Abstract
The main objective of this paper is to demonstrate training requirement for human capital needed in the emerging field of Islamic Finance (IF) industry in Australisian region. It proposes the structure of the curriculum which can build bridges among multi-culture/faith communities based on sound understanding of finance and Shariah in the western democratic societies where Muslims are in minorities. It presents a case study of La Trobe University’s pioneering Master of Islamic Banking and Finance (MIBF) degree structure and an online six week’s e-learning short course on Islamic Finance Professional Development (IFPD) jointly with Ethica Institute in UAE. The course is then linked with various components of the professional bodies, like Masters’ in professional accounting (MPA), financial analysis (MFA), and MBA (restricted to electives only), CFA, GARP and then extension to PhD level education in IF. The paper addresses various aspects of IF education such as the significance of knowledge, curriculum design, procedures in acquiring support from within the University academic community, challenges in marketing the course and the needed research backing. It also reviews some illustrating statistics to support the need for the course in Australasian region and highlight statistical finding of our MIBF alumni. The paper closes with final remarks and recommendations to industry and policy makers.
Highlights
Australia is the fourth largest investment fund holder in the world
The industry has accounted for approximately 2.7% of global financial transactions, it is believed that the continual growth will be 10%-15%15
This framework will support the objective of making Australia become a financial hub in Asia Pacific region
Summary
Australia is the fourth largest investment fund holder in the world. Australia has one of the strongest resources based economy among all developed and OECD countries. Australia‟s structured and solid economy can serve well to train needed human capital for the rapidly emerging area of Islamic Finance (IF). Due to solid education export base in conventional finance (CF), Australia can be a leader in IF and Shariah based financial regulatory education hub in the region. There are a limited number of educational institutions providing IF and CF mix of training to cater the needs of the global IF industry. Those who can tap into sophisticated computing technologies and the develop new courses which can build bridges between multidisciplinary areas to meet the needs of the ever expanding and complex financial management industry based on high speed cloud computing facilities
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