Ethica Institute of Islamic Finance, a leading
Dubai based institute in Islamic finance training and
certification announced February 07 that it has granted Infinity
Consultants, a Bangalore-based advisory firm, rights to
exclusively market and sell Ethica training across India, says a
statement released by Ethica.
According to the statement, bids for
the much sought after Ethica country exclusivity license began
last year and were concluded recently. Other country exclusivity
licenses currently under discussion include one each for Pakistan,
Oman, Australia, Nigeria, France, and Germany.
Ethica is currently offered in 43
countries and this will be the first time a partner has the right
to exclusively sell Ethica to an entire country.
Ethica’s entry into India may be a critical turning point for
bringing Islamic finance to a growing economic powerhouse with
over 150 million Muslims.
"In the industry, only Ethica’s
e-learning platform is 100% online and fully AAOIFI-compliant.
That means whether Ethica is training one user, a group of college
students, or the entire staff of a bank, training duration remains
only 4 months. For a country with limited professionals trained in
Islamic finance, the Ethica-Infinity partnership could prove
historic", says the statement.
Ethica’s core product is their
4-month Certified Islamic Finance Executive (CIFE) program, the
only 100% AAOIFI-compliant and 100% online Islamic finance
certificate in the market today. AAOIFI stands for the Accounting
and Auditing Organization for Islamic Financial Institutions, the
leading Islamic finance standard in the world and the de facto
standard for over 90% of the world’s jurisdictions.
“In the aftermath of the global financial crisis, governments
around the world recognize the precariousness of purely
conventional capital markets and the need for asset-backed,
equity-based finance. If India is going to attract Shariah-compliant
investment at this critical time, when Gulf liquidity is fast
making decisions about where to go next amid a growing Euro
crisis, it will first have to train its professionals in AAOIFI-based
Islamic finance", says the statement.
Saif Ahmed, Managing Partner at
Infinity and a former Islamic banker said, “In less than 4 months,
Indian residents now get a globally recognized certificate in
Islamic finance at a cost that is affordable from the comfort of
their own home or office – something which was not possible
"This is a critical step for Shariah-compliant
liquidity to find its way into India through infrastructure and
private equity investments", he added.
Ethica is also launching special pricing for Indian residents, now
Infinity Consultants which has been granted Ethica exclusivity
license is a Shariah-compliant advisory firm is based in
Bangalore, India. It focuses on providing corporate finance
advisory to clients in the GCC region and advising on cross-border
investments between India and the Middle East with a track record
of over 30 executed engagements.
Infinity is also pioneering several
Islamic finance initiatives in India as part of its mission to
introduce an ethical alternative to the conventional
interest-based financial system. Infinity’s key resource base is
its human capital with team members bringing a wealth of
experience in investment banking, private equity, management
consulting, and Islamic finance in the US, UK, Gulf, and Indian
Winner of “Best Islamic Finance
Qualification” at the 2011 Global Islamic Finance Awards, Ethica
is chosen by more professionals and students for Islamic finance
training and certification than any other organization in the
world. With over 20,000 paying users in 43 countries, the
Dubai-based institute is accredited by leading scholars and serves
banks, universities, and professionals across over 100