Karachi: Chartered Institute of Management Accountants (CIMA) has planned to offer a new degree in Islamic Finance keeping in view the emerging need of qualified professionals for flourishing Islamic financial industry of the country, Javeria Hassan, CIMA Country Manager, said.
In the interview to The News Tribe, she said the degree is one of kinds that will provide complete education of all advanced tools of Sharia based financial system for all business particularly banking and insurance.
There are many organizations in Pakistan provide short-period programs in Islamic Money but their stage of training is not innovative to satisfy needs of innovative and growing styles of business around the community hence there is a need for a discovering plan that must be innovative and full-fledged to provide needs of existing and upcoming times.
There is no such institute that offers a comprehensive degree in Islamic Finance like CIMA because its global standards had been set by highly qualified Islamic Scholars, Javeria said.
She said the degree will be officially released in March though there are many programs have been obtained by different financial institutions for exercising their employees with innovative methods of Sharia funding.
The Islamic finance industry is growth at an exceptional rate in Pakistan as banks are shifting their business models towards interest-free. In addition to, Insurance companies offer takaful and Investment banks launched mutual funds in accordance with Sharia compliance but people running these businesses need a sophisticated training to develop and flourish their sectors with the passage of time.
Explaining about the new degree, CIMA head said that degree will be comprised on modules and courses designed in line with the professionals expertise, requirements and routine.
CIMA certification and diploma will entail courses on Islamic Banking, Accounting for Financial Institutions, Islamic Capital Markets and Islamic Commercial Laws.
These courses were designed by Dr Mohammad Daud Bakar President and CEO of International Institute of Islamic Finance (IIF) and Dr Syed Musa Alhabshi, a principal consultant of IIF.
These courses will train a genuine and highly-qualified human resource for the flourishing industry of Pakistan particularly banking and insurance industries, Javeria added while highlighting the importance of courses that she believes will provide students with in-depth knowledge and understanding of the implications of Islamic finance in business strategy.
The main areas of studies include Sharia contracts, structuring process and financial environment; Islamic Banking System and its products; equity, sukuk and fixed income instruments, Takaful and Retakaful models and policies; and Islamic risk management tools and strategies.
Javeria said that CIMA has received overwhelming response from students who got enrolled in significant numbers and showed their extra-ordinary performance in the studies.