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Gaining credibility and popularity worldwide, it is the preferred way of banking for one fifth of the world’s population. The MSc in Islamic Banking and Finance at Bangor University, UK, is a 1-year, full-time course which costs £15,000 per year. What is more is that, you can follow the prestigious CFA (Chartered Financial Analyst) specialist pathway and acquire the skills to complete the CFA Level 1 examination (for both September and January intake students) in this program. Bangor University also has a partnership agreement with the revered Chartered Institute of Securities and Investments (CISI) which means that graduates of this program will be eligible to take CISI’s Level 3 Certificate in Islamic Finance, without paying additional tuition.

Bangor, University, Wales, UK

Islamic Banking or non-interest banking is a banking system that is based on the principles of Islamic or Shariah law. With a market share of 22.72% of the nation’s entire banking sector in terms of deposits and investments and a workforce of 30,336 people, it is rapidly growing in Bangladesh. Islamic Banking is also becoming a popular study abroad career path for many Bangladeshi students.

  • ICB Islamic Bank.

The MSc in Islamic Banking and Finance will allow you to study the structure of the Islamic banking and finance industry, including its theoretical foundations, products, performance, Islamic financial instruments and risk management issues. These and other topics will be studied with a world view in mind. This degree is more suitable for those with some background in mathematics, statistics or economics. Bangor also offers an MBA in this subject as well as an MA version, for those who prefer a less quantitative approach to their studies.

Islamic Banking in Bangladesh exercises partial practice of Shariah law and which was introduced by investors from Saudi Arabia and Kuwait in 1983. Currently, eight full-fledged Islamic banks are operating in the country with 1,068 branches. They are:

  • Islami Bank Bangladesh Ltd.
  • Shahjalal Islami Bank.
  • Union Bank Limited.
  • First Security Islami Bank Limited.
  • EXIM Bank Limited.
  • Al-Arafah Islami Bank Limited.
  • Social Islami Bank Limited.

Furthermore, 19 Islamic banking branches of nine commercial banks (including Standard Chartered Bank and AB Bank amongst others) and 25 Islamic banking windows of eight commercial banks are providing Islamic financial services in the country.

The oldest Islamic bank in Bangladesh, Islami Bank Bangladesh, founded in 1983 by Saudi and Kuwaiti investors, controls 90% of Islamic-banking assets and deposits. It is also the biggest private lender overall, with 14,000 staff, 12 million depositors, and a balance-sheet of $ 10bn. It also runs the world’s biggest Islamic microfinance scheme.

There is an enormous potential behind and future careers of those who want to pursue higher study abroad opportunities in Islamic Banking. Graduates can come back to work in Bangladesh or other countries such as Indonesia, Malaysia, and the Middle East.

By: Tahreen Ahmed