Can Global Banking Giants Learn Islamic Finance?

Renewed focus on interest-free finance sees one of the world's banking giants hire Ethica to deliver Islamic finance e-learning to thousands of its bankers

DUBAI, UAE, March 5, 2013

At a time in history when people are beginning to question the viability of interest-based banking - banks having triggered the entire financial mess - there is renewed focus on interest-free banking. Enter Islamic finance.

In a hotly contested bid to deliver Islamic finance e-learning at one of the world's largest global banks, Dubai-based Ethica won the final mandate to train thousands of the bank's employees. The name of the banking giant remained under wraps but sources close to the deal said that bankers from 8 countries were slated to receive Ethica's training. Ethica currently certifies more bankers in Islamic finance than any another organization, with professionals in over 100 financial institutions.

Ethica's spokesperson said, "If banks are going to leave interest, we have to show them how. In many countries Islamic finance is now attracting more customers than conventional finance for the same products because the terms are simply better. Our client was looking for a rapid, multi-country training platform and they saw Ethica's e-learning as their solution."

With classroom training slowly taking a back seat to e-learning at banks - for cost-effectiveness and quality control - there is more emphasis on ensuring that the online experience is an engaging one. To do this, Ethica's 100% online platform delivers up-to-date material 24 hours a day rather than the slower delivery of traditional guidebooks and distance learning emails.

SOURCE: Ethica Institute of Islamic Finance


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