Western students and Islamic finance studies

Tehran (IQNA) – Currently, Muslim and non-Muslim students around the world are enjoying the benefits of the expanding field of Islamic finance and its subfields, which offer high job opportunities in banks, corporations and financial institutions, seeking qualified graduates and industry experts.

The field of Islamic financing, despite stereotypes, has encouraged not only Muslims but also non-Muslims to use this Islamic financing system. The morals of these banks and the ban on usury have led some non-Muslims to seek financial services from Islamic banks and financial institutions.

The definition of Islamic finance generally refers to how capital is attracted to businesses and individuals and the types of investments permitted by Islamic law. For example, in Islamic banks, usury is prohibited as are investments in alcohol, casinos and adult entertainment (pornography). According to these definitions, Islamic financing can be considered a unique model of socially responsible investment.

Islamic finance in European countries, in addition to taking its place in the economies of these countries, has gradually been able to find a place in the higher education systems of Western, European and American countries.

Western students and Iqbal to Islamic financing / a field that does not reduce customers

The Islamic financial system is developing rapidly, as an alternative to the traditional financial system. Current estimates place the value of the Islamic financial market worldwide at over $ 1.1 trillion. Together with the rapid growth, the growing need for specialists in this field offers many opportunities in the job market. According to the International Monetary Fund, there are at least 390 Islamic banks and institutions in 75 countries and their number is increasing due to the growing interest in Islamic financing services.

On the other hand, the approach and performance of the Islamic financial sector in the world, in the face of the 2008 recession or the outbreak of the Corona epidemic in 2019, has shown that these banks have worked and dealt with the crisis, and the merger of several Islamic banks confirms this statement.

Another reason for the development of Islamic finance is the increase in the economic capacities of the Muslim countries of the Middle East in the second half of the 20th century. Western governments are exploiting the Islamic financial system to attract Muslim investors who wish to use sharia-compliant products.

The Islamic financial system is by no means a financial system threatened by a decline in clientele, as Islam is the fastest growing in the world and is the second largest religion in Britain, the United States and Europe. France.

Currently, some forty universities around the world offer graduate programs in Islamic banking and finance. These universities introduce around 5,000 professionals into the job market each year. Contrary to popular belief, these universities are active not only in Islamic countries, but also in European countries, in universities such as Philipps University of Marburg in Germany and the Markfield Institute in the UK, which are the most important training centers in the field of Islamic finance.

However, there is still a shortage of specialists in this area, because the performance of Islamic banks in the global financial market is of interest to economic experts and the recognition of the strengths and weaknesses of the Islamic financing system requires the training of economists. specialized.

As growth and global change continue, the way of doing business will change. The Islamic banking system may not be new, but it is certainly a modern and profitable alternative to today’s human needs compared to the traditional banking system with which it can compete even in Western countries.

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