International Shariah expert calls for unified action to develop global Islamic Finance expertise

DUBAI, 18 October 2009: The global launch of the CIMA Certificate in Islamic Finance in Arabic was held on October 12, 2009 by CIMA (Chartered Institute of Management Accountants), and Talal Abu-Ghazaleh Organization (TAG-Org) at the Emirates Towers in Dubai. The launch of the Certificate, which counts HSBC Amanah as its supporting partner, marks a major step forward for the Islamic Finance industry ? it is the first global qualification of its kind to be offered by a professional chartered accountancy body.

International Shari?ah expert Dr Mohd Daud Bakar, delivered a keynote speech at the event, calling for increased industry focus on nurturing talent and developing cross-border expertise in Islamic Finance. Dr Bakar ? who led the team of authors responsible for the development of the certificate - said the industry must work to build a pool of expertise if it is to continue to drive previously impressive growth rates and flourish alongside its conventional counterpart. He noted that global qualifications such as CIMA?s Certificate in Islamic Finance were essential tools in this process.

He also said there is an urgent need for more Shari?ah scholars - who are well versed in both Shari?ah law and modern finance.

The scholar went on to praise Dubai for the crucial role it has played in helping to shape the development of the Islamic Finance industry, paying tribute to the Gulf region?s ability to support the growth of this dynamic sector.

Other speakers at the event included Dr Robert Jelly, Director of Education at CIMA, who outlined the new certificate and how it could address the shortfall of skilled Islamic professionals. He said that the certificate, which is international in scope, stood out from local qualifications, by offering Islamic Finance professionals a globally recognised qualification.
Salah Abu-Osbeh, Executive Director at Talal Abu-Ghazaleh Academies, outlined the need for an Arabic translation of the CIMA Certificate in Islamic Finance and further stressed the requirement for Arab professionals to be internationally qualified in Islamic Finance. He talked about how Arab professionals needed to understand that Islamic Finance is the fastest growing financial services sector in the market.

Ammar Shamsuddin, HSBC?s UAE Head of Human Resources spoke about HSBC Amanah?s global partnership with CIMA to promote the Certificate in Islamic Finance. Ammar said many HSBC Amanah staff have already benefited from undertaking the global certificate as HSBC?s Islamic Finance qualification of choice. He thanked CIMA and TAG-Org for their roles in the development of the new Arabic certificate, and said HSBC hopes to continue to work with CIMA to grow the expertise and professionalism of the industry.

For more information on the CIMA Certificate in Islamic Finance, which counts HSBC Amanah as its global supporting partner, please log on to www.cimaglobal.com/islamicfinance.

-Ends-
For press enquiries or to request an interview, please contact:
Roufan Nahhas
Media Executive Director, Talal Abu-Ghazaleh Organisation
+962 6560 9000 Ext: 3620
RNahhas@tagi.com

Katie Scott-Kurti
PR Manager, CIMA
+44 (0) 20 8849 2347
Katie.Scott-Kurti@cimaglobal.com

Lucy Kelly
Communications Manager, HSBC Amanah
+971-4-4235201
lucykelly@hsbc.com



Notes to Editors

1. The Chartered Institute of Management Accountants, founded in 1919, is the world?s leading and largest professional body of Management Accountants, with 171,000 members and students operating in 165 countries, working at the heart of business. CIMA members and students work in industry, commerce and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers? choice when recruiting financially-trained business leaders.

CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. CIMA is proud to be the first professional accounting body to offer a truly global product in the fast-moving area of Islamic Finance.

According to independent research conducted by the University of Bath School of Management, CIMA?s syllabus and examination structure are the most relevant to the needs of business of all the accountancy bodies assessed. See the CIMA Difference report for further information at www.cimaglobal.com/thecimadifference. CIMA has been awarded Superbrand status in the UK for a third year in a row this year and for the first time in Sri Lanka.

For more information about CIMA, please visit www.cimaglobal.com.
Follow us on Twitter at www.twitter.com/CIMA_News

2. TAGORG.com Your global partner in 70 offices and 180 correspondents, for all your business needs: auditing, valuation, management consulting, ICT development, business advisory, training, educational consultancy, capital services, human resources development, real estate consulting, translation, legal service, intellectual property rights protection and domain name registration.

3. Talal Abu-Ghazaleh Academies (www.tag-academies.com): A group of professional academies specialized in offering training programs, projects and consultancies. The group of thirteen academies provides its services through thirty-two offices in the Arab World in the following fields of Professional training, Banking and finance, Information Technology, Human Resources Management, English Language, Chinese Language, Developing Education Institutes, training of trainers, Teachers and Managers, Training Consultancies, Project management, Media, Islamic banking and Qualifying Translators.

4. HSBC Amanah is the global Islamic financial services division of the HSBC Group. It was established in 1998 with the aim of making HSBC the leading provider of Islamic financial services worldwide. HSBC Amanah meets the Shariah-compliant finance needs of all customer groups in the Middle East, Asia-Pacific, Europe and the Americas. HSBC Amanah represents the largest Islamic financial services team of any international bank.
With the global resources of the HSBC Group at its disposal and the largest Islamic finance team of any international bank, HSBC Amanah is uniquely positioned to understand, structure, and distribute financial services that are compatible with the requirements of Shariah (Islamic Law).

5. The International Institute of Islamic Finance Incorporated (IIIF Inc.) has been established with the aim of fulfilling the global need for human development in Islamic finance, through the provision of quality research, training and module development. IIIF also provides Shari?ah advisory, product development consultancy and research & development for institutional and corporate clientele focusing on Islamic financial services. While pioneering innovative efforts in providing effective solutions in Islamic Finance, IIIF has undertaken research that set the pace and the landscape for Islamic Finance. It has a strong and established panel of consultants and Shari?ah scholars that who experienced in various aspects of Islamic banking and finance industry.