CIMA to offer certification in Islamic Finance
* Will provide complete learning of all advanced tools of Sharia-based financial system
KARACHI: Chartered Institute of Management Accountants (CIMA) will be launching the new qualifications in Islamic Finance keeping in view the emerging need of qualified professionals for flourishing Islamic financial industry of the country, Javaria Hassan, CIMA Country Manager, said.
In an interview to Daily Times, she said that the qualification is one of the kinds, which will provide complete learning of all advanced tools of Sharia based financial system for all businesses particularly banking and insurance.
Islamic finance is becoming more prominent throughout the financial institutions of the world. In Pakistan, it is growing from a niche industry to a mainstream component of finance. It is this switch that prompted CIMA to develop the structure of the qualification. The new qualifications in Islamic Finance are sophisticated enough to fulfil needs of advanced and emerging trends of business as these are global products for a diverse world. There is no such qualification in Pakistan, which offers a comprehensive learning in Islamic Finance like CIMA. The courses have been developed by highly qualified Islamic scholars after a detailed review and reflect the changing requirements for Islamic Finance in business, Javaria said.
She said the qualifications will be formally launched in February, however there are already requests by different banks to train their staff with the advanced mode of Sharia financing.
The Islamic finance industry is growing well in Pakistan as banks are shifting their business models towards interest free banking. In addition, insurance companies are operating on Takaful and Retakaful models. Moreover investment banks have launched mutual funds in accordance with Sharia, therefore these organisations require refined training to develop and prosper their sectors with the passage of time.
Explaining about the new qualifications, CIMA Pakistan head said that the qualification includes modules, which are designed for professionals keeping in mind their expertise, requirements and work routine. These qualifications provide a win-win situation to both the employee as well as the employer.
CIMA certification and diploma will entail courses on Islamic Banking, Accounting for Financial Institutions, Islamic Capital Markets and Islamic Commercial Laws. The main areas of studies include Sharia contracts, structuring process and financial environment, Islamic Banking System and its products, equity, sukuk and fixed income instruments, Takaful and Retakaful models and policies, and Islamic risk management tools and strategies.
The courses are developed by Dr Mohammad Daud Bakar, President and CEO of International Institute of Islamic Finance (IIF) and Dr Syed Musa Alhabshi, a principal consultant of IIF and Amanie Business Solutions.
Javaria said that CIMA has received an overwhelming response from students of Pakistan. “We now have significant base of CIMA students who are dedicated, hard working and achieving best results in their exams. There have been quite a few global rankings from Pakistan and I am proud that my country possesses such talent. Having 15 affiliated colleges in Pakistan with around 4000 students is an accomplishment. Number of passed out students have been increasing in Pakistan, besides there are number of professionals who are employed with leading local and foreign companies. The process of studying and examination has been made easier for students and professionals as they can now learn for their exams through virtual class on their laptops or digital devices.
CIMA graduates in Pakistan will now be recognised at international level in any part of the world as CIMA entered into joint venture with American Institute of Certified Public Accountants (AICPA) to form a platform of Chartered Global Management Accountant (CGMA). Together with AICPA, CIMA will be launching the CGMA designation on January 31. As CGMAs, CIMA members will stand out as belonging to the world’s most powerful voice for accountants in business.