IBSL launches Diploma course in Islamic Banking

The Institute of Bankers of Sri Lanka (IBSL) launched the first Diploma Course in Islamic Banking with the assistance of professional resource persons drawn from the country's pioneering institution in Islamic Financial Services, Amana Investments Limited.

The Amana resource pool facilitated the course by designing the diploma structure including its contents as well as providing the practical know-how and training.

The IBSL has included the Diploma in Islamic Banking (DIB) as one of its core diplomas for 2009 and has selected Amana Investments as its Strategic Partner to provide the resource personnel for this course.

The course structure is based on the research conducted by M.Z.M. Sheroz (Amana's Training Officer) on the GAP analysis, the training need analysis and projection of core competencies for the finance sector in 2009.

The course includes a 92-hour comprehensive study spread over six months covering areas such as origins of Islamic finance, Sources of Sharia Law, Islamic Economic Theory and Applied Economics, Islamic Financial Products and their documentation, Principles of Sharia Accounting, Risk Management, as well as Islamic Takaful (Insurance) and Capital Markets.

The DIB program has already begun with its first batch of students drawing an overwhelming response of over 60 people including employees of conventional banks.

The course director and lecturer for the program is Fairoze Burah (Head of HR and Administration at Amana Investments) and he is supported by Moulavi Siraj (Sharia Supervisor at Amana) and other senior managers of the Amana Group. Explaining why Amana joined hands with IBSL, Burah said that "IBSL is one of the most followed institutions when it comes to banking studies, and most students find the institute very accessible. The diploma itself is affordably priced since we want the youth to embrace and benefit from Islamic Finance as it has a potential of being a US$ four trillion industry".

He said "The course learning is evaluated by individual assignments, group projects and presentations, student journals as well as periodic examinations up to the final exam." Director - College of Banking and Finance of IBSL R. Villavarajah said, "We are very happy to have Amana on board for this unique diploma.

Amana has been involved with Islamic Finance since 1997. Amana has also done an in-depth study to identify the training needs of the Islamic Finance sector.

The quality and accuracy of the research together with the proposed interactive course structure was the main contributing factor in selecting the premier Islamic financial solution provider for this assignment".