Career in Islamic Finance

Name : IRFAN SHAHID

Area of Study: ECONOMICS , FINANCE, SHARIAH & ARABIC
Affiliation : Markfield Institute of Higher Education [Newman
University, UK]
Contact No. 9940442317/08080997775
Email: shahid_irfan2002@yahoo.com

ABOUT AUTHOR....

What is Islamic Banking & Finance

16/06/2012

Prof. Irfan Shahid

Shariah Filter of Islamic Banking

Banking and finance needs

Fiqh al-Muamalaat contracts

Shariah sources
Quran
Sunnah
Ijma (jurist consensus)

Shariah filter

Qiyas (analogy)
Ijtihad (reasoning)

Musharaka

- Partnership

Mudaraba

- Partnership

Murabaha

- Purchase-resale

Ijara

- Lease

Istisna

- Manufacturing contract

Salam

- Forward sale

Islamic banking and finance solutions

Prohibition on:
Interest
Speculation
Gambling

Prohibition of certain investments:

Sectors (e.g.: alcohol, armaments,
financial services, gambling, pork,
pornography, tobacco)
Instruments (e.g. no forward
transactions, limited option use, no
derivatives, short-selling)

Asset-backed
transactions with
investments in
real, durable
assets

Credit and debt

products are not
encouraged

Fundamental of Islamic Banking

Transactions must be asset backed

Money cannot be used as a commodity or

asset

Interest Free Banking is based on the Quranic

prohibition of usury (Riba)

16/06/2012

Prof. Irfan Shahid

The five essential principles of

Islamic Banking
Restriction on a certain activities/commodities e.g.

Prohibition on Speculation or gambling (maisir)

Prohibition of Uncertainty (gharar)

Prohibition on Interest (riba)

Profit and loss sharing mechanism

16/06/2012

Prof. Irfan Shahid

An Evaluation of Interest Free Banking & Finance

Departments in Islamic Banking

16/06/2012

Prof. Irfan Shahid

Academic & Research

16/06/2012

Prof. Irfan Shahid

Departments in Islamic Finance

16/06/2012

Prof. Irfan Shahid

10

Muslim Population in the World

There are approximately 1.8 billion Muslims worldwide (25% of total worlds population)

Job Opportunity
Interest Free Banking Finance is one of the fastest
financial sector which over taken the speed of
conventional finance.
The Islamic Finance industry is now valued at greater
than $1.5trillion
Estimated growth rate 15 20 % annually
Continued growth needs to be fed by new human
capital
50,000+ professionals will need to join the industry
globally over the next five to seven years

Why one should study Interest Free Islamic

Finance
Shariah based reasons

The body which is nourished by nonnon-pure sources is bound to hellfire.

hellfire.

On the day of Judgment, a person will not be moved from the place which
he stands until he is asked about the sources of his income, and the ways
he spent it.
it.

Purifying the source of ones nourishment is one of the important reasons

for the acceptance of supplications by ( God )Allah.
)Allah.

Opportunities in Finance, Islamic Banking

Irfan Shahid [Prof of Economics & Finance] MIHE, UK

16/06/2012

Prof. Irfan Shahid

14

There is no Magic formula

for success just 3 essential
ingredients which, when
combined together work
wonders

16/06/2012

Prof. Irfan Shahid

15

(   "!       

 )
16/06/2012

Prof. Irfan Shahid

16

Why? Right Preparatory Guidance

16/06/2012

Prof. Irfan Shahid

17

Why? Right Preparatory Guidance

16/06/2012

Prof. Irfan Shahid

18

Why We need to Select a Career

We have been created Unique [Ex. Fingerprint].
We are born only once.
We spend almost 40 years on our work.
A total of over 80,000/- hrs we work.
Ask yourself.
A billion Rupees Question How should I spend these 80,000
hrs before I die ?????
Better an original cow than a duplicate Tiger
16/06/2012

Prof. Irfan Shahid

19

Subjects in Islamic Banking

16/06/2012

Prof. Irfan Shahid

20

Pattern of Studies in Social Science

Higher Secondary or +2 (2 Yrs)
BA Eco (3 Years)
MA Eco (2
(2 Years)
M.Phill (1Year)
Year)
Ph.D [Research] (3 Yrs to 5 Yrs)

16/06/2012

Prof. Irfan Shahid

21

Professional Courses
CA (India) Charted Accountant
ICWA (India) Institute of Cost & Work Accounting

CIMA (UK)
CFA (USA)
IFQ (UK)

16/06/2012

Prof. Irfan Shahid

22

Pattern of Studies in Commerce and Management

Management

Commerce

B.Com

BMS

M.Com

16/06/2012

MBA
(Entrance Test)

Ph.D

Ph.D

(Entrance Test)

(Entrance Test)

Prof. Irfan Shahid

23

Pattern of Examination in Accountancy

Higher Secondary or +2
+2 (2 Yrs)
B.Com (3 Years)
Intermediate Examination
Article ship
Final Examination

16/06/2012

Prof. Irfan Shahid

24

10 top Institutions
MIHE, UK
INCIEF, Malaysia
Durham University
Bangor Business School
Lancaster University
Aligarh Muslim University
BS Abdur Rahman University
Qatar Foundation
IRT
Triksati University
16/06/2012

Prof. Irfan Shahid

25