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Ethica Institute at G20 Islamic Finance Summit: Promoting Education

DUBAI, UAE - June 28, 2010

The G20 Islamic Finance Summit recently brought together Islamic finance experts from around the world to discuss the changing role of the industry amid the continuing global financial crisis. The summit was held on June 28 at Ryerson University’s Ted Rogers School of Business and was opened by Derek Lee MP, federal member of the Canadian parliament. Among the topics discussed at the event, education figured prominently, with experts stressing the importance of promoting standardized Islamic finance education.

Ethica Institute of Islamic Finance’s MD, Atif Khan, said, “We look forward to a day that academic and training institutes adhere to a recognized Shariah standard. One in which educators work with Islamic finance scholars to follow AAOIFI, the most widely-accepted Shariah standard in the industry.” Presently, academic institutes obtain external accreditation from conventional institutes, unlike Islamic financial institutions that retain the services of Islamic finance scholars to approve products.

Amid growing concern about the sustainability of interest-based finance, there is burgeoning interest among conventional institutions, both financial and academic, in exploring Islamic finance as an option. Stephen Ranzini, CEO of US-based University Bank, cited his own experience in marketing Islamic finance products to conventional customers: “The results were so compelling that…90% of the customers are non-Muslim,” he said. With so much growing interest in Islamic finance in the wake of the global financial crisis, the summit’s experts agreed that, as finance professor in attendance Ayse Yuce stated, “Education is extremely important.”

 

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