Islamic banking extends beyond the Middle East
In 1975 there was only one; today there are more than 300 Islamic banks in over 75 countries according to Dr. Linda Eagle of the Edcomm Group Banker's Academy in New York.
January 9, 2011 2:02 by Samuel Potter
The security of the Islamic banking market has drawn in many countries from outside of the Middle East, who are showing an increased willingness to embrace Sharia-compliant banking products and services. By introducing new laws and regulations to permit the practice of Islamic banking, countries have simplified the process that Middle Eastern banks must follow to open new branches and introduce Sharia-compliant banking products and services to customers.
To ensure that financial institutions in the Middle East will be successful in taking their products and services abroad, it is important that they implement comprehensive training for their employees. Through training, banks will be able to build a well-educated staff that is familiar with Sharia-compliant banking products and services and prepared to effectively communicate them to their customers. With the number of Islamic banks growing throughout the world, it is important for Islamic financial institutions to offer banking products that are competitive with conventional products offered by other retail banks. It is also important for employees to become familiar with the appropriate laws and regulations that are specific to each country.
Dr. Linda Eagle is Founder & President of The Edcomm Group Banker’s Academy www.bankersacademy.com—a 23-year-old education and consulting firm dedicated to serving Banks, Credit Unions, Money Services Businesses (MSBs) and all areas of the Global Financial Community with thousands of generic and customized training programs in areas such as BSA/AML, Regulatory Compliance, Teller Training, Systems Training, Sales and Service Training, and many more.
The Edcomm Group Banker’s Academy is headquartered in New York, NY.
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