First, that interest is forbidden by all religions, particularly by Islam. Therefore, in 1979, Pakistan announced its intention to eliminate interest from its monetary and banking sectors. This decision was completely in consonance with Shariah of Islam and also the wish of the Quaid-e-Azam Muhammad Ali Jinnah. In 1948, while inaugurating the Central office of the State Bank of Pakistan, Quaid-e-Azam Muhammad Ali Jinnah said: “I shall watch with keenness the work of your research organization in evolving banking practices compatible with Islamic Ideals of social and economic life … The adoption of Western economic theory and practice will not help in achieving our goal of creating a happy and contented people.” Secondly, Islamic Banking is growing at 25% in Pakistan, while internationally it is growing at 15 %. However, there are no skilled and informed human resource as there is no single institution, especially in K.P.K to teach and train people in Islamic Banking and Islamic Economics. This sector offers many good opportunities but the relevant people are lacking in this field of knowledge. Looking at the current scenario, Shaikh Zayed Islamic Centre, University of Peshawar has designed an elaborate and a comprehensive programme of one year Post Graduate Diploma (PGD) in Islamic Banking and Takaful in order to fill this gap. The Centre has successfully launched this programme and thirty (30) students have been enrolled.
This diploma course consists of seven taught modules, two semesters covering central topics in Banking, Finance and Islamic way of life. The diploma should be completed within 9 months (full time study). However if a student want to discontinue after the completion of 1st semester he/she can do so and will be awarded a Certificate in Islamic Banking and Finance.
Graduates of the Post Graduate Diploma in Islamic Banking and Finance would go on to pursue careers in a range of areas including commercial banking, central banking, financial management, financial companies, takaful companies in Pakistan, International Banking [non-Muslim Countries, like United Kingdom (UK) United States of America (USA), Canada, Singapore, and many others are rapidly adopting interest-free banking system]. Also they can pursue M.Sc. M.Phil/Ph.D programme in Islamic Banking and Islamic Economics as well.
Assessment modes range from innovative system to traditional essays and written examinations. Such method is that which will most effectively test the knowledge and skills taught. Because of different people are more successful at some modes of assessment than others, we seek to achieve a balanced assessment programme. At the end every student will be required to join Internship with any Islamic bank or financial institution for a period of six weeks. The performance of the student will be evaluated on the basis of the report mad by the head of the Islamic financial institution.
Applicants should normally have good second class bachelor degree or its equivalent, not necessarily in economics. Applicants who do not have a University degree but have a minimum of three years work experience in a senior level position in the field of Banking or Insurance may be accepted on to the course. The decision of the Centre will be final.
A Computer Laboratory
A well-stocked Library, having a ‘Reference Corner’.
A well-furnished Conference Room.
A.V Aids and Multi Media System.
To be a leading institute in the Muslim world to provide real scholars enlightened with the true spirit of Islam, having excellence in the modern disciplines of knowledge too. To enhance the student experience through offering the finest environment for personal and academic development.