Islamic Finance

1.4

The Institutional

Infrastructure Supporting

the Islamic Finance

Industry

Professor Rodney Wilson,Durham University, UK

Introduction

There are four major international institutions concerned with the Islamic

finance industry:

1. The Fiqh Academy;


2. The Islamic Development Bank;


3. The Islamic Financial Services Board; and


4. The Accounting and Auditing Organization for Islamic Financial
   Institutions.

The role and significance of these institutions is reviewed here, together

with other major organizations providing data and information on Islamic

finance. In terms of education and training, institutions providing profes-

sional qualifications in Islamic finance include:

• The Institute of Islamic Banking andInsurance, UK;


• The International Centre for Education in IslamicFinance, Malaysia;
  and


• The Chartered Institute of Management Accountants, based in the UK
  but with worldwide offices, which launched a certificate in Islamic finance
  in 2007.

There are also universities offering academic qualifications in Islamic

finance, such as the International IslamicUniversitiesinMalaysia,Pakistan

and Bangladesh, and the CASS Business School, UK, which has an Islamic

finance stream for its executive Masters in Business Administration (MBA)

offered in Dubai. The Faculty of Islamic Studies in Qatar is launching a

Masters of Science (MSc) in Islamic Finance in September 2008. Postgrad-