Salford Uni offers Islamic banking degree

THE UNIVERSITY of Salford is a launching a degree course in Islamic banking.

It decided to create the postgraduate course, which will accept its first 20 students in 2010, as many banks have begun to offer investment and savings under different ethical principles.

According to Islamic laws, charging and paying interest is immoral and investments must made according to strict guidelines.

“It’s predicted demand for Islamic services will treble in the next few years,” lecturer Hussein Abdou told The Daily Mail.

“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,” he added.

On the course, which is the first of its kind in the UK, students will be taught about the religion’s strict financial principles.

Currently big banks like HSBC and Lloyds TSB offer Islamic services which have been financially successful with needing the tool of interest.

The Islamic services make the bulk of its profits by taking investors fees and buying into businesses or leasing these assets to potential borrowers.

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