Wednesday, December 5

You dont have to be Muslim to be an Islamic Finance Scholar

This is the key, people tend to think that only Muslims can become Islamic Banking Scholars. That is not the case, and anybody can become an Islamic Banking or Finance Scholar. Here are more details.

Islamic Finance is on the growth path, there is a big paucity of Islamic Scholars and the current way of training them is way too complicated. You see, if you start putting together a strong bachelor degree or a professional degree (like CFA or a CA degree), there is no reason why students cannot do this degree and become a scholar. And with the CIMA degree, one can get this certification and start advising funds after some more training.

And this is going to be a growth industry, oil is not going to get cheaper and faith is going to get stronger. So the Muslim wealth funds and the Islamic investors are just going to grow and grow. They need support and since existing Muslim educational institutions are unable to supply the scholars, outside firms will step in.

If you think that people would not invest in funds that have been checked by say a Christian scholar of Sharia, they just need to have a front man who is Muslim, just like they have in Saudi Arabia and elsewhere. So the chap is happy, he just rubber stamps the decisions, and the financial institution wins, the investor is happy, the industry is happy. Everybody is happy as larry! :)

All this to be taken with a grain of piquant salt!!!

No comments: