Global Islamic Finance Standards Come to Australia, Malaysia, Singapore, and New Zealand


DUBAI, UAE, June 11, 2012 /PRNewswire/

It takes 7 hours to fly from Dubai to Kuala Lumpur; 6 more to Sydney. And then there's the trip back. Throw in airports, jet lag, and delays, and it is no wonder that a short business trip to South East Asia from most parts of the world feels like it takes a week. In a world of Skype and streamed video, air travel just does not have the same appeal anymore. As a result, while 90% of the countries offering Islamic finance now follow one set of standards, namely AAOIFI's, South East Asia has been left behind with its own set of standards.

This is about to change.

Ethica Institute of Islamic Finance, the most heavily-enrolled Islamic finance program in the world, will be the first globally recognized institute to bring fully AAOIFI-compliant certification to Australia, Malaysia, Singapore, and New Zealand. AAOIFI is the Accounting and Auditing Organization for Islamic Financial Institutions, the de facto standard for over 90% of the world's jurisdictions.

"Because of the vast distance between the Gulf and South East Asia, the two regions historically developed their industries quite separately from each other. With Ethica's 100% online platform, we finally bridge the distance with globally recognized certification that harmonizes standards across regions," said Ethica's spokesperson. The institute leads the Islamic finance certification industry with over 20,000 paying users in 44 countries and a network of resellers in 10 countries.

Ethica's highly sought after exclusivity license went to Equitable Financial Solutions and grants marketing and selling rights for Australia, Malaysia, Singapore, and New Zealand. Usman Siddiqui, Equitable's Managing Director, said, "Partnering with Ethica enables EFSOL to deliver a world-class Islamic finance certification to a market that has massive potential. Innovation and development in Islamic finance will not happen if our current base of professionals and academics are not versed in a better understanding of Islamic finance."

What makes the partnership especially promising is that Ethica's 4-month Certified Islamic Finance Executive (CIFE) program is delivered 100% online. This means that these countries are now connected to the same standardized training delivered in Dubai, Bahrain, and London. The Dubai-based institute's clients include large banks like Mashreq Bank which trains 1,000 employees using Ethica, universities like La Trobe, and Dow Jones affiliate Zawya, which offers Ethica to its 750,000 users.

About Equitable Financial Solutions (EFSOL)

Equitable Financial is a Sydney-based company providing viable Shariah-compliant financial solutions to the Australian community and the region. In addition to offering a Mudarabah-based investment fund and a Musharakah-based home financing product, EFSOL provides training and certification to the business community. EFSOL has sold numerous properties and educated many professionals about the benefits of Islamic finance and now plays a vital role in marketing and distributing Ethica's global certification program across the region. To learn more about Ethica's training programs in Australia, Malaysia, Singapore, and New Zealand, please call +61-2-800-50235 or e-mail at [email protected].

SOURCE Ethica Institute of Islamic Finance™



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