A response to the rapid developments of the Islamic Banking Systems
In the name of Allah, Most Gracious, Most Merciful

As a response to the rapid developments the Islamic Banking System witnessed in the world, and in the light of its numerous successes over the world, this system has distinctly developed in the Arab world. According to the stats of the general council of Islamic Banks (Bahrain) more than 267 institutes in the Arab world, Malaysia, the United Kingdom and the United States of America and other countries apply this system.
Moreover, Islamic Banking System has been proved to be able to overcome economic obstacles and cope with financial crisis without being affected as conventional banking institutes did.
The Hashemite Kingdom of Jordan was of the first countries in establishing Islamic Banks and institutes. In 1972 the institute for the investment of orphan properties was established. The Jordanian Islamic Bank was established in 1979. In 1998 The International Islamic Arab Bank was established. In 2010 Dubai Islamic Bank established. This is in addition to the establishment of sectors which are specialized in Islamic Banking such as the Ahli Microfinance Company which was established in 2005 as a branch of the Ahli Bank …etc.
Moreover, Islamic insurance companies spread these days in a noticeable way, especially in Jordan. In the Arab world the number of Islamic banks is increasing. Qatar International Islamic bank, Kuwait Finance House, al-Rajihi Companies, Sudan Faisal Islamic Bank, al-Zaytunah Islamic Bank in Tunisia (2010), Islamic Development Bank, Bahrain Islamic Bank… etc. Other examples can be found in Malaysia, the United Kingdom and the United States of America and other countries.
People who are qualified in both banking and Islamic law and can work efficiently in such institutions are needed more than before. The establishment of our department in the academic year 2010/2011 comes as a response to these circumstances and needs. Fifty eight students with high grade in the general secondary exam certificate joined the department in its first year. The study plan was designed to meet these conditions, therefore it include modules talk about Islamic law, others which deal with Islamic banking system and some courses from the Faculty of Business Administration which help in Banking work. Subjects as accounting, principles of economic, finance analysis, electronic trade, Islamic economy, Islamic microeconomic, Marketing in Islamic banking, Islamic financial operations, Financial markets are distributed on the study years to be studied by our students in this program. This is explained in the guidance plan given to our students by their academic guide. This program and its study plan are locally accredited by the ministry of higher education in Jordan. Students' transfer to this department from any of other department is open under certain conditions which include studying some required courses for that. 'Principles of Islamic Economic' is a Faculty compulsory course offered by our department to all Shari'a students. An academic coordinator is appointed to supervise this course and a special committee is in charge of planning for this course.      





Future Directions of the Department
1- The department is looking forward to cooperating with the Islamic Banking institutions in workshops. These workshops should help in developing all needed skills for human resources of Islamic banks, spotting any points of weakness or shortcoming in the employers or operations of Islamic banks and treat these problems by addressing them in our courses or other training courses.
2- The department is looking forward to having partnerships with the international Islamic banking institutions, especially the pioneers of the Malaysian institutions, Kuwait Finance House and al-Rajihi Companies.
3- To organize courses for Islamic Banking Certificate (CIB). This is in order to develop the capabilities of the employers and job seekers in Islamic Banks all over the world. This can be done with the assistant of the general council of Islamic banks.
4- To urge our academic staff members to make researches on banks in other countries as the U.k. This is in order to investigate the systems followed by other banks, explore their procedures, discover points of strength or weakness and suggest solutions for problems in such institutions. In this the department will be serving our community through the development committee in the department.
5- The department is looking forward to opening and offering graduate programs in the nearest future.    
    








 

Faculty of Sharia
Department of Islamic Finance and Banking

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