Dubai: Ethica Institute of Islamic Finance has introduced first time ever the 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.
Ethica Institute of Islamic Finance will be the first globally recognized institute to bring fully AAOIFI-compliant certification in the above said countries which happens to be the most heavily-enrolled Islamic finance program in the world.
A spokesperson for Ethica Institute of Islamic Finance stated, “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.”
She informed that 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.
It takes 7 hours to fly from Dubai to Kuala Lumpur and 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 percent 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.
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.
Equitable's Managing Director, Usman Siddiqui, commented, “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.”
Ethica delivers 4-month Certified Islamic Finance Executive (CIFE) program 100 percent online which especially makes the partnership promising. 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.
Ethica is the winner of “Best Islamic Finance Qualification” at the 2011 Global Islamic Finance Awards and 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.