Over the past decade, Islamic Finance has been growing at twice the rate of conventional finance, attributable in large part to the performance of Sharia compliant structures during the 2008 global financial crisis. Islamic finance combines Islam, risk and reward into a unique form of commerce that has existed for over 1,400 years, but only for 40 years in its current modern state. Islamic Finance is an approach to banking and finance which adheres to Islamic or Sharia law. As such, it bans interest payments, speculation outside of a business context, and investment in products not believed to be ‘halal‘ – such as gambling, pornography, alcohol, and pork. There is also another critical feature of Islamic Finance which is the asset backed and shared risk which characterizes the modes of Sharia complaint financing, which is a key driving force of the growth in Islamic Finance globally.
Sample Certificate
Walid Hejazi has been a Professor of Business Economics and International Competitiveness at the University of Toronto’s Rotman School of Management for over 20 years, and an Academic Director of the School’s Islamic Finance Program. Walid has advised the Canadian and many foreign governments on themes related to Islamic Finance, International Trade, Foreign Direct Investment, International Tax Structures and Global Competitiveness, and has appeared many times before Canadian parliamentary committees on these themes. He has been working closely with the Toronto Financial Services Alliance and other financial institutions to enhance the presence of Islamic Finance in Canada.
At Rotman, Walid teaches global business strategy in the MBA, EMBA and custom executive programs. Walid has also developed a successful MBA course in Islamic Finance, which represents the first such course in Canada and remains one of the most popular courses at the School – it is systematically oversubscribed. Internationally, he has worked closely with many government on training and strategy development, and has advised governments in the Middle East, Asia and the Caribbean. He has delivered lectures in over 25 countries.
- Understand the differences between Islamic and Conventional Finance
- Understand the global landscape of Islamic and Conventional Finance
- Understand why Sharia Compliant Financial structures are more equitable and stable
- Compare at the micro level a Sharia Compliant solution to a Conventional Alternative, thus allowing for a deeper understanding of what constitutes Sharia complaint, and when such principles are violated
- Understand Legal & Ethical Responsibilities for Islamic and Conventional Financial Institutions
