There are several reasons why one should study Islamic Finance. Islamic Finance, as an alternative to traditional finance, is rapidly growing. The high pace of growth and increasing demand for professionals in the sector, and a demand for ethical funding confirm that this field is full of new opportunities.
Reasons To Study Islamic Finance
Deeper Knowledge And Awareness Of Islamic Finance
By studying Islamic Finance you can extensively learn about Islamic principles that are applied to the financial system. Moreover, you can have a full awareness of Islamic financial products by learning and participating in activities within the industry.
Another good reason can be the fact that both Muslims and Non-Muslims will be included in a constantly growing field that is full of new job opportunities. Banks, corporate businesses and financial institutions are just some of the places looking for professional experts in this field. As the world continues to grow and change, new ways of doing business also continue to change. Islamic Banking may not be new, but it certainly offers a modern, exciting and highly rewarding alternative to traditional finance.
Improved Critical Thinking Abilities
Islamic Finance learners can improve their critical thinking ability by evaluating market behavior within the Islamic scope. And they can have a good understanding of the effects of trends in the market. They start to learn Islamic Finance market comparing the benefits and differences between traditional and Islamic finance.
Control of personal financial plans and investments
Another reason why you should study Islamic finance is that you can take control of your all financial plans and investments and check if you are earning and living in a halal way as you will be an expert on Islamic Finance. Studying Islamic finance gives you a chance to find a job relevant to Islamic Finance and lead an ethical life and earn halal as a Muslim. You will not be involved in riba based activities (e.g: working in traditional banks) in your professional career.
Islamic Finance Education
Islamic finance will continue to affect the global banking scene as the world’s Muslim population grows to 2.5 billion by 2020. Muslim countries account for ten of the world’s top 25 fast-growing economies. In a field where supply barely keeps up with demand, the need for experts in Islamic finance will have no trouble finding work in the Middle East, Southeast Asia, and increasingly in Europe, especially in the UK.
And nowadays more universities offer MBA programs in Islamic Finance to attract not only Muslim students but from all over the world. You will learn about the economics of the Islamic banking system and how it varies from regular Western banking systems. You will also gain a better understanding of the legal and regulatory frameworks that surround the Islamic banking model. Furthermore, you can understand Shariah compliance and key financial system challenges including risk. Moreover, students can learn the fundamentals of Western financial processes, which will help you distinguish between the two systems. However, studying Islamic finance isn’t only about banks and financial organizations; you’ll also learn about Muslim business practices. This makes this course perfect for those who want to work in business in a Muslim-majority country but don’t necessarily want to work in the financial sector.
Islamic Finance Education In Western Countries or Muslim-Majority Countries?
In the previous decade, Islamic finance has grown rapidly, and in some regions, it has grown even faster. You may believe that the best education is obtained by studying Islamic finance in Muslim-majority countries. However, the Islamic banking system is becoming more widely used in Western countries as well. That is, you can obtain a good education and relevant experience in a variety of countries around the world. Some people prefer to study the subject in Muslim-majority countries to gain a better understanding, while others prefer to study in well-known study abroad destinations in the west to discover how the financial system fits into various cultures. Overall, finding the proper area to study is important. But whether you choose a Muslim-majority nation or not, studying abroad is a fantastic way to extend your horizons and increase your cultural understanding.
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