22 April 2010
School sponsors conference ahead of new Islamic finance course
The University of Dundee’s School of Accounting & Finance is preparing to launch a new course in Islamic accounting and finance at a major conference on the subject.
The Islamic & Ethical Finance Conference, which takes place in Edinburgh on Thursday, April 29th, is organised by the Islamic Financial Council UK (IFC), Scotland’s leading specialist Islamic finance body and is hosted by Tods Murray. The School will offer its new Masters course in Islamic Accounting & Finance, the first of its kind at any Scottish university, from September 2010.
By aiding the development of highly trained staff with a knowledge of Islamic accounting and finance practices and theories, the School will help to address a significant skills shortage created by the rapid global expansion of interest in Islamic banking in recent years.
In sponsoring the conference, it hopes to raise the profile of the new MSc programme according to programme director Dr Rania Kamla.
'There are a number of universities in the UK offering courses in Islamic finance but they tend to concentrate on banking and economics. What makes Dundee quite unique is the emphasis on accounting as well.
'Islamic finance is the fastest growing financial phenomenon in the world over the last 20 years. There are now 300 institutions worldwide that provide Islamic banking. These organisations have people who offer advice in terms if whether practices and products are in accordance with Sharia law but they don’t always have accounting knowledge or experience.
'Not many people have that combination of accounting and financial knowledge and how it relates to Islamic law so we’re hoping to bridge that gap.'
Dr Kamla added that the programme aims to provide a theoretical and practical knowledge of Islamic finance and how it is informed by Islamic law.
'The course will include an introductory element to the main issues, the most popular products and how they relate to Sharia law, how they compare to other banks and the practice of Islamic banks. It also includes a dissertation where students will be able to develop a deeper knowledge of an aspect of Islamic finance and accounting.
'There is a focus on ethical and social justice in Islamic finance and it has been viewed as an ethical alternative to traditional banking, particularly since the crisis in conventional banking, but there are challenges facing Islamic banking and the course will be looking at these too.'
The Islamic & Ethical Finance Conference will explore the similarities and synergies between the Islamic and ethical finance arenas. Speakers will represent leading industry specialists, representatives from the Church of Scotland (founders of TSB), and local practitioners (Co-Op Bank, SWIP, Triodos Bank).
The keynote address will be given by Ann Pettifor, best known for her leadership of Jubilee 2000, a global campaign to cancel approximately $100 billion of debts owed by 42 of the world’s poorest countries.
Omar Shaikh, IFC Board Member, said, 'The IFC congratulate Dundee in taking the leadership in Scotland as the first Scottish University to provide a course specifically in Islamic finance and accounting.
'There is significant interest amongst students in Islamic finance and now Scottish students have an option also. Education is a key pillar of the UK Governments stated aim to become a global gateway for Islamic finance.'
The MSc Islamic Accounting & Finance programme will be led by Dr Kamla who has considerable experience and research in the area of Islamic accounting and finance.
For more information on the new course visit: www.dundee.ac.uk/accountancy/prospstuds/postgraduate/isacc.htm
For media enquiries contact:
Grant Hill
Press Officer
University of Dundee
Nethergate, Dundee, DD1 4HN
TEL: 01382 384768
E-MAIL: g.hill@dundee.ac.uk
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