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CIMA Islamic Finance

Posted: Thursday 05 January 2012 by Sajid Muhmand
Replies : 1
Keywords: career prospects

CIMA Diploma in Islamic Finance:

This diploma can be achieved as a self study option. It could be made more practical and subjective if CIMA collaborates with Islamic Banks which allow students to undertake internships. While in London, I achieved my Certificate in Islamic Commercial Law but yet I think it should be backed by some practical work.

CIMA should collaborate with Islamic Bank of Britain in order to give students like me some practical knowledge of this field of study. 

Response from Islamic Finance team

Posted by Rebecca McCaffry on Wednesday 18 January 2012 16:40

Dear Sajid

Thank you for your comment. I have had the following response from the Islamic Finance team:

While CIMA appreciates the benefits placements might give to those completing their qualifications in Islamic finance, there are several reasons why CIMA are not in a position to offer this service.

1. In creating the Islamic Finance qualifications CIMA was responding to requests from within the industry to address the shortfall in globally recognised qualifications which would provide a broader knowledge and understanding to those both seeking to enter and progress through the developing Islamic Finance industry. While CIMA believes that students who have completed their qualifications in Islamic Finance are in a better position to gain employment within the industry they do not see it as part of their role to secure that employment.

2. In creating their qualifications in Islamic finance CIMA were not trying to replicate their professional accounting qualification where assessed practical experience is a key component of the final award. The qualifications in Islamic Finance are not professional qualifications, i.e. ones which results in a professional designation, but a series of qualifications aimed at increasing the pool of individuals who have a sound knowledge and understanding of the broader Islamic Finance subject. To this end we have achieved our goal with over 1,000 students around the globe having enrolled on the Diploma alone.

3. Islamic Finance is still very much in its infancy when it comes to the jobs market and what jobs there are tend to be narrowly focussed. The CIMA qualifications in Islamic Finance were designed to be broadly focussed, giving those who complete the Diploma a broad knowledge and understanding of the industry as a whole, not just say the banking or insurance sectors. At its present state of development, finding placements in the industry where students would get a similar broad practical experience would not be possible.

4. With Islamic Finance students in 66 countries around the globe, and given the different developmental stages of each of these countries in regard to Islamic finance, CIMA are not in a position to provide such a service.

CIMA would of course be happy to support any application made by a student seeking a placement with a relevant employer to consolidate their understanding of the subject matter.

Best wishes
Rebecca
CIMAsphere moderator
http://community.cimaglobal.com/blogs/rebecca-mccaffry