UK varsity to offer MSc in Islamic Banking & Finance

Updated on: Tuesday, December 15, 2009

London: Recognising the growing demand of Islamic banking, the Varsity of Salford in Manchester has launched a new MSc programme in Islamic Banking and Finance from the forthcoming academic year.

Islamic banking, which refers to a system of banking consistent with Sharia, is considered to be one of the fastest growing sectors in the financial world.

The sector enjoys an estimated current growth rate of 10-15 per cent, with over 300 institutions globally managing an estimated USD 500 billion of assets. Five Islamic banks operate in UK, and London is acknowledged as the centre of Islamic banking and finance in Europe.

Under Islamic tradition, charging interest to borrowers is viewed as immoral and investments must be made according to strict ethical principles. Although, they cannot charge interest, Islamic banks must still offer competitive returns to customers and turn a profit.

Islamic banks have opened in a number of British cities, and major banks such as HSBC and Lloyds TSB offer Islamic products and services.

The Salford Business School's new MSc Islamic Banking and Finance, to be delivered in full and part-time modes, is intended to provide a solid core of general banking and financial principles together with three modules specific to Islamic Banking and Finance.

Modules specific to the study of Banking and Finance according to Sharia principles include: Philosophy of Islamic Economics and Finance, Islamic Financial Markets and
Instruments, Islamic Banking Operations, Products and Services.

Students will be expected to complete a research dissertation, which will focus on a detailed aspect of Islamic Banking and Finance.

The MSc course will initially enrol 20 students.

Lecturer Hussein Abdou said: "It's predicted demand for Islamic services will treble in the next few years. The course is not just for Muslim students. It is open to all people who want to have a unique position in the job market."

UK varsity to offer MSc in Islamic Banking & Finance

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