Using Islamic Finance to Give Back to the Community 

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Using Islamic Finance to Give Back to the Community

Years ago I had somewhat of an internal crisis. Life was going well, I was earning a good salary, had a stable family life, and was in good health.

However, having spent some time with the scholars of Islam, I started to question the ethics of the banking industry I was working in. My predicament was further fuelled by the credit crisis and the unraveling of the financial markets, previously understood to be sound and stable. It was at this time that I started to look into Islamic finance and reading about its aims and objectives.

One of my good friends had told me about Ethica so I started to look through its website but hadn’t quite taken the plunge to enroll in a course. Serendipitously, another close friend of mine, who holds a senior position in a well known charitable organization, resolved to open a new charity whose aim was to help young entrepreneurs in under-developed regions.

Ken, a convert to Islam, was acutely aware that there were plenty of conventional microfinance initiatives, but he felt that the Islamic microfinance market was thus far under-represented. He challenged me to develop a Shariah-compliant microfinance model for his fledgling charity, Youthschool, knowing I worked in the finance industry. It was the weightiness of this challenge, coupled with my limited understanding of Islamic finance, which sprung me into action and I immediately enrolled into Ethica’s Certified Islamic Finance Executive (CIFE) course.

The online course was phenomenal and I was immediately hooked. Clearly, someone had gone through a great deal of effort to ensure that the material taught was logical, structured, and easy to take in. A fringe benefit for me was that I discovered that the multimedia method of learning works best for me. Being able to rewind the lecture when I missed a key point was invaluable.

Four months later, with the course concluded and two notebooks filled, I felt in a much stronger position to define the finance model for Youthschool. The three products I most favored were Mudarabah, Musharakah, and Ijarah. Ethica also helped me, as an alumni, by offering me advice on some of the products I was contemplating. By the grace of God, I completed the model and it was put into action immediately in a Gaza based project.

Networking in the Islamic finance industry also saw me deliver an annual lecture at a local university to final year finance students on Islamic finance and the Youthchool project. I have found this to be a rewarding experience: meeting the next generation of financiers and entrepreneurs whom I hope I can inspire to take up the challenge of spreading the message of standards-based Islamic finance.

By the grace of God, having completed the Ethica course, I have become quite the evangelist for standards-based Islamic finance. In the current economic climate in the UK where the whole concept of quantitative easing would have passed over my head, I can clearly see now that this is not the correct approach as it goes against all long-term logic. 

I believe that interest and the disproportionate allocation of finance is a driver behind much of the unrest in the world today. If we do not pour our efforts into redressing this imbalance soon, we risk falling into greater disparity and ensuing chaos.

Ahmed Ali Khan, UK







Officially AAOIFI Recognized



Officially recognized by AAOIFI (pronounced “a-yo-fee”), the world’s leading standard-setting body in Islamic finance, Ethica's award-winning Certified Islamic Finance Executive (CIFE) and Advanced CIFE (ACIFE) earn you continuing professional development (CPD) credits

"The role Ethica has played in promoting the cause of standardization of best practices in Islamic finance, especially in the fields of Shari'ah and accounting, that too for the last two decades, is indeed praiseworthy. They have always put AAOIFI standards at the heart of all their certification and training programs for which we are grateful."

Omar Mustafa Ansari
 Secretary General, AAOIFI




What CIFE and ACIFE Graduates Say...


"Ethica’s CIFE has already opened doors for me..."
 Boyd Ruff
 Esq., USA          

                                                              

"The course is brilliant."
Mufti Faraz Adam, UK

"I chose Ethica’s certification as it has an excellent reputation in the market and now I understand why. All the different modules cover the most important types of contracts from both a theoretical as well as a practical perspective and are complemented by a lot of clear examples. And the self-paced training permits excellent time management. I recommend the CIFE from Ethica Institute to everybody seriously interested in learning about Islamic finance."
Daniel Rasqui
Director, Product Support and IT, SIX Financial Information, Luxembourg                                                             

"We upgraded to twice as many users after only 6 months with Ethica."
Moinuddin Malim
CEO, Mashreq Al Islami                                                                        

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Ethica is trusted by more professionals for Islamic finance certification. Officially recognized by AAOIFI, the world's leading standard-setting body in Islamic finance, the Institute has trained over 15,000 paying professionals in 160 financial institutions across 65 countries, winning numerous industry awards. Ranked #1 on Google for “Best Islamic Finance Certification” regularly, Ethica’s globally recognized and accredited award-winning certificates include the Certified Islamic Finance Executive™ (CIFE™), Advanced CIFE™ Financial Analysis (ACIFE™ FA), and Advanced CIFE™ Accounting (ACIFE™ ACC), delivered online or live at the bank.


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Disclaimer: This email is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action. Ethica Institute LLC does not purport to and does not, in any fashion, provide tax, accounting, actuarial, record keeping, legal, broker, dealer or any related services. You should consult your advisors with respect to these areas and the material presented herein. You may not rely on the material contained herein. Ethica Institute LLC shall not have any liability for any damages of any kind whatsoever relating to this material. Unlless indicated otherwise, the names of people, locations, and events may have been changed and any resemblance to actual people, locations, and events may be purely coincidental.

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