Universities offer Islamic finance as master's



DUBAI // Two universities will launch master's degrees in Islamic finance tomorrow, hoping to fill a void in a market desperate for qualified professionals.

The Canadian University in Dubai and Hamdan Bin Mohammed e-University have introduced the specialist master's of business administration (MBA), geared towards one of the fastest growing financial sectors, to meet demand at home and abroad.

Dr Muhammed Kabir, the vice president for academic affairs at the Canadian University of Dubai, hopes it will give the university an advantage over competitors when classes start tomorrow, in an emirate where 20 institutions offer 25 MBAs.

"We're trying to develop a competitive edge by doing market relevant degrees and we know that this is a job market relevant degree," Dr Kabir said. "Locally and globally, we're responding to market demands."

He said Islamic banking was a more "sympathetic" system where banks took more care to monitor how loans were spent and invested, thereby reducing the possibility of a debtor defaulting.

Dr Narimane Hadj-Hamou, the assistant chancellor at Hamdan Bin Mohammed e-University where students study through virtual classrooms and online teaching, says financial institutions are taking up the Islamic model all over the world.

"It has been growing for the past two decades," Dr Narimane Hadj-Hamou said. "It's worth around US$1 trillion (Dh3.67tn) now and there are estimates that it is set to grow to $4tn by 2020."

There are no bachelor's degrees in the subject, with graduate and executive education courses focusing on those already in the industry.

Dr Hadj-Hamou said her university would be looking for candidates with "significant years of professional experience" for the research-driven course. The degree course costs Dh72,000, compared with Dh85,000 for the programme at the Canadian University in Dubai.

Afaq Khan, the chief executive of Standard Chartered's Islamic banking division, has lectured at the Cass Business School at the Dubai International Financial Centre (DIFC), which has offered Islamic finance on its MBA since 2007.

Mr Khan said most people in the UAE had to be trained on the job, taking up time and manpower.

"It's a developing industry every day," he said. "It takes time to master and even I'm always learning."

Middlesex University's Dubai campus also offers a course in Islamic finance as an optional part of its MBA.

"Considering that the Islamic finance industry is now worth over $1tn globally, it is becoming an increasingly important area of study," said Dr Raed Awamleh, the director of the campus.

"We foresee an increased demand for Islamic finance courses and we will localise our MBA finance curriculum to reflect this trend, and its impact on the international financial markets, in the future."

Universities overseas, including Harvard Business School, University of California, Los Angeles and Trinity College in Dublin, are also introducing courses in the subject.

Dr Mohamed Belkhir, a specialist from UAE University, said the region's liquidity and oil revenues made it attractive for business.

"There has been a lot of talk since the crisis that Islamic finance is less risky than conventional finance," Dr Belkhir said.

"The share of Islamic finance in the market will increase significantly over coming years and we hear a lot of talk from executives and banks in the UAE saying they need many more people specialised in this area."

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia