Islamic Finance is growing at a rate of 50 percent higher than conventional finance with a $2 trillion industry that is has finance houses across the world capitulating and hankering after a piece of the halal pie. To capitalize on the trend and educate local students, an undergraduate level course on Islamic finance started this week at the American University in Washington D.C. taught by an expert in the field, Professor Ghiyath Nakshbendi.
The course provides students with an overview of the principles of Islamic finance and its evolution over the centuries with emphasis on the last four decades. The different products are presented and discussed with reference to the modern conventional products in the marketplace. Coverage of the current Islamic capital markets and the institutions that are the major players in that market is undertaken. Issues related to insurance, accounting and auditing, and ethical concepts are covered. The course is only open to juniors or seniors.
“Being the first ever course offered in Islamic finance around the DC area (as far as I know), we are trying to get more students registered for the course, so that we could offer it regularly in the coming semesters,” comments Amin Mohseni, Assistant Professor of Economics at the American University. The course currently has 17 students and is held on Wednesdays at 2:35-5:15.
Topics ranging from the theory of Islamic finance, practice of Islamic banking and investment, to accounting for Islamic banks, Sukuk Market, and Takaful Market, are covered in Islamic Finance in the Global Economy. The class is not taught through an Islamic studies lens, but through an international business perspective.
Professor Nakshbendi teaches graduate and undergraduate courses in project finance, microfinance, export-import management, international business and the global marketplace at American University. He studied in Syria at the University of Aleppo received his M.B.A. from the Mays Business School, Texas A&M University and Ph.D. from the American University.
According to the American University website, he has more than 35 years working in developmental financing, Sovereign Wealth Funds (SWFs) and commercial real estate. Nakshbendi has worked in business in 15 countries in the Middle East and North Africa, the U.K., France and Switzerland. His research interests include water financing and doing business in the Middle East/North Africa (MENA) region. He is active in US and international organizations and has frequent international and domestic speaking engagements, including two speaking tours with the U.S. State Department.
Most of his former students enjoy his lectures, friendliness and gain from his vast real life experience and connections in the international business world.
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