Islamic Finance is a fascinating and dynamic multi-disciplinary area of the international financial services sector. As an established niche of the finance industry, it is set to grow at an exponential rate over the next few years. The current annual growth rate is estimated to be between 15% and 20%.
The growth of Islamic finance has been at 10-12% annually over the past two decades. By 2021, the total Islamic Finance assets are projected to grow to US$3.5 trillion. Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim countries, and may prove to be an important contributor towards realising the UN’s Sustainable Development Goals.
Most individuals and financial organisations have minimal exposure to understanding its unique and profound nature, leading to a significant skills shortage. Once you are exposed to the various specialist areas within Islamic finance and gain some industry experience, you can travel and work in countries where Islamic finance services are being set up, or are already established but in need of qualified staff.
In the first year of this course, you will complete the common modules that all students on the Accounting and Finance courses are studying. This will give you a basic understanding of the business world around you. You will also be introduced to the Islamic finance and banking context and benefit from the specialist knowledge of guest speakers’ expertise in Islamic finance.
The second year will allow you to take up Islamic finance modules such as Principles of Islamic Finance, Islamic Economics and Accounting in Islamic Financial institutions.
The dissertation and the Strategic Management Accounting module will be compulsory, along with the advanced subjects of Islamic Social Finance and Islamic Banking and Capital Markets, in the final year.
Some of our previous students on the Accounting and Finance degrees in the Business School have gone on to work at Al Rayan Bank, Islamic Relief and Goldman Sachs, having gained insight into and knowledge of this fascinating field.
Academic staff within our experienced course team are looking forward to welcoming students onto the course in 2021. Shaista Mukadam, the Course Leader, said: “BCU is the first university in the UK to pioneer an undergraduate degree in accounting and Islamic finance, providing a platform to explore an alternative way of providing finance for business activities.”