Here Is What Industry Insiders Say About Islamic Finance Education

There is a huge emerging demand for Islamic finance education in response to the continuous growth of the Islamic finance sector. Certainly, developing a sound and well-established Islamic Finance education system was one of the critical topics of international conferences and symposiums where finance experts discussed current developments of Islamic finance education regarding teaching resources and the academic curriculum for different programs.

Currently, 533 institutions provide degrees and courses in Islamic Finance. Among these institutions, approximately 40 Universities globally are offering PhD, Master, and Bachelor level programs on Islamic Finance. According to the International Council of Islamic Finance Educators (ICIFE) survey data in 2016, the UK has the highest number of programs (exceeding 20), followed by Pakistan and Malaysia with fewer than 10.
The Malaysian Islamic Finance and Economics Report 2016 states that the significant challenge of the Islamic finance sector is the lack of competent human resources. Every year 5000 professionals graduate from these 40 universities while the demand for industry experts is ten times higher. So, these numbers show an immediate need to supply the demand for the Islamic Financial Industry.

Here is the list of some well-known global institutions that provide Islamic financial education:

Another renowned institution name is AlHuda Center of Islamic Banking and Economics (AlHuda CIBE). It has also worked in Islamic banking and Finance for the last seven years providing advisory, training and concepts.

Islamic Finance is a comparatively new phenomenon to many countries such as Russia, Tajikistan, Algeria, and Tunisia. Indeed, they have very few experts and professionals in this field. The system requires more Islamic Finance experts to have continuous success in the Islamic Finance sector with significant government support.

There is a growing number of institutions day by day to solve the increasing problem of Human resources. Indeed, these institutions serve the community to offer high-quality Islamic Finance, Economics, and Banking education. Thus, Education will improve standards and systems in Islamic Finance.

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