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Monday, January 26, 2009

France offers Islamic finance degree

Wed, 21 Jan 2009 15:26:20 GMT | PressTV

The financial success in the Persian Gulf region has turned Islamic banking into a fast-growing section in Europe.
A French business school has offered an Islamic finance degree for European Muslims who seek to pursue a career in Islamic banking.

Strasbourg University's School of Management has accepted 36 students from France, Algeria, Germany, Luxembourg, Switzerland and Tunisia into the 11-month postgraduate masters-level course.

Islamic bankers avoid 'Riba' -- usually translated as 'usury' -- and promote investments under the precepts of Sharia law, sharing the risk and profit among partners in a way that does not resemble gambling.

"It's another way of investing, another way of acquiring property. We prefer to avoid risky ventures," explained Strasbourg school researcher Ibrahim Zeyyad Cekici.

The financial success in the Persian Gulf region has turned Islamic banking into a fast-growing section in Europe, dominated so far by London-based institutions.

"Financial institutions and regulatory authorities are faced with more and more demand from new economic actors that have ethical and religious concerns when seeking finance and investment," AFP quoted the school as saying.

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