$2.7t Islamic finance market faces lack of specialists

Tension between demand and the structural constraints are limiting the growth of Islamic Finance, it says

Dubai — As global Islamic finance market gears up to reach $2.67 trillion in size by 2017, an acute shortage of specialists in the industry is posing a major challenge to the industry’s projected growth, Progress Training and Consultancy, the institute for professional financial training courses, said.

“Tension between demand and the structural constraints are limiting the growth of Islamic Finance,” it said.

Coupled with the Dubai leadership’s vision to make the emirate a global capital for Islamic Finance, Progress is offering its Global Islamic Finance Award-winning CDIF course (CIMA Diploma for Islamic Finance).

Nada Saeed, Managing Director of Progress Training and Consultancy, said aaccording to recent estimates, the global Islamic Finance market is set to reach $2.67 trillion, by 2017; but currently, the number of specialists is far too low to cope with demand.

“In addition, Dubai has clearly stated its intent to be a global centre for Islamic Finance and, therefore, it seems only logical that Progress should make this CIMA-approved course available, here in the UAE,” added Nada.

Offering the professional recognition of a CIMA international qualification and demonstrable expertise in the complex, fast-growing world of Islamic finance, Progress has scheduled three registration dates for CDIF courses, over the next three months. The courses have staggered starting dates so as to offer a choice of convenient dates for finance professionals to choose from, he said.

The CIDF qualifications come in four modules. These include: Islamic Commercial Law; Banking and Takaful; Islamic Capital Markets & Instruments; and Accounting for Islamic Financial Institutions.

The first course is set to start on November 29, 2014; however, registration for the course will end on Sunday November 27. The course length is six months, after which the participants will receive their certified qualifications. issacjohn@khaleejtimes.com