There is now an increasing demand for Islamic finance all over the globe even those countries that are non-Muslim. This is the reason why there is also a high demand for professionals with special knowledge in this specific field. Islamic finance has proven to have an increase in the global market at a yearly rate of over 10 per cent.
According to the chairman of SAMA or Saudi Arabian Moneraty Authority during his keynote speech at the 23rd World Islamic Banking Conference, Ahmed Alkholifey, the growth is an indication that banks that are complying with the Shariah law have a lot to offer aside from the fact that it is serving around 15 billion Muslims all over the world. He spoke during the second day of the conference.
He also added that the banking industry under Islam continues to grow in a significant manner all across the world in the last two decades.
He shared that banks that are following the Shariah law have a higher level of resilience compared to other conventional banks when subjected to a global financial crisis.
The official also revealed that many of the non-Muslim countries including Russia and China are considering adopting the system in a way to help their economy develop.
In March of 2016, the first Islamic bank was introduced in Russia. It was located at Kazan, a Russian city. The demand continues to increase globally thus there is a higher need for training programs as well as hands-on educational programs.
Alkholifey said that the Islamic banking industry is growing in a fast pace and it is now a necessity to gain more people that are qualified and has undergone training in various disciplines set at different levels. It is one of the most urgent concerns of the Islamic banking industry. Efforts are required coming from the banks as well as regulators in order to determine the areas where human capital is lacking.
Because of the scarcity of human capital, the Bahrain Institute of Banking and Finance are providing finance training as well as education in a specified degree that employs both theory and practice.