Posted by Neil King
Dubai is close to establishing the first academy in the region to teach Islamic banking, a Shariah scholar has said.
Dr Hussain Hamed Hassan told Emirates Business 24/7 that work on the Academy of Islamic Bank will begin within a few months. The bank will be only the second such facility in the world and is expected to become operational by 2011.
The academy will offer bachelors, masters and doctorate courses in Islamic finance. It is hoped the initiative will address the shortage of Shariah scholars and Islamic finance professionals in the region, the report added.
According to Emirates Business, several Islamic banks and insurance companies have been established in the UAE in recent years, but these institutions have relied on professionals from other countries to fill executive positions. Dr Hussain said that the new academy would help to readdress this balance and provide international guidance on Islamic banking practice.
"This initiative will go a long way in standardising Islamic finance rules in the country. This is also a step towards helping regional and worldwide initiatives achieve more uniform industry standards in future," he told the news provider.
The academy will help to further boost business and property investment in Dubai. This week the Dubai government announced it had signed an agreement with global management consultancy firm A.T. Kearney to help develop strategies for increasing foreign investment in the emirate.