Alfalah Consulting: 50,000 Islamic financial professionals needed

Friday, 15 June 2012

50,000 Islamic financial professionals needed

LAHORE - In accordance with the growing industry of Islamic Banking and Finance, the whole world needs 50,000 Islamic Finance Experts right away so that the emerging market of Islamic Banking and Finance may be easily promoted. These thoughts were expressed by Mr. Muhammad Zubair Mughal, Chief Executive Officer – AlHuda Centre of Islamic Banking and Finance, during his speech on the topic of “Importance of Islamic Finance Education” in “Moscow Halal Expo” held in All Russian Exhibition Centre - Moscow; the capital city of Russia.

He said that due to the recent International Financial Crises in conventional banking and finance, the world is moving rapidly towards alternative system of banking and finance and undoubtedly, the Islamic banking and finance system is the first and the foremost choice in this regard because the during financial crisis had very fewer impact on Islamic finance industry which is the assurance of its future success. He said that education of Islamic banking and finance is immediately needed internationally. At this time, 38 universities in the world are producing approximately 5000 graduates of Islamic banking and finance per annum, whereas relatively its demand is 10 times more around the globe.

If this demand and supply would not be balanced in short time then Islamic banking and finance industry may face many obstacles in its growth and promotion. In the recent era, conventional bankers are being provided with trainings having some of the essentials of Islamic banking and finance in order to adjust them in Islamic financial industry which is a wrong approach and is creating many reservations in financial industry.

He further said that in order to establish Islamic banking and finance system on strong foundations, it is needed to produce graduates with complete knowledge of Islamic banking and finance having full command on Shari’ah, Fiqah and Islamic financial products.

In this regard, AlHuda Centre of Islamic Banking and Economics has introduced its MBA and Post Graduate Diploma on Islamic banking and finance based on the mode of Distance learning so that the people of countries which currently do not have any facilities of Islamic banking and finance could get advantage of this facility from their office or home and strengthen the rapidly emerging market of Islamic banking.

(The Nation / 15 June 2012)