Fuelled by oil, the worldwide Islamic finance sector is growing by 15 to 20% a year but needs more specialists, an accounting body said on Wednesday, launching the first global qualification in the field. The London-based Chartered Institute of Management Accountants (CIMA) said the industry was worth between 150 and 250 billion pounds ($300-500 billion) and that its rapid growth had fuelled a need for both Muslim and non-Muslim financial experts to boost their knowledge. "We would like to establish a minimum global standard, to basically have consistency across a range of issues," CIMA director of education Robert Jelly told Reuters on the sidelines of the launch in London. "This is the first step. It is not a religious product - it is a corporate product with a religious component." In the long term, CIMA wants to set up both a diploma and perhaps a Master's degree in conjunction with a university.
Thursday, December 6, 2007