By TwoCircles.net staff reporter,
Aligarh (Uttar Pradesh): In order to cater to ever-increasing demand of trained personnel in the Islamic Banking, the Aligarh Muslim University has decided to start a PG Diploma in Islamic Banking and Finance from the Academic session 2009-2010.
The course will be offered by the Department of Business Administration. The University also intends to start PG Diploma in Islamic Insurance and two years Masters course in Islamic Finance.
These courses have been recommended by a three-member committee appointed by AMU Vice Chancellor, Prof. P K Abdul Azis to work out the feasibility of offering courses on Islamic Banking and Finance including the possibility of establishing a new department dedicated for this subject.
Vice Chancellor Prof. Azis has received the report from the committee and promised speedy action so that PG Diploma starts from the Academic session 2009-2010. He thanked Prof. M. Nejatullah Siddqi, chairman of the committee and its two other members, Prof. Javaid Akhtar, Dean, faculty of management and Dr Shariq Nissar of Bearys Amanah Investment Pvt. Ltd. Bangalore who in their turn assured him of their continued cooperation in making his timely initiative a success.
The report gives detailed course outlines for the one year post graduate diploma in Islamic Banking and Finance. Five compulsory courses covering neoclassical economics, accounting, management, Islamic economics and Islamic finance will be followed by three optional courses relating to Islamic Bonds (Sukuk), Islamic Insurance(Takaful), Islamic Asset and Fund Management, Islamic Microfinance, etc. Besides classroom teaching there will be a 6-8 weeks summer training in a professional organization in the field of Your browser may not support display of this image.Islamic banking, finance investment or in any related area. This will be based on a project leading to a dissertation.
According to the news release, only students with a graduate degree will be admitted in the PG Diploma. Twenty percent seats will be reserved for students who had madrasa education along with graduation. The Committee has recommended an intake of 20 students to be raised later on to 30. Admissions will be based on a written test on the pattern of MBA admission test in AMU carrying 200 marks, followed by group discussion and personal interviews of those qualifying in the written test.
The report has recommended an informal International Advisory Board to ensure quality.
The committee had very wide consultations in preparation of the syllabi and other details involving institutions like Harvard University Islamic Finance Forum, the Islamic
Research and Training Institute of the Islamic Development Bank, University of Durham, UK, National Commercial Bank, Saudi Arabia and several Islamic scholars of repute.
One of the several objectives of this whole project, as stated by the three member committee, is : To contribute to the students in depth knowledge in Islamic Economics and Islamic Banking in the modern globalizing world so that AMU gains an edge over other centers of studies and research in this field.
The committee observed that the vision of the present Vice Chancellor and able support and dedication of the AMU faculty will go a long way in establishing the reputation of this great seat in this new and challenging inter-disciplinary area.