Islamic banking grows

Islamic banking to create up to 50,000 new jobs globally.
Huge expansion of growing sector foreseen in Australia and abroad.

Middle Eastern Money Associate Professor and award-winning academic Dr Ishaq Bhatti will represent La Trobe University, a major sponsor of Islamic Banking 2010, a conference in Melbourne, 6-8 June.

‘The world Muslim population is approaching 2 billion people and it is estimated that 50% of Muslims who want to practice banking based on Islamic principles will be involved in Islamic Banking by 2020,' says Dr Bhatti.

‘Capturing capital through Shariah compliant banking products is the key to realising growth in this area and Bankers’ Magazine recently predicted that servicing this new Australian and global industry will require at least 50,000 staff in coming years.

’Its 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 will be among central figures representing government, industry and education at the conference which is 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 is Islamic Finance, as well as the dynamics of Islamic capital markets,’ adds Dr Bhatti.

Media Contact:
Mark Pearce
Media and Communications Manager,
Media and Communications Unit,
Marketing and Engagement Division,
La Trobe University, Victoria 3086, Australia