Two months of rigorous, first ever Islamic finance training successfully completed

Dubai, United Arab Emirates, July 27 2011 – What does it take to bring 7 million American Muslims Islamic finance? Maybe training only 100 prominent religious leaders as a small first step. That is what the founding members of the American Islamic Finance (AIF) Project have now successfully accomplished. Jointly founded by Ethica Institute of Islamic Finance, Guidance Financial, and the Islamic Society of North America, the AIF Project seeks to promote standards-based Islamic finance among Muslim communities in North America.

The training program began with an inaugural address by Mufti Taqi Usmani, chairman of AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), the world’s leading standard-setting body. Ethica’s spokesperson said, “Muslims in America rely on their imams for all kinds of information. By giving these community leaders direct training in the practical application of Islamic finance, Ethica now equips them with an understanding of global standards.”

Ethica’s two-month imam training program looks to become an annual event. The program was successfully completed this month after Ethica delivered a rigorous blend of e-learning, including case studies, exercises, and exams, in addition to intensive classroom instruction. With fewer banks and universities opting for face-to-face training, and more institutions adopting the increasingly popular e-learning option, Islamic finance is set to become more accessible to countries outside of the Gulf.