eibfs معهد الامارات للدراسات المصرفية والمالية EIBFS news Emirates Institute for Banking and Financial Studies an eibfs monthly publication september 2016 Reducing the labour demand and supply gap in Islamic Finance by Jamal Al Jassmi, EIBFS General Manager Having sustained signi icant growth since 2013, the world Islamic inance industry is estimated to be worth $1.81 trillion and is expected to reach $3.24 trillion by 2020, according to Thomas Reuter s latest State of the Global Islamic Economy report. As the industry continues to grow, the demand for a highly specialized and skilled workforce capable of meeting industry demands and requirements increases. A rapidly evolving market, the Islamic inance industry has naturally experienced a demand-supply gap in workforce competencies. With limited human resources and cohesion among the academic sector and the Islamic inance industry, education and training institutions often have dif iculty providing relevant in-depth instruction in Islamic banking and inance. comprehensive academic curriculum. Instead, education and training experts today are continuously revising course materials and program objectives to keep pace with local market requirements their response to the changes a reactive rather than a proactive one. (cntd on page 2/...) A fairly nascent industry with new emerging products and services, it is challenging for academic institutions to equip professionals with unique speci ications for day to day operations and knowledge on Shari ah compliance. This, combined with con licting interpretations of the Islamic economy and Shari ah compliant regulations among scholars in the ield, further perpetuates uncertainty in the industry thereby hindering innovation and interest in studying and pursuing a career in Islamic inance professionals fearing the risks associated with an unsustainable industry. Further to this, with the majority of Shari ah and Islamic economy courses taught in Arabic, the industry fosters an entry barrier for non-arabic speakers interested in the ield thereby limiting the industry s global reach. From the perspective of academic professors and industry trainers, a lack of standardized text material in Islamic inance education and the constantly evolving practices of the Islamic economy has made it dif icult to create a focused, EIBFS news 1
(cntd from page 1/...) HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, and Ruler of Dubai, has in recent years expressed his desire for Dubai to be the capital of the Islamic economy. According to a report by Ernst and Young (EY), the Islamic banking assets in the UAE reached $127 billion in 2014 and is projected to reach an estimated $260 billion by 2019. To match these growth projections, the region must develop a skilled and quali ied cadre of professionals for a vast range of banking operations. While there has certainly been a lot of work done to help achieve HH Sheikh Mohammed s vision, there is still room for banks, governments and educational institutions to improve their training services and initiatives and further bolster the quality and quantity of the industry s workforce. According to talent recruitment professionals, the majority of the workforce currently employed in the Islamic banking industry have transferred from a conventional background, and while they are performing at a high level, they are unable to keep pace with the speci ication of the industry and lack the relevant knowledge to deal with the Islamic banking and inance product structure. While those engaged in product design and structure are well-versed in Islamic inance either through education or long-term association with the industry, those who are engaged in operations, sales and marketing pay less attention to the nature of the product whether Islamic or conventional. Therefore, this gap between product design, structuring and operational sales is where the Shari ah knowledge and expertise is required. To counter this, banks should promote a more uni ied structure within their system to ensure innovation in product design and successful articulation of product offerings to the public, highlighting the unique nature of Shari ah compliant products. For their part, education institutions must ensure that the programs and courses provided align with industry requirements and demands and equip students and professionals with real time experience. Cohesion and constant communication among the government, academia and inancial industry experts and employers will transform the education and training curricula, encouraging up-to-date course materials that incorporate the dynamic demands of the industry. Governments, on the other hand, should increase investments in hard skill education along with technical and vocational training and research and development in the ields of science and technology. Moreover, to guarantee an adequate supply of highly skilled banking and inancial professionals, governments and institutions must collaborate to develop corporate inancial education both short term training along with long-term undergraduate and diploma degrees. The UAE cabinet has taken a signi icant step in this regard with the recent establishment of anew Shari ah board under the Central Bank. With the objective of unifying Islamic banks in the region, the role of the Shari ah board will be responsible for setting the standards for Islamic inance products and Shari ah compliancy in the region. The Central Bank will appoint scholars and oversee the board, who will not replace but liaise with the existing individual Islamic bank boards around the region. A report by Deloitte argued that this board could reduce future disputes and increase transactions, further ensuring sustainability in the industry. The launch of the Dubai Islamic Economy Development Center in 2013 has also promoted Islamic inance through various initiatives, including the Global Islamic Economy Summit, forums to educate the public and funds to support small and medium enterprises in the Islamic economy space. EIBFS news 2
