A MBA in Islamic Banking and Finance can give you an advantage in a competitive industry. This specialized degree teaches the principles of Islamic banking, as well as critical aspects of traditional banking. It is a popular choice among millennials and is a good fit for both Muslims and non-Muslims.
Why it is a good choice for both Muslims and non-Muslims
One of the challenges facing Islamic banking is financial literacy. The religious prohibition on paying interest has prevented many American Muslims from owning a home, and the lack of Islamic-compliant deposit products has limited their options for banking. To meet these challenges, University Bank, a community bank based in Kansas City, Missouri, has developed an Islamic Banking Division. Mushir Khwaja, the new Islamic Banking Division head, will develop relationships with Muslim customers, while Sarah Siddiqui, a graduate of the Islamic Banking and Finance Program, will handle interest-free mortgage alternative transactions and an FDIC-insured money market account.
The demand for qualified individuals in this field is greater than ever. There is an anticipated shortage of more than 75,000 skilled professionals within the next five years. AIMS plays an important role in producing the human resources needed to serve the growing market. Students studying at AIMS come from diverse backgrounds and have a global perspective.
Students will gain valuable skills through the program and be well prepared for managerial positions in Islamic finance. In addition to securing managerial positions in Islamic banking, graduates can also pursue management positions in government service and international organizations. Alumni of the program have been successful in gaining employment, promotions, and high positions in international organizations.
The demand for qualified Shari’ah scholars will always remain high. With the growing Islamic banking industry, wealth managers will need the skills to position financial products and services to suit the needs of their clients. Even some conventional banks have dedicated Islamic banking services, so the demand for Islamic banking professionals will never diminish.
It promotes financial justice
The Islamic Finance Qualification (IFQ) – ACCA Global is an important field of study for students interested in economic and social justice. The primary purpose of Islamic finance is to facilitate equitable distribution of wealth and opportunity for all. Early experiments in Islamic finance have been consistent with this aim. However, the practice has mostly involved commercial banking within the conventional fractional reserve banking system. Currently, 72% of Islamic finance assets are in commercial banks.
The MBA programme combines academic study and work commitments, providing students with the necessary business management skills to be successful in the Islamic finance industry. The course is designed to develop critical thinking skills and equip students with the ability to identify and apply innovative solutions. Its two-year course spans a variety of key areas in business and financial management, and also includes modules that focus on Islamic finance and commercial development. It also equips students with the knowledge necessary to work independently.
Islamic banking is different from conventional banking in many ways. The primary difference between conventional and Islamic banking is the way the system allocates risk. In conventional banking, lenders charge interest for lending money. This is in contradiction with the concept of Riba, which is a principle of Islamic finance. Moreover, conventional banks consider money as a commodity to be sold.
Islamic finance is based on the principles of Islamic law and Shariah. It is a way of conducting business that promotes financial justice and social welfare. Its principles involve prudent investments and careful decision-making processes. As a result, it helps promote socially-viable investments, as well as better relationships between individuals and corporations.
It is popular among millennials
With the growing importance of Islamic finance in the world today, an MBA in Islamic Banking and Finance is a popular choice for millennials. This growing demographic is increasingly looking for banks that are shariah-compliant and ethical. Today, over 200 Islamic financial institutions operate across the Middle East, Africa, and Asia. These institutions include banks, mortgage companies, insurance companies, and mutual funds. In just the last two decades, the industry has grown by leaps and bounds. Those interested in joining this exciting field will gain a great deal from the MBA in Islamic Banking and Finance as it is among the top 3 Professional Diploma in Islamic Banking & Finance.
In addition to gaining specialized skills, an MBA in Islamic Banking and Finance also helps students develop general management skills. Students who complete the program will be more capable of managing a diverse set of clients in a diverse environment. During the course, they will learn about Islamic finance principles, as well as critical aspects of traditional banking.
The sector is also increasingly attracting women. The fast growth of Islamic finance is creating a skills shortage that creates great career opportunities for women. The Islamic finance industry had $2.3 trillion in financial assets at the end of 2017, and it is expected to reach $3.4 trillion by the end of this year and $6.7 trillion by the end of 2020.
In addition to providing new levers of financing, Islamic finance also has a positive impact on small businesses. The application process for traditional banks is time-consuming, and small businesses often lack a dedicated credit team. This makes it difficult to obtain funding, but Islamic banks take on much of this work.
It is a niche industry
MBA in Islamic Banking and Finance is a specialization within the finance industry. It focuses on the Islamic banking principles and the critical aspects of traditional banking. The industry is experiencing growth at a rate of 20% per year, thanks to an increasing demand for ethical financial services. The industry offers ample job opportunities, both for Muslims and non-Muslims, and presents both a financial and social impact.
The growing importance of banks has made Islamic finance a valuable skill for many. The globalisation of business education has also meant that many business schools now have campuses in Muslim-majority countries. This means that the number of courses offered by business schools is increasing, along with the student demand.
The Islamic banking industry is growing at a rapid rate, with a potential value of $800 billion to $4 trillion. Today, there are more than 200 Islamic financial institutions around the world, ranging from mortgage companies to mutual funds. In the next eight to ten years, this industry is expected to capture half of the world’s 1.6 billion Muslims’ savings.
An MBA in Islamic Banking and Finance is a great way to join an industry that is growing in demand. The Islamic banking industry caters to people of all faiths and is continuously evolving. As a result, many employers are looking for qualified experts in this niche industry.
It is a coveted profession
Whether you’re interested in banking or the Islamic financial system, an MBA in Islamic Banking and Finance can help you get the knowledge you need to land your dream job. This industry is growing fast, and professionals with a background in Islamic banking are highly sought after. In addition, the field of Islamic finance is open to individuals of all faiths, and there are many places around the world seeking skilled Islamic banking experts. By studying for a degree in this specialized field, students will not only become more knowledgeable about Islamic finance, but they will also be able to enhance their general management skills.
The Islamic finance industry is growing rapidly, with an estimated growth of 20 percent a year. With a growing demand for ethical financing, there are many opportunities to make a positive impact both on the financial and social front. An MBA in Islamic Banking and Finance will give you the skills to succeed in this niche industry and become one of the most sought-after professionals in the world.
It is a good choice for women
While traditionally men have dominated the world of finance, this field is rapidly growing and the skills shortage is creating career opportunities for women. The Islamic finance industry had $2.3 trillion in assets at the end of 2017, which is projected to grow to $3.4 trillion by the end of 2018 and $6.7 trillion by 2020. Women would benefit from this fast-growing industry, as their skills and attitudes would align with Sharia principles.
MBA in Islamic Banking and Finance courses are rigorous and challenging, focusing on gaining specialized knowledge within a short period of time. The typical module involves fourteen four-hour lectures. Classes teach the history and development of Islamic banking products and services and encourage students to create new, modern services. They also require students to work on project papers.
An MBA in Islamic Banking and Finance program covers all aspects of Islamic banking, including risk control and financial management. The program also emphasizes the application of Shariah principles to Islamic finance. Graduates with this degree will be able to apply their knowledge and implement strategic processes in Islamic banks and investment organizations.
An MBA in Islamic Banking and Finance will give women a solid grounding in Islamic financial management and help them find careers in the field of Islamic financial services. They will also have the knowledge and expertise to develop their own businesses and work in Islamic finance consultancy firms.