The University of Salford is to offer a master’s degree course in the skills and principles behind Islamic banking.
The MSc in Islamic Banking and Finance from Salford Business School will start in September 2010 and the university believes there will be strong demand as the sector, which controls $500bn of assets, is expected to see demand treble.
In the Islamic tradition, charging interest to borrowers is viewed as immoral, so loans have to be structured in a completely different way to that practised in the West, with banks charging introduction fees, leasing assets or taking equity stakes in businesses to share in the upside of a borrower’s success.
Major UK banks now offer Islamic products the sector’s annual growth rate is estimated at 10 to 15 per cent,
Salford lecturer Hussein Abdou said: “It’s predicted demand for Islamic services will treble in the next few years. The course is not just for Muslim students. It is open to all people who want to have a unique position in the jobs market.”