The Islamic Finance market is estimated to range in size from $1.66 trillion to $2.1 trillion with anticipated growth to $3.4 trillion by the end of 2018. Islamic financial assets represent one percent of the entire global financial market, with major capitals leading the way, including London, Kuala Lumpur, Singapore, Dubai, the United Arab Emirates, and Manama, Bahrain, among others.
The Islamic Financial system operates in accordance with Sharia, the Islamic laws, meaning it is rooted in social justice. As such, Islamic investments are socially responsible, which excludes industries like gambling, tobacco and arms. As in the conventional financial system, there are Islamic banks, capital markets, asset managers, fund managers, investment firms and insurance companies, to name a few.
Kogod is the first business school in the Washington, DC area to offer a course specifically designed to help students develop the skills they need to succeed in this market. The course, Islamic Finance in the Global Economy, is offered to both graduate and undergraduate students.
Islamic Finance in the Global Economy is taught by Professor Ghiyath Nakshbendi, a Kogod School of Business Executive-in-Residence, who teaches in the Department of International Business. A Fulbright Scholar with 35 years of experience working in development financing, Sovereign Wealth Funds, and commercial real estate around the Middle East, Europe and the United States, Nakshbendi brings his international expertise and unique business perspective directly to the classroom.
The course provides a basic understanding of the principles of Islamic finance with an emphasis on the last four decades of the market’s evolution. Students learn about current Islamic capital markets and the institutions that are the major players, with a focus on issues related to insurance, accounting and auditing, and ethical concepts.
The end result is an understanding of Sharia and its impact on the commercial sector and on business transactions, as well as a variety of the unique aspects of Islamic financial institutions. Students also develop an Islamic finance business plan and learn how to introduce it into the Western financial sector.
Islamic banking is one of the most rapidly growing fields in the global financial market. Global capitals are expected to require more than 50,000 professionals worldwide in the coming years. Islamic Finance in the Global Economy will help anyone interested in entering this fast-paced sector develop the skills they need to navigate challenges and succeed in this exciting area.
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