University in Manchester UK to launch degree in Islamic banking
A university in the UK is going to be offering a degree in Islamic banking. British banks have experienced a surge in demand for Islamic financial products, mostly from local Muslim families but also from non-Muslim families who are attracted to the fair terms that these products offer.
In the comment section on the the Daily Mail Online‘s story, Paul Hart wrote:
“This is what Labour have always wanted ,a Muslim state. Congratulations Blair , Brown and all the other buffoons under Labour your wish is finally coming true to eradicate what little is left of the true British culture.”
And Tony M. responded:
“Cue mad ranting islamophobes claiming this will be the end of the world as we know it….”
I think Tony is more on the money here. It’s pretty ridiculous to see the introduction of a University degree as a takeover by the brown masses. If they were offering language degrees in Russian or Hindi (as they probably do) would that imply that peasants from the steppes, or Indians on elephants, would soon be banging down the gates?
Here’s the Daily Mail’s story:
University to launch degree in Islamic banking after demand for ‘ethical’ lending surges
The banking world has already grown used to accommodating the needs of Muslim savers… and now there’s a university degree to match.
Salford University in Greater Manchester is launching a degree course in Islamic banking next year in which students will learn how to invest and lend according to the religion’s strict financial principles.
The postgraduate course is being introduced after a surge in demand from high street banks offering Islamic services to Muslim families.
Under Islamic rules, charging and paying interest is viewed as immoral and investments must be made according to strict ethical principles.
Islamic banks have opened in a number of British cities and major banks, including HSBC and Lloyds TSB, already offer Islamic products and services.
Although they cannot pay interest, Islamic banks must still offer competitive returns to customers and turn a profit.
Banks make money for investors by taking fees for matching investors and borrowers, buying into businesses, or buying and leasing assets to potential borrowers.
The MSc course – one of the first of its kind – will initially be open to 20 students next year. Lecturer Hussein Abdou said: ‘It’s predicted demand for Islamic services will treble in the next few years. ‘The course is not just for Muslim students. It is open to all people who want to have a unique position in the jobs market.’