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9 Aug 2010 09:56:32
Two new courses offered for the first time from September by the University of Bedfordshire recognise the increasing demand for Islamic financial products and services.
The MSc in Islamic Banking and Finance and the LLM in Islamic Commercial Law guide students through the principles of Islamic finance and the theory of Islamic commercial practice which is based on Shari’a Law. According to these principles, Islamic financial products prohibit the charging of interest and investment in alcohol, pork, pornography or gambling.
The MSc, a one-year full-time course, will additionally provide an expert understanding of Islamic banking and Islamic financial instruments and operations.
UK students seeking to take the one-year full-time LLM Islamic Commercial Law require an LLB or Joint Law degree with a minimum classification of Second Class Honours, although degree holders in other disciplines with sufficient legal content will be considered as will those with foreign qualifications.
Students choosing these course will benefit from growing employment opportunities in the West representing Muslim interests and in Muslim countries.
Although the growth of formalised Islamic products and services is relatively new, a recent estimate puts the value of assets managed by the Islamic financial industry at US$1 trillion, a figure that is predicted to grow between 10 and 15 per cent per year. Today, there are more than 500 financial institutions offering Islamic finance in more than 80 countries.
According to Dr Anicée Van Engeland-Nourai, Reader in International Law at the University, Islamic banking, operations and instruments have developed into a vibrant financial sector, particularly in regions such as the Gulf states.
“Islamic banking is not a new phenomenon but has seen a revival since the end of the 20th century as it is perceived as a source for ethics in financial dealings,” she added.
Students taking either of the University courses also benefit from teaching from world-renowned experts in their fields and a fulfilling research environment.
Latest news» 2010» August» New courses on Islamic finance
