The global economy has seen a remarkable growth rate in the past few decades. The proliferation of new technologies, business models and ideas has steadily accelerated over this timespan. Financial services have played a key role in this rapid expansion. Financial services have been one of the fastest growing sectors in the world. According to a recent report, the global financial services sector is projected to grow by a staggering 7% annually through 2020. A great deal of this growth is underwritten by Islamic banking and finance as well as Islamic markets. However, there are several factors that are driving demand for PhDs in Islamic Banking and Finance (IBF) graduates at an exponential rate. This blog will discuss some of these factors so that you can make an informed decision about whether or not it’s time for you to pursue a PhD in Islamic finance and economy.

 

Islamic Banking and Finance: A Rapidly Growing Niche:

The global economic growth rate is largely driven by particular subsectors of the economy. For example, the growth rate of the manufacturing sector is largely driven by demand for durable goods such as cars, appliances and electronics. The demand for these durable goods is largely driven by a rising population with higher incomes. Conversely, the growth in demand for services such as banking is largely driven by a rising global economy with rising incomes. In recent years, the demand for Shariah based financial services has seen an unprecedented growth. One of the primary reasons for this rapid growth is the rapid adoption of Islamic banking and finance.

 

Keeping up with the industry’s rapid growth and change:

The growth and adoption of Islamic finance has been rapid over the years. However, the pace of this adoption has been increasing. This will probably continue to be the case for the next few decades. The demand for IBF professionals is also growing at an exponential rate. The industry is taking the global economy by storm. It’s maturing enough for most governments and regulators to start popping the champagne bottles. With the advent of artificial intelligence, blockchain and other new technologies in the financial services sector, the entire industry has been undergoing a noticeable change. The change is both exciting and nerve-wrecking for financial services professionals as it poses new challenges and opportunities.

 

Demand for specialist skills in IBF:

The demand for IBF professionals will likely increase along with the growth in the industry. In the near future, millions of new consumers will enter the market and will likely demand a variety of financial services. This will likely call for better capabilities and expertise, with minimum a diploma Islamic banking and finance qualification in the field. The demand for better IBF professionals is likely to rise as the industry moves towards making broader use of blockchain and other emerging technologies. Moreover, with the advent of FinTech, it’s likely that IBF services are becoming more diversified and complex. This will call for more diverse and complex types of professionals.

 

Top universities offering PhD in IBF:

The demand for PhDs in IBF has risen exponentially over the past few years. This is likely to continue for the foreseeable future. In the near future, the demand for IBF professionals is likely to rise sharply as the industry makes use of blockchain and AI. At the same time, the global economy is experiencing a particularly strong growth. The growth in the demand for IBF professional is likely to be driven by the rise in both the wealth of consumers and the demand for financial services.

 

Bottom line:

A PhD in IBF can provide you with a great opportunity to research and contribute to the field of Islamic finance and banking. The field has grown considerably in recent years, and there are several exciting developments on the horizon. You can also expect the demand for IBF experts to grow rapidly in the near future as the industry makes use of blockchain and AI. If you’re interested in pursuing a PhD in IBF, it’s important to choose a program that will prepare you well for the future.

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