Bahrain plans to cement its place as the global hub for Islamic banking by offering a Master's degree in the subject to bankers next year.

The Central Bank of Bahrain (CBB), in conjunction with the Waqf fund and the Bahrain Institute of Banking and Finance, has commissioned Ernst & Young Bahrain to develop the course which will be launched in September next year.

CBB executive director of banking supervision Khalid Hamad said this move would upgrade existing training and take it to the next level.

The Waqf fund currently funds about 40 bank employees to study for a diploma in Islamic finance.

He said the diploma course taught students about all aspects of Islamic finance from capital markets to operations. The Master's degree would concentrate on teaching students about Islamic finance as well as conventional banking.

"There is a strain in resources in the industry, not just in the region but in the east and west," he said.

Ernst & Young partner Sameer Abdi said that for more than a decade they had been working with the CBB and other regulatory authorities to develop the industry.

"This is our opportunity to give something back to the industry," he said. "Our role is to develop training material to equip people in the industry so that Bahrain's place as the hub for the Islamic finance in the world is ensured." - TradeArabia News Service