Risk course launched for Islamic finance products
A certificate in risk management specific to Islamic financial institutions is to be launched next year by the Global Association of Risk Professionals in association with Lebanon-based Banque du Liban.
The course content has been developed by an advisory committee in accordance with a “benchmark approach to assessing risk around Sharia’a-compliant financial products”, according to Bank du Liban vice governor Ahmed Jachi.
The basic tenets of Sharia’a dictate that investors cannot engage in transactions that are speculative, pay interest or involve contractual uncertainty.
Jachi said a growing global demand for Islamic financial products that comply with Sharia’a is the driving force being the certificate course.
“Further growth in the market will be inhibited unless better transparency emerges and standardised approaches to risk management techniques are developed,” he said.
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