Dubai aims to import Islamic finance courses from Malaysia

Dubai is hoping to attract academic courses in Islamic finance from Malaysia as it aims to become the global hub for the Islamic economy.

Tecom Investments has sent a delegation from Dubai’s Knowledge Village and Dubai International Academic City to meet representatives from Islamic finance academic institutions in Malaysia in an effort to bring some them to the emirate.

Sharia-compliant banking skills are in high demand as the Islamic finance sector expands, a study by the consulting company Deloitte has shown.

The study revealed that there is a particular need for entry-level jobs and financial risk management positions.

Dubai is also planning to start its first Sharia-compliant export-import bank.

During its visit this month, the delegation examined different Islamic economics courses related to Sharia-compliant funds, sukuk, murabaha and the regulatory frameworks related to Islamic finance.

“Our trip to Malaysia represents our continuous strive to attract relevant academic institutions that can provide quality education across all levels, covering graduate, undergraduate, and vocational training courses,” said Ayoub Kazim, the managing director of Dubai Knowledge Village and Dubai International Academic City.

“Our decision to go to Malaysia was based on its leading reputation and expertise in the Islamic finance sector,” he said.

Dubai aims to bring two renowned Islamic finance universities to the city – the International Islamic University Malaysia and The Global University of Islamic Finance – which the delegation encountered during its visit.

It is also keen to bring in governmental professional development centres in the Islamic finance sphere such as the Islamic Banking and Finance Institute Malaysia. The delegation also visited the Labuan International Business and Finance Centre, which has a research focus on Islamic wealth management.

Dubai’s ambitions in Islamic industries include setting up a Sharia council to oversee standards in Islamic finance, an arbitration centre to resolve disputes in Islamic contracts, and a drive to boost production of halal food within Dubai. The ratings agency Standard & Poor’s said it expected the Islamic finance industry to more than double globally to about US$2.6 trillion by 2015.

(The National / 24 March 2014)

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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com