A new career in Islamic Finance beckons

In 2019, the School of Business launched three new Master’s degrees in Islamic Finance/Banking, in partnership with Al Maktoum College, Dundee. The interest in these degrees continues to grow from around the world as students recognise the growing range of career opportunities in this area.

Here, one of our current students, Khusniddinkhon Djamalov from Uzbekistan, talks more about his experience and explains more about Islamic Finance/Banking.

“I am a graduate of Westminster International University in Tashkent (WIUT) which is an accredited institution of the University of Westminster (UK). WIUT is the first international university located in the heart of Central Asia to offer a Western-style education with UK qualifications and it is undoubtedly considered as one of the leading and top universities in Uzbekistan.

“The Islamic finance industry is relatively new and vibrant. Islamic financing emerged a half century ago, in countries with large Muslim populations who were keen to ensure their sources of funding were governed by the requirements of Shariah and the principles of Islam. In 2019, Islamic finance assets amounted to US$2.88 trillion, the highest recorded growth for the industry since the global financial crisis. Islamic banking and Islamic financial products will undoubtedly serve as an alternative to the dominant financial sector, and the experience of Islamic banking can be useful for representatives of traditional business and government structures from around the world. At the same time, in the context of the global crisis, we can witness the successful development of Islamic banks, their financial strength, their ability to interact with the real economy.

“With a population of over 34 million, Uzbekistan is the most populous country in Central Asia, with more than 90% of its population being Muslim. Despite the fact that the majority of the population is Muslim, Islamic financial services for the population in Uzbekistan remain closed until now. However, Uzbekistan has all the important ingredients to become a crucial regional center of Islamic finance. Naturally, in the process of this reform, there is a need for more specialists with in-depth knowledge of Islamic finance. Therefore, I decided to study for a master’s degree at the University of Dundee, one of the leading universities in the UK, in order to contribute to the implementation of these real capital-based financial services in my country.

“What I like most about my course is the highly qualified teachers and their friendly relationship with the students. Throughout the academic year, teachers shared their precious knowledge and experience, guided us to a broader and deeper understanding of not only Islamic finance but also traditional finance and economics.”