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Birmingham City University has announced the launch of an undergraduate degree in Islamic Finance and Accounting. It becomes the first UK’s Islamic finance undergraduate program. The UK has expected the Islamic finance industry to expand rapidly in the coming years. Islamic finance has become a part of financial industries that grows fast. Its global asset exceeds $2 trillion and has been expected to reach $3.8 trillion by 2023.
About the program
The program is under the BSc (Hons) Accounting and Islamic Finance degree. The students will learn Islamic economics while broadening an understanding of the corporate social responsibility aspect. Accordingly, its courses will elaborate on how a business should take greater responsibility in helping our planet becomes cleaner and more sustainable.
Shaista Mukadam, the course leader, said that as the first UK’s Islamic finance undergraduate degree, its launch occurred at a crucial time in history. “With the current pandemic and economic challenges, there is an urgent need to rethink an alternative to the interest-based economy.”
The program emphasizes the primary key practices of Islamic finance: ethics, diversity, and inclusion. She added that students would study philosophy around these principles. The program will encourage them to figure out how to implement it in actual cases. The Accounting and Islamic Finance program is not only for Muslims. The course will teach an ethical aspect in finance based on Islamic teaching. Besides, the student will be provided with opportunities to build partnerships with organizations like Islamic charities on community advice projects.
Why Islamic Finance?
Islamic finance emerged as an excellent tool for financing development in the world. It happens in both Muslim and non-Muslim majority countries. The concept will always be consistent with Shariah laws. Besides, there is a significant difference between Islamic and conventional finance, which prohibits interest in generating income. Charging interest has become the primary practice of monetizing in conventional finance. Conversely, Shariah laws strictly forbid the use of interest in any financial transactions.
At the same time, Islamic finance adheres to ethical values. While doing any business, one can’t be unfair to others. Shariah laws always emphasize the importance of social justice. Accordingly, it commands people to protect the environment. Businesses must not be harmful to both people and the planet.
Ethics, diversity, and inclusion are the leading key practices of Islamic Finance. “Islamic finance uses tools to ensure a fair and equitable distribution of wealth, resources and growth based on profit, loss and risk-sharing while achieving the United Nations sustainable development goals and ensuring ethical and sustainable processes in business and finance,” said Shaista Mukadam.
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