Islamic Finance: currently 2 jobs.The latest job was posted on 24 Sep 20.
Islamic finance is a particular approach to banking and finance, where the services and products offered comply with the requirements of the Muslim religion. Interest payments are forbidden in Islamic law, and are therefore not permitted in any Islamic banking products.
When products and services are created and administered following Islamic principles, and are known as being 'Sharia compliant'.
The practice is especially popular in the Middle and Far East, in places like Jeddah, Riyadh and Kuala Lumpur.
Potential investments are scrutinised for their compatibility with Islam. This is not only in relation to interest, but will also avoid investment linked with gambling, the sale of pork, alcohol, tobacco, or pornography.
As betting and interest payments are not permitted, derivative products, the practice of short selling and using leverage are also forbidden.
Islamic Finance Terms
'Sukuk' is the Arabic term for financial certificates, most often used to refer to the Islamic finance equivalent of bonds. 'Takaful' refers to the Islamic insurance industry. The takaful is a community in which members pool resources in return for a guarantee of financial compensation in the event of loss or damage.
Islamic Finance Careers
Islamic financial institutions employ many of the same roles that would be typically found in other financial services enterprises.
To ensure Sharia compliance, the employees work under the guidance of Sharia scholars, and employ additional analysts to complete legitimacy checks. For example a Private Equity Portfolio Manager would need input not just from an investment analyst identify the best portfolio mix, but also a Sharia specialist to verify the legitimacy of the investments.
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