Dubai: The Chartered Institute for Securities & Investment (CISI) has announced a significant increase in the number of Islamic Finance qualifications taken in the Arabian Peninsula over the last 12 months. The increase demonstrates an increased interest in seeking professional qualification in the growing Islamic finance industry.
CISI recorded 111 of its Islamic Finance Qualification exams taken between August 2014 and August 2015, compared to 82 taken in the same period in 2013-14. The UAE was the country which saw the biggest increase in people undertaking the exams, with a 35 per cent increase from August 2014 to August 2015.
Matthew Cowan, regional director of the Middle East at the Chartered Institute for Securities & Investment, said: “The increased numbers of people taking professional qualification exams indicates the growing desire to continue improving the standard of Islamic finance services offered in the region, which strengthens the industry as a whole. People choosing the Islamic Finance qualification pathway also demonstrates a desire from individuals to expand their knowledge relevant to their individual careers and personal interest, which contributes to the region’s countries moving toward knowledge based economies.”
Cowan added: “The fact that the UAE has seen the largest increase in exams undertaken underlines the fact that the UAE — and Dubai in particular — is forging its reputation as the world’s Islamic finance capital. As Dubai invests in the Islamic finance industry, this will accelerate the sector’s development in the rest of the region.” The Middle East has continued to show strong growth in the Islamic finance industry, driven by partnerships with regulatory authorities in the UAE, Oman, Qatar, Bahrain, Palestine and Lebanon. The mix of Arabic and English qualifications is essential as the industry develops, for professionals looking to upskill their knowledge and for those looking to take a first step towards a successful career in Islamic banking and finance.
This trend correlates with the recently released findings of the State of Global Islamic Economy (SGIE) report, which forecasts the Islamic finance industry will continue to grow as the value of assets is expected to increase by 80 per cent to reach $3.24 trillion (Dh11.9 trillion) by 2020. Given that Islamic finance is growing in importance and is considered to be the most developed sector within Islamic economy, CISI recently launched the globally recognised Fundamentals of Islamic Banking and Finance qualification.
Originally published on www.gulfnews.com