Cima offers Islamic Finance qualification

News Article - 06 December 2007
Category: Business

The Chartered Institute of Management Accountants (Cima) is launching a global qualification in Islamic Finance.

It is the first qualification to be offered by a professional chartered accountancy body and will be created with academics, practitioners and scholars of Shari'ah.

Under Islamic Finance, which follows sharia law, all forms of interest are forbidden, and the customer and the bank share investment risk on agreed terms, dividing profits between them.

Robert Jelly, director of education at the institute, said: "Cima has identified that there is considerable demand from the global business community to develop the knowledge and skills required to service this increasingly important market."

The qualification will aid employers across the globe to equip their staff with the knowledge to develop financial products, he added.

According to the organisation, the Islamic finance industry is currently worth between £150 billion and £250 billion and is growing at a rate of up to 20 per cent a year.

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