19 October 2011
Education and training in Islamic finance skills is emerging as a new growth area as Africa embraces Shari'ah compliant finance. Apart from South Africa and Sudan, Islamic finance is a new phenomenon in Africa. The growth of this new division in banking and insurance is creating the demand for additional skills in Islamic finance as the existing bankers and insurers - all from the conventional industry - do not have the requisite skills to deal with the explosion in interest in Islamic finance.
"We have had quite a few inquires in Kenya but no new enrolments so far," said George Mathenge, the local representative of UK-based Chartered Institute of Management Accountants which offers a diploma and a certificate in Islamic finance accounting skills.
The most high profile Islamic finance training organization in Africa, the Islamic Finance Institute of Southern Africa has increased the number of training courses it offers in countries including Nigeria, which recently reviewed its laws to regulate fully fledged Islamic finance institutions.
It has been difficult to establish the depth of training in Islamic finance skills amongst African banks, most players recruit from the conventional sector and then offer in-house training on Islamic finance.
© The Islamic Globe 2011
Education and training in Islamic finance skills is emerging as a new growth area as Africa embraces Shari'ah compliant finance. Apart from South Africa and Sudan, Islamic finance is a new phenomenon in Africa. The growth of this new division in banking and insurance is creating the demand for additional skills in Islamic finance as the existing bankers and insurers - all from the conventional industry - do not have the requisite skills to deal with the explosion in interest in Islamic finance.
"We have had quite a few inquires in Kenya but no new enrolments so far," said George Mathenge, the local representative of UK-based Chartered Institute of Management Accountants which offers a diploma and a certificate in Islamic finance accounting skills.
The most high profile Islamic finance training organization in Africa, the Islamic Finance Institute of Southern Africa has increased the number of training courses it offers in countries including Nigeria, which recently reviewed its laws to regulate fully fledged Islamic finance institutions.
It has been difficult to establish the depth of training in Islamic finance skills amongst African banks, most players recruit from the conventional sector and then offer in-house training on Islamic finance.
© The Islamic Globe 2011
