Following a government decree set in December, Dubai is
seeking to strengthen its Islamic finance industry by offering higher and specialized
education in Islamic finance. Dubai set up a center, Dubai Islamic Economy
Development Center, which will provide services (including auditing services
and platform for conflict resolution) for the Islamic financial industry as its
goal to become a global center for the Islamic economy. The need for higher education in this industry
arose when they realized that Islamic finance is growing in scale and sophistication,
however, the industry lacked workers who were skilled academically and work experiences.
It is said that total Islamic financial assets
are growing 17 percent per year and will be reaching a values of 2.67 trillion
in 2017. This will definitely be increasing employment rates in the Emirates.
So this interest to strength education is to meet the need of the industry as
well as to compete with nations such as Britain and Malaysia which are strong
in Islamic finance. It’ll be interesting to see the continuous growth of this industry
and its impact on the nations.
Zahabu Lenning
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