eFinancialCareers

Last week’s launch of a new Islamic finance qualification could offer Scottish bankers opportunities for higher salaries, career advancement and even international relocation.

The UK has around 2 million Muslims, 80,000 of them based in Scotland. They are forbidden under Sharia law from earning or paying interest which means many mainstream banking products such as mortgages and savings accounts are unsuitable.

Lloyds TSB Scotland, which began offering separate Islamic banking products to its Scottish customers earlier this year helped develop the exam which will be run by the Securities and Investment Institute. It said it was committed to putting its employees thorough the course.

A spokesperson told us: “The UK’s Islamic banking market is young, but as expertise develops - and as banks start to offer a wider range of services - the predicted boom in the sector should materialise”.

When it materialises, the boom could prove beneficial to Scots canny enough to get themselves the IFQ and advance experience in the sector, according to the managing director of one investment advice firm with offices in both Scotland and the Middle East.

She said: “The potential is huge. This is not only in the case in the UK, where some Muslim clients feel more comfortable dealing with us, but also in the Middle East where a lot of clients need Sharia compliant advice but also want to deal with a firm that is regulated in the UK.”