The Institute of Bankers of Sri Lanka (IBSL) has launched the first Diploma Course in Islamic Banking with the assistance of the country’s pioneering institution in Islamic Financial Services, Amana Investments Limited.  The Amana resource pool has facilitated the course by designing the Diploma structure, including its contents, practical knowledge and training. The IBSL has included the Diploma in Islamic Banking (DIB) as one of its core Diplomas for the year 2009, and has selected Amana Investments as its Strategic Partner to provide the resource personnel for this course.

The course structure is based on research conducted by M.Z.M. Sheroz, Amana’s Training Officer, on the GAP analysis, the training need analysis and projection of core competencies for the finance sector in 2009.

The course includes a 92 hour comprehensive study spread over 6 months, covering areas such as origins of Islamic Finance, Sources of Sharia  Law, Islamic Economic Theory and Applied Economics, Islamic Financial Products and their respective documentation,  Principles of Sharia  Accounting, Risk Management, as well as Islamic Takaful (Insurance) and Capital Markets. The DIB programme has already begun with its first batch of students. It has generated an overwhelming response of over 60 students, including employees of conventional banks. The course director and lecturer for the programme is Mr. Fairoze Burah, head of HR and Administration at Amana Investments. He is supported by Mr. Moulavi Siraj, Sharia Supervisor at Amana and other senior managers of the Amana Group.  Other local Islamic Finance professionals are also invited as guest lecturers during the program. Mr. Burah is a qualified HR practitioner and training specialist, having over 20 years of experience in his field. He holds a Master of Business Administration (MBA) degree specialising in Human Resources Management from the Postgraduate Institute of Management, University of Sri Jayewardenepura, and conducts regular skills development training programmes. Mr. Moulavi Siraj has a BA in Islamic Finance from the International Peace University, Capetown, South Africa and also a Diploma in Comparative Religions from the Islamic Propagation Centre International, Durban. Mr. Siraj is proficient in all aspects of Sharia and has previous teaching experience at the Asian Institute of Management.

Explaining why Amana joined hands with IBSL, Burah said “IBSL is one of the best regarded institutions when it comes to banking studies, and most students find the institute very accessible. The Diploma itself is affordably priced. We want the youth to embrace and benefit from Islamic Finance as it has the potential of being a US$ 4 trillion industry”. He added, “the course learning is evaluated by individual assignments, group projects and presentations, student journals as well as periodic examinations up to the final exam.”