Singapore, 20 November: Today, the educational arm of the International Chamber of Commerce (ICC), the ICC Academy, has launched an e-course entitled “Introduction to Islamic Banking and Finance.” Developed in partnership with the International Islamic Trade Finance Corporation (ITFC) and Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank (IsDB) Group, the curriculum is aimed at professionals working in banks, corporations and financial institutions. The e-course will be available as an additional paid resource for the ICC Academy’s flagship trade finance programme, the Global Trade Certificate (GTC).
Ranging in scope from corporate finance to assets management, the essence of Islamic Banking and Finance is its compliance with Shari’ah principles–the legal code of Islam. The main differentiators of Islamic banking from other conventional banking systems is usury (riba), where acceptance of interest and fees in exchange for loans is prohibited, and speculation (maisir), which is avoiding business that could be associated with economic bubbles.
Commenting on the launch of this new e-course, ICC Academy Managing Director Daniel Kok said: “Since 2000, Islamic banks have become a force to be reckoned with in global banking. Today, there are more than 300 Islamic investment firms and banks in operation in over 51 countries, handling a combined USD$800 billion in assets. According to the International Islamic Finance Forum, within the next five to seven years, Islamic banks will hold up to 50% of all savings from the world’s 1.2 billion Muslims. By the year 2020, it is estimated that annual profitability for the Islamic banking sector as a whole will reach USD$37 billion.”
“Given the significant evidence from the growing sector, there has been an uptick in the number of professionals needed in Islamic finance. We have designed this e-course to keep pace with this demand, as well as ensure that our trade finance programme provides a full suite of courses to professionals worldwide” added Mr Kok.
Offered as a separate course for those purchasing the Global Trade Certificate, the Islamic Banking and Finance e-course provides a foundational understanding of the core norms, modes, principles and prohibitions that govern the Islamic financial system and how it differs from conventional financial systems.
Comprising six lessons, the programme covers a range of topics, including contracts, the role of ethics in the Islamic financial system, prohibition of Al-Riba, the most suitable organisational model for Islamic banks, the concept of Bai’ Bithaman Ajil or credit sales and their conditions, among others. To help candidates put theory into practice, the e-course includes real world examples in the form of a detailed case study.
Speaking about the launch, International Islamic Trade Finance Corporation (ITFC) General Manager, Trade & Business Development Eng. Nasser Al-Thekair said, “The new e-course has been designed keeping in mind International Islamic Trade Finance Corporation’s (ITFC) and Islamic Research and Training Institute’s (IRTI) strategic priority to promote Islamic finance and to build capacity within the private sector. This introductory-level e-course is within the provision of online training of trade finance professionals and local partner banks in Africa over a three-year period. The initial phase has already delivered 100 Global Trade Certificate (GTC), including the Islamic (Trade) Finance courses. With IRTI as the author of this programme, we are looking forward to introducing more sophisticated trade finance products, in line with the evolution of the market and the needs of their clients, including the area of Islamic Finance.”
The curriculum is delivered via the ICC Academy’s innovative digital platform, which is accessible on every mobile device. Additionally, the online course offers new features, such as a searchable course glossary, dynamic animated videos, a quiz review dashboard for assessment tracking, achievement badges, automatic bookmarking and pre-assessment games.
The Introduction to Islamic Banking and Finance e-course is available for USD$150. Enroll today.
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