For those who are considering the financial job market in the Middle East, an Islamic finance degree is a necessity. However, the choice comes between obtaining a General MBA or MBA Islamic finance degree. When comparing how both of them apply to the current job market, there are considerable advantages that are offered by the Islamic MBA degree.
When you consider that the financial market in the Islamic world has grown over six times in size in the past decade, having the best degree really matters for obtaining the right job and your future career goals. Here are five reasons why you should seek an MBA Islamic finance when applying for the job market in the Middle East.
Better Understanding of Core Financial Principles
While a general MBA degree offers an overview of the financial markets, the Islamic degree provides for a greater understanding and better insight into the financial world of Middle Eastern countries. This means that the degree you earn provides a solid understand, principles of financial law, and an overview the possibilities that are waiting in the job market.
Applying Principles of Shariah Law
This is where getting an Islamic finance degree can really pay off because it delves into the nuances of Shariah law when it comes to the process of the market itself. By having this particular understanding of these procedures, you will fit in far better with the companies that operate in the region. With so many companies operating under Shariah principles, it pays to get a degree that offers courses with this in mind.
Expansion of Islamic Banks
You are seeing more people with an Islamic finance degree because more banks and financial institutions are making this part of their system. With a growth rate exceeding 10%, many local and international banks are now creating Islamic-based wings and units in their banking system. So, banks that are located in the area have created Shariah compliant offices which means that the need for those with the right degree is even greater today than before.
Another factor that is driving up the number of MBA Islamic finance students is the practice of many Muslims who do not use Western banking systems. Because such systems pay out an interest rate which is prohibited under Shariah law, they instead will avoid banks or only use Islamic ones abide by such laws. That means more opportunities for those who are hired by Islamic controlled banks.
Moral & Ethic Understanding
Islamic banking and finance is more than just a way of doing business, it is how they run their companies. To understand their methods means being educated in the Islamic law and traditions that govern their business practices. That why having an MBA degree in Islamic finance is so important.
If you are seeking employment in the Middle East with a bank or financial institution, then getting an Islamic finance degree is paramount to your employment and career success.