Today, Islamic Banking and Financing is one of the world’s fastest-growing economic sectors which has become the talk of the financial world over the last two decades. Since this diverse sector has many opportunities and very little competition right now in the industry as it’s true potential hasn’t been realized yet, it is redefining the financial practices in many countries of the world which includes both the Muslim and non-Muslim nations. Economic giants are launching themselves into Islamic finance to draw the attention of investors globally, especially of the Middle East and Islamic countries to invest in Sharia-compliant businesses.
The evolution and gradual progress of Islamic finance has brought about new aspects to the financial policies and economic growth. It does not only provide Muslims with an opportunity to invest in projects or portfolios in a rightful Islamic manner but Islamic finance has got a lot to offer, beginning from a comprehensive and morally dependable economy to evacuation of destitution and demoralization of specific products that are damaging to the Islamic community. Islamic finance has everything in it that is the need of time, yet not in a religious way of thinking or discourse but as a technique and instrument leading towards progress.
As per the definition of Wikipedia “Islamic banking or Islamic finance or Sharia-compliant finance is banking or financing activity that complies with Sharia or Islamic laws and its practical application through the development of Islamic economics.” It is a thriving global financial sector which is an alternative to conventional banking and finance. It is bringing about a new dimension to global financial policies and economic development.
At present, many big and significant Islamic nations are following Sharia-compliant banking and financing practices. Non-Muslim states which share business and economic ties with Islamic banking hubs like Bahrain, Oman, Saudi Arabia, Qatar, United Arab Emirates, Kuwait, and Malaysia, deal with them are using Islamic Finance as an effective tool for financial and economic development globally.
Islamic banking and finance is based on five Shariah rules which distinctly separate it from conventional banking and finance. These five Shariah rules are:
The principles and guidelines of Islamic banking are profoundly established in religion which must be studied and understood thoroughly before beginning a career. The rules of Islamic banking and finance are vast and convoluted along with being extremely strict. This particular field requires strict adherence to the Sharia rules and guidance as there is no margin for error and whatsoever.
Although it is a demanding profession if you manage to follow the rules perfectly, it has the potential to offer you a highly lucrative, secure, and promising career path. At present, there is a vacuum in this thriving financial sector, so you can establish a great career in this field as it is going to revolutionize banking services globally in the next few years.
CIE, Centre for Islamic economics offers certification courses in Islamic banking and finance. Post-graduate Diploma (PGD), specialized short courses and workshops are offered throughout Pakistan. Our Ulemas and proficient well-qualified financial experts impart their knowledge to people from all backgrounds with an aim to develop Islamic business and economic environment in Pakistan.
Learn about Islamic business laws and practices with CIE. Read more about diploma in banking and finance at cie.com.pk
