Islamic Banking and Finance; a New Window to Lucrative Career Opportunities

Countries all over the world are experiencing a major economic low down and are desperately trying to revive it. The liquid money is drying up and exchange rates are at their peak. India is also one of the nations going down the economic hill. According to economists, reforms and alternate options need to be found out in order to perk up the failing world financial system.


Islamic Banking and Finance is one such alternate window which is being trusted by many countries world over and is gaining popularity with safe economic bets. Islamic Banking was prevalent much before the concept of banking. According to Sharia Law (sets of rule for people who follows Islam as a religion) money lending should not involve any kind of interest earning on the part of the lender hence making it a low risk business.


The largest markets for Islamic Finance are Middle Eastern and South East Asian countries like Bahrain, Malaysia and Indonesia. There are 75 countries in the world which have recognised Islamic Banking and Finance with USA also in the list. The quest for a balanced economical world has bridged the gap between religions world over and with the acceptance of Islamic Banking and Finance as a promising tool against economic crisis, this professional field is attracting many students to get trained in the same.


In India, though, Islamic Banking and Finance has not knocked the commercial market but following its success there are few institutes in India offering post graduate diploma and certificate courses in Islamic Banking and Finance. It is also recognised by the Securities and Exchange Board of India in the capital market in the form of wealth management and mutual funds. Students who wish to pursue a career the in banking and finance sector can also consider a course in Islamic Banking which will enhance their opportunities in countries with Islamic Banking.


What does the Islamic Banking and Finance Sector offer?

Islamic Banking and Finance is no different from general banking, both aim at managing capital and maintaining a smooth flow of money. Islamic Banking however does it by following the Islamic rules as per their religious laws. Though the laws might be ages old but never have they been as relevant as in the present unstable economic scenario. Students are considering Islamic Banking as a promising course to pursue. There are various institutes which train students in various aspects of Islamic Banking and Finance.

There are only few institutes in India which offers related courses like:

• Post Graduate Diploma in Islamic Banking and Finance
• Professional Diploma in Financing Operations and Contracts in Islamic Banks
• Professional Diploma in Islamic Securitisation and Sukuk
• Professional Diploma in Risk Management for Islamic Banks
• Professional Diploma in Shariah Compliance and Audit for Islamic Books
• Professional Diploma in Financial Accounting and Reporting for Islamic Banks
• Post Graduate Diploma in Islamic Economics and Finance
• Certified Islamic Banker programme
• Certified Islamic Insurance Professional programme
• Certified Islamic Investment Analyst programme

Institutes which offer courses in Islamic Banking and Finance:

There are only few institutes which provide training in Islamic Banking and Finance. Few are mentioned below:

• Aligarh Muslim University
• International Institute of Islamic Business and Finance, Hyderabad
• Al Jamia Al Islamiya, Kerala
• Institute of Islamic Banking and Insurance
• The Institute of Islamic Banking and Finance

Though at a slow pace but change has begun to take place in the human civilization. Today, differences are being overlooked for a common aim of bringing stability and tranquility for the future generation even in mundane & neutral activities like banking.