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Centennial College brings Islamic finance course to Canada

centennial_college(February 14, 2010) – Toronto’s Centennial College has become the first in Canada certified to teach a course Islamic finance.

The London-based Chartered Institute for Securities & Investment (CISI) has accredited Centennial College’s School of Business as its first training provider in Canada.

The college, located in the Toronto suburb of Scarborough and one of the most diverse Canadian community colleges, will offer a course in the CISI’s groundbreaking Islamic Finance Qualification (IFQ).

This is the first international benchmark in the area of Islamic finance.

“We’re absolutely delighted to bring this course to Toronto,” says David Johnson, Dean of the School of Business. “There is tremendous interest in Islamic finance within the banking community here, so it won’t be difficult to draw professionals into this unique and beneficial course.”

The online course will be offered this fall to the general public.

A major Canadian bank is already exploring the opportunity to enrol some of its staff in the course this spring.

Canadian financial institutions are keen to learn how to comply with Islamic principles to attract an increasing share of this specialized market, especially in Toronto, Canada’s banking centre.

Among other stipulations, Islamic banking does not recognize the charging of interest, and instead requires transactions to be based on strict collateral.

Loan products such as home mortgages can comply with Islamic principles by being structured like lease-to-own arrangements or other means that require a repayment structure in lieu of interest.

“There is no doubt that Canada, and Toronto in particular, are engaged fully with the increasing role for Islamic finance,” say CISI Managing Director Ruth Martin. “We are very pleased that the IFQ will contribute to the development of the skill base in this dynamic field.”

For more information about Centennial’s Islamic finance course, contact School of Business Chair John Harris at 416-289-5000, ext. 2582 or e-mail jharris@centennialcollege.ca

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