First-Ever Islamic Finance Institute Established in Japan

Tokyo — Hitech Solutions, a privately held company based in Tokyo, has announced the establishment of the first-ever institution of academic excellence in the field of Islamic Banking & Finance called the Japan Institute Of Islamic Finance (JIIF) in Tokyo, Japan.

Starting in January, 2015, the institute will offer certificate courses in Islamic Finance, Islamic Insurance (Takaful), and Islamic Mortgage Systems, to students of various academic institutions and professionals in the banking & finance industry in the country.

“Our ultimate objective is to give on-the-spot training in the fast growing field of Islamic Finance to students and professionals in the banking & finance  industry in Japan,” said H. Maqsood Ahmed, the founding chairman of the Japan Institute of Islamic Finance (JIIF).  “I think we are in a unique position to do that, because we have around 30 years of experience in Islamic Finance, we have a thorough understanding of the Japanese corporate culture, and we know the Japanese language, to　impart the training effectively”

The new certificate program, which will be offered to finance students of various academic institutions, and professionals from conventional banks and other financial institutions, will provide comprehensive training of many Islamic financial instruments prevailing in the world and their relevance in the global competitive market of today.

Although JIIF, the Japan Institute of Islamic Finance will not bestow academic degrees through this certificate program, the institute represents a “real breakthrough” for Japanese banks and financial institutions operating in Tokyo and other parts of Japan, according to Mr. Ahmed. “This is to be the first-ever Islamic Finance institution in the country to impart hands-on training in the rapidly growing field of Islamic Finance,” he said.

“We provide standards-based comprehensive training to our clients according to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards.” he further stated.  This body is the de-facto standard in over 90% of the world’s jurisdictions.

“To create awareness about the discipline of Islamic Finance in Japan, we mainly plan to offer introductory and advanced level courses on Introduction to Islamic Finance,  Introduction To Islamic Insurance (Takaful) and Islamic Home Mortgage System,” was quoted by the founding chairman of Japan Institute Of Islamic Finance (JIIF) in Tokyo.

Why An Islamic Finance Institute In Japan

The year 2014 has been a banner year for the Islamic Finance industry globally. Islamic Financial instruments have become so popular that even some non-Muslim countries such as Britain, Hong Kong, Luxemburg and South Africa decided to issue Islamic Bonds (Sukuk) this year. Not only the sovereigns but also institutional investors like Goldman Sacks followed the suit. The Bank Of Tokyo Mitsubishi and Societe General are also expected to jump on the bandwagon soon.

“While all these developments are still going on, there has been no university or any other academic institution of higher learning in Japan where the discipline of Islamic Finance is being taught on regular basis. We decided to establish Japan Institute Of Islamic Finance (JIIF) to provide a comprehensive understanding of Islamic Finance to the interested professionals, companies, banks, other financial institutions, and universities in Japan” was quoted by Mr. Ahmed of the institute.

For more information, please visit www.jiif.org