The Growth of Islamic Finance

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.

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

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