Growing Demand of Diploma in Islamic Finance in Today’s Business World

Over the past few decades, the Islamic finance industry has made steady advances to become one of the leading areas of investment in the world. This means that those who seek employment within the industry need to have a diploma in Islamic finance. This is because either degree will provide you with the proper background and education to succeed in this industry.

This is because Islamic Financial practices differ in significant ways compared to the Western banking and financial industries.

What follows are the key areas of the Islamic curriculum that you will need to study to develop the Top 7 skills needed for your development.

1. Islamic Economics

A fundamental understanding of economics is vital towards comprehending the functions of the financial world. Earning your diploma in Islamic banking will mean gaining a general understanding of how economics works in Islamic finances.

2. Islamic Banking

The heart of the financial industry is banking, so you will need a good understanding that builds up your skills in this area. This is especially true in learning the nuances of Islamic banking practices so that you can start quickly on the job.

3. Islamic Finance

An overall understanding of finances that include lending, investing, interest rates, and practices that influence their behavior. Important for those who plan on working in investing groups or institutions, having a good understanding of Islamic financial practices is key to your success.

4. Islamic Insurance

A general understanding of the insurance industry is also encouraged because you gain understanding on how it works. Islamic or Sharia practices differ in certain ways from Western institutions, so this is a skill that you want to hone during diploma in Islamic finance studies, and know how it works.

5. Islamic Accounting

Whether you plan a career in accounting or not, having a basic understanding of this skill will help you whether you choose to go into banking or finances. In fact, it will help you earn your place in any company where you are involved in their financial areas either directly or indirectly so you can offer support.

6. AAOIFI Shariah & Accounting Standards

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a not-for-profit, autonomous Islamic body that sets the standards for auditing, governance, ethics, and accounting for financial institution in Islamic countries. As part of your skill development, you will need to understand the standards put in place by the AAOIFI and how they affect the banking and financial institutions that follow their practices.

7. On-Hand Experience in Product Development

Nothing beats having first-hand experience when it comes to product development in Islamic banking and financial institutions. This means that the educational institute have programs that provide you with such experiences as part of earning your diploma.

Conclusion:

By getting diploma in Islamic banking, you set yourself up for success by developing the top 7 skills needed to excel in this industry. Be sure that where you get your education provides for becoming proficient in these skills so that you have the best chances for success.