Islamic Finance: currently 0 jobs.
Islamic finance may be something you've read about during your training, but not something you've ever seriously thought of exploring. However, now could be the time. More and more banks throughout the western world are expected to pick up Islamic practices to diversify the way their clients invest their funds, and there's expected to be an influx in opportunities within the coming years.
While there are many job opportunities within Islamic finance, one of the most common roles within western-based banks is compliance - ensuring that the bank adheres to Shariah law. In terms of banking, this means not charging interest for loans (making money from money is prohibited), not offering insurance-based products (there are laws against purchasing non-physical products, as well as products with no determined outcome), and not permitting investments in equities related to alcohol, gambling, or pork.
Within the Gulf states such as Dubai, job opportunities are rife, but what are they like in the United States, and across non-Islamic parts of the world? Standard & Poor have claimed that Africa is the next big place for a rise in Shariah-compliant banks, widely considered to be an up-and-coming destination for investing in Shariah-compliant products, via Shariah-compliant practices, outside of the Gulf. Currently, the United Kingdom has more Islamic banks than anywhere else in the west, partly due to it's 5 percent Islamic population, and the United States is expected to follow suit. Job seekers can expect to not only see a rise in the number of US-based job opportunities, but also a rise in competition for Islamic banking.
The Current Market
It is estimated that there are more than 1.6 trillion assets held within Islamic banks, and Ernst and Young reports that the top 20 Shariah-compliant banks have grown by a whopping 48 percent within the past three years. Islamic banking fills in gaps in areas in which other banks are starting to pull out of. There has never been a better time to get a job in Islamic finance - one type of banking that is expected to revolutionize the finance world in the west.
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