IslamicFinance.de

Demand for Islamic finance training from non-Muslims rose more than fourfold in the past seven years as students seek to enter an industry whose assets are set to double to $3.4 trillion by 2018. Malaysia’s International Centre for Education in Islamic Finance had 2,000 people enrolled on its courses this year, of whom about 14 percent are from nations with small Muslim populations. That compares with 3 percent in 2007. While students from South Korea, Japan and the U.S. dominate the enlistees, those nations have yet to introduce Shariah-compliant legislation. The industry needs 1 million people with Islamic finance knowledge by 2020 as Shariah-compliant assets are set to reach $6.5 trillion by then.

Malaysia needs to develop a vibrant stock market to attract asset flow and support the growth of Islamic finance, first holder of the International Centre for Education in Islamic Finance (INCEIF) chair of Islamic finance, Dr Abbas Mirakhor, said Friday.