Hyderabad, March 20 (IANS) The Maulana Azad National Urdu University (MANUU) here plans to offer a diploma course in Islamic finance from the next academic year to keep pace with the rising demand for the subject.
The one-year post-graduation diploma will be conducted by the departments of Islamic studies and management at the Hyderabad-based central university.
"It will be open to all graduates and will have six papers dealing with different aspects of Islamic finance," Mohammed Abdul Azeem, dean, School of Commerce and Business Management, MANUU, told IANS.
The decision comes close on the heels of a memorandum of understanding (MoU) the university signed with the Bombay Stock Exchange (BSE) Institute Ltd.
BSE Institute, which offers various courses including one in Islamic finance, wants to set up an institute here in collaboration with MANUU. It plans to offer different courses.
Abdul Azeem, however, feels that setting up the institute was not feasible for now. "We don't have infrastructure for this. It will take some time."
In the meantime, the university will sponsor students for the courses at the BSE Institute in Mumbai. "We have sent the proposal. We will sponsor students for the courses which are useful to them."
The university, which offers M. Com and MBA, last year introduced a compulsory paper in Islamic finance and banking for the third semester. It helps the students gain basic knowledge of Islamic finance and banking.
BSE Institute, which has tie-ups with many international universities and institutes, also plans to design courses for MANUU.
"We will design courses related to specialized financial market. We will design curriculum and course material," Vinod Nair, head of academics and product development, BSE Institute, told IANS.
The institute, a wholly-owned subsidiary of BSE, has offered to train MANUU faculty and provide expert faculty and certification.
The institute, in association with Taqwaa Advisory and Shariah Investment Solution, is already offering certification programme in "Islamic banking, finance and capital markets".
The introduction of the course follows the Sharia index introduced by the BSE in 2013 to rank Sharia-compliant companies.
MANUU chancellor Zafar Sareshwala believes the association with BSE was a big achievement for MANUU and will help boost the morale of students, who, he feels, suffer from a sense of inferiority.
He also feels that additional skills will help students get jobs even before they pass out.
"This is the age of plus. If you are just B.Com, it has no value. But if you pass NCFM exam, any brokerage firm can hire you and you can directly start with a salary of Rs.30,000-40,000," Sareshwala, a Gujarati businessman and an aide to Prime Minister Narendra Modi, told IANS.
NSE's Certification in Financial Markets (NCFM) is a certification programme of the National Institute of Securities Markets (NISM), a public trust, established by the Securities and Exchange Board of India (SEBI). The BSE Institute prepares students for the course.
Sareshwala pointed out that such certifications were a must in the changing times when even advice for sale of mutual funds and insurance are regulated.
The chancellor, who has also roped in Binani Cement and some other companies to link up with MANUU, feels that courses in Islamic finance can majorly benefit students passing out of madrasas or Islamic seminaries.
"Madrasa students know Arabic and Sharia but not finance. If shaped up, they can do wonders," he said.
Referring to the growing demand for Islamic finance, he said 26 universities in London offered 50 courses in Islamic finance and related subjects.
The Islamic market globally was estimated to be over $2 trillion in 2013 and it is expected to reach $3.735 trillion by 2019.
(Mohammed Shafeeq can be contacted at m.shafeeq@ians.in)
Marriage of Muslims is a contract, not a sacrament like Hindu marriage: Karnataka High Court
The Karnataka High Court has observed that Muslim marriage is a contract that has multiple meanin
CBI gets custody of MPS Group chief in chit fund scam
Kolkata, March 17 (IANS) Probing the chit fund scam in West Bengal, the CBI on Tuesday secured
The trailer of Akshay Kumar's upcoming film Bachchan Pandey has been released recently. The trail
No proposal for law to allow animal sacrifice: Himachal CM
Shimla, March 25 (IANS) Himachal Pradesh Chief Minister Virbhadra Singh on Wednesday informed t
Possibility of truce with Yadav, Bhushan remote: Ashutosh
New Delhi, March 27 (IANS) Aam Aadmi Party (AAP) leader Ashutosh on Friday said the possibility
Harsh Vardhan Stuck by launching Ramdev'sck coronil, IMA asked for clarification
The Indian Medical Association (IMA) on Monday sought an explanation from Union Health Minister D
On the back of Virat Kohli's brilliant batting, Royal Challengers Bangalore defeated Punjab Kings
Fans have been waiting for Allu Arjun's Pushpa 2 The Rule for a long time. This is one of the mos
Xiaomi 11i 5G Offer: Buy this 30 thousand smartphone of Xiaomi for less than 4 thousand rupees
Xiaomi 11i 5G Offer 2022: If you are thinking of buying Xiaomi's 5G model Xiaomi 11i 5G, then let
Kejriwal wants to be with yes-men: Bhushan
New Delhi, March 26 (IANS) AAP leader Prashant Bhushan on
