The Chartered Institute of Management Accountants (CIMA), the leading professional body of Management Accountants, has launched its advanced diploma course in Islamic Finance in the UAE.

The Cima advanced diploma in Islamic Finance (Cadif) will be mainly for finance and banking professionals, said the institute.

This is the first qualification of its kind to be offered by an international professional accountancy body, and marks a major step forward for the Islamic finance industry, which has its roots in the Middle East.

The six month Cadif course covers five keys areas in Islamic Finance, namely:
•Shari’ah contracts, structuring process and financial environment
•Islamic banking system and products
•Equity, Sukuk and fixed income instruments
•Takaful and Retakaful models and policies
•Islamic risk-management tools and strategies

The industry is growing rapidly today, with the sector’s global worth estimated to be between $850 billion and $1 trillion, and an impressive annual growth rate of 15 to 20 per cent.

Whilst the industry continues to show potential and thrive in the current economic scenario, it is important to note that there simply aren’t enough qualified professionals.

The Islamic Financial Services Board estimates that over the next few years about 50,000 professionals will be needed globally.

Developing an international talent pool that can cope with ongoing demand continues to be a challenge, and a shortage in the supply of internationally qualified Islamic finance practitioners is already holding the industry back.

Commenting on its decision to expand the Islamic finance portfolio, Geetu Ahuja, Cima regional manager, Middle East, said, 'Islamic finance is becoming much more prominent globally, growing from a niche industry to a mainstay of finance.'

'To really stand out from the crowd, the UAE needs to have a core competitive advantage and the key to this is investment in human capital,' she noted.

'Cima's qualifications in Islamic finance have been developed with this in mind, and help meet a global shortfall of skilled Islamic finance professionals,' she noted.

Cima will take part in the Getex Autumn 2011 exhibition for a one-to-one counselling. The fair is being held at Dubai International Convention & Exhibition Centre from October 26 to 27.-TradeArabia News Service