When Bank of Uganda finally starts providing licenses to Islamic banks, there is going to be a lot of human resource needed to take up employment opportunities.
According to the rector of the Islamic University in Uganda, Dr Ahmed Sengendo, there is need to bridge the gap between those needing the knowledge and those in need of the banking services.
“There is need for fast-tracking the programme and structure for this [emerging] industry. When new products come to the market, they are going to need short continuous courses; [and] this is where students can actually participate,” Sengendo said.
Dr Sengendo argues that Islamic banking has evolved as an important phenomenon in emerging market in the last 10 years. Consequently, IUIU is now introducing Islamic finance courses to develop the human resources for this emerging market, after learning that several conventional banks will have a window for Islamic banking.
“These students will help the banks reach decisions. I foresee more involvement and opportunities for the students in this kind of institution than in conventional banking,” said Sengendo.
He explained that the postgraduate diploma in Islamic Banking and Finance, is designed by experts from both conventional and Islamic banking financial fields to ensure that scholars graduate with a working knowledge of both disciplines.
According to Ahmed Fadhlan Yahaya, a member of Islamic Development Bank Group from Malaysia, it’s important to recognise that Islamic banking and finance is not solely a matter of religion.
He explained that the difference between the conventional financing systems Ugandans are experienced with and the Islamic banking system should be looked at from an objective standpoint, without the conditioning of a religious nature which could mar its implementation.
Dr Sengendo noted that the course places focus on the moral code that emphasises the obligations of professional practice, social responsibility and personal accountability in all dealings.
“We have been teaching our students who do business studies ... that there is need for more training,” Sengendo added.
The new course at IUIU is intended to equip students with the knowledge of Sharia, economics, finance, accounting and social issues.
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