Islamic finance is a system of money management
that adheres to Islam's moral precepts. It includes investing, saving, and
borrowing, for example, to purchase a home. The term "Shari'ah" is
occasionally used to refer to the ethical guidelines that many Muslims adhere
to.
The Islamic financial system includes the
Islamic banking system, the Islamic money market, the Islamic insurance market,
also known as ‘takaful’, the Islamic capital market, and the specialised
financial institutions that offer alternate forms of funding.
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Figure 1. Global
Islamic Finance assets ($ billion) Source: World Bank report 2020 The longevity of Islamic finance is not limited to Muslims
or Muslim-majority countries; instead, it has a broad appeal that extends to
non-Muslims and western nations. Financial experts and professionals contend
that sharia-based financial products and services have an impact beyond what is
typical of the market.  The fact that the Islamic financial system is
well interwoven with the principles of thoughtful and consistent frameworks,
gives people faith in its longevity. It is controlled by the sharia law,
predicated on granting the parties equal rights and responsibility to uphold
the contract. Even so, it remains unclear what the future
holds for Islamic finance. There is an opportunity for expansion and the
possibility for Islamic banking solutions to play a significant role in
assisting the crisis-related recovery of the economy. There is growth in career demand in this area.
The Careers in Islamic finance generally mirror those of the conventional
financial sector. Depending on their specialisation, Islamic finance
institutions will recruit investment bankers, retail bankers, investment specialists,
corporate bankers, product managers and relationship managers. In pursuing your
dream, Mahsa provides the relevant programme, the Bachelor of Science (Hons) in
Islamic Finance, covering financial-related areas from an Islamic perspective.
Come and join us to pursue your dream at Mahsa University. Words by: Noorhidayah Salehhudin |