Britains first postgraduate course in Islamic finance is to be launched today at the Islamic & Ethical Finance Conference in Edinburgh.

 

The MSc in Islamic accounting and finance will be taught at Dundee University, who created the course to meet rising demand from banks for professionals trained in the Islamic principles of banking.

 

Not many people have that combination of accounting and financial knowledge and how it relates to Islamic law so were hoping to bridge that gap, said Dr Rania Kamla, course director.

 

The course will include an introductory element to the main issues, the most popular products and how they relate to Sharia law, how they compare to other banks and the practice of Islamic banks.

 

Islamic finance is the fastest growing financial phenomenon in the world over the last 20 years, she added.

 

There are now 300 institutions worldwide that provide Islamic banking.

 

Islamic models of finance offer an ethical alternative to the western financial system, Kamla said.

 

There is a focus on ethical and social justice in Islamic finance and it has been viewed as an ethical alternative to traditional banking, particularly since the crisis in conventional banking, but there are challenges facing Islamic banking and the course will be looking at these too.