Refishowcase Business & Finance

DUBAI – Dubai will soon establish Islamic banking academies. Academics Dubai, Dr. Hussain Hamed Hassan said the construction work is expected to start college next few months and targeted operations in 2011.

“This new institution will be supported by Islamic banks in the United Arab Emirates and the leadership of a leading Islamic financial institutions in this region,” Hassan said, as quoted zawya pages, Wednesday (6 / 1).

The institution will have a program S1, S2 and S3 in the field of Islamic finance. Hassan added the establishment of Islamic banking academies is because the number of academics and financial professionals minimal sharia in the country.

In recent years a number of banks and Islamic insurance in the emerging United Arab Emirates. However, several Islamic financial institutions to recruit professionals from other countries to fill the top positions in their institutions.

A number of professionals from the banking sector and conventional insurance was withdrawn to fill the position. Hassan said the hopes of professionals in the conventional financial institutions can participate through Islamic finance education, so as to create professionals who have integrated knowledge about the financial sector.

Currently in Dubai are Dubai Islamic Bank, Dubai Bank, Emirates Islamic Bank (EIB), and Noor Islamic Bank (NIB). Ajman has Ajman Bank and Sharjah in Sharjah there are Islamic Bank (SIB).

While Abu Dhabi has two Islamic banks, namely Abu Dhabi Islamic Bank and Al Hilal Bank. Besides conventional banks in the United Arab Emirates also develop sharia units.

United Arab Emirates also has developed a sharia council with broader representation from all Islamic banks. Islamic Council, headed by Hassan has a mandate to give policy direction and strategy of Islamic banking in the country.

“It will be consistent in the rules standardize Islamic finance in this country and is a step forward to help create the same industry standard in the future,” said Hassan.