New Islamic mortgage qualification launched

Wed, 03 Aug 2011
The rise of Islamic mortgages and other products specifically designed for Muslims has led to a new qualification being launched.

It is thought that the Chartered Institute of Management Accountants' (CIMA) new advanced diploma in Islamic finance is the first of its kind offered by a professional chartered accountancy body.

The organisation created the qualification after identifying that Islamic mortgages are becoming much more prevalent and relevant.

"Islamic finance is becoming much more prominent throughout the financial institutions of the world, rapidly growing from a niche industry to a mainstay of finance," explained CIMA leadership and development specialist John Willsdon.

The expert added that there is a "global shortfall of skilled Islamic finance professionals" and that this new diploma would help address that issue.

International Institute of Islamic Finance chief executive and president Dr Mohammed Daud Bakar predicted that thousands of professionals will be needed around the world to help the Islamic mortgage and finance markets grow.

The industry has sprung up around the Sharia teaching that Muslims should not pay or receive interest, meaning financial institutions have had to find other ways of operating.
Salaam-u-Allaikum
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