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Dubai Free Zone Launches Islamic Finance Courses

by Lorys Charalambous, Lowtax.net, Cyprus
21 May, 2014

The Dubai International Financial Centre (DIFC), a free zone in the United Arab Emirates (UAE), has taken a further step toward establishing itself as an international hub for Islamic finance by offering a new course – and potentially several more – on the subject.

DIFC Authority, the body responsible for overseeing the development of the free zone, announced that it has partnered with Dar Al Sharia Limited-DIFC, Dubai Islamic Bank's (DIB) Sharia advisory arm, to offer a free short course on Islamic finance. The first such course was offered on May 19, 2014, but is due to be repeated due to a strong turnout of more than 100 attendees.

Chirag Shah, Chief Strategy and Business Development Officer at DIFC Authority, said that there is a growing desire amongst banking and finance professionals to learn the basics of Islamic finance, but few of them have the time to attend lengthy courses on the subject.

He said three-hour foundation course covers the core principles of Islamic finance with emphasis on relevance of Islamic banking and finance principles in the modern day financial world.

"Islamic finance is one of the fastest growing industries in the world. However, authentic education on the subject is not widely and easily available," he said.

The course has been developed by the industry experts from Dar Al Sharia who have played an important role in the progression of Islamic banking and finance industry within and outside the UAE during the past ten years.

Based on growing demand, DIFC Authority and Dar Al Sharia may consider launching advanced courses on various aspects of Islamic banking and finance starting after the summer vacation.

DIFC is a financial free zone connecting markets in the Middle East and North Africa with the rest of the world. The benefits of doing business in the center include 100 percent foreign ownership, zero percent tax on income and profits for 50 years, and an international legal system based on English Common Law.

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