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Monday, 19 August 2013

India: Islamic finance courses create a buzz in Malabar


KOZHIKODE: Islamic finance is yet to take roots in the financial landscape of the country, but several Muslim management-run educational institutions in Malabar have gone a step ahead and have started offering specialized courses anticipating huge requirements for qualified personnel to man the future Sharia-compliant finance sector.

Courses on Islamic finance and banking have found many takers in the region ever since the state government set in motion its plan to start an Islamic financing institution two years ago. The growing student interest has been fuelled by hopes that the niche sector would offer job opportunities for those well versed in Riba-free Islamic financial and economic system.

The Sullamussalam Science College at Areekode, affiliated to the Calicut University, has become the first college in the state to offer a three year degree course in BA Islamic Finance from this academic year onwards.

"With the state government itself leading the state's foray into Islamic finance, the sector is bound to throw open numerous employment opportunities for people who can manage Islamic financial institutions," said Prof N V Abdurahiman, manager of Sullamussalam Science College, adding that the proposal submitted by the college for starting the BA course in Islamic Finance was accepted for funding by the UGC under 'innovative programmes for teaching and research in interdisciplinary and emerging areas'.

The course, which is the first formal degree level programme in the state, has seen over 100 applicants for the 25 seats on offer this year. The formal inauguration of the programme is expected soon.

Dr A I Rahmathullah, chairman of the board of studies in Arabic said that the university, in another first, has also approved the proposal for starting an MA Course in Islamic Economics and Finance.

"Already several institutions had approached the varsity to start PG course in the field that prompted the board to consider the programme. We will draft the syllabus and curriculum as soon as we get the nod from the academic council," he said.

Institutions like Al Jamia Al Islamiya, a religious college, at Santhapuram have also been seeing growing interest for its postgraduate diploma in Islamic economics and finance (PGDIEF) course. It also offers IGNOU diploma courses in Islamic banking, Islamic finance and Islamic insurance.

"Already many graduates in the state have got lucrative job offers at MNCs in the Gulf offering sharia-compliant mutual funds and venture capital funds. Now with the sector taking roots in the state, the students can look forward to opportunities at home," said Mohammed Pallath, coordinator of the course at the institution.

The Elijah Institute of Management Studies in Thrissur is also offering a postgraduate diploma course in Islamic banking and management as an add-on course for their MBA students. There are many other institutions in Malappuram and Kozhikode which have recently started offering similar courses sensing the growing interest in the field.

Kozhikode: Islamic finance is yet to take roots in the financial landscape of the country, but several Muslim management run educational institutions in Malabar have gone a step ahead and have started offering specialized courses anticipating huge requirements for qualified personnel to man the future Sharia compliant finance sector.

Courses on Islamic finance and banking have been finding many takers in the region ever since the state government set in motion its plan to start an Islamic financing institution two years back. The growing student interest has been fuelled by hopes that the niche sector would offer job opportunities for those well versed in Riba-free Islamic financial and economic system.

The Sullamussalam Science College at Areacode, affiliated to the Calicut University, has become the first college in the state to offer a three year degree course in BA Islamic Finance from this academic year onwards.

"With the state government itself leading the state's foray into Islamic finance, the sector is bound to throw open numerous employment opportunities for people who can manage Islamic financial institutions," Prof. N V Abdurahiman, Manager of the Sullamussalam Science College.

He said that the proposal submitted by the college for starting BA in Islamic Finance was accepted for funding by the UGC under the 'innovative programmes for teaching and research in interdisciplinary and emerging areas'.

The course, which is the first formal degree level programme in the state, has seen over 100 applicants for the 25 seats which were on offer this year. The formal inauguration of the programme is expected soon.

Dr. A I Rahmathullah, Chairman of the Board of Studies in Arabic at the Calicut University, said that the university, in another first, has also approved the proposal for starting a MA Course in Islamic Economics and Finance

"Already several institutions have approached the varsity with interest to start PG course in the field which prompted the Board of Studies to consider the programme. We will draft the syllabus and curriculum as soon as we get the nod from the Academic Council," he said.

Institutions like Al Jamia Al Islamiya, a religious college, at Santhapuram have also been seeing growing interest for its postgraduate diploma in Islamic economics and finance (PGDIEF) course. It also offers diploma courses of IGNOU in Islamic banking, Islamic finance and Islamic insurance.

"Already many graduates in the state have got lucrative job offers at MNCs in Gulf offering Shariah-compliant mutual funds and venture capital funds. Now with the sector taking roots in the state, the students can look forward to opportunities in the home front as well," Mohammed Pallath, coordinator of the course at the institution said.

The Elijah Institute of Management Studies in Thrissur is also offering a postgraduate diploma course in Islamic banking and management as an add-on course for their MBA students.

There are many other institutions in Malappuram and Kozhikode which have recently started offering similar courses sensing the growing interest in the field.



(The Times Of India / 19 Aug 2013)

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