(MENAFN Editorial) BIBF participated in the first UK-Bahrain Islamic Finance Summit, hosted by Senior Foreign Office Minister Baroness Sayeeda Warsi at the Foreign and Commonwealth Office in London. Central Bank of Bahrain Governor Rasheed Al-Maraj led the high-level Bahraini delegation.
BIBF Director Ms Solveig Nicklos and Head of Centre for Accounting and Finance, Research and Advisory, IT, and Islamic Finance Mr Burhanu Deen Jayah represented the local educational sector. The BIBF presented a paper on educational and training development in Islamic Finance which highlighted the importance of cooperation to build excellence in this area, a critical need which underpins the future of the industry.
The paper highlighted several trends and facts that come as part of the continually growing Islamic financial sector, which in 2012 had an asset valuation of more than 1,350 billion dollars. As a result, it is expected that 250,000 to 1 Million professional Islamic finance jobs will be created worldwide by 2020. The paper also highlighted that this has produced a paradigm shift from an educational standpoint in OIC (Organisation of Islamic Cooperation) countries and will generate multiple specialized training opportunities for human capital development within the sector.
"It is important that we serve the growing demand for Islamic Finance professionals, stemming from an industry that is growing 15% per year. There is a need to develop professionals with skills related to Shari'ah and Finance so they will be in a better position to serve the market and take the industry to the next level," Mr Jayah said during his address.
The BIBF team also participated in many panel discussions during the event, focusing on investment (how Islamic finance can facilitate investment opportunities), education (promoting excellence in Islamic finance education), and regulation (how to ensure that the conditions are right for Islamic finance to mainstream even further).