The Chartered Insurance Institute (CII) and the University of Greater Manchester have announced the launch of an Executive MBA in Islamic Insurance and Risk Management.
The programme has been developed in collaboration with the Islamic Insurance Association of London (IIAL) and the Centre for Islamic Finance.
The online course is structured to provide an in-depth understanding of Islamic financial products, the operations of Islamic insurance, and knowledge of Takaful insurance.
The CII noted that the programme aims to prepare students for senior roles in organisations that offer or require Sharia-compliant or Takaful insurance, with an emphasis on management and commerce.
Alongside core MBA management subjects, the programme also includes modules on Islamic Insurance and Islamic Risk Management. These cover contemporary methodologies and concepts of Islamic Law and the application of legal principles within Islamic business transactions.
CII chief executive Matthew Hill (pictured above) said the qualification offers an opportunity for professional development while supporting the broader insurance market.
The CII launched a similar program in 2022, with the institute partnering with IIAL and the Centre for Islamic Finance at the University of Bolton to launch an executive MBA in Islamic insurance and risk management.
Islamic insurance is an expanding sector within the global insurance market, with projections estimating its value at US$97 billion by 2030.
In the UK, the Islamic finance market, encompassing banking, insurance (takaful), bonds (sukuk), and funds, was valued at approximately US$7.49 billion in 2024. Projections indicate that this market will reach US$9.02 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.12% during the forecast period.
Reports noted that this growth is driven by several factors, including an expanding Muslim population, increased awareness of ethical financial solutions, and supportive regulatory frameworks.
The market has also seen the emergence of various Islamic financial institutions, such as banks and insurance companies, offering a diverse range of Sharia-compliant products.
As of 2021, Muslims constitute approximately 6.5% of the UK's population, equating to about 3.9 million individuals. This demographic is projected to grow, potentially reaching 17.2% by 2050.
Despite this significant population, experts say that the penetration of Islamic insurance products remains relatively low, attributed to factors such as limited awareness and availability of tailored products.
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