Islamic Finance is growing at a rate of 50 percent higher than conventional finance with a $2 trillion industry that is has finance houses across the world capitulating and hankering after a piece of the halal pie. To capitalize on the trend and educate local students, an undergraduate level course on Islamic finance started this week at the American University in Washington D.C. taught by an expert in the field, Professor Ghiyath Nakshbendi.
The course provides students with an overview of the principles of Islamic finance and its evolution over the centuries with emphasis on the last four decades. The different products are presented and discussed with reference to the modern conventional products in the marketplace. Coverage of the current Islamic capital markets and the institutions that are the major players in that market is undertaken. Issues related to insurance, accounting and auditing, and ethical concepts are covered. The course is only open to juniors or seniors.
"Being the first ever course offered in Islamic finance around the DC area (as far as I know), we are trying to get more students registered for the course, so that we could offer it regularly in the coming semesters," comments Amin Mohseni, Assistant Professor of Economics at the American University. The course currently has 17 students and is held on Wednesdays at 2:35-5:15.