In today’s data-driven landscape, data is a financial institution’s most valuable asset. It is being used more often to drive decisions across all parts of the institution. This development is increasing the demand for specialists in data analytics more than ever before. To address this gap, the International Council of Islamic Finance Educators, in collaboration with the IIUM Institute of Islamic Banking and Finance, is offering a first-of-its-kind program titled ‘Certificate of Islamic Finance Data Analyst – CIFDA’.
CIFDA provides students with the skills to maximize the opportunities that big data offers, while learning to apply the principles of data handling in the financial sector. The program also shows the importance of consulting data analytics when making key financial decisions, and how analysis of the organization’s data environment can lead to better business outcomes. Furthermore, CIFDA also provides an intensive focus on the conceptual and practical aspects of artificial intelligence, data science and machine learning in Islamic finance. It is specifically designed to allow Islamic finance students to emphasize the principles and strategies of the significant role that artificial intelligence plays in the development of Islamic finance methods and concepts. Key topics covered in this program are: artificial intelligence, data science, data analysis, data mining, machine learning, deep learning, big data, databases and finance use cases.
Big data and machine learning based on data science are central themes to enable the understanding of Islamic finance students about the theoretical part behind the current technologies which affect the development of Islamic finance positively. This theoretical part will be presented from a data analyst’s perspective to make sure that the students will benefit the most.
In addition, finance use cases and their relationship with each of the aforementioned key topics will be the central concepts and principles throughout the course. These concepts and principles will enable students to construct intelligent, applicable and efficient Islamic finance ideas.
A higher-order thinking skill approach will be applied in this program which helps students to learn complex judgmental skills such as critical thinking and problem-solving in order to come up with novelty research.
We believe this opens up a truly diverse range of employment opportunities, including roles such as data manager, financial analyst, investment banker and business intelligence specialist for Islamic finance students.
Dr Kamola Bayram is the project director at the International Council of Islamic Finance Educators. She can be contacted at [email protected]