Published On:12 June 2012
Posted by Indian Muslim Observer

Global Islamic Finance Standards Come to Australia, Malaysia, Singapore and New Zealand

IMO News Service

Dubai: It takes 7 hours to fly from Dubai to Kuala Lumpur; 6 more to Sydney. And then there’s the trip back. Throw in airports, jet lag, and delays, and it is no wonder that a short business trip to South East Asia from most parts of the world feels like it takes a week. In a world of Skype and streamed video, air travel just does not have the same appeal anymore. As a result, while 90% of the countries offering Islamic finance now follow one set of standards, namely AAOIFI’s, South East Asia has been left behind with its own set of standards.

This is about to change.

Ethica Institute of Islamic Finance, the most heavily-enrolled Islamic finance program in the world, will be the first globally recognized institute to bring fully AAOIFI-compliant certification to Australia, Malaysia, Singapore and New Zealand. AAOIFI is the Accounting and Auditing Organization for Islamic Financial Institutions, the de facto standard for over 90% of the world’s jurisdictions.

“Because of the vast distance between the Gulf and South East Asia, the two regions historically developed their industries quite separately from each other. With Ethica’s 100% online platform, we finally bridge the distance with globally recognized certification that harmonizes standards across regions,” said Ethica’s spokesperson. The institute leads the Islamic finance certification industry with over 20,000 paying users in 44 countries and a network of resellers in 10 countries.

Ethica’s highly sought after exclusivity license went to Equitable Financial Solutions and grants marketing and selling rights for Australia, Malaysia, Singapore, and New Zealand. Usman Siddiqui, Equitable’s Managing Director, said, “Partnering with Ethica enables EFSOL to deliver a world-class Islamic finance certification to a market that has massive potential. Innovation and development in Islamic finance will not happen if our current base of professionals and academics are not versed in a better understanding of Islamic finance.”
What makes the partnership especially promising is that Ethica’s 4-month Certified Islamic Finance Executive (CIFE) program is delivered 100% online. This means that these countries are now connected to the same standardized training delivered in Dubai, Bahrain, and London. The Dubai-based institute’s clients include large banks like Mashreq Bank which trains 1,000 employees using Ethica, universities like La Trobe, and Dow Jones affiliate Zawya, which offers Ethica to its 750,000 users.

Equitable Financial is a Sydney-based company providing viable Shariah-compliant financial solutions to the Australian community and the region. In addition to offering a Mudarabah-based investment fund and a Musharakah-based home financing product, EFSOL provides training and certification to the business community. EFSOL has sold numerous properties and educated many professionals about the benefits of Islamic finance and now plays a vital role in marketing and distributing Ethica’s global certification program across the region. To learn more about Ethica’s training programs in Australia, Malaysia, Singapore, and New Zealand, please call +61-2-800-50235 or e-mail at info@efsol.com.au.

Winner of “Best Islamic Finance Qualification” at the 2011 Global Islamic Finance Awards, Ethica Institute f Islamic Finance is chosen by more professionals and students for Islamic finance certification than any other organization in the world. With over 20,000 paying users in 44 countries, the Dubai-based institute is accredited by leading scholars and serves banks, universities, and professionals across over 100 organizations. To watch an Ethica training video click here. For more information about this article, or to schedule an interview with Ethica Institute of Islamic Finance, please call +971-4-455-8690 or e-mail at info@ethicainstitute.com.

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Posted by Indian Muslim Observer on June 12, 2012. Filed under , , , . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response

By Indian Muslim Observer on June 12, 2012. Filed under , , , . Follow any responses to the RSS 2.0. Leave a response

1 comments for "Global Islamic Finance Standards Come to Australia, Malaysia, Singapore and New Zealand"

  1. An excellent article. You shared useful information. Islamic mode of finance provides true and solid solution regarding religion about exchanging and investing money or assets for business concerns. This may cause to give satisfaction to the Muslim world in long term. Manahil from Quran reading school.

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