Discover one of the world’s fastest growing sectors and begin a satisfying and rewarding career for life. Begin opening new doors today with a high quality distance learning Islamic Banking Courses from Oxford Home Study College.
Islamic banking refers to a thriving global financial sector, in which all products, services and activities must comply with Sharia law – aka Islamic law. There are a great many differences between western banking standards and those of Islamic banking – the latter representing one of the fastest growing financial sectors in the world.
At the moment, the biggest and most important Islamic banking hubs are the states of the Gulf Cooperation Council - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates – and Malaysia. Among the many features that separate Islamic banking from traditional western banking, charging interest is strictly prohibited as is investing in businesses that contravene Sharia law. Any businesses that trade in gambling, pornography, arms, pork or alcohol for example are strictly prohibited.
The importance of Islamic banking becomes apparent immediately upon viewing the numbers. Right now, there are more than 300 Islamic investment firms and banks in operation on a global basis, handling a combined $800 billion in assets. In addition, the International Islamic Finance Forum predicts that within the next 5 to 7 years, Islamic banks will hold up to 50% of all savings of the world’s 1.2 billion Muslims. Also by the year 2020, it is estimated that annual profitability for the Islamic banking sector as a whole will reach $37 billion.
Islamic banking is important for the sole reason that demand for such banking services is accelerating at its fastest ever pace. From individual customers to some of the world’s wealthiest businesses and everything in-between, the industry is already spectacularly strong and has really only just begun its meteoric rise.
For those interested in a career in finance, Islamic banking represents a uniquely potential-filled specialism. From job security to career advancement opportunities to financial rewards, it is a sector in which those with the required skills, qualifications and commitment are writing incredible success stories.
Just some of the benefits of working in the Islamic Financial industry include:
1 – Lower Competition
Given the fact that Islamic banking is still considered something of a niche specialism in western circles, there is considerably less competition to worry about when looking to secure a job in the first place.
2 – Huge Demand
Though it may continue to be considered a niche specialism for some time, demand for professional Islamic banking services is accelerating at a rate that far outpaces that of traditional western banking.
3 – Job Security
Islamic banking is also one of very few contemporary sectors that are largely guaranteed to continue growing and expanding out an incredible pace indefinitely. In terms of job security therefore, it is an industry that can guarantee a secure career for life.
4 – Financial Rewards
As in all areas of finance, there is enormous potential for extremely high earnings upon climbing the career ladder in an Islamic banking setting. The added bonus being that there is considerably less competition for each subsequent post along the way.
5 – Cultural Insights
There’s also the priceless benefit of studying a fascinating and deeply historic culture, along with the opportunity to begin a career in a wide variety of geographical locations worldwide.
Given the fact that the principals and standards of Islamic banking are deeply rooted in religion, there is a great deal that must be studied at length before it is possible to begin a career. Not only are the rules of Islamic banking extensive and complicated, but they are also extremely strict. There is absolutely no margin for error whatsoever and flawless standards are expected from those working in Islamic banking from day one.
It is an extremely demanding professional sector, but nonetheless has the potential to offer a highly rewarding, secure and fulfilling career path for life.
· Salary– Employed Islamic banking professionals can earn anything from £15,000 in an entry level customer service position right up to £1 million+ as an executive or director. It is an extremely diverse industry staffed by professionals working at hundreds of different levels.
· Working Life– Most financial sector careers involve working standard office hours, in accordance with the respective nation and region. Analysts, investors and various other members of the workforce may also be required to work evenings and weekends. International travel may also represent an important part of the job.
· Potential Employers – As mentioned previously, there are already more than 300 Islamic banks and financial businesses operating on a global basis. This number is expected to grow exponentially over the coming years, while existing businesses will likewise continue to expand rapidly.
· Self-Employment – Qualified Islamic financial experts will always have the option of going into business for themselves as accountants, investors, advisors, auditors, consultants and a variety of other positions.
As a distance learning provider committed to the highest quality, Oxford Home Study College offers only world-class online Islamic banking courses. Each and every program from OHSC has been designed and developed specifically with home study in mind. Study in your own time and at your own pace for a recognised qualification, with full tutor support and all required learning materials provided by us as standard.
Our Diploma in Islamic Banking and Finance (Level 4) represents the perfect gateway qualification for those serious about joining this remarkable sector. Or for a more intermediate introduction to the industry’s key topics and teachings, our Certificate in Islamic Banking (Level 3) is packed with extraordinary insights.
For more information on any of our Islamic banking courses or to discuss enrolment, get in touch with our admissions team today on + 44 01865 686162, or drop us a line at [email protected].