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Tuesday, 30 April 2013

India: Sharia market goes mainstream

Hyderabad: The subject of Islamic finance has surfaced at copious controversies in India, travelling through court cases, to political podiums, after all of it; finally this vast lucrative finance market is getting a mainstream acceptance, at least academically.
Monad University Uttar Pradesh is introducing Islamic finance as higher educational courses. The university, in collaboration with Institute of Islamic Banking Finance & Insurance (IIBFI), Chennai is providing three passages for Islamic finance education. MU is introducing Post Graduate Diploma in Islamic Banking & Finance (PGDIBF), MBA in Islamic finance and PhD in Islamic finance.
Few years back the Aligarh Muslim University also started a diploma in Islamic banking and finance.
According to MU, these three courses ‘will give students an edge to meet the growing interest in Shariah-compliant finance across the world’, which is according to them, ‘is currently the fastest-expanding sector of the global financial market’.
The entry in the courses is according to the UGC guidelines, as any degree from UGC recognized university is required for enrolling into Post Graduate Diploma in Islamic Banking & Finance (PGDIBF), and MBA in Islamic finance and for enrollment in Ph.D. Islamic finance a Post-Graduation degree and approval of university academic syndicate is essential.
Vice Chancellor of the university Dr. Mian Jaan introducing the university’s Islamic finance courses in Hyderabad addressed a press conference. Dr. Mian Jaan said “In every age, there is a need of knowledge specialization according to the changing trends in the world, and Islamic finance is the next big thing in the coming decade, as already 100 nations has introduced this market, which has now grown to be 1.3 trillion dollar financial service.”
Dr. Mian reiterated that in coming decade there will be a requirement of 5 lakh professional to monitor Islamic finance and his university want to provide job opportunities to the students globally.
He said Monad University, Hapur near Gaziabad which has been established vide Act No.23 of 2010 of the Government of Uttar Pradesh, is offering Islamic finance higher education from this academic year of 2013-2014, the department of Islamic finance will be formally inaugurated by Moulana Arshed Madani of Jamiatul Ulema on May 5th.
Zahid Ali Khan, chief editor of Siasat Urdu daily, who was also present in the conference praised MU for taking a pioneering step in the field of Islamic finance education. Khan urged that India should not shy away from Islamic finance which is a safe investment market and growing many folds every year. He stressed that many nations like America and European countries which has nothing do with Islam is getting attracted towards the market due to its safe and lucrative investment policies.
Khan advised other universities in India to introduce higher educational Islamic finance courses to provide diverse job opportunities to the students.
Md. Asim Farooq Director Academics and Administration IIBFI said Monad University has already selected six students for P.h.D in Islamic finance for this academic year, and University along with IIBFI is planning to start distance educational courses in Islamic finance from next academic year.
( / 28 April 2013)

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