Educating bankers in Islamic finance

The oil boom sending Arab financial markets into frenzy has generated worldwide interest in Islamic finance. But this relatively nascent segment is in much need of a new breed of financiers boasting financial skills, as well as in-depth knowledge of sharia. Universities have responded to the trend by offering Islamic financial specializations. According to Hanudin Amin, Head of the Islamic Finance Program at the University of Malaysia Sabah-Labuan, Islamic specialization is a growing field in finance, one that has received the Malaysian government’s full support. “Islamic deposits and the market share of Islamic finance are estimated at 11-12%, a figure which should increase for both in the next few years. Many foreign countries have also shown interest in Islamic finance such as New Zealand, Japan and Hong Kong,” he explained. Dr Humayon Dar, Senior Honorary Visiting Fellow in Islamic Finance at the London Cass Business School, which provides an executive