A Lebanese business school and a British industry body jointly launched the world’s first qualification covering all aspects of Islamic finance, The Khaleej Times reported.
The Islamic Finance Qualification (IFQ) was launched Tuesday in central London by the Beirut-based Ecole Superieure des Affaires (ESA) and the Securities and Investment Institute (SII) in London, with support from the Lebanese central bank and the British government.
The launch was attended by British economic secretary Ed Balls and Lebanese Central Bank governor Riad Salame.
The IFQ, aimed at placing the UK at the forefront of the booming global Islamic finance sector, covers both technical and religious aspects of products that are compliant with the Islamic Shariah law, which bans the payment and receipt of Riba or interest.
It’s meant to train Islamic bank staff as well as conventional bank personnel interested in this rapidly-expanding sector.
“Setting standards for practitioners is a vital part of any professional body’s remit,” said Ruth Martin, managing director of SII.
“SII has been delighted to combine its expertise in both examinations development and professional standards to partner with ESA in the Middle East in this innovative new qualification aimed at helping practitioners grasp the fundamentals of Islamic finance and banking,” Martin added.
For his part, Riad Salame said that the IFQ would have positive effects across the financial sector.
"Our main target from this qualification should not be only banks and financial institutions but also regulators who might probably look into the added value which the qualification could bring into the industry," he said.
Staff working in the Islamic finance sector will be able to enter computer-based exams in London and Beirut from November 2006.
The IFQ is expected to be rolled out worldwide, via computer-based training, from March 2007.
In June, UK Chancellor Gordon Brown announced that the British government plans to make Britain a gateway for Islamic trade and finance to boost economic ties between the UK and the Islamic world.
Britain’s estimated two million Muslims are being served by a small number of banks -- notably Lloyds TSB -- which are providing financial products in compliance with Shariah law.
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