CIMA launches advanced diploma in Islamic finance

CIMA recently held the UK launch of its new advanced diploma in Islamic finance at the Islamic Finance News (IFN) 2011 Europe Forum in London. The qualification is the first advanced diploma in Islamic finance launched by a professional chartered accountancy body.

The much-anticipated Europe Forum, organised by global Islamic financial specialists REDmoney Group and endorsed by the London Stock Exchange, has seen the IFN concept entering a new market after five successful years in Asia. It has instantly become the largest annual Islamic finance event held in Europe, and has attracted leading global industry figures to the city for the two day conference.

The CIMA advanced diploma in Islamic finance (CADIF) is the first qualification of its kind to be offered by a professional accountancy body, and marks a major step forward for the Islamic finance industry. It follows the successful launch of CIMA’s certificate in Islamic finance four years ago, which, following a detailed review, has recently been renamed the CIMA diploma in Islamic finance.

John Willsdon, a leadership and development specialist at CIMA, and the organisation’s authority on the industry, said: ‘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. CIMA’s qualifications in Islamic finance have been developed with this switch in mind, and to help meet a global shortfall of skilled Islamic finance professionals.

‘Our qualification offers international recognition by the industry, as an alternative to the regional qualifications available in isolated geographies. We see the Islamic finance market as particularly important, with its current global value estimated at more than USD1.1 trillion, and our aim is to provide appropriately trained human capital to sustain the industry’s continued growth.

‘CIMA’s progressive approach to Islamic finance, offering qualifications tailored to the evolving needs of the market, will benefit many professionals. This includes those working in the financial services sector who would like to be part of this dynamic industry, those already working in Islamic finance who want to hone their skills and broaden their knowledge, and those in the accounting profession who advise on Islamic issues.’ Leading international Shari’ah expert Dr. Mohd Daud Bakar, who is president and CEO of the International Institute of Islamic Finance (IIIF) Inc, and Amanie Business Solutions, and who has acted as a consultant on CIMA’s advanced diploma, added: ‘Islamic finance plays a vital role in the modern business world, and it is important that there are global qualifications available to professionals in both the principal and developing Islamic finance hubs.

 ‘It is estimated that thousands of professionals will need to join the industry globally over the next five to seven years if its impressive growth is to be sustained, and CIMA has developed a truly global product to help facilitate this expansion.’