The hot market for Islamic finance in the Middle East is fueling jobs for those who have that experience.
For example, this position for a Chief Operating Officer for a Riyadh Mortgage Finance company was posted to the Financial Times.
It promises a 6 figure salary in US Dollars, and a bonus negotiable around $500,000.
The ad also says:
The relentless rise of the price of oil over the past two years has hardly been good news for India's stock markets and economy. While high oil prices gave the country's stock investors many sleepless nights, its impact on the economy was greater, including a spike in inflation rates and higher costs across industries.
Two million Muslims in the UK face an ethical dilemma if they want a mortgage or a loan. Conventional mortgages and loans all require the payment of interest and “riba” as interest is called under Islamic law, is forbidden by the Koran.
British financial institutions are increasingly catering for Muslims' specialist needs through a number of alternative arrangements that respects the teachings of the Koran. Here are just two of them:
Ijara with diminishing Musharaka – the mortgage alternative.
Citi, the leading global financial services company, today inaugurated its Middle East regional office at the Dubai International Financial Center (DIFC) following approval by the Dubai Financial Services Authority to operate as an authorized firm at the DIFC.
This is a further step in Citi's strategy to build world class investment banking and equity businesses in the MENA region. The DIFC will be Citi's regional hub for these businesses, along with equity research, Islamic banking and non UAE regional banking businesses.
The Standard Chartered Bank (Pakistan) Limited launched its global Islamic Banking business brand “Saadiq” in Pakistan on Thursday.
It follows the brand’s global launch in Malaysia and the Middle East in April this year.
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BankIslami has aimed at taking shariaíh compliance to a level extending it to marketing, human resources and general outlook. Hasan Bilgrami, CEO BankIslami stated at an open house which was basically aimed at creating awareness of the shariah compliant products being offered by the bank and to explain in detail the very concept of Islamic banking.
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Diamond Trust Bank plans to leverage on its equity partner, Habib Bank, to offer Islamic banking products, the new product in the global financial services sector.
“Islamic based banking product is on our radar screen and we intend to tap in to Habib Bank experience to roll it out,” said Mahmood Manji, the bank chairman.
Habib Bank acquired 3.72 per cent of Diamond Trust’s shares during the Rights Issue carried out last year, making it the third largest shareholder in the bank.
Singapore Polytechnic has set up a training & research centre to train professionals for the Islamic banking sector.
The centre was launched on Wednesday, in association with the Singapore Business Federation and Glohex Groups, a consulting company with expertise in the field of Islamic banking and finance.
The global Islamic banking market is estimated to be worth $250 billion and expanding at 15% annually.
The new centre will support the industry in Singapore.
The 2nd International Islamic Financial Market Conference will be held at the Diplomat Radisson SAS Hotel on the 18th & 19th June 2007.
The event, entitled 'Developing the Global Islamic Financial Markets' is being organized by Bahrain based International Islamic Financial Market (IIFM).
The event is supported by the Central Bank of Bahrain and Bahrain Financial Services Development.
In Sweden, local banks show little interest in developing products for Muslims.
