Islamic Finance is a system of banking and finance that is consistent with the principles of Islamic law or Shariah law. Though one may say that it has a complicated set of rules, it is, in actual fact, simpler when compared to conventional banking.

In recent years, Islamic Finance has become a force to be reckoned with, particularly in the global economic scenario. In Malaysia, there is a national agenda of making the country an International Islamic Financial Centre and the Malaysian Islamic financial sector is seen as one of the most progressive and attractive sectors globally.

With a rapid growth rate comes a growing need for professionals in the field and demand for ethical financing. Offers are aplenty and opportunities are vast for both Muslims and non-Muslims and you might want to consider growing your career in this field.

Islamic finance presents a market where both social and financial impacts can be made.

Banking Industry

Basically, Islamic bankers and financial professionals do exactly the same as those working in conventional banks. The main difference is that the Islamic banking industry is bound by the rules of Islamic law, which in turn, means that everything is handled differently.

A typical job scope at an Islamic institution would require a professional to the following:

• Accountancy for clients and businesses
• Preparing and filing tax returns
• Advising on investment opportunities (Read: Socially Responsible Investment)
• Budgeting and forecasting
• Working with major and minor Islamic banks
• Assisting new businesses and start-ups
• Monitoring of legitimacy and ethics
• Building connections with conventional banks and businesses.

For those ambitious enough, Islamic finance presents a market whereby both social and financial impacts can be made. Particularly for South East Asia, opportunities are presented as the “Gold Mine” for prospective careers in Islamic finance.

Qualifications in Islamic Finance

However, there are a few professional qualifications required, when it comes to Islamic finance. These qualifications offer an opportunity to top-up existing skills with knowledge around this sector.

1. The Islamic Finance Qualification supported by ACCA

The Islamic Finance Qualification (IFQ) by ACCA primarily targets people who already have professional accountancy qualification.

2. CIMA Islamic Finance Qualification

CIMA Islamic Finance Qualifications will give you a more thorough understanding of the principles that underpin Islamic finance. Both newcomers and industry professionals can take advantage of the recognition CIMA brings as it is an international qualification and demonstrates expertise.

3. Professional Certificate in Islamic Finance by INCEIF

The Professional Certificate in Islamic Finance (PCIF) is offered to professionals through an online learning platform. You will be able to specialize in four fundamental areas in order to be better equipped in specific areas of practice which are:

• Islamic Captial Market
• Shariah for Islamic Finance
• Islamic Banking
• Islamic Wealth Management

4. Islamic Financial Planner by FPAM and IBFIM

This programme is a collaboration between Islamic Banking and Finance Institute Malaysia (IBFIM) and the Financial Planning Association of Malaysia (FPAM). This certification is designed especially for professionals who are serving the retail segment of the Islamic financial market.

With these certifications, you will be able to venture into the different areas of Islamic banking such as wealth management, takaful, regulation and supervision, analysis and consultancy. You may also become professionals serving the retail segment of the Islamic finance market which basically means guiding clients through a comprehensive financial planning process and advising clients on how they can achieve their financial goals through ethical means under Shariah law.

Research and Development (R&D)

You can also work in the research and development department of Islamic finance. Research and development are crucial drivers in any growing industry and with Islamic Finance growing at an exponential rate, there is a severe lack of professionals. When researchers generate new theories, it is up to the industry to take charge and implement said theories. Vice versa. When the industry faces new challenges, researchers have to identify the gap by providing intellectual contributions.

The Central Bank of Malaysia supported the creation of International Centre for Education in Islamic Finance (INCEIF) in 2006 and the International Shariah Research Academy (ISRA) in 2008 to spearhead the establishment of research institutions to cater to the Islamic finance industry in Malaysia.

However, it is not only in Malaysia or Indonesia where Islamic finance is practice. In Thailand, the Islamic Bank of Thailand bought Shariah compliant financial services from Krungthai Bank and now autonomously operates a full financial business under Islamic laws and principles in order to serve the Muslims in Thailand.

There is an ever-increasing demand for customers for Islamic finance products. The lack of experts in this industry signals a huge opportunity for aspiring professionals to make their way to the top. Although the Islamic industry is growing, it is not yet globally understood and therefore, Islamic finance requires professionals to truly engage and educate prospective customers concerning the benefits Islamic finance presents.