Islamic finance products are based on permitted economic and commercial activity, as outlined in the Holy Quran and Sunnah. Through it, we learn the permissible sources of income, the prohibiting of other types of income including riba (interest), moral directives in conducting business, unethical trade practices, charity, consumption, wealth accumulation, social responsibility as well as communal development. Islamic finance is simply the financial tools developed based on these requirements.Islamic finance is among the fastest-growing markets, and over 700 Islamic financial institutions are operating in both Muslims and Non-Muslim countries.
Many of the world’s leading emerging markets - notably the GCC countries, Malaysia and Indonesia have significant Muslim populations, which have driven the rise of Islamic banking. Ernst and Young’s World Islamic Banking Competitiveness Report 2016 notes that Islamic banking assets have risen about 16% each year since 2010, despite general economic and political volatility. Well-established in the Middle East and select markets in Asia, Islamic banking is also a burgeoning finance model in other parts of the world, like in Europe, Islamic banking is a booming finance sub-sector.
Globally, the number of institutions offering Islamic finance degrees has risen from 141 in 2014 to 191 in 2016, according to ICD-Thomson Reuters Islamic Finance Development reports. One catalyst has been the growth of the sector. There are 1,407 Islamic financial institutions globally, from retail to investment banks and asset managers. The 2017 ICD-Reuters report put the Islamic finance industry at $2.2tn of assets in 2016 and forecast that it would grow to $3.8tn of assets by 2022.

Industry studies estimate that the Islamic finance industry will require as many as one million skilled professionals by 2020. Organisations yearly need 15,000+ professionals, who have a good understanding of laws and applications of Islamic finance in real life. This talent gap cannot be fulfilled with even the most experienced bankers with a conventional educational background instead; the industry requires a stream of leadership in reliable shariah scholars equipped with in-depth Islamic fiscal knowledge and practical expertise.

Realising this need, the Al Balagh Academy launched Takahssus (specialisation) Islamic Banking and Finance (TIBF) in Spring 2019. TIBF is an advanced level qualification, which produces highly skilled Shariah Scholars, who can fulfill the market demands. The program has been customised solely for fresh Shari’ah graduates in order to provide the theoretical and applied knowledge of Islamic finance, Islamic fiscal jurisprudence, banking, Takaful and economics. Graduates of the program will have up-and-coming career prospects in academia and the local and international Islamic finance industry.

This is a core online course which emphasises on fundamental knowledge of Islamic banking products and services, including their operations—followed by strengthening Shariah Scholars’ clarity on the applicability of Shariah Maqasid in commercial contracts for Islamic banking products and services. This would build an ability to explain the differences between Islamic banking products and their operation, to those of conventional banking. Further coverage of this course, on the product type for different customer segmentation, is supported by the students’ assignment, discussion and presentation via a case study on product packaging/product bundling. Consequently, this course leads to exposure of traditional ulama kiram on associated risks and contemporary Shariah issues about Islamic banking products and services that may lead to their exploration of Islamic banking product enhancement and innovation.

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