The Securities & Investment Institute and the Lebanese Ecole Supereiure des Affaires (ESA) have launched the Islamic Finance Qualification in London, marking the first global examination in its category.
“There is no other qualification or unified standard practice which covers Islamic Finance from both a technical and Sharia’a aspect which will offer the degree of international portability and professional competence comparable to that offered by the IFQ,” says Lord Mayor David Brewer at the launch.
The qualification was created to expand the understanding and practices used in Islamic financial markets. Though it’s geared toward those working in the Islamic finance industry, other candidates can apply for the programme.
The IFQ was originally initiated by the Central Bank of Lebanon and later developed by the appointed Advisory Council for Islamic Finance, which created the syllabus, workbook and teaching materials.
Currently the IFQ is being offered in the UK and Lebanon, and the first pilot exam will take place in London and Beirut on 28 November, adds Riad Salame, governor of Lebanon’s Central Bank. The IFQ is expected to expand to the Arab League, South East Asia and France.
The collaboration between the SII and the ESA is proof that the Islamic finance industry, which is expected to grow 20 percent per year, can successfully expand outside the Middle East, says Salame.
“London is renowned for the centre of excellence for financial services, skills and curriculum and it’s wonderful to add expertise in Islamic finance training,” says Brewer.