Find out more about the UK's first Accounting and Islamic Finance undergraduate course, aiming to give students a wealth of knowledge in a growing international sector.
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 rapid at 10-12% annually over the past two decades. By 2021, the total Islamic Finance assets are projected to grow to $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 realizing the United Nations Sustainable Development Goals.
As a result of the rapid growth experienced in this emerging area, most individuals and finance organisations have minimal exposure to understanding its unique and profound nature, leading to a significant skills shortage. Once our students are exposed to the various specialised areas and gain some industry experience, they can travel and work in countries where Islamic Finance services are being set up or are already established but are in need of qualified staff.
At level 4, the students will complete the common year modules that all students on the Accounting and Finance courses are studying, this will give them a basic understanding to the business industry. They will be introduced to the Islamic finance and banking context and subject specific information in the form of three events led by guest speakers.
At level 5, the students will study Islamic Finance modules such as Principles of Islamic Finance, Islamic Economics and Accounting in Islamic Financial institutions.
At level 6, the dissertation and Strategic Management Accounting module will be compulsory with advanced subjects of Islamic Social Finance and Islamic Banking and Capital Markets.
The development of this BSc (Hons) Accounting with Islamic Finance course as part of the Accounting, Finance and Economics (AFE) department will support the progression and transition to further Master's level study in areas such as Islamic Finance and Islamic Social Finance.
This course builds off the current teaching of Islamic Finance at modular level in our existing courses. Some of our students who have studied our Islamic Finance module at level 6 have gone on to work at Al Rayan Bank, Islamic Relief and Goldman Sachs having gained an insight and thorough knowledge of this fascinating field.
We have experienced academics from the field of Islamic Finance, such as Dr Wahabalbari Ahmed and Mrs Shaista Mukadam, who both teach on current Islamic Finance modules.