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First global Islamic finance qualification launched

The first global Islamic finance qualification to be offered by a professional accountancy body will be launched next week.

The Chartered Institute of Management Accountants (CIMA) will launch the qualification on December 5 to help meet the growing demand for Islamic financial professionals in financial centres around the world.
Robert Jelly, director of education at CIMA, said: "CIMA has identified that there is considerable demand from the global business community to develop the knowledge and skills required to service this increasingly important market."

A Shariah panel headed by Mohd Daud Bakar, known for his work with the Shariah Advisory Council of the Central Bank of Malaysia and HSBC Amanah, has developed a syllabus that covers a range of Islamic interpretations, meaning that it is not country-specific.

"We have tried to be as broad as possible and capture all interpretations," said Ray Perry, director of brand for CIMA.

"We are aware that Malaysia's interpretation is different to some other states' versions of Shariah."

The CIMA Certificate in Islamic Finance is a distance learning course with four modules, comprising Islamic commercial law; Islamic banking and takaful; Islamic capital markets and instruments; and accounting and analysis of Islamic financial institutions.

The course is expected to appeal to people in middle management who require a more detailed knowledge of Islamic finance.

The study material is available online or by post, and exams can be taken at approved regional centres, which will be announced in the coming months. In the Middle East, CIMA will focus initially on the UAE and Bahrain.

There are currently more than 2,000 CIMA members in the GCC.

In October, the Institute of Chartered Accountants in England and Wales (ICAEW) announced that it would offer Associate Chartered Accountant (ACA) certification next year in Dubai and Manama, through local partner Phoenix Financial Training.

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