Birmingham, MINA – The University of Birmingham City launches the UK’s first undergraduate program in Islamic accounting and finance.
Students in the undergraduate program will study Islamic economics and develop an understanding of corporate social responsibility in modules that explore how businesses are moving towards a cleaner and more sustainable planet.
“The program was launched at a very important time in our history,” said program leader Sahista Mikadam was quoted as saying from AboutIslam on Monday.
That said, Islamic finance differs from conventional banks in main ways, the most prominent of which is the prohibition of charging interest and investing in ethically compliant companies.
Islamic banks and financial institutions cannot receive or provide funds for anything that comes into contact with alcohol, gambling, pornography, tobacco, pork.
Sharia-compliant financing arrangements resemble lease arrangements for self, installment plans, joint or partnership purchase and sale agreements.
The global Islamic banking market covers a variety of different aspects, such as Islamic Banking, Takaful / Islamic Insurance, Sikuk / Islamic Bonds, and Sharia Capital Market / Sharia Financing.
Shaista, who is a senior lecturer at Birmingham City University Business School, said Islamic finance uses tools to ensure a fair and equitable distribution of wealth, resources and growth based on profit, loss and risk sharing, while achieving the United Nations’ sustainable development goals. – Nation and ensure ethical and sustainable processes in business and finance.
“Students in this program will be taught the philosophy around these principles and will be encouraged to find ways to apply them in real-world scenarios. This is not just a program for Muslims, it’s about an ethical way of doing finance based on Islamic teachings, ” she added.
The UK has a long standing reputation as one of the most important and innovative financial centers in the world. The City of London itself is a leading Islamic finance center outside the Muslim world, with assets based in the UK offering Islamic financial services totaling more than US $ 5 billion.
In recent years, Britain has solidified its position as the Western center for Islamic finance. Currently, more than 20 banks in the UK offer Islamic services, and five of these banks are fully Shariah compliant, including Al Rayan Bank. It is believed that more than 80 percent of all customers of bank time deposits at Al Rayan are not Muslims. (T/RE1)
Mi’raj News Agency (MINA)