EIBFS to Begin New Academic Year in September 2016 The Emirates Institute for Banking and Financial Studies (EIBFS) will invite applications for its training programs and academic courses beginning in September. The pioneer in professional banking training will open its doors on 4th September for returning students and 30th August for new students. Applicants looking to pursue a career in the inancial sector can apply to EIBFS s highly regarded academic programs: Bachelor of Science(BSc) in Banking and Finance Bachelor of Science(BSc) in Banking and Finance with Accounting Specialization Diploma in Islamic Banking Diploma in Banking Students can be enrolled in each program across its three campuses located in Sharjah, Abu Dhabi and Dubai. Interested applicants need to achieve the necessary scores in English pro iciency tests such as TOEFL or IELTS in accordance with the entry criteria of their chosen degree. Applicants must also provide certi icates of their secondary education quali ications as well as transcripts with complete details of grades achieved. In the absence of the required IELTS score, applicants may be conditionally admitted by appearing for the English assessment examination and an oral interview. Bank employees interested in pursuing an academic program or training course are eligible for discounts. Jamal Al Jassmi, General Manager, EIBFS, said: We are pleased to offer this diverse range of courses to our students. Interested candidates looking to forge a career in the inancial sector will bene it from these programs, which have been particularly designed to meet the rigorous professional and technical skill requirements in the market. Our programs are nationally accredited by the Ministry of Higher Education and Scienti ic Research, and are recognized by leading inancial institutions in the UAE, as well as internationally. This year EIBFS will also launch an exclusive offer for its Fall 2016 Intake. Students availing this offer will be able to enjoy a 10% discount on their Bachelor and Diploma degree programs, free access to the EIBFS Annual Training Program, which has reached 565 students across all the Emirates, as well as a special rate on the professional certi icate in specialized banking areas, free participation in EIBFS workshops and free access to the EIBFS E-Learning training free. The institution has been globally integrated with leading organizations and universities around the world to ensure ongoing availability of best-in-class programs and courses in the UAE. EIBFS news 4
SEPTEMBER 2016 ACADEMIC PROGRAMS REGISTRATION OPEN 10% Discount on our Bachelor and Diploma degree programs (on the current fee for non-bankers only) Free access to our Annual Training Program Special rate on the Professional Certificates Free participation in EIBFS workshops Career Development Plan for UAE nationals students Free access to the EIBFS e-learning training programs Guaranteed jobs for UAE nationals Guaranteed jobs for non-nationals * * Conditions apply Contact Us: Dubai Abu Dhabi Sharjah eibfs.ae 600 566664 academics@eibfs.com Bachelor of Science in Banking and Finance Diploma in Islamic Banking Bachelor of Science in Banking and Finance: Accounting Specialization NEW Exclusive For Fall 2016 Intake Diploma in Banking
Call for Papers Review Process IJRBF will accept and consider manuscripts for publication only after a peer review by the Editorial Review Board (ERB) comprising of academics and experts in the ields of Banking and Finance and related areas. Once reviewed the manuscript may be accepted for publication, accepted with minor changes, or accepted after signi icant revision and consequent review, or rejected. Manuscripts which do not comply with the submission guidelines below will be rejected and returned to the author/s. Material which has been previously copyrighted, published, or accepted for publication will not be considered for publication in IJRBF. Submission Guidelines The manuscript language is English. The length of the manuscript should be between 15 and 25 pages including graphs, igures and so on. Manuscripts should be typed in double-space (including footnotes and references) on one side of the paper only with wide margins. Please use Microsoft Word, standard Letter size for margins, font Segoe UI, size 11 and follow the guidelines below when writing your paper: The International Journal of Research in Banking and Finance (IJRBF) provides a platform for researchers, academics and professionals in the areas of Banking and Finance to communicate and share knowledge in the form of high quality empirical and theoretical research papers, case studies, literature reviews and book reviews from all over the world. IJRBF is published in both print (limited number for libraries/ contributors/ paid subscribers) and online version (subscribers). The International Journal for Research in Banking and Finance (IJRBF) accepts for publication academic and research papers in the areas of Banking, Finance, Islamic Banking, and related areas: Banking and Finance: Accounting, Banking Statistics, Business Communication, Central Banks, Corporate Finance, Behavioural Finance, Credit and Risk Management, Customer Service, Cybersecurity, Derivatives, e-banking, Economics, Experimental Finance, Financial Institutions, Financial Markets, Financial Services, Foreign Banks, FOREX, International Economics, Investment and Portfolio Management, Investment Banking, Law, Macroeconomics, Management, Marketing, Microeconomics, MIS, UAE/GCC Business Practices, UAE/GCC Economy Islamic Banking: Accounting for Islamic Transactions and Institutions, Comparative Islamic Banking, Islamic Banking Products and Services, Islamic Banks, Islamic Corporate Governance, Islamic Culture, Islamic Economics, Islamic Financial Markets, Islamic Financial Transactions, Islamic Investment, Islamic Thought, Regulatory Frameworks for Islamic Banking, UAE/GCC Islamic Banks, Shari'ah Email your manuscript to: International Journal of Research in Banking and Finance (IJRBF), publications@eibfs.com Title of paper (font size 14) Author's Full Names and Af iliation/s: Please write First Name irst and Surname second. Af iliation addresses should include full postal address of each af iliation, including the country name, e-mail address, contact telephone number of each author (font size 11) Abstract: Provide a concise abstract (do not exceed the maximum length of 150 words) stating brie ly the purpose of the research, the principal results and major conclusions (font size 10) Keywords: A maximum of 5 keywords Paragraphs/Section/s: Use headings and subheading and number them clearly (i.e., 1, 1.1, 1.1.2, 2, 2.1, 2.1.1 ) (Bold, font size 11) Tables and Figures: Please use a separate page for each table or igure, number them separately References: APA style. Please visit apastyle.org for a review of APA style EIBFS an eibfs معهد الامارات للدراسات المصرفية والمالية Emirates Institute for news Banking and Financial Studies eibfs monthly publication september 2016 EIBFS News is a monthly digital newsletter published by the EIBFS Research & Studies Department. Send your contributions/ comments to: publications@eibfs.com #eibfs_rsd Dubai Abu Dhabi Sharjah eibfs.ae 600 566664 EIBFS news 6