have established independent Islamic finance divisions, and HSBC, Deutsche Bank, UBS and other financial services companies are, meanwhile, entering the Shariah compliant market.

Thom Polson, a director of the Geneva- based Islamic Wealth and Asset Management consultancy, did a Masters in Islamic banking at Bangor Business School and has some advice for MBA students. “Do a taster course in Islamic banking if you have any ambitions to work globally. In the Middle East Islamic banking is growing almost as fast as the skyscrapers.”

You can read the full article here.

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