Today, the Chartered Insurance Institute (CII) and University of Greater Manchester have announced the launch of a new Executive MBA in Islamic Insurance and Risk Management, developed in collaboration with the Islamic Insurance Association of London, and the Centre for Islamic Finance.
The online course has been developed to support a comprehensive understanding of Islamic financial products, the operations of Islamic insurance and in-depth knowledge of Takaful insurance. The course structure is designed to help prepare students for senior positions in organisations that provide or require Shari’ah compliant or Takaful insurance, with a focus on good practice in management and commerce.
Alongside the management subjects within an MBA, it includes modules on Islamic Insurance and Islamic Risk Management, offering contemporary knowledge and understanding of the methodologies and concepts of Islamic Law, as well as the application of legal principles within Islamic business transactions.
Islamic insurance is one of the fastest growing sectors in the global profession, and it is predicted that Islamic Insurance will be worth an estimated US$97 billion by 2030.
Matthew Hill, CII Chief Executive, said: “We are delighted to provide this opportunity for professional development, reflecting the societal benefit that Islamic insurance services can bring as part of the global insurance market. This qualification will equip students with specialist understanding of Islamic insurance and risk management, as well as access to the University of Greater Manchester’s MBA suite of modules covering business and leadership skills.”
Professor Mohammed Abdel-Haq, Assistant Vice Chancellor, Postgraduate Developments, University of Greater Manchester, and Director of the Centre for Islamic Finance, said: “Engagement with professional bodies is a key strategy of the university and we are delighted to be working with the Chartered Insurance Institute and Islamic Insurance Association of London to further develop the Centre for Islamic Finance. This is a further enhancement of the Centre and I look forward to the first cohort joining us and following their progress.”
David Matcham, Chief Executive Officer at the International Underwriting Association of London (IUA) and Chair of the Islamic Insurance Association of London (IIAL) said: “The involvement of the Centre for Islamic Finance at the University of Greater Manchester, and the Chartered Insurance Institute ensures this course will set the standard for a qualification which we believe will be recognised and valued by employers across the profession.
"We very much hope this will be viewed as an attractive opportunity for students across the world to utilise the MBA in their efforts to pursue a career within Islamic insurance, and it forms a significant part of the Islamic Insurance Association of London's efforts to promote the establishment of Sharia-compliant capacity within the London market. We are delighted to be collaborating with the Centre for Islamic Finance and the CII.”