La Trobe University supports key Islamic Banking industry event
Associate Professor and award-winning academic Dr Ishaq Bhatti has represented La Trobe University, a major sponsor of the 2010 Islamic Banking Conference, held in Melbourne between 6-8 June.
The world Muslim population is approaching 2 billion people, with 50% of Muslims estimated to be involved in Islamic Banking by 2020 and practice banking based on Islamic principles’, says Dr Bhatti.
Capturing capital through Shariah compliant banking products is the key to realising growth in this area. Bankers’ Magazine recently predicted that servicing this new Australian industry will require 50,000 staff in coming years’, he continues.
’This is an estimate I agree with', he continues.
The potential growth for Islamic finance has been identified by the Australian Government as huge both for this country and region. Key industry players in the banking sector, such as Westpac and NAB, have already launched significant financial products centred on the principles of Islamic Finance.
It’s widely acknowledged that Islamic Finance underpins global capital and will continue to do so to a greater degree in the future’, said Dr Bhatti.
La Trobe University has been on the forefront of education in this key area – preparing graduates for skilled industry demand. The education provider offers the only postgraduate program based exclusively on Islamic Finance in Australasia and one of very few in the western world.
Dr Bhatti was among central figures representing government, industry and education at the conference which was focused on meeting human capital needs in the Islamic banking and finance Industry.
The key to tapping into this growth will be for Australian organisations gaining a firm understanding of the principles, operations, techniques and mechanisms in Islamic Finance, as well as the dynamics of Islamic capital markets’, adds Dr Bhatti.