Launch of UK’s first Islamic Finance undergraduate degree

By Shuiab Khan

A university has announced the launch of the first Accounting and Islamic Finance undergraduate course in the UK.

The BSc (Hons) Accounting and Islamic Finance degree at Birmingham City University will see students study Islamic economics, whilst developing an understanding of ‘corporate social responsibility’.

Islamic finance is one of the fastest growing financial industries, with global assets exceeding $2 trillion and expected to reach $3.8 trillion by 2023.

Course leader Shaista Mukadam said, “The course is being launched at a very crucial time in our history. With the current pandemic and economic challenges, there is an urgent need to rethink an alternative to the interest-based economy.”

Sharia-compliant finance differs from conventional banking in key ways, the most notable being a prohibition on charging interest and investing in ethically compliant companies.

Shaista, who is a senior lecturer at Birmingham City University’s Business School said, “Islamic finance uses tools to ensure a fair and equitable distribution of wealth, resources and growth based on profit, loss and risk-sharing while achieving the United Nations sustainable development goals and ensuring ethical and sustainable processes in business and finance.”

“Students on the course will be taught the philosophy around these principles and will be encouraged to find ways to implement them in real-world scenarios. It’s not just a course for Muslims, it’s about an ethical way of doing finance based on the teaching of Islam.”

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